Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-12-12
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3 Corn PRODUCTS has been one OF the
Weakest stocks on the Wall street list
many score Of W44kAs Indeeti. the
week hasn't given the friends Of So
cufiues e. chance TO emilia for the
bekrs have.been'hachmsr1n pounding
and striking away viciously and
Without regard to ANYTHING. except
the condition of the farmer and the
fact that the farmer must lQuidate
AND pay his obligations before there
cah be final financial et a-iE& g.
Holding no brief for the Corn Prod
ucts Company. it is at least Interesting.
in view Of conditions as said 10 fayist
by the prcsid dent of the. cornoratton.
e c. BEDFORD, president Of the Corn
Products Heining .tompany, says: Il
know Of no reason for the present
price of the shares of this company.
Business. of course, is dull. and it is
trte we propose to shut down our
plant over the HOLIDAYS - tnar
nof very unusual Our cash reserve is
ample for all requirements, in spite
of the fact that the Company had
m4de very large investments. not only
wfth its own plants, but in the pur-
chase Of number Of plants in Era
rope. ana has obtained large fn1 seeats
in. others here which are preAaeeFa
of the csmpany's supplies.
The directors have voted to retire
$4,000 shares Of preferred stock held
in the sYeasurl a. -. T..
when this is confirmed by the stock.
holders at the next stockholdery
meeting.
tThe bonded Indebtedness has been
reduced from a maximum $lSee0. eee
tokabout $2,250 900. OF course, our In
ventoriee were affected by great re-
auctions in the price. but this has
ali been written of and these losses
are. comparatively speakiAG. small
as compared to- those of other indus
tries Of which ] have knowledge.
.As to dividends. we expect TO
maintain from profits the dividends
We are now paying. That. of course.
means the extra dividend on the com
mon stock in addition TO the regular
dividend of per cent"
EetIrsafz stocH ant. ,dncirg bonded
debt 10 q comme ndabie action for u
CORPORATION in thes dav~ when 50
much Few capital is needed.
Selling to show fAsaass.
Washington had, CLEAR Aemonstra-
ton of methods employed on the big
stock exchange to take losses for tax
purposes Unless losses are actual
they cannot be written of from the
years profits. Sales Of $4,000 bonds
were reported on yesterdays local
stock exchange session. with the gen.
eral assumption that IL was for the
purpose of establishing losses. at
least. with regard to the S3G.oe0 Gas
5s.s probably the $4,000 City & Sub
urban Is and with the $4,000 wash
inkton Railway As.
Of course il meant commission for
brkkers. and IL closed the weeks mar
KID with a squirt of activity entirely
ut Variance with the saggins. slow trend
dufing the five earlier days Of The week.
Big Day Derember Is.
Wednesday of this week will be q
heAyy day in finance payment Of in
cote taYesIssoo. coo coo sale Of $500.
col. 0Oo treasury certificates. use of
mkny of 800. GOO. 900 outstanding Ger
futt her redemption OF $125.ooo.oo0
cevt ifieates-
AnnIysIs of Southern Pacific.
Yrm wo,ie.nas e. Co.'S Bties
Hroba bly, IS per cent of Southern Pa
ciA stockholders believe that they
ard part owners In a railroad only.
This does not tell the whole story.
THY Iare shareholders In a holding
company with enormous assets aside
frdm its railroad properties. This
etsf ernent is emphasized to counterfeit
th& popular assumption that with the
SEGREGATION OF lis California Gil p'' NJ
er1es Southern Pacific will be rele-
ga}td to the posi 'or o, a railroad
company which holds forth to its
stockholders nothing more than the
assurance of a stable return of per
ceSt. In fact, the rank and file of
th1se who are interested in the stock
arS inclined to compare il with Atchi-
sol. both in earning power and pros
pexts.
those who look beneath the surface
ana dig into the reservoir of wealth
set forth by the company's balance
sheet ard represented BY it's state
ment of conservatvely valued assets
viii not disniss the subject SO casual.