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The Wall Street Journal |
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“WSJ” redirects here. For other uses, see WSJ (disambiguation).
It was the largest-circulation newspaper in the United States until November 2003, when it was surpassed by USA Today. Its main rival as a daily financial newspaper is the London-based Financial Times, which also publishes several international editions. The Journal newspaper primarily covers U.S. and international business and financial news and issues—the paper's name comes from Wall Street, the street in New York City which is the heart of the financial district. It has been printed continuously since being founded July 8, 1889, by Charles Dow, Edward Jones, and Charles Bergstresser. The newspaper has won the Pulitzer Prize thirty-three times[3], including 2007 prizes for backdated stock options and for the adverse impact of China's booming economy.[4][5] HistoryBeginningsDow Jones & Company, publisher of the Journal, was founded in 1882 by reporters Charles Dow, Edward Jones and Charles Bergstresser. Jones converted the small Customers' Afternoon Letter into The Wall Street Journal, first published in 1889,[6] and began delivery of the Dow Jones News Service via telegraph. The Journal featured the Jones 'Average', the first of several indexes of stock and bond prices on the New York Stock Exchange.Journalist Clarence Barron purchased control of the company for US$130,000 in 1902; circulation was then around 7,000 but climbed to 50,000 by the end of the 1920s. Barron and his predecessors were credited with creating an atmosphere of fearless, independent financial reporting -- a novelty in the early days of business journalism.[7] Barron died in 1928, a year before Black Tuesday, the stock market crash that triggered the Great Depression in the United States. Barron's descendants, the Bancroft family, would continue to control the company until 2007.[7] Later on, the Woodworths published the paper. Mrs. Teresa "Teddy" Woodworth was a prominent socialite of her day. The Woodworths resided at New York's Sherry-Netherland, sharing the penthouse floor with Cole Porter. The Journal took its modern shape and prominence in the 1940s, a time of industrial expansion for the United States and its financial institutions in New York. Bernard Kilgore was named managing editor of the paper in 1941, and company CEO in 1945, eventually compiling a 25-year career as the head of the Journal. Kilgore was the architect of the paper's iconic front-page design, with its "What's News" digest, and its national distribution strategy, which brought the paper's circulation from 33,000 in 1941 to 1.1 million at the time of Kilgore's death in 1967. It was also on Kilgore's watch, in 1947, that the paper won its first Pulitzer Prize, for editorial writing.[7] Its reputation secure as the nation's preeminent business news and conservative opinion newspaper, The Wall Street Journal nevertheless fell on uncertain times in the 1990s, as declining advertising and rising newsprint costs—contributing to the first-ever annual loss at Dow Jones in 1997—raised speculation that the paper might have to drastically change, or be sold.[7] Internet expansion
The paper's paid content is available free, on a limited basis, to America Online subscribers, and through the free Congoo Netpass. Many Wall Street Journal news stories are available through free online newspapers that subscribe to the Dow Jones syndicate. Pulitzer-prize winning stories from 1995 are available free on the Pulitzer web site. In September 2005, the Journal launched a weekend edition, delivered to all subscribers, which marked a return to Saturday publication after a lapse of some 50 years. The move was designed in part to attract more consumer advertising.[7] In 2005 the Journal reported a readership profile of about 60 percent top management, an average income of $191,000, an average household net worth of $2.1 million, and an average age of 55.[10] In 2007 the Journal launched a worldwide expansion of its website, to include major foreign-language editions. The paper has also shown an interest in buying the rival Financial Times.[11] Design changesIn 2006, the Journal began including advertising on its front page for the first time. This followed the introduction of front-page advertising on the Journal's European and Asian editions in late 2005.