SECTION VIII
INDUSTRIALS
Including all Pacific Northwest industrial
corporations (not included in special sections
of this book) whose securities are in the
hands of the public.
ALASKA PACIFIC SALMON CORPORATION
GENERAL OFFICE: Skinner Bldg. Seattle, Wash.
HISTORY: Incorporated under laws of Delaware, Feb. 8, 1929, to acquire prop-
erties of the Sunny Point Packing Co., and the operating properties of the Alaska
Consolidated Canneries, Inc.,, and the Deepsea Salmon Company.
BUSINESS: The company is engaged in salmon packing industry. Two brands
of canned salmon packed by the company are nationally advertised, namely:
“Icy Point” and “Peter Pan.”
PROPERTY: The Corporation has eleven canneries located at Ketchikan, Rose
Inlet, Chomley, Yes Bay, Quadra, Kake, Pybus Bay, Tenakee, Funter Bay, Drier
Bay and Port Althorp. In connection with the canneries are store buildings,
housing facilities for employees, and the marine ways for repairing floating
equipment, together with machinery, tools, can and box factory, warehouses and
docks, and equipment and facilities for catching its own fish. Properties include
fish traps, trap sites and all fishing gear. Canneries have a normal capacity of
35.000 cases a day.
Principal floating equipment belonging to the Corporation consists of 38
cannery tenders, 24 seine boats, 8 pile drivers, 3 pile pullers, 8 derrick scows and
about 58 deck scows. In addition over 40 privately owned seine boats furnish
their entire catch to these companies.
OPERATIONS: In 1929 seven canneries were operated and 605,617 cases packed.
OFFICERS: D. E. Skinner, Chairman; G. W. Skinner, Pres.; V. H. Eifendahl,
Vice-Pres.; L. B. Stedman, Secy.; and Thad Sweek, Treas.
DIRECTORS: D. E. Skinner, V. H. Eifendahl, William Edris, H. G. Seaborn,
Thad Sweek, G. W. Skinner, August Buschmann and Mansel P. Griffiths.
Fiscal Year Ends: Dec. 31. Annual Meeting: Last Monday in April
CAPITALIZATION, Ax of Dec. 31, 1929
Par Value Authorized Outstanding
1. Series A Preferred Stock............... No Par 100,000 shs 64,862 shs
2. Common Stock .... iiivenieoenee. NO Par 480.000 shs 225.241% shs
i. SERIES A PREFERRED STOCK
Provisions: Preferred as to assets February 15, sufficient sum to retire
and as to cumulative dividends of $3.25 Series A Preferred in 20 years from
a share per annum. In case of liquida- date of issue; such fund to be cumula-
tion, if voluntary entitled to $52.50, if tive and provided before common stock
involuntary to $50 a share. No other dividends.
stock may be issued with vriority aver Callable: As a whole or in part at
Series A. $55 a share until Feb. 15, 1934, and at
No dividends may be paid on common $52.50 thereafter.
stock that will reduce net liquid assets Convertible: Until Feb. 15, 1939, into
below $1,000,000 after payment of an- 13; shares of common stock.
nual sinking fund installment. Voting Power: No vote, except if
, Unissued shares may be issued up to ,ignt quarterly dividends in arrears,
6635 % of cost of new properties, addi- preferred holders elect a majority of
tions or betterments, providing net directors.
earnings, including property being ac- Dividends: Payable quarterly Feb,
quired, for preceding fiscal year shall May, Aug. Nov. 15th. Initial dividend
equal three times amount required to of 8114 cents paid May 15, 1929, and
pay dividends on preferred stock out- regularly thereafter. ! ’
standing and to be issued. : Transfer Agent: Office of the Com-
While any of Series A Preferred is ,,5y Seattle; American Trust Co., San
outstanding, no indebtedness may be Francisco.
grested running more than 12 months, Registrar: The Bank of California,
except purchase money mortgages; nor N. A.. Seattle and San Francisco
may substantially all assets be disposed ton Co. "
of without written consent of 2% of Legal Opinion by: Livingston B. Sted-
Series A preferred stockholders, unless nan, Seattle, and Chickering & Greg-
provision is made for redemption. ory, San Francisco.
sinking Fund: Beginning with 1934, Public Offering by: Blyth & Co., Feh-
there shall be set aside annuallv each rnarv. 1929 at $50.
