Business: Without Benefit of Bankers

William Randolph Hearst, a rich man's son who grew up with a purpose in life, last week chartered a new company, Hearst Corporation, under the laws of benevolent Delaware ''to deal in all forms of securities." The company has an authorized capital of $100,000,000. It is the second organization of staggering size engineered by Publisher Hearst in the last 14 months.

Business men were puzzled as to why Mr. Hearst should require another financial structure of such size. First guess was that it might have been conceived to create a market for the stock...

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