Abstract This article discusses the topic of dividends on non-cumulative preferred stock. The development of the corporation into a dominant form of business organization, has added new complications to capital structures such that the problem of preserving a proper balance between the holders of various classes of securities in their competition for income is becoming more and more difficult to solve. The preservation of this balance by the adjustment of relationships among the groups owning corporate shares is an extremely delicate and arduous task for the courts. So far as dividends are concerned, preferred stock may be classified as cumulative and non-cumulative. On the other hand, the holders of non-cumulative preferred stock are entitled to no dividends for any particular year if there are no earnings for that period. A problem arises when profits are sufficient to pay a dividend to this class of shareholders but the board of directors refuses to make a distribution for that year and invests the earnings in fixed improvements or retains them as working capital.

Reviews the book "Principles of Auditing," by F.R.M. de Paula.

Reviews the book "The Secretary's Manual," by Larrae A. Haydon and Cyrus Garnsey.

Abstract The statutory laws governing corporate dividends are significant to accountants and teachers of accounting. The directors of a corporation have power, in their discretion, to determine what, if any, dividends shall be declared and paid to stockholders. This is the general statutory rule which applies in all states and territories of the United States and which also prevails in England. The variations from it are few and slight. The rule applies in New Jersey unless otherwise provided in the certificate of incorporation or in by-laws adopted by at least a majority of the stockholders. In England, a company in general meeting may declare dividends, but the amount must not exceed the amount recommended by the directors. The statutes of several jurisdictions give the stockholders power to exert a limited degree of pressure upon the directors in the matter of dividend declaration. In New Mexico and Puerto Rico in United States, unless otherwise provided in the certificate of incorporation, the directors must declare a dividend of the whole of the company's profits exceeding the reserve and pay it to the stockholders on demand.

Journal Article Some Notes on Monetary Theories of the Trade Cycle Get access G. L. S. Shackle G. L. S. Shackle Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 1, Issue 1, October 1933, Pages 27–38, https://doi.org/10.2307/2967435 Published: 01 October 1933

Purposes of the investigation, 414. — Description of the data, 416. — Importance of the consolidated returns, 419. — Profit ratios: divisions, 433. — Profit ratios: manufacture groups, 439. — Rate of profit on gross sales, 443. — General conclusion, 445.

I. Introductory; neglect of Veblen's general theory, 598.— II. His main criticisms of economics, and the fundamental standpoint implied therein, 600.— III. Psychological postulates of Veblen's theory; the evolutionary idea, 602.— IV. Summary of the theory: the savage era, 605; the barbarian era, 607; the period of handicraft, 611; the age of the machine process, 613.— V. Analysis of the modern economy, 614; its place in the general theory, 617.— VI. Integration of Veblen's ideas, 618; this a system of theory different from the Marshallian, 620.— VII. Criticism of Veblenian psychology, 622; treatment of history, 623; and institutions, 624.— Conclusion; issue of the institutional controversy, 624.

THERE has been, to some extent, a divergence of purpose between the work of mathematical statisticians and mathematical economists. The former have studied variation, such as the form and measurement of frequency groups, and the correlation between two or more variables; the latter have studied equations of equilibrium, in which the data represent totals, margins, the representative, the average-single quantities in general-where heterogeneity does not enter into the argument. Econometricians have, indeed, worked on variation and covariation, but most attention has been given to examples where time is one of the variables, that is to time series; and the relationships obtained have been in the form of a demand curve in one group of studies, to periodic curves in time in another, and to correlation between quantities which are paired in time, but not variable at a given instant of time. I wish to direct attention to a field which has not been thoroughly explored, and in which, so far as I know, little work is being done. What are the forces which produce the variation found in common phenomena, how far are they economic, what changes in frequency distributions are produced by economic forces, how can they best be described or measured? To name one example, which has already been studied: Incomes in certain circumstances are distributed in accordance with Pareto's equation. What has produced this particular form; is the form modified by economic change, or rather by changes in the sociological or legal spheres; how can the effects of these best be measured? Variation has been studied in many fields and it may be well to mark off those which are not primarily economic from those which are. We will exclude anthropometry and biometry, and statistics of mortality and morbidity. Demographic statistics generally would enter only in their economic aspects, such as age distribution in occupations, and concentration of population. Within the economic sphere proper, there are many distributions which have been the subject of careful work: price changes in time, local variations in price, prices of securities, size of industrial firms, rates of profit and dividends, ratio of

Reviews the book "Commercial Education in the High School," by Fredrick G. Nichols.

Reviews the book "Business Under the Recovery Act," by Robert Valenstein and E.B. Weiss.