JAS. H. OLIPHANT & CO. 
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Plants are at Edgewater, N. J., Argo and Pekin, Ill., and Kansas 
City, with foreign units in England, France, Germany and Can- 
ada. The products (mostly packaged) enjoy established trade 
names such as Karo corn syrup, Argo and the newer Linit brand 
corn starch, and Mazola corn oil. Commercial production of 
refined cerelose to compete with cane sugar has been successfully 
developed. 
Treasury position ending 1926 was excellent with $52,959,000 
current assets, including $36,114,000 cash, loans and marketable 
securities, compared with $5,835.000 current liabilities. 
On 2,530,000 $25-par common shares the earnings of Corn Products 
were per share as follows: 
1928... $4.03 1924......... 33.62 
1925. . 2.30 1923. ccviineie 3.45 
1922. ...33.43 
Ability to cover the $2 dividend rate in 1925 despite an extra- 
ordinary squeeze between high corn and low sugar prices showed 
fundamental strength. 
Its announced policy brought $1 extra to Corn Products in 1926 in 
addition to regular $2 and continuance of extras seems likely. The 
character of its business makes for steady growth, and its rich treas- 
ury position permits relatively large proportion of surplus to be 
paid in dividends. 
Detroit Edison Co. 
Half in stock and half in bonds, beginning 1927 as it was in 1913 
and again in 1917, the capitalization of Detroit Edison Co. is de- 
signed to withstand trouble, but like much insurance this probably 
will never be needed. During twenty-four years of operation, the 
company has paid dividends regularly in the eighteen to date, 8% 
beginning 1916 after 7% from 1911, and in only one year were 
dividends paid though not earned. The single exception was 1920, 
when abnormal fuel costs reduced earnings to half of dividend re- 
quirements, while the quick granting of rate relief demonstrated 
the company’s good public relations. 
In step with the Detroit district which it serves exclusively the 
Edison Co. has expanded business rapidly and continuously sought 
new capital. Number of household customers exceeded 100,000 in 
October, 1915, 200,000 in November, 1919, 300,000 in November, 
1923, and 400,000 in July, 1926. Of 500,000 customers all told 
400,000 are concentrated in the metropolitan area although 4,000 
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