“TOO MUCH MONEY”

Greymouth Evening Star, 1 February 1926, Page 5

“TOO MUCH MONEY”

BAKER-MILLIONAIRE’S PLAN-

BUSINESS WITH PHILANTHROPY (Australian and N.Z. Cable Association.) (By Cable —Press Assn. —Copyright.) (Recd 2 p.m.) NEW YORK, January 31.

The unobtrusive filing at Baltimore of papers incorporating the Wayd Food Products Corporation, with a capitalisation of two hundred million dollars, disclosed plans for one of the largest commercial combinations in the world, involving a gigantic merger of 157 baking establishments, producing one-tenth of the bread consumed in the United States.

‘ It is also unique in business through the incorporation of a specification under which ( the profits after the preferred, but before the common stock, dividends •. are paid, may be used to promote the welfare of the American child, and make it fit mentally and physically for citizenship. The control of the Corporation will be vested in William Ward, aged 41, whose family made ’ millions from baking. Mr. Ward stated: “I have sc much money, that I don’t want any more. I want to give it away quietly and let such donations come from the business itself.” ‘ ,

Mr. Ward recently gave a million dollars and a thousand acres of land in New York State for the establishment of an old folks’ home. The Combination will enable Mr. Ward to carry out his ambition to handle from every angle, bakery and food production, from the time the grain is planted until the finished product reaches the consumer.