The Washington times., 1933-06-15
HEARST STOCKS
PAY DIVIDENDS
To $4,000

Accompanying today the twelfth
consecutive quarterly DIVIDEND
checks for Hearst Consolidated
Publications, Inc, Glass "A" 7 pei
cent preferred shares, was a mes
sage from William Randolph
Hearst to the more than $1,000
investors in his company, review
ing the successful operations OF the
past year.
Meets Conditions
Mr.. Hearst points out how the
publishing industry has thorough
" demonstrated it's capacity tC
adjust itself to changing condi'
tons:
Mr.. Hearst's message to stock
holders follows:
''TO the Stockholders Of Hearst
Consolidated Publications, Inc:
"It gives me great pleasure to
be able to report to the stock.
holders of Hearst Consolidated
Publications, Inc, the results
Of operations of the corpora
tiOn for the period ended De
cember 81, 1882.
"In face Of unprecedented eco
nOmic cOnditiOns-in fact, in
the very lowest depths Of the de-
preSSiOn-the net income Of the
corporation was $7,132,OOO, as
compared with $7,487 900 for
the year 1881.
'The net income of $7,132, 900
represents more than twice the
2 per cent dividend on the en-
tire authorized issue of $780,
100000 Glass "a stock, and rep
resents approximately four
times the dividend on the out
standing Class "a stocks as Of
December 81, 1882.
DEMONSTRATE SOUNDNESS
81 feel that these facts, in and
of themselves, will be very graft
flying to all stockholders, and
will fully demonstrate the
sOundneSs of Hearst COnsOli-
dated Publications, Inc, class
"a stock as a conservative in
vestment security, especially
during a most trying period.
although there is now a defi-
nitely better trend in business,
nevertheless, the management
of Hearst Consolidated Publica-
tiOns, Inc, intends to proceed
on the same conservative course
It has hitherto pursued.
"ThrOughout the last three
years the publishing business, in
common with every other busi-
ness, has been subjected to
enormous strain and pressure.
Until the last six weeks the
trend was progressively down.
ward, with the result that the
gross income was progressively
downward.
'TO meet this condition, it has
been necessary to bring about
reduction in operating costs,
and other economies.
This has been rigidIy accom-
pliShed, with the result that the
publishing industry has demon
strated its capacity to meet
changing conditions.
"The publishing of newspa-
pers was fortunate in one re-
spect during the period of great
Initiation.
"While other products in
most instances doubled, trebled
and quadrupled in selling price,
1.-The price of newspapers in
creased little, If any, and the
cost of advertising increased
only with increased circulation.
AVOIDED EXTRAVAGANCE
"In other words, the news
paper publishing industry, while
it did not enjoy the ephemeral
profits of other industries, like
wise, did not contract the
habits of extravaganza which
fastened themselves upon these
industries.
81 refer to these little known
facts regarding the newspaper
publishing industry, as it may
throw some light upon the rea-
son for the sOundneSs of this
industry when its field is di-
versified and its business affairs
are managed cOnservatively.
PROUD OF RECORD,
PERSONALLY, 1 am very proud
Of the fact that in spite of un-
precedented economic cOndi-
tiOnS, every Hearst institution