STOCK DIVIDENDS 
0 
Tare 5.—Cash, stock, and other dividends paid in the seven-year periods, 1913- 
1919 and 1920-1926, by specified groups of corporations paying stock dividends 
in either or both periods 
10,528 CORPORATIONS REPORTING ON DIVIDENDS IN ANY OR ALL YEARS 
First 7 years 
Second 7 years 
Increase (+) or decrease 
(—) in second period 
Kind of dividend 
Amount 
Per cent 
of total 
Amount 
Per cent 
of total 
Amount 
Per cent 
Dash oh an iiiion 
Btoak.. doa 
Other. 2... ....- 
otto. 
5,189 CORPORATIONS REPORTING ON DIVIDENDS FOR 14 YEARS 
$4, 070, 485, 708 
908, 565, 317 
157. 592. 357 
79.24 $7, 899, 605, 995 
17.69 6, 238, 401, 366 
3.07 01, 589. 587 
+94. 07 
+586. 62 
—41. 88 
+177. 02 
Cash... ---cai-iama) 
BOLE ec 
OLHOL ox si 25 
Pobtal dood 
$3, 500, 830, 220 | 
771, 517, 251 
89, 805, 952 
4, 362, 153, 423 
80. 25 
17. 69 
2.06 
$6, 127, 096, 019 ! 
4,777, 373, 300 
75, 301, 784 
10,979, 771, 103 
55. 80 
43.51 
. 69 
100. 00 
+$2, 626, 265, 799 
+4, 005, 856, 049 
14, 504, 168 
75.02 
4-510. 22 
16,15 
+6, 617, 617, 680, | 151.71 
100. 00 
2,071 CORPORATIONS REPORTING ON Py iDyNDs AND CAPITALIZATION FOR 14 
CE 
Btoek. cio. 
Bthor. ol. 0 il 
Total... 
$1,674, 414, 882 
408, 049, 789 
66, 947, 676 
2, 149, 411, 847 
77.90 
18. 98 
219 
100. 00 
$2, 896, 285, 432 
2, 850, 246, 652 
19. 508. 295 
5, 266, 040, 379 
$1,221, 871,050 | 472.97 
+1,042,196,863 +475. 97 
—47.439.381  —70.86 
100.00 | 3,116, 628, 532 | +145. 00 
While the precentage increase in stock dividends in the second period 
is appreciably reduced by the inclusion of these companies reporting 
distribution of stock dividends in the period 1913-1919 and not in 
1920-1926, the differences in the proportion of stock and cash divi- 
dends paid in each period are slight as compared with the groups 
excluding these companies. (Tables 1, 2, and 4.) 
IMPORTANCE OF STOCK DIVIDENDS AS REPORTED BY COMPANIES 
IN FINANCIAL MANUALS 
Because of the bias resulting from the fact that the overwhelming 
number of corporations used in the preceding tabulations were 
selected for the reason that they distributed a stock dividend in the 
seven years 1920-1926, the commission compiled a summary of all 
the 14-year reports of corporations which appeared from the financial 
manuals to have distributed a stock dividend in any year from 1913 
to 1926, inclusive. The corporations thus selected were (1) all of 
those which reported a stock dividend in any year from 1913 to 1926 
irrespective of when the dividend was paid, avoiding the bias involved 
in selecting only those which paid a stock dividend in the last seven 
years and (2) only those companies which furnished dividend reports 
for the entire 14 years. Such a summary probably contains some 
degree of bias also, because the number of corporations report- 
ing stock dividends in the period 1920-1926 was likely to be much 
R80601—S. Doc. 26. 7T0-1———9