The Journal's Enduring Influence
An academic exploration of The Wall Street Journal's historical evolution, editorial philosophy, and profound market impact.
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Overview
Core Identity
The Wall Street Journal (WSJ), often simply referred to as the Journal, is a prominent American daily newspaper headquartered in New York City. It is published six days a week by Dow Jones & Company, a division of News Corp. Founded on July 8, 1889, by Charles Dow, Edward Jones, and Charles Bergstresser, it has become a cornerstone of business and financial journalism, primarily published in English.
Market Presence
As of 2023, The Wall Street Journal holds the distinction of being the largest newspaper in the United States by print circulation, boasting 609,650 print subscribers. Furthermore, it maintains a robust digital presence with 3.17 million digital subscribers, ranking second nationally only to The New York Times. Recognized as one of the United States' newspapers of record, its influence extends across financial and political spheres.
Recognition & Stance
The Journal has been awarded 39 Pulitzer Prizes, a testament to its journalistic excellence. While its news reporting is widely respected for its accuracy and unbiased approach, the editorial page of the Journal is notably center-right in its political positions. This distinction between its news and opinion sections is a characteristic feature, often sparking discussion regarding its overall journalistic integrity.
History
Genesis and Early Days
The origins of The Wall Street Journal trace back to the Kiernan News Agency, founded in 1869. In 1880, Charles H. Dow and Edward D. Jones, initially reporters for Kiernan, co-founded Dow Jones & Company with Charles Bergstresser. Their early offerings included "flimsies"—brief news bulletins hand-delivered to traders—and the "Customers' Afternoon Letter." This letter was eventually renamed The Wall Street Journal, with its inaugural issue appearing on July 8, 1889. Early editions were primarily factual, focusing on news wires and stock listings, with analysis and opinion being rare.
The Barron Era
In 1902, Charles Dow sold Dow Jones and the Journal to Clarence W. Barron, a Boston correspondent. Under Barron's ownership, the newspaper's circulation grew from 7,000 to 11,000 by 1905. William Peter Hamilton, a key editorial writer from 1908, shaped the Journal's editorial stance, advocating for free-market capitalism. The paper became known as "Wall Street's public defender" against regulatory efforts. Despite reaching 52,000 circulation in 1928, Barron's death that year, followed by the Wall Street Crash of 1929, significantly impacted the paper, causing circulation to drop below 28,000 in the 1930s.
Kilgore's Vision
Bernard Kilgore, who joined the Journal in 1929, became a pivotal figure. As news editor in 1931, he introduced the "Dear George" column, simplifying complex financial topics. In 1934, he launched the daily news digest "What's News" on the front page. Appointed managing editor in 1941 and CEO in 1945, Kilgore aimed to broaden the Journal's appeal to a national audience, emphasizing clarity and sophistication. Under his leadership, the paper won its first Pulitzer Prize in 1947 for William Henry Grimes's editorials, and circulation surged from 32,000 in 1940 to over one million by his death in 1967.
Evolution
Post-War Expansion
Following Kilgore's reforms, Dow Jones Newswires embarked on a significant international expansion in 1967, establishing journalists in major financial centers globally. In 1970, Dow Jones acquired the Ottaway newspaper chain, later renamed Dow Jones Local Media Group. The Journal itself saw its first two-section format in 1980, expanding to three sections by 1988, reflecting a growing breadth of coverage beyond core financial news.
The Digital Dawn
The Journal embraced the digital age early, launching The Wall Street Journal Online (WSJ.com) in 1996, which has maintained a subscription-only model since its inception. By 2007, it was recognized as the largest paid-subscription news site on the web. Digital subscriptions continued to climb, reaching 1.3 million by 2018. The paper also introduced a mobile app in 2004 and a weekend print edition in 2005, marking a return to Saturday publication after a 50-year hiatus, aimed at attracting more consumer advertising.
News Corp Era & Modern Shifts
In 2007, News Corporation acquired Dow Jones for $5 billion, integrating The Wall Street Journal into Rupert Murdoch's media empire. This acquisition sparked debates about editorial independence, with a special committee established to oversee it. A notable controversy in 2011 involved inflated European sales figures and ethically questionable "articles" for a business partner, leading to staff changes and disclaimers. In 2013, Dow Jones was spun off into the new News Corp. Recent years have seen cost-cutting measures, including layoffs and section consolidations, alongside new digital initiatives like WSJ Noted. (a digital magazine for younger readers) and Buy Side (a product review website).
Sections
Daily Structure
The Journal is organized into several distinct sections to cater to its diverse readership. The core daily sections include:
- Section One: Covers corporate news, political and economic reporting, and the influential opinion pages.
- Marketplace: Published Monday through Friday, this section provides in-depth coverage of the health, technology, media, and marketing industries.
- Money and Investing: Available daily, it offers comprehensive coverage and analysis of international financial markets.
These sections form the backbone of the Journal's daily offering, providing essential information for business professionals and informed readers.
Lifestyle & Weekend
Beyond its core financial reporting, the Journal also features sections dedicated to personal interests and weekend reading:
- Personal Journal: Published Tuesday through Thursday, focusing on personal investments, careers, and cultural pursuits.
- Off Duty: A Saturday feature in WSJ Weekend, exploring fashion, food, design, travel, and technology.
- Review: Also in WSJ Weekend, offering essays, commentary, and reviews of ideas and culture.
- Mansion: A Friday section dedicated to high-end real estate.
Additionally, the WSJ. Magazine, launched in 2008, serves as a luxury lifestyle supplement, covering art, fashion, entertainment, and design, and has grown to 12 issues per year.
