the part of a cash business. This provides experienced and
progressive management with the means for supplying these
staple foods at fair prices by the employment of highly trained
and equipped operating and merchandising methods maintained
 in modern buildings and highly efficient equipment.

These three factors of an always normal and increasing
demand even in times of depression, the cash basis of selling,
and standardized multiple production have stabilized a business
 in which the very life of the people is concerned in its
support and growing importance. Few businesses have such
basic security for the funds of investors.

The present Ward Baking Corporation was incorporated
in Maryland in December, 1928, with William B. Ward, son
of Robert B. Ward, as its president. Included in the present
corporation is the entire business built up by his father over
a period of 37 years.

The capitalization of the Ward Baking Corporation (as
of Aug. 9, 1924) is: 7%, Cum. pref. stock (par value $100)
$50,000,000 (of which $30,352,200 is outstanding); Class A
common stock (no par value) 500,000 shares (of which 81,109
shares are outstanding) ; Class B common stock (no par value)
500,000 shares (of which the entire amount is outstanding).

These securities are listed on the New York Stock Exchange.
 During 1924 the number of stockholders increased
from 2462 to 7079.

The net earnings in 1924 (before interest charges, depreciation
 and taxes) were more than $6,700,000, exceeding by
$1,500,000 that of any previous year of the predecessor company.
 Net earnings after all charges were $4,369,739.75,
(annual net earnings based on 6 months, J uly 5, to December
27, 1924, amounting to $2,487,036.80 would be at the rate of
$5,000,000). The report of the first twelve weeks of 1925
shows an increase of more than 309, over the corresponding
period of 1924.

The variety of products handled is limited to bread, rolls,
and cake, many well known names such as Ward’s “Fine”
Bread, Tip Top, Dainty Maid, Home Spun, Sunkist Gold,