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{{Infobox Newspaper |name = |image = |type = Daily newspaper |format = Broadsheet ],
1889 ]
(Sale Pending to
News Corp.) ], New York 10281
|editor =
Marcus Brauchli ] |circulation = 2,062,312 in 2006{{cite news |title=Circulation at the Top 20 Newspapers |url=http://biz.yahoo.com/ap/070430/newspapers_circulation_list.html |publisher = The Associated Press |date=2007-04-30 ] |ISSN = 0099-9660 |website = WSJ.com |-->
The Wall Street Journal (
WSJ) is an English language international daily newspaper published by Dow Jones & Company in New York, New York with Asian and European editions. It has a worldwide daily newspaper circulation of more than 2 million as of 2006, with 931,000 paying online subscribers.Hussman, Walter E. Jr. "Commentary: How to Sink a Newspaper". WSJ Online (New York). May 7,
2007.
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 (statistician), and
Charles Bergstresser. The newspaper has won the Pulitzer Prize thirty-three times Wall Street Journal Pulitzer Prizes. Retrieved 23 April 2007., including
2007 Pulitzer Prize for
Options backdating and for the adverse impact of
Economic reform in the People's Republic of China.
History
Beginnings
Dow Jones & Company, publisher of the
Journal, was founded in 1882 by reporters
Charles Dow, Edward Jones (statistician) and
Charles Bergstresser. Jones converted the small
Customers' Afternoon Letter into
The Wall Street Journal, first published in 1889,Dow Jones & Co. Inc. " Dow Jones History - The Late 1800s". Retrieved 19 August 2006. 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.Crossen, Cynthia. " It All Began in the Basement of a Candy Store".
The Wall Street Journal (New York), page B1, August 1, 2007.
Barron died in 1928, a year before
Wall Street Crash of 1929, 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.
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.
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.
Internet expansion
Both came to pass. A complement to the print newspaper,
The Wall Street Journal Online was launched in 1996. In 2003, Dow Jones began to integrate reporting of the
Journal's print and online subscribers together in
Audit Bureau of Circulations statements."The Wall Street Journal Announces New Integrated Print and Online Sales and Marketing Initiatives". Press release.
3 November 2003. It is commonly held to be the largest paid-subscription news site on the Web, with 980,000 paid subscribers in mid-2007. As of November 2006, an annual subscription to the online edition of the Wall Street Journal cost $99 for those who do not have subscriptions to the print edition. Subscribing to the Wall Street Journal, WSJ.com
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.
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.Mitchell, Bill. " The Wall Street Journal Weekend Edition: Expectations, Surprises, Disappointments". Poynter Online,
21 September 2005. Retrieved 19 August
2006.
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.{{cite news | last =Wray
| first =Richard
| title =How the word on Wall Street will spread around the world
| publisher =[The Guardian
| date =
[February 1
| url =http://business.guardian.co.uk/story/0,,2003063,00.html
| accessdate = 2007-02-03 -->
Design changes
In 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." Wall Street Journal Introduces New Front Page Advertising Opportunity". Press release, 18 July 2006. Retrieved 19 August
2006.
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 WSJ.com Guided Tour: Page One, accessed
August 30, 2007. -- 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.Ahrens, Frank. " Wall Street Journal To Narrow Its Pages".
Washington Post,
12 October 2005. Retrieved 19 August 2006. 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," Picturing Business in America". Smithsonian National Portrait Gallery. Retrieved
19 August 2006., 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.
purchase
On 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
Clarence W. Barron#Early life, 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. 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.
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:Crovitz, L. Gordon. "A Report to Our Readers".
The Wall Street Journal (New York), page A14,
August 1, 2007.
Features
Since 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:
- Section One – every day; corporate news, as well as political and economic reporting and the opinion pages
- Marketplace – Monday through Friday; coverage of health, technology, Mass media, and marketing industries (the second section was launched June 23, 1980)
- Money and Investing – every day; covers and analyzes international financial markets (the third section was launched October 3, 1988)
- Personal Journal – published Tuesday through Thursday; covers personal investments, careers and cultural pursuits (the section was introduced April 9, 2002)
- Weekend Journal – published Fridays; explores personal interests of business readers, including real estate, travel, and sports (the section was introduced March 20, 1998)
- Pursuits – formerly published Saturdays; focused on business readers' leisure-time decisions, including food and drink, restaurant and cooking trends, entertainment and culture, books, fashion and shopping, travel, sports and recreation, and the home (the section was introduced September 17, 2005, with the introduction of the paper's Weekend Edition). The Pursuits section was renamed Weekend Journal beginning with the September 15, 2007 publication.
