Business & Finance: Tip-Top Bread

Last week a lawyer scuttled into the office of Baltimore's tax commissioner a few minutes before closing hour and filed an application for a state charter to incorporate. He represented an organization wishing to call itself Ward Food Products Corporation, with ten million shares of no-par-value common stock and ten millions of preferred, which the directors reserved the right to buy in at $110. Potentially this capitalization was two billions, one of the largest in the world. The lawyer deposited a check for $40,700 in taxes and scuttled out as fast as he...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!