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.