New Britain herald., 1926-04-13
General Baking Stockholders Think S8,OOO,O00 Has Been
 MisuSed
CHARGE FINANCES WERE
 JUGGLED FOR OWN BENEFIT
William Dciningcr, Formerly Chair man of General Baking Corpora ton, Heads Committee on lnyesti- gation--Lcgality Of Transaction Being Considered.


 that W. B. Ward and his personal ! company, The Ward Securities Cor poration, has used more than sS,- oOO,000 of the General Baking Cor poration's funds 10 finance stock dealings, D group of General Baking stockholders announced today the formation of q special committee to investigate tho legality of these transactions and to take possible action against the corporations off cers and directors.
 Dciningcr Heads Committee.
 William Dcininger, who was re- gently succeeded as chairman of the General Baking Corporation by Fred H. Frazier, heads the committee which is Investigating the activities of Mir. Ward, who organized the cor poration last October although he holds no place on it's roster of off cors or directors. Ward also is head of the Ward Baking Corporation and one of the leading figures in the baking industry.
 In it's letter to stockholders, ask ing for power to take action the committee asserted that the General Baking Corporations cash was de- ploted by $S,54I935 to enable Ward and his personal corporation 10 Iiquidate what they had left from their dealings in a stock Of the Gen. eral Baking Corporation at an aver age price of T as. After this the stock resumed it's downward course in the market and is now selling around 50.
 Wards transactions with the General Baking corporation were re- counted 98 follows:
 Wards Transactions
 "On January 19 last, at the re- quest of W. 5. Ward and without submission of the matter to the directors, checks of General Baking corporation for Q total of s5,005,- 900 payable 10 Ward Securities corporation were signed by tho cHprosidcnt and hy the treasurer of General Baking corporation and delivered to Ward Securities cor poration. On January 23, further checks for a total Of S2,679,505 pay able to Ward Securities corporation were signed by tho same officers and delivered to Ward Securities cor poration. We are informed that against these payments, amounting 10 $79S4,505, the treasurer received q refund of $26,219.10 and 1O6.- 500 shares of your corporations own stock.
 "On February and f5 there were additional payments of sSS9,- $50 from the corporations funds for 13,0o0 more shares of its A stock, at least 10000 shares of which Were acquired through Ward Securities corporation.
 "The vice-president and treasurer who paid out these moneys were J. W, Itumbugh and +. E. Peterson. Their acts were later approved by the president Paul II. Helms. These three mon were brought into Gen tral Baking corporation by W. E. Ward when he organized the cor poration last October.
 "The transactions were not sub mitted for action by the board Of directors until last Tuesday. April $. when a resolution to ratify them was adopted"
 Associated with Diningcr on the committee are Louis J. Kolb and John |. Weber, both directors of the General Baking Go. uniil 1t was taken oveC hy the new corporation. Their combined stock holdings. it was said. agcregatnd S4.nnN. mo