STOCK DIVIDENDS 
The following table shows the amounts of stock dividends paid by 
these 2,846 corporations for the periods 1913-1919 and 1920-1926, 
respectively: 
TABLE 4.—Cash, stock, and other dividends paid in the 7-year periods, 1913-1919 
and 1920-1926, by 2,846 corporations paying stock dividends in the latter period 
and reporting on dividends for 14 years, 1913-1926 1 
First 7 years 
Second 7 years 
Increase (+) or decrease 
(=) in second period 
Kind of dividends 
Amount 
Per cent 
of total 
Amount 
Per cent 
of total 
DAES earner) 
BLOCK ocunamwsivnis 
DEBE oer cer] 
Petal... 
$1, 437, 244, 878 
252, 809, 605 
59, 433, 475 
1,749. 577. 958 
82.15 
14. 45 
3.40 
$2, 647, 142, 380 
2,350, 246, 652 
18, 043, 667 
52.78 
46. 86 
136 
100.00 | 
100. 00 
5,015, 432, 609 
eee ee ee —— 
1 For qualification of the ficures with reference to comparability see Table 1. 
Amount 
Per cent 
+1, 209, 897, 502 
+2, 097, 347, 047 
—41, 389, 808 
+3, 265, 854, 741 
4-84.18 
+820. 32 
—69. 64 
+186. 67 
——— 
A comparison of the stock dividends in this table with the increase 
in stock capitalization in the first and second periods (Table 3) shows 
that of the total increase in stock capitalization in the second period 
amounting to $3,066,918,746, stock dividends contributed $2,350,- 
246,652 or over 76 per cent of the grand total, while in the earlier 
seven years stock dividends aggregated only 44 per cent of the net 
increase. It should be noted that the percentage increases in stock, 
cash, and total dividends for these 2,846 corporations as between the 
first and second periods are approximately the same as those for the 
larger group of 4,967 cerporations for which dividends for 14 years 
were available, although the size of the former group is less than 60 
per cent of the latter (Table 2). 
COMPARATIVE DIVIDENDS OF CORPORATIONS ISSUING STOCK 
DIVIDENDS IN ANY YEAR 1913-1926 
All of the foregoing tabulations are subject to bias because in the 
selection of the companies for comparison the criterion employed is 
the distribution of stock dividends subsequent to the Supreme Court 
decision. These tabulations, therefore, do not include any com- 
panies issuing stock dividends in the seven years prior to the stock 
dividend decision and none since. They do include, however, many 
companies which issued stock dividends in the later but not in the 
earlier period. 
Adding those companies which issued stock dividends in the first 
but not in the second period the total number of companies reporting 
dividends from 1913 to 1926 is increased by 303 or, from 10,225 
shown in Table 1 to 10,528. Similarly, the number of companies 
reporting dividends for the full 14 years is increased by 222 or, from 
4,967 (Table 2) to 5,189. For the companies which are approximately 
comparable both for dividends and capitalization the increase was 
only 125 or from 2,846 (Table 4) to 2,971. 
The following table shows the amounts of stock and cash dividends 
issued by these three groups of corporations after including those 
companies which issued stock dividends in the seven years 1913-1919, 
but not in the seven years, 1920-1926: