After Hearst . . .

A biographer of Publisher William Randolph Hearst once asked a Hearst executive, "Who do you suppose will carry on when Hearst passes?" The tart reply: "Whoever is nearest the safe."*

Many a publisher has pondered the same question about the gigantic one-man organization of 23 newspapers, 12 magazines. Many a Hearst executive of long service and tested prowess has wondered if he might, in the not-inconceivably remote future, be working for one or more of Publisher Hearst's five sons.

Last week the question of future Hearst ownership was partially answered by the announcement of the financing plan of Hearst Consolidated Publications, Inc., incorporated last month in Delaware with capital stock of $150,000,000 in 6,000,000 shares. The stock is to be offered to Hearst employes at $24 per share. The extent of the privilege to buy will be based upon salary; ranging from 10 shares for those earning up to $1,500 yearly, to a maximum of 2,000 shares for $50,000-- (or more)--per-year men. The stock has par value of $25, to bear 7% yearly. Employes may pay for it at $1 per month, may not dispose of it without permission of the corporation. However, control of the voting stock will remain for the present in the hands of Publisher Hearst.

*Ilearst, An American Phenomenon--by John K. Winkler, Simon & Schuster, 1927.

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