[12]After presenting nearly identical front-page layouts for half a century -- always six columns, with the day's top stories in the first and sixth columns, "What's News" digest in the second and third, the "A-hed" feature story in the fourth and themed weekly reports in the fifth column[13] -- the paper in 2007 decreased its broadsheet width from 15 to 12 inches while keeping the length at 22 3/4 inches, in order to save newsprint costs. Dow Jones said it would save US$18 million a year in newsprint costs across all the Wall Street Journal papers.[14] This move resulted in the loss of one column of print, pushing the "A-hed" out of its traditional location (although the paper now usually includes a quirky feature story on the right side of the front page, sandwiched among the lead stories). The paper still uses ink dot drawings called hedcuts, introduced in 1979,[15], rather than photographs of people, a practice unique among major newspapers. This method of illustration is a consistent visual signature of the paper and reflects editorial imperatives by allowing these illustrations to be somewhat flattering, and in their consistency, clannish. Nevertheless, the use of color photographs and graphics has become increasingly common in recent years with the addition of more "lifestyle" sections. News Corp. purchaseOn May 2, 2007, Rupert Murdoch's News Corp. made an unsolicited takeover bid for Dow Jones, offering US$60 a share for stock that had been selling for US$33 a share. The Bancroft family, which controls more than 60% of the voting power, at first rejected the offer, but later reconsidered its position.Three months later, on August 1, 2007, News Corp. and Dow Jones entered into a definitive merger agreement.[16] The controversial US$5 billion sale added The Wall Street Journal to the media tycoon's news empire, which already included Fox News Channel, the New York Post, and London's The Times.[17] In an editorial page column, publisher L. Gordon Crovitz said the Bancrofts and News Corp. had agreed that the Journal's news and opinion sections would preserve their editorial independence from their new corporate parent:[18]
FeaturesSince 1980, the Journal has published in several sections. On average, The Journal is about 96 pages long. For the year 2007, the inclusion of 44 additional Journal Reports (special sections focusing on a single issue each) was planned. Regularly scheduled sections are:
OpinionsEditorial page
The Journal won its first two Pulitzer Prizes for its editorial writing, in 1947 and 1953. It describes the history of its editorials:
Its historical position was much the same, and spelled out the conservative foundation of its editorial page:
Every Thanksgiving the editorial page prints two famous articles that have appeared there since 1961. The first is titled "The Desolate Wilderness" and describes what the Pilgrims saw when they arrived at the Plymouth Colony. The second is titled "And the Fair Land" and describes in romantic terms the "bounty" of America. It was penned by a former editor Vermont C. Royster, whose Christmas article "In Hoc Anno Domini", has appeared every December 25 since 1949. Economic issuesDuring the Reagan administration, the newspaper's editorial page was particularly influential as the leading voice for supply-side economics. Under the editorship of Robert Bartley, it expounded at length on such economic concepts such as the Laffer curve and how a decrease in certain marginal tax rates and the capital gains tax can increase overall tax revenue by generating more economic activity, many of which have now entered the mainstream of economic academia.In the economic argument of exchange rate regimes (one of the most divisive issues among economists), the Journal has a tendency to support fixed exchange rates over floating exchange rates in spite of its support for the free market in other respects. For example, the Journal was a major supporter of the Chinese yuan's peg to the dollar, and strongly disagreed with American politicians who were criticising the Chinese government about the peg. It opposed the moves by China to let the yuan gradually float, arguing that the fixed rate benefited both the United States and China. Its views are somewhat similar to those of the British magazine