Stock dividends

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Monograph

Identifikator:: 175754061X

URN:: urn:nbn:de:zbw-retromon-136496

Document type:: Monograph

Title:: Stock dividends

Place of publication:: Washington

Publisher:: U.S. Gov. Print. Off.

Year of publication:: 1927

Scope:: vii, 273 S.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: The nature of the inquiry

Collection:: Economics Books

STOCK DIVIDENDS J of certain totals and ratios employed for determining the importance of stock dividends prior and subsequent to the decision in Eisner v. Macomber. Of upward of 18,000 corporations to which schedules wera sent, about 6,500 either failed to report, despite repeated requests, or else replied that no stock dividends were paid. About 1,500 addi- tional corporations, though replying to the inquiry, reported that they were unable to furnish the information. In some cases this was due to the loss or destruction of certain records; in other cases the corporation was bankrupt or out of business, and in still other instances the records were inaccessible or their whereabouts unknown. Some close corporations, for competitive or other reasons, refused to furnish any of the information requested, while others who filled in the schedule requested that their cash dividends and surplus figures should not be published for similar reasons. In accordance with the Senate resolution only capitalization and stock dividends have been shown for individual corporations. A great many schedules were returned either in incomplete, incor- rect, or otherwise unusable form. While a large proportion of these schedules were rendered usable by subsequent correspondence, it was impossible to do this for all such returns within a reasonable time, and as a result, a few hundred returns were not tabulated. It may be observed, however, that these schedules were almost exclusively those of very small companies. The commission takes this occasion to express its appreciation of the generally cordial cooperation which was accorded it by most of the corporations requested to furnish information. METHODS OF LISTING STOCK DIVIDENDS, 1920-1926 In all, the commission obtained reports which could be tabulated forstock dividends from 10,548 corporations. Of this number, how- ever, 303 were corporations which issued stock dividends prior to January 1, 1920, but none subsequent thereto. Deducting these, there remained 10,245 corporations which reported the issue of stock dividends in the seven-year period January 1, 1920, to Decem- ber 31, 1926. Appendix 4 presents the list of these corporations and information pertaining to them called for by the Senate resolution. Detailed explanations of the particular methods of handling the figures for the corporations shown on this list are presented in the head note to this appendix. Only certain of the more general features of the tabula. tion are explained in this comment on it. The list is presented in three parts or divisions, that is, first tabulation, supplementary tabulation; and no-par stock tabulation, in each of which the corpora- tions are arranged alphabetically for ready reference. In order to present the report as early as possible and at the same time furnish the information on an alphabetical basis, a cut-off of the returns was made about August 1, and the alphabetical tabulation of all schedules complete as of that date, except the no-par stock cor- porations, was begun. Subsequently a second list of corporations was prepared, again on an alphabetical basis, this list meluding returns (except for no-par stock companies) which were received op

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