INDUSTRIALS

381

SAFEWAY STORES, INC.
GENERAL OFFICES: Gazette Bldg., Reno, Nevada.
HISTORY: Incorporated under laws of Maryland, Mar. 24, 1926, as a holding
company to acquire the business of Safeway Stores, Inc.,, of California, which a
short time afterwards acquired the grocery stores and bakeries of H. G. Chaffee
Co., Skaggs United Stores, of Idaho, and Skaggs Cash Stores, of California.

BUSINESS: The company, through its subsidiaries, operates an extensive chain
of grocery stores and markets located in California, Washington, Oregon, Montana,
 Idaho, Texas, Arizona, Oklahoma, Colorado, Nevada, Missouri, Nebraska,
Kansas, Wyoming, Utah, New Mexico, Iowa, Arkansas, Maryland, Virginia, District
 of Columbia, Saskatchewan, Canada, and Honolulu.
PROPERTY: At the end of 1929 company operated 2,660 grocery stores (1.366
of which had meat markets in connection), 15 bakeries, 44 warehouses and 2
creameries. Buildings are owned in Los Angeles, Washington, D.C., and other
cities, which are used as branch offices, garages, factories and produce departments,
 and which have a total floor area of 1,500,000 sq. ft. Practically all stores
and other buildings occupied are leased.

SUBSIDIARIES:
Safeway Stores, Inc., California. Pay 'n’ Takit Stores, Inc., Arizona.
Skaggs-Safeway Stores, Inc., Nevada. Sanitary Grocery Co., Inc., Delaware.
Skaggs-Safeway Stores, Inc., California Piggly Wiggly Eastern Co., Inc., Dela.
Bird Grocery Stores, Inc. Texas. ware.
Western States Grocery Co., Californ:s astern Stores, Inc, Maryland.
Western States Grocery Co., Nevada. Standard Commodities Corp., Delaware.
Arizona Grocery Co., Arizona. Stndard Provisions Corp., Delaware.
Tri-State Grocery Co. Texas. Piggly Wiggly Pacific Co., Inc., Califor-Neway
 Stores, Texas. nia.
Safeway Stores, Inc.,, Texas. Safeway Stores, Ltd., Canada.
EXECUTIVE OFFICERS: M. B. Skaggs, Pres, Oakland, Calif.; L. S. Skaggs, Vice
Pres., Denver, Colo.; Edward G. Yonker, Vice Pres, Washington, D. C.; Edward
Dales Vice Pres. Los Angeles. Calif.; W. R. Griswold, Sec'y.-Treas., Oakland,
Calif.
DIRECTORS: M. B. Skaggs, L. S. Skaggs, W. "3. Brockman,
Charles E. Merrill.
GENERAL AUDITORS: Peat, Marwick, Mitchell ¢
Fiscal Year Ends: Dec. 31. Annual Meeting: 2nd Tues. in A
CAPITALIZATION, As of Dec. 31, 1929
Par Value
$100
£100
$100
Dar

Authorized
$5,000,000
$6,000,000
$4,000,000
1.500.000 shs

Outstanding
$4,598,400
$5,915,000
None
643.911 shs

79% CUMILATIVE CORNYE

PTIRLE PREFERRED STOCK
6% Preferred stock. Directors may
authorize payment of not over $10 per
share to holders of 7% Preferred, who
shall exchange the same for 69% Pre-‘erred
 within such period as may be
from time to time specified.
Voting Power: No vote, except in
lefault of six quarterly dividends, when
the holders of both classes of Preferred
have the exclusive right to elect directors.

Dividends: Payable quarterly, Jan.
l, etc, $7 a year. Initial dividend July
1, 1926. Fully paid to May, 1930.
Transfer Agent: Chase National
Bank, New York City.
Registrar: Bank of America, N. A.
New York City.
Public Offering by: Merrill, Lynch
& Co., New York, in 1926, at par.
Listed on: New York Stock Exchange.

Price Range: *1930 1929 1928
High .rennnneeeee. 109% 10915 106%
[ow ic... 1081; 100 106%
ET Mav 30

Provisions: Has equal preference
with 6% Preferred as to assets and
dividends. Entitled to 7% cumulative
dividends. In liquidation entitled to
2110 per share

Warrants: Each share carries warrant
which originally entitled holder to purchase
 one share of Common stock at
prices ranging from $300 to Dec. 31,
1926, to $500, Dec. 31, 1930. After stock
split up of 5 for 1 in 1928 and inauguration
 of $5 per share (option 59% in
stock) dividend policy in 1930, company
 gave holders of warrants right
to subscribe to Common stock at $100
per share to the extent of 119% of the
number of shares allowed under original
 warrants.

Sinking Fund: Annual pavments to
a sinking fund starting July 1, 1927, in
an amount sufficient to retire 3% of
the largest amount at anv time outstanding.

Callable: At $110, on any dividend
late, on 60 days’ notice.
Convertihle: Share for share into