The Economist with its emphasis on free markets. However, the Journal does have important differences with respect to European business newspapers, most particularly with regard to the relative significance of, and causes of, the American budget deficit. (The Journal generally blames the lack of foreign growth and other related things, while most business journals in Europe and Asia blame the very low savings rate and concordant high borrowing rate in the United States). Political issuesThe editorial board has long argued for a less restrictive immigration policy. In a July 3, 1984 editorial, the board wrote: If Washington still wants to 'do something' about immigration, we propose a five-word constitutional amendment: There shall be open borders.' This stand on immigration reform has placed the Journal as an opponent of most conservative activists and politicians, for example National Review, who favour border security measures.[1] The editorial page commonly publishes pieces by U.S. and world leaders in academia, business, government and politics.Regarding personal freedoms, the Journal editorial page stops short of agreeing with such Economist-backed opinions as the illegitimacy of the Guantanamo Bay detainment camp. The Journal has published articles from influential academic defenders of this Bush Administration policy. It has argued extensively through editorials and guest articles (from writers such as Berkeley Law's Dr. John Yoo) that the prisoners are treated justly, and that the camp is a necessary component in the war on terrorists. The Journal in recent years has strongly defended Lewis Libby, whom it portrays as the victim of a political witchhunt.[19] It has also published editorials opposing the attacks by Lyndon LaRouche, Seymour Hersh, and The New York Times on Leo Strauss and his alleged influence in the George W. Bush administration.[20] The editorial page routinely publishes articles by scientists skeptical of the theory of global warming, including several influential essays by Richard Lindzen of MIT. News and opinionDespite the Journal's reputation as a conservative newspaper, the paper's editors stress the independence and impartiality of their reporters[18] and at least one study of media bias has found the paper's news bias is left-leaning, if anything. "A Measure of Media Bias", a December 2004 study conducted by Tim Groseclose of the University of California, Los Angeles and Jeff Milyo of the University of Missouri, stated that:
The methods used to calculate this bias have been challenged by Mark Liberman, professor of computer science and the director of Linguistic Data Consortium at the University of Pennsylvania.[22] Liberman says "that many if not most of the complaints directed against G&M are motivated in part by ideological disagreement -- just as much of the praise for their work is motivated by ideological agreement. It would be nice if there were a less politically fraught body of data on which such modeling exercises could be explored."[23] Notable reportingThe Journal has had several series of articles which have gone on to have significant impact. They have won many Pulitzer prizes. [2] Many of these have been transformed into books.1987: RJR Nabisco buyoutIn 1987, a bidding war ensued between several financial firms for tobacco and food giant RJR Nabisco. Bryan Burrough and John Helyar documented the events in several Journal articles. Burrough and Helyar later used these articles as the basis of a bestselling book, , which was turned into a film for HBO.[24]1988: Insider tradingIn the 1980s, Journal reporter James B. Stewart brought national attention to the illegal practice of insider trading. He was awarded the Pulitzer Prize in explanatory journalism in 1988, which he shared with Daniel Hertzberg,[25] who now serves as the paper's senior deputy managing editor. Stewart expanded on this theme in his book, Den of Thieves.1997: AIDS treatmentDavid Sanford, a Page One features editor who was infected with HIV in 1982 in a bathhouse from "a man whose name I didn't catch", wrote a front-page personal account of how, with the assistance of improved treatments for HIV, he went from planning his death to planning his retirement.[26] He and other reporters wrote about the new treatments, political and economic issues, and won the 1997 Pulitzer Prize for National Reporting about AIDS.