Stock dividends

Bibliographic data

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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Dividends of all corporations reporting stock dividends for 1920 - 1926

Collection:: Economics Books

3 Tasre 1.—Cash, stock, and other dividends paid in the seven-year periods 1913-1919 and 1920-1926 by 10,225 corporations paying stock dividends in the latter period 1 STOCK DIVIDENDS First 7 years Second 7 years Increase (+) or decrease (—) in second period Kind of dividends OaSh. espns Stock oii. ll Other. -cucres mdse ‘Fotal....... Amount $3, 655, 601, 181 627, 609, 448 148, 004, 828 £4,431, 515, 457 Per cent of total Amount Der cent of total 82. 49 14.17 3.34 $7, 879, 097, 877 6, 238, 401, 366 86, 515, 165 53. 85 45. 52 . 63 rd 100.00 | 13,704, 014, 398 | 100.00 Amount +§3, 723, 406, 696 +35, 610, 491, 918 —61, 489, 673 +9, 272, 498, 941 | Per cent +101. 86 +803. 52 —41. 5b +209. 24 1 As all the corporations included in this table comprise those paying stock dividends since 1920, irre spective of whether or no they paid stock dividends in the 7 years prior thereto, there is a presumable bias involved in any comparison of the results for the two periods. (See subsequent tables and particularly Tables 5 and 6.) In addition the dividends for the companies included in this table are compiled free tive of whether they reported for 1 year or for 14 years. Kor this reason also, the results for the two periods are not strictly comparable. (See text.) According to this tabulation the stock dividends paid in the second period were about ten times greater than in the first, while the cash dividends were only twice as large. The figures for the two periods presented in this table, however, are subject to considerable qualifica- tion from the standpoint of comparability. In the first place, as stated in the footnote to the table, the corporations comprised only those issuing stock dividends since January 1, 1920, and chiefly those from the Treasury list of those issuing stock dividends during the years 1922 to 1925. This selection (called for by the resolution) tends to exaggerate the comparative importance of the amount of stock dividends in the later period. In the second place, divi- dend reports were rendered by many corporations for varying num- bers of years in either the first or second or both periods.” In some cases this situation was due to the years in which corporations report- ing either began or ended business. In others it was the result of unavailability of the records for years other than those reported, and in the balance of the cases either to these or other unknown causes. Because of these conditions, the cash, stock, and other dividends reported for more than half of the corporations may cover anywhere from 1 to 14 years, depending upon the length of time the corpora- tion was in business during the 14 years in question. The practical result of this situation is that the stock dividends for each company shown in Appendix 4 and the cash and stock dividends shown in the above table are for less than seven years in either or both the first and second periods for slightly over half the reporting corporations. Similar irregularities in the dates of the beginning and ending balance sheets were found for an even larger number of corporations, so that it was impossible to present the stock capitalization of all of the cor- porations on this list as of any common date. The list of corpora- tions submitted herewith, therefore, as previously stated, presents the capitalization of each one of them as of the date reported nearest to January 1, 1913, as of the date nearest to January 1, 1920, and as of the date reported nearest to January 1, 1927. Something less than one-third of these corporations, however, reported stock capitali- zation for a 14-year period and a subsequent tabulation presents the capitalization figures of this group of corporations as of approxi-

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