TRADE: Coca v. Pepsi

Coca-Cola stockholders paused last week and were refreshed. They read that sales of Pepsi-Cola, principal competitor, were only $18,429,000 in 1939. Their own company took in $87,934,000.

Published for the first time by SEC, sales of Pepsi-Cola were not as large as many Wall Streeters had thought. While the common shares of Pepsi-Cola soared from $35 in 1938 to over $365 a share early this year, Coca-Cola common idled between $105 and $142. Some excitable brokers figured that “PC” sales were at least half those of “Coke.”

Even at 20% of Coca-Cola’s sales, Pepsi-Cola is the sensation of the industry. From just another local brand in 1930 it has climbed to second place in the soft-drink league, more than $2,000,000 ahead of third-place Canada Dry.