[27]2000: EnronJonathan Weil, a reporter at the Dallas bureau of The Wall Street Journal, is credited with first breaking the story of financial abuses at Enron in July 2000[28], although Weil himself disavows credit[29]. Rebecca Smith and John R. Emshwiller reported on the story regularly[30], and wrote a book, 24 Days.2001: 9/11The Wall Street Journal claims to have sent the first news report, on the Dow Jones wire, of a plane colliding into the World Trade Center on Sept. 11, 2001. Its headquarters office was facing the World Trade Center across the street, and was demolished within minutes after the World Trade Center itself collapsed. [31] Top editors worried that they might miss publishing the first issue for the first time in 100 years. They relocated to a makeshift office at an editor's home, while sending most of the staff to Dow Jones's South Brunswick, N.J., corporate campus, where the paper had established emergency editorial facilities soon after the 1993 World Trade Center bombing. The paper was on the stands the next day, albeit in scaled-down form. Perhaps the most compelling story in that day's edition was a first-hand account of the Twin Towers' collapse written by then-Foreign Editor John Bussey[31], who holed up in a ninth-floor Journal office, literally in the shadow of the towers, from where he phoned in live reports to CNBC as the towers burned. He narrowly escaped serious injury when the first tower (actually named Tower No. 2) collapsed, shattering all the windows in the Journal's offices and filling them with dust and debris. The Journal won a 2002 Pulitzer prize in Breaking News Reporting for that day's stories.[32]The Journal subsequently conducted a world-wide investigation of the causes and significance of 9/11, using contacts it had developed during its business coverage of the Arab world. In Kabul, Afghanistan, a Wall Street Journal reporter bought a pair of looted computers which had been used by leaders of Al Qaeda to plan assassinations, chemical and biological attacks, and mundane daily activities. The encrypted files were decrypted and translated.[33] It was during this coverage that Journal reporter Daniel Pearl was kidnapped and killed by terrorists. See also
References1. ^ "Circulation at the Top 20 Newspapers", The Associated Press, 2007-04-30. Retrieved on 2007-04-30. 2. ^ Hussman, Walter E. Jr. "Commentary: How to Sink a Newspaper". WSJ Online (New York). May 7, 2007. 3. ^ Wall Street Journal Pulitzer Prizes. Retrieved 23 April 2007. 4. ^ 2007 Pulitzer Prize Winners - Public Service. Retrieved on 2007-08-05. 5. ^ 2007 Pulitzer Prize Winners - International Reporting. Retrieved on 2007-08-05. 6. ^ Dow Jones & Co. Inc. "Dow Jones History - The Late 1800s". Retrieved 19 August 2006. 7. ^ Crossen, Cynthia. "It All Began in the Basement of a Candy Store". The Wall Street Journal (New York), page B1, August 1, 2007. 8. ^ "The Wall Street Journal Announces New Integrated Print and Online Sales and Marketing Initiatives". Press release. 3 November 2003. 9. ^ Subscribing to the Wall Street Journal, WSJ.com 10. ^ Mitchell, Bill. "The Wall Street Journal Weekend Edition: Expectations, Surprises, Disappointments". Poynter Online, 21 September 2005. Retrieved 19 August 2006. 11. ^ Wray, Richard. "How the word on Wall Street will spread around the world", The Guardian, 2007 February 1. Retrieved on 2007-02-03.2007%20February%201"> 12. ^ "Wall Street Journal Introduces New Front Page Advertising Opportunity". Press release, 18 July 2006. Retrieved 19 August 2006. 13. ^ WSJ.com Guided Tour: Page One, accessed August 30, 2007. 14. ^ Ahrens, Frank. "Wall Street Journal To Narrow Its Pages". Washington Post, 12 October 2005. Retrieved 19 August 2006. 15. ^ "Picturing Business in America". Smithsonian National Portrait Gallery. Retrieved 19 August 2006. 16. ^ "Murdoch wins Control of Dow Jones", BBC, 2007-08-01. Retrieved on 2007-08-01.BBC&rft.date=2007-08-01"> 17. ^ "Murdoch clinches deal for publisher of Journal", MSNBC, 2007-08-01. Retrieved on 2007-08-09.MSNBC&rft.date=2007-08-01"> 18. ^ Crovitz, L. Gordon. "A Report to Our Readers". The Wall Street Journal (New York), page A14, August 1, 2007. 19. ^ ""The Libby Injustice". Editorial, The Wall Street Journal (New York), January 20, 2007. 20. ^ Bartley, Robert. "Joining LaRouche in the Fever Swamps". The Wall Street Journal (New York), June 9, 2003. 