STOCK DIVIDENDS 
13 
The following table shows the disposition of the total surplus 
available for distribution in the first and second period by these 566 
corporations: 
TaBLE 9.— Disposition of approximate total distributable surplus for 666 corporations 
paying stock dividends 
FIRST 7-YEAR PERIOD 
ptr DORE S 
Per cent 
of total 
surplus 
available 
for dis- 
tribution 
[tem 
Amount 
Surplus as of date of closing nearest Jan. 1, 1013... _ooocoiion oo ooorinnannns 
Net increase in surplus from date of closing nearest Jan. 1, 1913, to date of 
closing nearest Jan. 1,-1920_ Loi iT oo Cilie. pid 
$813, 032, 511 |. a emma 
2, 153, 385, 407 56. 17 
1, 280, 018, 584 33.39 
338, 761, 295 8.84 
61, 530, 726 1.60 
Total surplus available for distribution, 1913-1919 __ memes 3, 833, 696, 012 | 100. 00 
Total undistributed surplus as of date of closing nearest Jan. 1, 1920... 
Dash dividends, 1013-1019... coovene soso eanee bh ombdais ed mia a 
Stock dividends, 1918-1919. _ eeu Tr meme ceo on 
Other dividends, 1913-1919. __. “ a SS an orm aa 
SECOND 7-YEAR PERIOD 
[tem 
Surplus as of date of closing nearest Jan. 1, 1920. o-oo coo e oii 
Net increase in surplus from date of closing nearest Jan. 1, 1920, to date of 
closing nearest Jan. 1, 1927 _________ w 
Total undistributed surplus as of date of closing nearest Jan. 1, 1927. _. 
Cash dividends, 1920-1926... .oveeeen.-. ee r= nmin em mm 
Stock dividends, 1920-1926 . ..ocuccuuuo. PLU PE ELT EERT Us 
Other dividends, 1920-1026........ceueremaee th a rhea) 
Total surplus available for distribution, 1920-1926. ose momen 
Per cent 
of total 
surplus 
available 
for dis- 
tribution 
Amount 
$2. 153, 385, 407 
2,518,750, 746 | 40,12 
2, 16 S64, 505 34.97 
SL 24.77 
». 802. 14 
6,278, 753,500 | 100.00 
365, 365. 330 
At the end of the second period only 40 per cent of the total dis- 
tributable surplus from 1920 to 1926 was retained undistributed as 
compared with 56 per cent in the preceding seven years, while nearly 
25 per cent of the total surplus available for distribution in the second 
period has been distributed in stock dividends as compared with less 
than 9 per cent in the earlier seven years. 
Of the total surplus attributable to each of the periods the equiva- 
lent of 44 per cent was retained undistributed in the first seven years 
and less than 9 per cent in the second. Stock dividends in the 
second period accounted for more than 37 per cent of the total 
surplus attributable to this period as compared with slightly over 
11 per cent in the first seven years.