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 distribution
[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 distribution
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 distributable
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 equivalent
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.