21. ^ Groseclose, Tim, and Jeff Milyo. "A Measure of Media Bias". December 2004. Retrieved 19 August 2006. 22. ^ Liberman, Mark (2005-12-22). Linguistics, Politics, Mathematics. Language Log. Retrieved on 2006-11-06. 23. ^ Lieberman, Mark (2005-12-23). Multiplying ideologies considered harmful. Language Log. Retrieved on 2006-11-06. 24. ^ 25. ^ 1988 Pulitzer Prize Retrieved 19 August 2006. 26. ^ Sanford, David. "Back to the Future: One Man's AIDS Tale Shows How Quickly Epidemic Has Turned". The Wall Street Journal (New York), November 8, 1997. 27. ^ Pulitzer Prize Winners: 1997 - National Reporting, retrieved August 8, 2007. 28. ^ Gladwell, Malcolm. "Open Secrets". The New Yorker, January 8, 2007. 29. ^ Sung, Ellen W. "The Enron Collapse: Enron and the Media". Poynter Institute, March 8, 2002. 30. ^ Enron CFO's Partnership Had Milions in Profit, The Wall Street Journal (New York), 19 October 2001. Retrieved 19 August 2006. (PDF) 31. ^ Bussey, John. "The Eye of the Storm: One Journey Through Desperation and Chaos". The Wall Street Journal, page A1, September 12, 2001. Retrieved August 8, 2007. 32. ^ Pulitzer Prize Winners: 2002 - Breaking News, retrieved August 8, 2007. 33. ^ Cullison, Alan, and Andrew Higgins. "Forgotten Computer Reveals Thinking Behind Four Years of Al Qaeda Doings". The Wall Street Journal (New York), December 31, 2001. External links
WSJ may refer to:
..... Click the link for more information. Broadsheet is the largest of the various newspaper formats and is characterized by long vertical pages (typically 22 inches or more). The term derives from types of popular prints usually just of a single sheet, sold on the streets and containing various types of matter, from ..... Click the link for more information. Dow Jones & Company Inc. Public (NYSE: DJ ) Founded 15 Wall Street, New York (1882) Founder Charles Dow, Edward Jones, Charles Bergstresser Headquarters New York City Key people Richard F. ..... Click the link for more information. News Corporation Public: (NYSE: NWS , NYSE: NWSa , ASX: NWS , LSE: NCRA ) Founded Adelaide, Australia (1979) Headquarters New York City, formerly in Adelaide, Australia Key people Rupert Murdoch Peter Chernin David DeVoe ..... Click the link for more information. Louis Gordon Crovitz is the publisher of The Wall Street Journal and executive vice-president of Dow Jones. He is a Phi Beta Kappa graduate of the University of Chicago. ..... Click the link for more information. Marcus Brauchli is the managing editor of the Wall Street Journal. In 2007, NewsBios.com named him one of the 100 most influential business journalists in the United States. Brauchli graduated from Columbia College of Columbia University in 1983. ..... Click the link for more information. July 8 is the 1st day of the year (2nd in leap years) in the Gregorian calendar. There are 0 days remaining. Events..... Click the link for more information. 19th century - 20th century 1850s 1860s 1870s - 1880s - 1890s 1900s 1910s 1886 1887 1888 - 1889 - 1890 1891 1892 : Subjects: Archaeology - Architecture - ..... Click the link for more information. English}}} Writing system: Latin (English variant) Official status Official language of: 53 countries Regulated by: no official regulation Language codes ISO 639-1: en ISO 639-2: eng ISO 639-3: eng ..... Click the link for more information. Manhattan is a borough of New York City, New York, USA, with New York County. With a 2000 population of 1,537,195[2] living in a land area of 22.96 square miles (59. ..... Click the link for more information. State of New York Flag of New York Seal Nickname(s): The Empire State Motto(s): Excelsior! Official language(s) None Capital Albany Largest city New York City ..... Click the link for more information. Motto "In God We Trust" (since 1956) "E Pluribus Unum" ("From Many, One"; Latin, traditional) Anthem ..... Click the link for more information. An ISSN, or International Standard Serial Number, is a unique eight-digit number used to identify a print or electronic periodical publication. The ISSN system was adopted as international standard ISO 3297 in 1975. The TC 46/SC 9 is responsible for the standard. ..... Click the link for more information. English}}} Writing system: Latin (English variant) Official status Official language of: 53 countries Regulated