Common Stock Cash Dividends Declared (Percent of Surplus): 1904-12-12 10% 1905-12-27 8% 1906-09-19 7% 1907-12-06 8% 1908-12-28 6% 1909-12-30 10% 1910-12-13 10% 1911-12-19 10% 1912-05-31 10% 1912-12-10 10% 1913-04-13 10% 1913-10-13 10% 1914-05-05 10% 1914-11-13 10% 1915-10-05 10% 1915-12-29 10% 1916-09-13 10% 1916-11-13 10% 1916-12-12 10% 1917-05-16 10% 1917-09-13 10% 1917-12-13 10% 1917-12-29 20% 1918-04-05 10% 1918-06-06 10% 1918-09-11 10% 1918-11-13 10% 1918-12-13 10% 1919-05-13 10% 1919-06-27 10% 1919-09-29 10% 1919-12-15 10% 1920-04-06 10% 1920-05-18 10% 1920-07-14 10% 1920-09-23 10% 1920-12-15 10% 1921-04-05 10% 1921-11-15 10% 1921-12-20 10% 1922-04-27 5% 1922-06-12 5% 1922-08-07 5% 1922-10-12 5% 1922-11-20 5% 1922-12-23 5% 1923-03-19 10% 1923-06-01 10% 1923-08-07 10% 1923-11-15 10% 1924-01-17 10% 1924-04-01 10% 1924-08-15 5% 1924-09-26 5% 1924-10-20 5% 1924-12-29 5% 1925-05-04 10% 1925-07-07 5% 1925-10-16 10% 1925-11-23 10% 1925-12-28 10% 1926-02-23 10% 1926-04-26 10% 1926-08-25 10% 1926-10-26 10% 1926-12-03 10% 1927-04-19 10% 1927-06-22 10% 1927-11-16 10% 1928-02-06 10% 1928-04-25 10% 1928-06-25 10% 1928-10-25 10% 1928-12-10 10% 1929-02-06 10% 1929-04-23 10% 1929-06-18 10% 1929-08-26 10% 1929-10-24 10% 1930-01-23 10% 1930-04-25 10% 1930-06-24 10% 1930-08-28 5% 1930-10-23 5% 1930-12-06 10% 1931-03-31 5% 1931-04-20 5% 1931-06-23 5% 1932-01-18 5% 1933-06-08 5% 1933-08-01 5% 1933-10-01 5% 1933-12-01 5% 1934-01-25 5% 1934-05-21 5% 1934-06-01 5% 1934-10-30 5% 1935-03-10 5% 1935-05-01 5% 1935-08-01 5% 1935-10-01 5% 1935-11-22 5% 1935-12-18 5% 1936-01-23 7% 1936-04-01 7.5% 1936-06-01 7.5% 1936-08-01 7.5% 1936-09-01 5% 1936-10-01 10% 1936-11-01 10% 1936-12-01 10% 1936-12-18 20% 1937-01-28 10% 1937-04-01 10% 1937-06-01 15% 1937-07-01 10% 1937-08-02 15% 1937-11-10 10% 1937-12-22 10% 1938-01-27 10% 1938-04-01 10% 1938-06-01 5% 1938-08-01 5% 1938-09-01 5% 1938-10-01 5% 1938-11-01 5% 1938-12-01 10% 1939-01-26 5% 1939-03-05 5% 1939-04-14 5% 1939-05-14 5% 1939-06-03 5% 1939-06-20 5% 1939-07-11 5% 1939-08-03 5% 1939-09-13 5% 1939-10-15 10% 1939-11-13 10% 1939-12-05 10%
You see the first pickup in dividends was from World War I. They were able to keep it going through the 1920s. Then the depression hit hard. You see a pickup starting in 1934, and then escalating. This was entirely due to the sale of pinking shears.