Stock Dividends

Dividends consisting of the issue of certificates of stock. There is a clear distinction between a stock dividend and an extraordinary cash dividend, the latter being a disbursement to the stockholder of accumulated earnings, where the corporation at once parts irrevocably with all Interest therein, while the former involves no disbursement by the corporation, which parts vdth nothing to the stockholder, the latter receiving, not an actual dividend, but certificates of stock whicli evidence in a new proportion his interest in the entire capital, including such as by