In addition, several columnists contribute regular features to the
Journal opinion page and OpinionJournal.com:
- Daily - Best of the Web Today by James Taranto
- Monday - Americas by Mary O'Grady
- Tuesday - Global View by Bret Stephens
- Wednesday - Business World by Holman W. Jenkins Jr
- Thursday - Wonder Land by Daniel Henninger
- Friday - Potomac Watch by Kimberley Strassel, Peggy Noonan by Peggy Noonan
- Weekend Edition - Rule of Law (variety of authors)
Opinions
Editorial page
The editorial page of the
Journal summarizes its philosophy as being in favor of "free markets and free people". It is typically viewed as adhering to
American conservatism and Liberal theory of economics. The page takes a
free market view of economic issues and an often
neoconservative view of
Foreign relations of the United States.
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 (United States) 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 issues
During 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 peg to the dollar, and strongly disagreed with American politicians who were criticising the Government of the People's Republic of China 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 issues
The 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. 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." "The Libby Injustice". Editorial,
The Wall Street Journal (New York), January 20,
2007. 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.Bartley, Robert. " Joining LaRouche in the Fever Swamps".
The Wall Street Journal (New York), June 9,
2003.
The editorial page routinely publishes articles by scientists skeptical of the theory of
global warming, including Richard Lindzen#Lindzen's criticism of the report by Richard Lindzen of
MIT.
News and opinion
Despite the
Journal's reputation as a conservative newspaper, the paper's editors stress the independence and impartiality of their reporters 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. 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."
Notable reporting
The
Journal has had several series of articles which have gone on to have significant impact. They have won many Pulitzer prizes.Many of these have been transformed into books.
1987: RJR Nabisco buyout
In 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,
Barbarians at the Gate: The Fall of RJR Nabisco, which was turned into a
Barbarians at the Gate (film) for HBO.
1988: Insider trading
In 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, 1988 Pulitzer Prize Retrieved
19 August 2006. who now serves as the paper's senior deputy managing editor. Stewart expanded on this theme in his book,
Den of Thieves (book).
1997: AIDS treatment
David 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.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. He and other reporters wrote about the new treatments, political and economic issues, and won the 1997 Pulitzer Prize for National Reporting about AIDS. Pulitzer Prize Winners: 1997 - National Reporting, retrieved
August 8, 2007.
2000: Enron
Jonathan 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 2000Gladwell, Malcolm. " Open Secrets".
The New Yorker, January 8,
2007.,although Weil himself disavows creditSung, Ellen W. " The Enron Collapse: Enron and the Media". Poynter Institute,
March 8,
2002.. Rebecca Smith and John R. Emshwiller reported on the story regularly Enron CFO's Partnership Had Milions in Profit,
The Wall Street Journal (New York),
19 October 2001. Retrieved 19 August 2006. (PDF), and wrote a book,
24 Days.
2001: 9/11
The 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 September 11, 2001 attacks. Its headquarters office was facing the World Trade Center across the street, and was demolished within minutes after the World Trade Center itself collapsed. 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. 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, 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. Pulitzer Prize Winners: 2002 - Breaking News, retrieved August 8, 2007.
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.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. It was during this coverage that
Journal reporter Daniel Pearl was kidnapped and killed by terrorists.
See also
- The Wall Street Journal Europe
- The Wall Street Journal Asia
- The Wall Street Journal Special Editions
- OpinionJournal.com (WSJ Partial Editorial Page)
- Barron's Magazine
- Far Eastern Economic Review
- The Index of Economic Freedom – an annual report published by the Journal together with the Heritage Foundation
- Karen Elliott House – the previous Publisher of The Wall Street Journal
- Daniel Pearl – a WSJ journalist killed while reporting in Pakistan
- "Lucky duckies"
- Media of New York City
- Wall Street Journal Editorial Board
References
External links
- The Wall Street Journal - Official site
- The Wall Street Journal blogs
- The Career Journal - A free executive career site from The Wall Street Journal
- The Real Estate Journal - A free site from The Wall Street Journal focusing on residential and commercial real estate
- The Startup Journal - A free site from The Wall Street Journal focusing on all aspects of starting, buying and running a small business.
- The Opinion Journal - A free site from The Wall Street Journal featuring opinion and commentary.
- Kevin Sprouls - creator of The Wall Street Journal stipple portrait style.
- Noli Novak - lead artist of the Journal's stipple drawings.
- Economic Principals - David Warsh on the WSJ's history as the earliest "Online" news provider.
