384

THOMSON'S MANUAL
SHERMAN, CLAY & COMPANY

GENERAL OFFICE: San Francisco.
BRANCHES: Seattle, Tacoma, Spokane, Portland.
HISTORY: Incorporated under laws of California in 1892 to take over the business
 originally formed in 1870. In January, 1928, 5 music stores of Wiley B.
Allen, in northern California, were acquired.
BUSINESS: Does a wholesale and retail musical merchandise business, handling
such products as Victrolas, pianos, phonograph records, small instruments, sheet
music, etc. Does extensive mail order business in all western states, Hawaii,
Alaska and the Orient.
PROPERTY: Owns and operates 32 stores throughout the Pacific Coast states,
including stores in Oakland, San Francisco, Los Angeles, Sacramento, Stockton,
Tresno, San Jose, Seattle, Portland, Tacoma, Spokane and Bakersfield.
OFFICERS: P. T. Clay, Pres.;: F. R. Sherman. Vice Pres.; F. W. Stephenson,
Sec’y.; G. W. Bates, Treas.
DIRECTORS: P. T. Clay, F. R. Sherman, F. W. Stephenson, G. W. Bates, R. E.
Robinson, E. P. Little, R. C. F. Ahlf, H. H. Fair.
Fiscal Year Ends: Dec. 31. Annual Meeting: 1st Tues. after 3rd Mon. in Jan.

CAPITALIZATION, As of May 1, 1930
Par Value Authorized Outstanding
7% Cum. Prior Preferred Stock...... $100 $3,000,000 $2,274,900
6% Non-Cum. Preferred Stock...... $100 $2,000,000 $1,739,000
Common Stock avneaenee $100 $1,500,000 $1,500,000
Stockholders March 27, 1930, voted a proposal of the board of directors to
reduce Common stock from $2,000,000, divided into 20,000 shares of $100 par value,
to $1,500,000, represented by 15,000 shares of $100 par value, and to provide that
lividends on the 7% Prior Preferred and the Preferred stock may be paid from
any assets of the corporation available for dividends.

L.
2.
3.

il. 7% CUMULATIVE PRIOR PREFERRED STOCK
Provisions: Preferred as to assets
and 7% cumulative dividends over all
nther stock.

105. All stock so purchased to be canrelled.
 If no stock is available at or
selow this figure, the unexpended balance
 is to revert to the company on
‘he next annual sinking fund payment
late.
Tax Status: Company pays 2% Fed-:ral
 tax and Calif. personal property
‘ax.
Dividends: 79% per annum, payable
juarterly, Jan., Apr. July, Oct. 15,
naid regularly to Jan. 1, 1930.
Ex-Dividend Date: Last day of preeding
 month. :
Transfer Agent: Crocker First Naional
 Bank, San Francisco.
Registrar: Bank of California, N. A,,
jan Francisco.
Public Offering by: Crocker National
 Bank and Cyrus Pierce & Co. San
Francisco, May, 1923, at 99.
Listed on: San Francisco Stock Exchange.

Price Range: #1930 1929 1928
High .cccoeeeeeeceeannn 64 103 991,
LOW eooeieceaneeenneean 42% 80 92
*To June 30.
2, 6% NON-CUMULATIVE PREFERRED STOCK
Provisions: Second preference as to paid 1926; 6% paid 1927; none thereassets
 and dividends. after to Jan., 1930.
Dividends: Pavable monthlv. None

Unless upon consent .of the holders
of at least 75% of the outstanding Prior
Preferred stock, the company may not:
(a) Issue any stock having priority
over or parity with this issue. (b)
Create any lien upon its real property,
other than purchase money mortgages
on property subsequently acquired. (c)
Pledge any of its personal property.
(d) Make or execute any notes, debentures
 or bonds maturing more than 1
year beyond their date, other than
notes given for purchase of merchan-16


3. COMMON STOCK
149% was paid; none thereafter to Jan.
1920

Dividends: 1921, 69% cash and 100%
stock; 1922 to 1924, incl, 6% per annim:
 none thereafter to 1927. when