E. T. Bedford
Edward Thomas Bedford | |
|---|---|
| Born | Template:Birth date Greens Farms, Connecticut, U.S. |
| Died | May 21, 1931 (aged 82) |
| Occupation(s) | Business leader, executive |
| Known for | Founder of Corn Products Refining Company; leadership roles at Standard Oil |
Edward Thomas Bedford (February 19, 1849 – May 21, 1931) was a prominent American business leader associated with Standard Oil and the founder of the Corn Products Refining Company in 1902, which is presently known as Ingredion. Bedford made notable contributions to the community of Westport, Connecticut, providing facilities such as a middle school, fire station, and a YMCA established in 1923 dedicated to youth activities. After stepping down from his role at Standard Oil of New Jersey in 1909, he devoted his efforts exclusively to leading Corn Products Refining Co. until his passing in 1931.
Early life
Born in Greens Farms, Connecticut to British immigrant parents Frederick Thomas Bedford and Mary Anne Elizabeth Pace, E.T. Bedford’s upbringing was influenced by his father’s dual roles as a deacon and a skilled woodcarver, renowned for creating the hand-carved frame for a portrait of The Prince of Wales (later King Edward VII). Bedford received his education at Adams Academy in Greens Farms, attended public schools in Brooklyn, and completed studies at Maple Grove Academy located in Westport, Connecticut.
Career
Bedford’s initial work experience came from assisting on his father’s farm, where he developed foundational business skills. His father, Frederick Thomas, achieved considerable success through onion farming following the American Civil War. Building upon this foundation, Bedford entered the sales field with Charles Pratt and Company.
He was instrumental in promoting chemist Robert Chesebrough's product, Vaseline, establishing its market presence. By 1880, Bedford had become managing partner of Thompson and Bedford Company, Limited, collaborating with R.J. Thompson, Charles Pratt, and Henry H. Rogers, all influential figures within the petroleum industry connected to Standard Oil Co.. This company acted as eastern sales agents for Standard Oil, which maintained majority ownership. Upon Thompson’s retirement, Bedford assumed the presidency on May 15, 1911. Following the breakup of Standard Oil under the Sherman Antitrust Act, Bedford resumed leadership within the reorganized entity.
In 1903, Bedford joined the board of directors for the Standard Oil Company of New Jersey. He withdrew from day-to-day management on January 1, 1909, to concentrate on the Corn Products Refining Company (CPRC), an enterprise valued at $80 million where he served as president. After orchestrating a $10 million bond issuance, Bedford successfully increased CPRC’s annual profits to exceed $3 million.
Bedford’s business interests spanned multiple sectors. He collaborated with Charles W. Morse in New York’s ice industry and held executive positions including President of Corn Oil Refining Products, New York Glucose Company, Bedford Petroleum Company of France, Colonial Oil Company of New Jersey, and the Self Winding Clock Company. Additionally, he served as Vice President of Matheson Lead Company; was a director at Standard Oil Company of New Jersey, Bush Terminal Company, and Thompson-Starrett Company; and acted as Trustee and Director for Title Guarantee and Trust Company, Southport Trust Company of Connecticut, and Long Island Safe Deposit Company of Brooklyn.
Horse racing
Outside his commercial pursuits, Bedford distinguished himself as a skilled horse breeder and driver. He set world records for team-to-road-wagon races over half-mile tracks with times recorded at 2:12.25 and 2:08.25—the fastest mile ever driven involving more than two horses competing simultaneously.
Legacy
Bedford actively contributed to philanthropic efforts and community development. In 1923, he funded the construction of Westport, Connecticut's inaugural YMCA facility, creating a safe environment for young people to engage in positive recreational activities. During his speech at the YMCA's dedication ceremony, he highlighted the importance of providing boys and young men with a constructive gathering place.
According to the Westporter Herald, Bedford pointed out that health problems seldom stemmed from excessive work; instead, they were often linked to leisure pursuits such as staying out late or frequent dancing. He referenced Thomas Edison as an example of remarkable achievement fueled by dedicated labor.
Young men and boys, do not assume you are overworking – the real question is whether you are putting in enough effort.
The Bronx community known as Bedford Park, Bronx received its name in 1906 from developer Leonard Jerome in honor of Bedford. Likewise, Bedford Park, Illinois was named after him because of his ownership of Corn Products International, which played a major role in local employment growth.