- A History of The Wall Street Journal - Historical overview of the prestigious news service
- How Dow Jones Remade Business Journalism, by Cynthia Crossen, Wall Street Journal, July 31, 2007
- Murdoch Takeover, ABC exclusive coverage
{{Infobox Newspaper |name = |image = |type = Daily newspaper |format =
Broadsheet ], 1889 ]
(Sale Pending to News Corp.) ],
New York 10281
|editor =
Marcus Brauchli ] |circulation = 2,062,312 in 2006{{cite news |title=Circulation at the Top 20 Newspapers |url=http://biz.yahoo.com/ap/070430/newspapers_circulation_list.html |publisher = The Associated Press |date=2007-04-30 ] |ISSN = 0099-9660 |website = WSJ.com |-->
The Wall Street Journal (
WSJ) is an English language international daily newspaper published by
Dow Jones & Company in New York, New York with Asian and European editions. It has a worldwide daily newspaper circulation of more than 2 million as of 2006, with 931,000 paying online subscribers.Hussman, Walter E. Jr. "Commentary: How to Sink a Newspaper". WSJ Online (New York). May 7,
2007.
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 (statistician), and
Charles Bergstresser. The newspaper has won the
Pulitzer Prize thirty-three times Wall Street Journal Pulitzer Prizes. Retrieved 23 April
2007., including 2007 Pulitzer Prize for Options backdating and for the adverse impact of Economic reform in the People's Republic of China.
History
Beginnings
Dow Jones & Company, publisher of the
Journal, was founded in 1882 by reporters
Charles Dow, Edward Jones (statistician) and
Charles Bergstresser. Jones converted the small
Customers' Afternoon Letter into
The Wall Street Journal, first published in 1889,Dow Jones & Co. Inc. " Dow Jones History - The Late 1800s". Retrieved
19 August 2006. 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.Crossen, Cynthia. " It All Began in the Basement of a Candy Store".
The Wall Street Journal (New York), page B1, August 1,
2007.
Barron died in 1928, a year before Wall Street Crash of 1929, 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.
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.
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.
Internet expansion
Both came to pass. A complement to the print newspaper,
The Wall Street Journal Online was launched in 1996. In 2003, Dow Jones began to integrate reporting of the
Journal's print and online subscribers together in
Audit Bureau of Circulations statements."The Wall Street Journal Announces New Integrated Print and Online Sales and Marketing Initiatives". Press release.
3 November 2003. It is commonly held to be the largest paid-subscription news site on the Web, with 980,000 paid subscribers in mid-2007. As of November 2006, an annual subscription to the online edition of the Wall Street Journal cost $99 for those who do not have subscriptions to the print edition. Subscribing to the Wall Street Journal, WSJ.com
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.
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.Mitchell, Bill. " The Wall Street Journal Weekend Edition: Expectations, Surprises, Disappointments". Poynter Online,
21 September 2005. Retrieved 19 August 2006.
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.{{cite news | last =Wray
| first =Richard
| title =How the word on Wall Street will spread around the world
| publisher =[The Guardian
| date = [February 1
| url =http://business.guardian.co.uk/story/0,,2003063,00.html
| accessdate = 2007-02-03 -->
Design changes
In 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." Wall Street Journal Introduces New Front Page Advertising Opportunity". Press release, 18 July
2006. Retrieved
19 August 2006.
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 WSJ.com Guided Tour: Page One, accessed August 30, 2007. -- 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.Ahrens, Frank. " Wall Street Journal To Narrow Its Pages".
Washington Post,
12 October 2005. Retrieved
19 August 2006. 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," Picturing Business in America". Smithsonian National Portrait Gallery. Retrieved
19 August 2006., 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.
purchase
On
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
Clarence W. Barron#Early life, 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. 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.
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:Crovitz, L. Gordon. "A Report to Our Readers".
The Wall Street Journal (New York), page A14, August 1,
2007.
Features
Since 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:
- Section One – every day; corporate news, as well as political and economic reporting and the opinion pages
- Marketplace – Monday through Friday; coverage of health, technology, Mass media, and marketing industries (the second section was launched June 23, 1980)
- Money and Investing – every day; covers and analyzes international financial markets (the third section was launched October 3, 1988)
- Personal Journal – published Tuesday through Thursday; covers personal investments, careers and cultural pursuits (the section was introduced April 9, 2002)
- Weekend Journal – published Fridays; explores personal interests of business readers, including real estate, travel, and sports (the section was introduced March 20, 1998)
- Pursuits – formerly published Saturdays; focused on business readers' leisure-time decisions, including food and drink, restaurant and cooking trends, entertainment and culture, books, fashion and shopping, travel, sports and recreation, and the home (the section was introduced September 17, 2005, with the introduction of the paper's Weekend Edition). The Pursuits section was renamed Weekend Journal beginning with the September 15, 2007 publication.