by: no official regulation Language codes ISO 639-1: en ISO 639-2: eng ISO 639-3: eng ..... Click the link for more information. Dow Jones & Company Inc. Public (NYSE: DJ ) Founded 15 Wall Street, New York (1882) Founder Charles Dow, Edward Jones, Charles Bergstresser Headquarters New York City Key people Richard F. ..... Click the link for more information. City of New York New York City at sunset Flag Seal Nickname: The Big Apple, Gotham, The City that Never Sleeps Location in the state of New York Coordinates: ..... Click the link for more information. A newspaper's circulation is the number of copies it distributes on an average day, although circulation rates are decreasing. It is one of the principal factors used to set advertising rates. ..... Click the link for more information. Motto "In God We Trust" (since 1956) "E Pluribus Unum" ("From Many, One"; Latin, traditional) Anthem ..... Click the link for more information. The paper's December 30, 2003 front page Type Daily newspaper Format Broadsheet Owner Gannett Company, Inc. Editor , Editor , Executive Editor , Executive Editor Founded September 15, 1982 Headquarters 7950 Jones Branch Drive ..... Click the link for more information. London Canary Wharf is the centre of London's modern office towers London shown within England Coordinates: Sovereign state United Kingdom Constituent country England ..... Click the link for more information. Financial Times The 23 April 2007 front page of the Financial Times (USA edition) Type Daily newspaper Format Broadsheet Owner Pearson PLC Editor Lionel Barber Founded 1888 Political allegiance Liberal Price £1. ..... Click the link for more information. Business law Business organizations Basic forms: Sole proprietorship Corporation Partnership (General · Limited · LLP) Cooperative USA: Business trust · LLC · LLLP Delaware corporation Nevada corporation UK/Commonwealth: Limited company ..... Click the link for more information. Wall Street is a city street in lower Manhattan in New York City in the United States of America. It runs east from Broadway downhill to South Street on the East River, through the historical center of the Financial District. ..... Click the link for more information. July 8 is the 1st day of the year (2nd in leap years) in the Gregorian calendar. There are 0 days remaining. Events..... Click the link for more information. 19th century - 20th century 1850s 1860s 1870s - 1880s - 1890s 1900s 1910s 1886 1887 1888 - 1889 - 1890 1891 1892 : Subjects: Archaeology - Architecture - ..... Click the link for more information. Charles Henry Dow (November 6, 1851 – December 4, 1902) was an American journalist who co-founded Dow Jones & Company with Edward Jones and Charles Bergstresser. Dow also founded The Wall Street Journal ..... Click the link for more information. Edward David Jones (1856–1920) was a U.S. statistician. A graduate of Worcester Academy in Worcester, MA, he was the co-developer and co-eponym of the Dow-Jones index with Charles Dow and Charles Bergstresser. ..... Click the link for more information. Charles Bergstresser was an American journalist and, with Charles Dow and Edward Jones, one of the founders of Dow Jones & Company at 15 Wall Street in 1882. ..... Click the link for more information. Pulitzer Prize Awarded for Excellence in print journalism, literary achievements, and musical composition Presented by Columbia University Country United States First awarded 1917 Official website The ..... Click the link for more information. Pulitzer Prize 2007 - 2006 - 2005 - 2004 - 2003 - 2002 - 2001 - 2000 - 1999 - 1998 - 1997 - 1996 - 1995 - 1994 - 1993 - 1992 - 1991 - 1990 - 1989 - 1988 - 1987 - 1986 - 1985 - 1984 - 1983 - 1982 - 1981 - 1980 - 1979 - 1978 - 1977 - 1976 - 1975 - 1974 - 1973 - 1972 - 1971 - 1970 ..... Click the link for more information. This article is copied from an article on Wikipedia® - the free encyclopedia created and edited by online user community. The text was not checked or edited by anyone on our staff. Although the vast majority of the Wikipedia® encyclopedia articles provide accurate and timely information please do not assume the accuracy of any particular article. This article is distributed under the terms of GNU Free Documentation License. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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