STUDIES IN SECURITIES 
The natural growth of the city and the more rapidly expanding 
Westchester territory together with the various new gas and elec- 
tricity consuming devices afford the speculative promise of steadily 
increasing gross and net. The gas-fired refrigerator is now de- 
veloped and a sliding scale method of rates is engaging study with 
view to encouraging use of gas for heating purposes. Refrigeration, 
washing machines, and numerous household appliances hold prom- 
ise for electric power consumption. 
Of sound capital structure, serving a territory of splendid possi- 
bilities, Consolidated Gas Co. of New York represents perhaps 
the premier gas and electric public utility and its stock has 
exceptional investment merit. 
Corn Products Refining Co. 
Pea 
pr capls 
From organization in 1906 until 1915, Corn Products Refining 
Co. earned an aggregate surplus for the common stock of $10,- 
876,000, a 10-year average of $1,000,000. In the six years 1916-21, 
net for common dividends was $47,250,000, an average of $7,875,- 
000 a year, including $11,630,000 (record earnings) in 1919 and 
$10,720,000 in 1920. 
The war quickened the progress of the company and brought it 
and its products to a position which doubtless would not other- 
wise have been attained for many years longer. Thus, earnings 
appear stabilized on a higher plane, balance available for Corn 
Products common being $8,679,000 in 1922, $8,734,000 in 1923, 
$9,149,000 in 1924, $5,813,000 in 1925, and $10,184,000 in 1926. 
Out of $58,000,000 total surplus for common stock 1906-21 only 
$6,720,000 was distributed in common dividends (initial divi- 
dend at 4% rate paid January, 1920), leaving over $51,000,000 
undivided profits, of which $15,000,000 was used to retire bonds 
{less than $2,400,000 now outstanding) and preferred stock 
($25,000,000 remains outstanding) and balance went to increase 
working capital and investments and to round out plant. Out of 
$42,557,000 surplus for common 1922-26, $26,640,000 cash divi- 
dends were paid, and $12,500,000 was capitalized by stock dividend 
in 19924 
Representing no tangible assets at organization, Corn Products 
Refining Co. common stock mow ($63,250,000 outstanding, par 
$25) has approximately $32 per share book value, the soundness of 
which is indicated by writing out of surplus $16,000,000 good 
will, patents, ete. in 1923, following $20,000,000 in 1922 ‘in read- 
Justment of values of plants and intangible assets.’’ 
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