In addition, several columnists contribute regular features to the
Journal opinion page and
OpinionJournal.com:
- Daily - Best of the Web Today by James Taranto
- Monday - Americas by Mary O'Grady
- Tuesday - Global View by Bret Stephens
- Wednesday - Business World by Holman W. Jenkins Jr
- Thursday - Wonder Land by Daniel Henninger
- Friday - Potomac Watch by Kimberley Strassel, Peggy Noonan by Peggy Noonan
- Weekend Edition - Rule of Law (variety of authors)
Opinions
Editorial page
The editorial page of the
Journal summarizes its philosophy as being in favor of "free markets and free people". It is typically viewed as adhering to
American conservatism and Liberal theory of economics. The page takes a
free market view of economic issues and an often neoconservative view of Foreign relations of the United States.
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 (United States) 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 issues
During 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 peg to the dollar, and strongly disagreed with American politicians who were criticising the Government of the People's Republic of China 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 issues
The 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. 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." "The Libby Injustice". Editorial,
The Wall Street Journal (New York),
January 20, 2007. 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.Bartley, Robert. " Joining LaRouche in the Fever Swamps".
The Wall Street Journal (New York),
June 9,
2003.
The editorial page routinely publishes articles by scientists skeptical of the theory of
global warming, including
Richard Lindzen#Lindzen's criticism of the report by Richard Lindzen of MIT.
News and opinion
Despite the
Journal's reputation as a conservative newspaper, the paper's editors stress the independence and impartiality of their reporters 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. 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."
Notable reporting
The
Journal has had several series of articles which have gone on to have significant impact. They have won many Pulitzer prizes.Many of these have been transformed into books.
1987: RJR Nabisco buyout
In 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,
Barbarians at the Gate: The Fall of RJR Nabisco, which was turned into a Barbarians at the Gate (film) for HBO.
1988: Insider trading
In 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, 1988 Pulitzer Prize Retrieved
19 August 2006. who now serves as the paper's senior deputy managing editor. Stewart expanded on this theme in his book,
Den of Thieves (book).
1997: AIDS treatment
David 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.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. He and other reporters wrote about the new treatments, political and economic issues, and won the 1997 Pulitzer Prize for National Reporting about AIDS. Pulitzer Prize Winners: 1997 - National Reporting, retrieved August 8,
2007.
2000: Enron
Jonathan 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 2000Gladwell, Malcolm. " Open Secrets".
The New Yorker,
January 8,
2007.,although Weil himself disavows creditSung, Ellen W. " The Enron Collapse: Enron and the Media". Poynter Institute, March 8, 2002..
Rebecca Smith and
John R. Emshwiller reported on the story regularly Enron CFO's Partnership Had Milions in Profit,
The Wall Street Journal (New York), 19 October
2001. Retrieved
19 August 2006. (PDF), and wrote a book,
24 Days.
2001: 9/11
The 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 September 11, 2001 attacks. Its headquarters office was facing the World Trade Center across the street, and was demolished within minutes after the World Trade Center itself collapsed. 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. 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, 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. Pulitzer Prize Winners: 2002 - Breaking News, retrieved August 8,
2007.
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.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. It was during this coverage that
Journal reporter Daniel Pearl was kidnapped and killed by terrorists.
See also
References
External links
- The Wall Street Journal - Official site
- The Wall Street Journal blogs
- The Career Journal - A free executive career site from The Wall Street Journal
- The Real Estate Journal - A free site from The Wall Street Journal focusing on residential and commercial real estate
- The Startup Journal - A free site from The Wall Street Journal focusing on all aspects of starting, buying and running a small business.
- The Opinion Journal - A free site from The Wall Street Journal featuring opinion and commentary.
- Kevin Sprouls - creator of The Wall Street Journal stipple portrait style.
- Noli Novak - lead artist of the Journal's stipple drawings.
- Economic Principals - David Warsh on the WSJ's history as the earliest "Online" news provider.
- A History of The Wall Street Journal - Historical overview of the prestigious news service
- How Dow Jones Remade Business Journalism, by Cynthia Crossen, Wall Street Journal, July 31, 2007
- Murdoch Takeover, ABC exclusive coverage
The Wall Street Journal - Wikipedia, the free encyclopedia
The Wall Street Journal (WSJ) is an English-language international daily newspaper published by Dow Jones & Company in New York City with Asian and European editions.
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