Columnists & Digital
The Journal's opinion pages are a significant feature, with several columnists contributing regular insights:
- Mary O'Grady: Focuses on the Americas.
- Holman W. Jenkins Jr.: Covers Business World topics.
- Daniel Henninger: Contributes to "Wonder Land."
- Kimberley Strassel: Provides "Potomac Watch" commentary.
- Peggy Noonan: Writes "Declarations" for the Weekend Edition.
The digital platform, wsj.com, also hosts web-only opinion columns like "Best of the Web Today" by James Taranto and "Political Diary" by Holman W. Jenkins Jr. On Fridays, a religion-themed op-ed titled "Houses of Worship" features diverse authors from various spiritual backgrounds.
Opinion
The Editorial Board
The Editorial Board of The Wall Street Journal plays a crucial role in shaping the newspaper's opinion section, dictating its tone and direction. Led by editor Paul Gigot, the board is known for its conservative interpretation of news, which is regularly discussed on the Fox News Channel's "Journal Editorial Report." This distinct separation between the news reporting and the editorial pages has been a long-standing characteristic of the Journal, often leading to internal and external discussions about journalistic consistency.
Economic Stance
Historically, the Journal's editorial pages have evolved from supporting early antitrust efforts to becoming a staunch advocate for free-market economics. In the 1920s, it criticized congressional attempts to regulate the securities industry and later opposed banking regulations like Glass-Steagall. During the 1980s, under Robert L. Bartley's editorship, it was a leading voice for supply-side economics, promoting concepts like the Laffer curve and arguing for tax rate decreases to stimulate economic activity. The Journal also tends to favor fixed exchange rates over floating ones in economic debates.
Political & Scientific Stance
The Journal's editorial pages maintain a conservative bent and are highly influential in conservative circles, though the paper has not endorsed a political candidate since 1928. It has consistently advocated for a pro-business immigration policy. During the Obama administration, the editorial page was a prominent critic of policies such as the Affordable Care Act, energy initiatives, and foreign policy. More recently, it called for Special Counsel Robert Mueller's resignation in 2017 and published a letter from former President Donald Trump containing debunked claims about the 2020 election, which the board subsequently critiqued. On scientific matters, particularly climate change, the editorial pages have been described as a "forum for climate change denial," often presenting a "false balance" that overplays scientific uncertainty or frames mitigation policies negatively, contrasting with the scientific consensus.
Style
Style & Substance
The Journal maintains a rigorous internal style guide, communicated through its monthly bulletin, "Style & Substance." This publication, first launched in 1987 under Paul R. Martin, and later overseen by Bill Power and Jennifer Hicks, addresses specific English language usage issues from the perspective of the WSJ's copyeditors. It is also the medium through which the newspaper announces major stylistic changes, such as the abandonment of courtesy titles in 2023, ensuring consistency and clarity across all its publications.
Visual Signature
A distinctive visual element of the Journal is its use of "hedcuts"—ink dot drawings introduced in 1979 by Kevin Sprouls. These intricate illustrations provide a consistent and recognizable visual signature for the paper, often used for portraits of individuals. While hedcuts remain a hallmark, the Journal also employs caricatures, such as those by Ken Fallin, and has increasingly incorporated color photographs and graphics, particularly in its lifestyle sections, to enhance visual appeal and engagement.
Milestones
Key Launches & Expansions
The Wall Street Journal has a rich history of innovation and expansion:
- 1889: First issue of The Wall Street Journal published.
- 1896: Began publishing Dow Jones Industrial Average and Railroad Average.
- 1947: Won its first Pulitzer Prize for William Henry Grimes's editorials.
- 1980: Introduced its first two-section format.
- 1996: WSJ.com launched, offering subscription-only online access.
- 1998: A weekly crossword, edited by Mike Shenk, was introduced.
- 1999: Launched The Wall Street Journal Sunday, a print supplement (ceased 2015).
- 2002: Launched Today's Journal, adding Personal Journal and color capacity.
- 2005: WSJ Weekend launched, marking a return to Saturday publication.
- 2008: WSJ., a luxury lifestyle magazine, debuted.
- 2010: "Greater New York" section launched (shuttered 2021); WSJ Weekend expanded with "Off Duty" and "Review" sections.
- 2011: WSJ Live became available on mobile devices.
- 2020: Reached 3 million subscribers; WSJ Noted., a monthly digital magazine for younger readers, launched.
- 2022: Launched Buy Side, a product review website.
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References
References
- Scharff 1986, pp. 2-3.
- Scharff 1986, p. 4.
- Scharff 1986, p. 5.
- Scharff 1986, p. 6.
- Scharff 1986, p. 8.
- Scharff 1986, pp. 6- 7.
- Scharff 1986, p. 14.
- Scharff 1986, p. 15.
- Scharff 1986, p. 16.
- Scharff 1986, p. 27.
- Scharff 1986, p. 34.
- Scharff 1986, p. 36.
- Scharff 1986, p. 43.
- Scharff 1986, p. 50.
- Scharff 1986, p. 53.
- Scharff 1986, p. 53.
- Scharff 1986, p. 60.
- Scharff 1986, p. 154.
- Scharff 1986, pp. 170-171.
- Scharff 1986, pp. 118-119.
- "The Wall Street Journal Announces New Integrated Print and Online Sales and Marketing Initiatives". Press release. November 3, 2003.
- L. Gordon Crovitz, "A Report to Our Readers". The Wall Street Journal (New York), page A14, August 1, 2007.
- Richard Vetter, "Wall Street Journal", in Bruce Frohnen, ed. American Conservatism (2006), pp. 898â99.
- Scharff 1986, pp. 28-29.
- Scharff 1986, pp. 16-17.
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