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Dividends, Efficiency, or Safety? Governance Choices at Corn Products Refining
Published online by Cambridge University Press: 12 May 2022
Abstract
At Corn Products Refining (CPR), stockholders so disagreed with one another that they threatened to undermine the merger itself. Its predecessor, Corn Products (1902–1906), nearly failed, and so might have CPR. For several years, from its organization in 1906 to perhaps 1915, CPR’s owners weighed paying dividends against funding factories. Because paying dividends chanced syphoning off sums needed for plants, this might cause facilities to deteriorate and workers to face threats like factory fires that often set off explosions. CPR President E. T. Bedford managed this test and strove to upgrade facilities, which, by design or not, helped improve safety. His efforts almost came to naught given CPR’s anticompetitive tactics, yet the court’s antitrust decision—although highly critical—inadvertently gave the merger the chance to enhance profits and safety.
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- © The Author(s), 2022. Published by Cambridge University Press on behalf of the Business History Conference. All rights reserved.
Footnotes
For their generosity and care in reading drafts, I thank Louis Galambos, Peter Jelavich, Richard R. John, Naomi R. Lamoreaux, Paul Miranti, Andrew Popp, and the anonymous referees. I especially thank the referee who directed me toward narrative history, and the librarians and photographers at Johns Hopkins University, the University of Illinois, Urbana-Champaign, the University of Texas at Austin, and the Library of Congress.
References
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Google Scholar
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Google Scholar
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Google Scholar
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Google Scholar
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Google Scholar
Grain Dealers Journal
Google Scholar
Industrial Progress
Google Scholar
Insurance Press
Google Scholar
Magazine of Wall Street and Business Analyst
Google Scholar
Moody’s Magazine: The International Investors’ Monthly
Google Scholar
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Newark Evening Star and Newark Advertiser
Google Scholar
New York Times
Google Scholar
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Google Scholar
New-York Tribune
Google Scholar
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Google Scholar
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Google Scholar
Wall Street Journal
Google Scholar
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Google Scholar
Weekly Underwriter
Google Scholar
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Banham, Reyner. A Concrete Atlantis: U.S. Industrial Building and European Modern Architecture, 1900–1925. Cambridge, MA: MIT Press, 1986.Google Scholar
Berle, Adolf A. Jr., and Means, Gardiner C.. The Modern Corporation and Private Property. New York: MacMillan Company, 1932.Google Scholar
Biggs, Lindy. The Rational Factory: Architecture, Technology, and Work in America’s Age of Mass Production. Baltimore: Johns Hopkins University Press, 1996.CrossRefGoogle Scholar
Carroll, Archie B., Lipartito, Kenneth J., Post, James E., and Werhane, Patricia H.. Corporate Responsibility: The American Experience. New York: Cambridge University Press, 2012.CrossRefGoogle Scholar
Chandler, Alfred D. Jr. The Visible Hand: The Managerial Revolution in American Business. Cambridge, MA: Belknap Press of Harvard University Press, 1977.Google Scholar
Chandler, Alfred D. Jr., and Salsbury, Stephen. With Adeline Cook Strange. Pierre S. du Pont and the Making of the Modern Corporation. New York: Harper & Row, 1971.Google Scholar
Civitello, Linda. Baking Powder Wars: The Cutthroat Food Fight that Revolutionized Cooking. Urbana: University of Illinois Press, 2017.CrossRefGoogle Scholar
Condit, Carl W. American Building: Materials and Techniques from the First Colonial Settlements to the Present. Chicago: University of Chicago Press, 1968.Google Scholar
Cronon, William. Nature’s Metropolis: Chicago and the Great West. New York: W. W. Norton & Company, 1991.Google Scholar
Dewing, Arthur Stone. Corporate Promotions and Reorganizations. Cambridge, MA: Harvard University Press, 1914. 1920 edition.Google Scholar
