STOCK DIVIDENDS 
completed subsequent to the beginning of the first tabulation. 
These two lists show (1) the name and (2) the address of each cor- 
poration, (3) the stock capitalization reported which was nearest to 
January 1, 1913, (4) the stock capitalization reported which was 
nearest to January 1, 1920, (5) the stock capitalization reported 
which was nearest to December 31, 1926, (6) the total amount of 
stock dividends reported issued in the 7-year period 1913-1919 and 
(7) the total amount of stock dividends reported issued in the seven 
years, 1920-1926. } 
The third list of corporations, also alphabetical, is for companies 
whose reports showed that their capitalization consisted in whole or 
in part of no-par value shares. For these corporations a somewhat 
different form of tabulating capitalization was employed than for the 
par-value share companies, it being deemed desirable under the terms 
of the Senate resolution to report the stock capitalization of no-par 
share corporations to the extent that it was represented by par-value 
shares or by a nominal valuation other than net worth, or by both 
combined. For the stock capitalization for each of the dates specified 
above, therefore, two columns are employed, one for the par-stock 
capitalization, if any, and one for the no-par stock, if a no-par valua- 
tion separate from net worth was reported. In cases where no value 
was reported for the no-par stock separate from net worth the space 
for stock capitalization has been left blank. The capitalization 
foros for no-par shares were not apparently reported on any uniform 
asis. 
In some cases a corporation having no par value shares may have 
reported its capitalization in such form that the return did not show 
that a part or all of its capitalization was in no-par form, in which 
case the corporation may have been entered in either the first or the 
supplementary tabulation. In some cases corporations reported as 
stock dividends distributions of Treasury stock. In such cases there 
was obviously no increase in the issued capital stock reported by the 
corporation and all such dividends, therefore, were classed as other 
dividends and are not reported as stock dividends. 
DIVIDENDS OF ALL CORPORATIONS REPORTING STOCK DIVIDENDS 
FOR 1920-1926 
The total amount of stock dividends paid by this group of 10,245 
corporations, listed in Appendix 4, aggregated $6,253,818,026 in the 
seven years 1920-1926. In the preceding seven years they amounted 
to only $628,002,448. For reasons subsequently stated, however, 
thesé figures are not comparable without qualification. All these 
10,245 corporations also reported cash and other dividends, except 
20 corporations, which for various reasons failed to furnish this in- 
formation. The following table shows the relative importance of the 
stock, cash, and other dividends for the two periods for 10,225 cor- 
porations reporting all kinds of dividends: