LETTER OF TRANSMITTAL 
DEecemBER 5, 1927. 
The PRESIDENT OF THE SENATE. 
Sir: I have the honor to transmit herewith a report of the Federal 
Trade Commission on stock dividends, made in response to Senate 
Resolution No. 304, Sixty-ninth Congress, second session, approved 
December 22, 1926. 
By direction of the commission. 
Respectfully, 
W. E. Humpuarey, Chairman.