Dewing, Arthur Stone. The Financial Policy of Corporations. Vols. 1 and 2. 5th ed. New York: Ronald Press Company, 1953. Originally published 1919.Google Scholar
Directory of Directors in the City of New York 1911–1912. New York: The Audit Company of New York, 1911–1912.Google Scholar
Eastman, Crystal. Work-Accidents and the Law. New York: Russell Sage Foundation, 1910.Google Scholar
Elmore, Bartow J. Seed Money: Monsanto’s Past and Our Food Future. New York: W. W. Norton & Company, 2021.Google Scholar
Flanagan, Maureen A. America Reformed: Progressives and Progressivisms, 1890s–1920s. Oxford: Oxford University Press, 2007.Google Scholar
Garraty, John A. Right-Hand Man: The Life of George W. Perkins. New York: Harper & Brothers, 1957.Google Scholar
Hamilton, Alice. Exploring the Dangerous Trades: The Autobiography of Alice Hamilton, M.D. Boston: Little, Brown and Company, 1943.Google Scholar
Hidy, Ralph W., and Hidy, Muriel E.. Pioneering in Big Business, 1882–1911: History of Standard Oil Company (New Jersey). New York: Harper & Brothers, 1955.Google Scholar
Holdren, Nate. Injury Impoverished: Workplace Accidents, Capitalism, and Law in the Progressive Era. New York: Cambridge University Press, 2020.Google Scholar
Illinois State Fire Marshal. Second Annual Report of the State Fire Marshal of the State of Illinois for the Year 1912. Springfield, IL: 1913; in First-Sixth Annual Report of the State Fire Marshal of Illinois [1911–1916]; Springfield, IL: 1912–1917; https://hdl.handle.net/2027/uiuo.ark:/13960/t06w9n10b.Google Scholar
Knowles, Scott Gabriel. The Disaster Experts: Mastering Risk in Modern America. Philadelphia: University of Pennsylvania Press, 2011.CrossRefGoogle Scholar
Lamoreaux, Naomi R. The Great Merger Movement in American Business, 1895–1904. New York: Cambridge University Press, 1985.Google Scholar
McGerr, Michael. A Fierce Discontent: The Rise and Fall of the Progressive Movement in America. New York: Oxford University Press, 2003.Google Scholar
Moody, John. The Truth About the Trusts: A Description and Analysis of the American Trust Movement. New York: Moody Publishing Company, 1904. Reprint, Franklin Classics.Google Scholar
Nelson, Ralph L. Merger Movements in American Industry, 1895–1956. Princeton, NJ: Princeton University Press, 1959.Google Scholar
Peterson, Walter F. An Industrial Heritage: Allis-Chalmers Corporation. Milwaukee, WI: Milwaukee County Historical Society, 1976.Google Scholar
Pollan, Michael. The Omnivore’s Dilemma: A Natural History of Four Meals. New York: Penguin Press, 2006.Google Scholar
Rogers, Donald W. Making Capitalism Safe: Work Safety and Health Regulation in America, 1880–1940. Urbana: University of Illinois Press, 2009.Google Scholar
Slaton, Amy E. Reinforced Concrete and the Modernization of American Building, 1900–1930. Baltimore: Johns Hopkins University Press, 2001.Google Scholar
Warren, Kenneth. Big Steel: The First Century of the United States Steel Corporation, 1901–2001. Pittsburgh: University of Pittsburgh Press, 2001.CrossRefGoogle Scholar
Whitney, Simon N. Antitrust Policies: American Experience in Twenty Industries. Vol. 2. New York: The Twentieth Century Fund, 1958.Google Scholar
Witt, John Fabian. The Accidental Republic: Crippled Workingmen, Destitute Widows, and the Remaking of American Law. Cambridge, MA: Harvard University Press, 2004.Google Scholar
Eckhoff, Rolf K., and Li, Gang. “Industrial Dust Explosions. A Brief Review.” Applied Sciences 11, no. 4 (2021): 1669 [1–18].Google Scholar
Lamoreaux, Naomi R. “The Problem of Bigness: From Standard Oil to Google.” Journal of Economic Perspectives 33, no. 3 (2019): 94–117.CrossRefGoogle Scholar
Lamoreaux, Naomi R. “Rethinking the Corporation: Contestable Control, the Theory of the Firm, and the Importance of Historical Perspective.” Keynote address at the Society for Institutional and Organizational Economics, Montréal, Canada, June 22, 2018.Google Scholar
Lamoreaux, Naomi R., and Sawyer, Laura Phillips. “Voting Trusts and Antitrust: Rethinking the Role of Shareholder Litigation in Public Regulation, from the 1880s to the 1930s.” Law and History Review 39, no. 3 (2021): 569–600.Google Scholar
Lipartito, Kenneth. “Reassembling the Economic: New Departures in Historical Materialism.” American Historical Review 121, no. 1 (2016): 101–139.CrossRefGoogle Scholar
Livermore, Shaw. “The Success of Industrial Mergers.” Quarterly Journal of Economics 50, no. 1 (1935): 68–96.CrossRefGoogle Scholar
