The remaindermen contend that the rights to the new stock are capital and belong to the corpus. It has been held in this state, in the absence of evidence showing the fact, that there is a presumption that the right to take new stock, if of value, is capital and belongs to the corpus (Peirce v. Burroughs, 58 N.H. 302; Law v. Alley, 67 N.H. 93; Walker v. Walker, 68 N.H. 407); also, that there is a presumption that dividends made payable in cash are income (Walker v. Walker, supra), and that stock dividends are presumptively capital Law v. Alley, supra. Whether there is any reason for invoking a presumption in any of these cases, other than one of convenience, we need not inquire; for if there is a presumption that the right to take new stock is capital and belongs to the corpus, it is of no consequence in this case, since it is found that the rights in question represent surplus earnings that have accrued since the trust arose.

BLODGETT, J. I. The rights to take stock in the several corporations belong to the plaintiff as remainder-man (Peirce v. Burroughs, 58 N.H. 302, 303; Law v. Alley, 67 N.H. 93), and the income thereof only is payable to the defendant as life tenant. II. The $200 received from the gas light company, May 4, 1893, and derived from a sale of a portion of its corporate property, which was purchased and represented by the issue of capital stock, was not, either in form or in substance, a division of earnings, but a division of so much of the capital of the corporation, and as such goes to the remainder-man (Wheeler v. Perry, 18 N.H. 307, 314), subject to the payment of interest thereon to the tenant for life.