5 
STOCK DIVIDENDS 
mately comparable dates at the beginning and ending of each of 
the seven-year periods under discussion. 
FOURTEEN YEARS DIVIDENDS OF CORPORATIONS ISSUING STOCK 
DIVIDENDS, 1920-1926 
Of the corporations whose stock dividends and capitalization are 
presented in Appendix 4, 4,967 reported dividends—eash, stock, and 
other—to the commission from 1913 to 1926, inclusive. 
The majority of corporations in this group closed their books as 
of December 31. In all these cases, therefore, the first seven-year 
period for dividends issued or paid is from January 1, 1913, to Decem- 
ber 31, 1919, and the second from January 1, 1920, to December 31, 
1926. Where the books were closed on some other date, however, 
some corporations may have reported the dividends as of the fiscal 
year rather than the calendar year. As a full seven years is covered 
for each period, however, the discrepancy in time involved is not 
Iportms A comparison of the dividends is shown in the following 
table: 
TasLE 2.—Cash, stock, and other dwidends paid in the seven-year periods, 1913-1919 
and 1920-1926, by 4,967 corporations paying stock dwidends in the latter period 
and reporting on dwidends for the 14 years, 1913-1926 1 
First 7 years 
Second 7 years 
iy 
Increase (+) or decrease 
(=) in second period 
Kind of dividend 
Amount 
Per cent 
of total 
A mount 
Per cent 
of total 
Amount | Per cent 
+80. 35 
+780. 27 
—11. 62 
4178.83 
1 For qualification of figures with respect to comparison of the two periods, see footnote to Table 1 and 
text accompanving that table. 
ash ea 
Stock. aes 
Ofher tose Jt 
83.49 
14.35 
2.16 
$5, 602, 724, 808 
4,777, 373, 300 
72,216, 952 
In the first seven-year period stock dividends composed 15 per 
cent of the total dividends issued by the group of 4,967, whereas, in 
the second period they amounted to over 45 per cent. In the first 
period cash dividends aggregated over 83 per cent of the total. In 
the second they had fallen to 54 per cent. It should be noted, how- 
ever, that despite this relative decline in cash dividends in the second 
period, an absolute increase occurred in the amount of such dividends 
aggregating over 80 per cent. This absolute increase, however, is 
small as compared with that of nearly 800 per cent shown by the 
stock dividends. 
CAPITALIZATION AND DIVIDENDS FOR 14 YEARS FOR CORPORA- 
TIONS REPORTING STOCK DIVIDENDS, 1920-1926 
While the foregoing group of 4,967 corporations paying stock divi- 
dends during 1920-1926, reported on dividends for the entire 14- 
year period from 1913 to 1926, inclusive, the stock capitalization of