McCraw, Thomas K. “In Retrospect: Berle and Means.” Reviews in American History 18, no. 4 (1990): 578–596.Google Scholar
Peckham, Brian W. “Trust Busting Reconsidered: United States v. Corn Products Refining Co.” Utah Law Review 1983, no. 4 (1983): 737–824.Google Scholar
Price, David J. “Dust Explosion Hazards in Industrial Plants, with Special Reference to the Need of Proper Reporting Methods.” In Proceedings of the Industrial Accident Prevention Conference, Bulletin of the United States Bureau of Labor Statistics, no. 428 (September 1926): 145–147. https://hdl.handle.net/2027/uc1.31210017699867.Google Scholar
Price, David J. “The Starch Dust Explosion at Pekin, Illinois.” Journal of the Western Society of Engineers 29, no. 8 (1924): 305–320. https://hdl.handle.net/2027/mdp.39015073249651.Google Scholar
Price, David J. “When Dust Goes Up In Smoke.” Scientific American 154, no. 2 (1936): 70–72.Google Scholar
“Safety Codes for the Prevention of Dust Explosions.” Bulletin of the United States Bureau of Labor Statistics, no. 562 (December 1931): 1–87.Google Scholar
Suttles, John T. Jr. “Transmigration of Hazardous Industry: The Global Race to the Bottom, Environmental Justice, and the Asbestos Industry.” Tulane Environmental Law Journal 16, no. 1 (2002): 1–64.Google Scholar
Tweedale, Geoffrey, and Flynn, Laurie. “Piercing the Corporate Veil: Cape Industries and Multinational Corporate Liability for a Toxic Hazard, 1950–2004.” Enterprise & Society 8, no. 2 (2007): 268–296.Google Scholar
White, Michelle J. “Asbestos and the Future of Mass Torts.” Journal of Economic Perspectives 18, no. 2 (2004): 183–204.CrossRefGoogle ScholarPubMed
Yuan, Zhi, Khakzad, Nima, Khan, Faisal, and Amyotte, Paul. “Dust Explosions: A Threat to the Process Industries.” Process Safety and Environmental Protection 98, part B (2015): 57–71.CrossRefGoogle Scholar
Arnold v. Nat’l Starch Co., 105 N.Y.S. 420 (1907)Google Scholar
Arnold v. National Starch Co., 86 N.E. 815 (N.Y. 1909)Google Scholar
Corn Products Refining Co. v. King, 168 F. 892 (7th Cir. 1909)Google Scholar
Corn Products Refining Co v. U S, 249 U.S. 621 (1919) (CPR). Transcript of Record. 8 Sep. 1917 (Transcript). The Making of Modern Law: U.S. Supreme Court Records and Briefs, 1832–1978 (MML). Gale Supreme Court Records and Briefs, online.Google Scholar
Hodshire v. Corn Products Refining Co., 179 Ill. App. 529 (1913)Google Scholar
Odum v. Corn Products Refining Co., 173 Ill. App. 348 (1912)Google Scholar
United States v. Corn Products Refining Co., 234 F. 964, (S.D.N.Y. 1916) (US v. CPR).Google Scholar
United States of America v. Corn Products Refining Company, et al. In the District Court of the United States. Southern District of New York. In Equity 10-122. January (1916) term. Transcript of Record. Vol. 13 [Government Proofs] and Vol. 14 [Defendants’ Proofs]. 234 F. 964 (S.D.N.Y. 1916); [249 U.S. 621 (1919)] [Citation information for joined volumes 13–14 is incomplete] (vol. 14, US v. CPR, Transcript, S.D.N.Y. 1916, Hathitrust).Google Scholar
Commercial and Financial Chronicle
Google Scholar
Manual of Statistics: Stock Exchange Hand-book, various issues. New York: Manual of Statistics Company.Google Scholar
Moody’s Manual of Investments. Part II. Public Utilities and Industrials, various issues (1914, 1917, 1919). New York: Moody’s Investors Service. Note that title varies: Moody’s Analyses of Investments. Part II. Industrial Investments (1920); Moody’s Manual of Investments: American and Foreign (1921, 1922).Google Scholar
Moody’s Manual of Industrial and Miscellaneous Securities
Google Scholar
American Miller
Google Scholar
Cement Age
Google Scholar
Economist (Chicago)Google Scholar
Engineering News
Google Scholar
Fortune
Google Scholar
Grain Dealers Journal
Google Scholar
Industrial Progress
Google Scholar
Insurance Press
Google Scholar
Magazine of Wall Street and Business Analyst
Google Scholar
Moody’s Magazine: The International Investors’ Monthly
Google Scholar
Morning Astorian (Astoria, Oregon)Google Scholar
Newark Evening Star and Newark Advertiser
Google Scholar
New York Times
Google Scholar
New York Times Annalist: A Journal of Finance, Commerce, and Economics
Google Scholar
New-York Tribune
Google Scholar
System: The Magazine of Business
Google Scholar
United States Investor
Google Scholar
Wall Street Journal
Google Scholar
Waterbury Evening Democrat (Waterbury, Connecticut)Google Scholar
Weekly Northwestern Miller
Google Scholar
Weekly Underwriter
Google Scholar