Changes in the distribution of individuals' dividend income by income group afford a measure of changes in the distribution of individually owned stock by income group. Between 1917 and 1957 the share of individuals' dividend income going to persons in the top percentile of the income distribution has halved, while the share going to persons in the upper five percentiles has fallen by one-third. The decline has been irregular, about half of it occurring in the periods 1927–1931 and 1937–1943. This evidence of change in the distribution of individually owned stock by income group contrasts with evidence which suggests an absence of change in the distribution by wealth group.