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-