Word: penick
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Dates: during 1930-1939
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...Edward Thomas Bedford, 82. Between them there was deep family affection. Between them there was also the friendship which arises from long competition between men. For the late E. T. Bedford was president of Corn Products Refining Co. and his son was president of its smaller but potent rival, Penick & Ford...
...Government sued Corn Products Refining and the company discreetly sold its interest in Penick & Ford back to the original owners, who sold what amounted to one-third of the company to Frederick Thomas Bedford, who thereupon left the paternal fold to strike out for himself. Ten years younger than Messrs. Penick & Ford, Son Bedford assumed large duties. In 1927 he was made president of the company. Although Penick & Ford was almost wrecked by the depression of 1921, 1930 saw its profits at $1,811,348 against 1929's $1,882,441. It is the country's third largest...
Corn Products Refining is a far greater company than Penick & Ford. Last year it earned $14,067,000 against $16,309,000 in 1929. Its total assets come to $127,393,000 against Penick & Ford's $14,097,000. Some 9,000 people own its common stock. Corn Product's best known brands include Argo starch, Mazola oil, Karo syrup, Linit starch, Cerelose sugar, Kremel pudding powder. Since Father Bedford was believed to be one of its largest shareholders, Son Bedford may find himself in the strange position of having a more valuable investment in Corn Products than...