The Press: Philadelphia Plan

Most splendiferous museum piece in Philadelphia's tradition-cluttered Independence Square is the twelve-story palace that houses 48-year-old Curtis Publishing Co. Most imposing thing about Curtis Publishing Co. is the combined circulation (8,406,431) of its publications: Saturday Evening Post, Ladies' Home Journal, Country Gentleman, Jack & Jill. Much less imposing are Curtis Publishing's dividends to its 18,961 stockholders (as of last Jan. 1).

Like most other U. S. businesses, Curtis Publishing hit its earnings zenith in 1929, when it reported a net of $21,534,265, an all-time high for any publishing enterprise. Holders of its 7% preferred (of which 722,714 of 900,000 shares are now...