STOCK DIVIDENDS 
11 
TaBLE 7.— Disposition of approximate total distributable surplus for 2,971 corpora 
tions paying stock dividends 
FIRST 7-YEAR PERIOD 
Item 
Burplus as of date of closing nearest Jan. 1, 1013_____________.______..._._.._.___ 
Net increase in surplus from date of closing nearest Jan. 1, 1013, to date of 
closing nearest Jan. 1, 1920_____ a 
Total undistributed surplus as of date of closing nearest Jan. 1, 1920. _. 
Cath dividends, 2013-1010 ee rrenwmr enn mene memo eae—~—t omen 
Stock dividends, 1913=-Y019_- = _______. Co RRA 
Other dividends, 1913-1919 _ __.___._____ of 
Total surplus available for distribution, 1913-1919 
“mene 
Amount 
$1, 107, 174, 332 
1, 768, 550. 302 
2, 875, 724, 634 
1, 674, 414, 382 
408, 049, 789 
66, 947, 676 
5. 025, 136. 481 | 
Per cent 
of total 
surplus 
available 
for dis- 
tribution 
C23 
32 
12 
-33 
100. 00 
SECOND 7-YEAR PERIOD 
svnd—— 
[tem 
® 
Surplus as of date of closing nearest Jan. 1, 1920. «coc memeom meee eee ns 
Net increase in surplus from date of closing nearest Jan. 1, 1020, to date of 
closing nearest Jan. 1. 1927 coco ooo eee eee 
Total undistributed surplus as of date of closing nearest Jan. 1, 1927. 
Cash dividends, 1920-1927... «ocean. 
Btock dividends, 1920-1927... 
Other dividends, 1920 -1927___. 
Total surplus available for distribution, 1920-1927 __ 
Amount 
$2, 875, 724, 634 
317. 844. 107 
3,193, 568, 741 
2, 896, 285, 432 
2, 350, 246, 652 
19, 508, 295 
8, 459, 609, 120 
Per cent 
of total 
Sarnia 
available 
for dis- 
tribution 
37.75 
34. 24 
27.78 
7 
100. 00 
The total surplus of these 2,971 corporations which was available 
for distribution from 1913-1919 aggregated just over $5,000,000,000, 
of which almost exactly one-third (33.32 per cent) was distributed 
in the form of cash dividends as compared with over 8 per cent in 
stock dividends. In the period 1920-1926 the total surplus available 
for distribution rose nearly 70 percent to approximately $8,500,000,000. 
While stock dividends paid in the second period aggregated nearly 
28 per cent of this surplus, as compared with only 8 per cent in the 
prior period, the proportion of surplus distributed in cash dividends 
in the second period was only slightly higher (34.24 per cent) than 
in the first period (33.32 per cent). At the end of the second period, 
therefore, these corporations retained undistributed nearly 38 per 
cent of the total surplus available for distribution, whereas at the 
end of the first period over 57 per cent of the surplus was undis- 
tributed. 
Considering the matter from the standpoint of the surpluses 
attributable to the operation of these corporations in each period, 
about $3,900,000,000 were earned or obtained through surplus 
adjustments in the first seven years as compared with $5,600,000,000. 
in the second seven years. In the first seven years the equivalent of 
42.7 per cent of the surplus attributable to this period was distributed 
in cash and 10 per cent in stock, while 45 per cent was not distributed