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Pepsi-Cola had not been hitting the spot. Earnings had slipped, the last quarterly dividend had been omitted, and within a year Pepsi's stock on the New York Stock Exchange had skidded from 24⅛ to as low as 7½ a share. Pepsi's President Walter S. Mack Jr. thought it time to hire halls in New York and Chicago and tell stockholders the score.

For the 300 stockholders who gathered in Manhattan's Town Hall last week, President Mack had some more bad news. Pepsi's 1948 net had dropped to $3,152,817 (from $6,769,834 in 1947), and its first-quarter sales for 1949 were below...

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