Clarence W. Barron
Encyclopedia
Clarence W. Barron is one of the most influential figures in the history of Dow Jones & Company
. As a career newsman described as a "short, rotund powerhouse," he died holding the posts of president of Dow Jones and de facto manager of The Wall Street Journal
. He is considered the founder of modern financial journalism.
Bancroft family
. Martha Barron married H. Wendell Endicott, heir apparent to the Endicott Shoe Company. Mr. & Mrs. Barron and the Endicotts are buried in a joint family plot at the historic Forest Hills Cemetery
in Jamaica Plain, Massachusetts
.
Barron worked at a number of newspapers throughout his life, including the Boston Daily News and the Boston Evening Transcript
, the latter from 1875 to 1887. He founded the Boston News Bureau in 1887 and the Philadelphia News Bureau in 1897, supplying financial news to brokers.
. In 1912, he appointed himself president, a title he held until his death and one which allowed him control of The Wall Street Journal; while the Woodworths published the paper.
He expanded the reach of his publishing empire by merging his two news bureau
s into Dow Jones. By 1920, he had expanded the daily circulation of The Wall Street Journal from 7,000 to 18,750, and over 50,000 by 1930. He also worked hard to modernize operations by introducing modern printing press
es and expanding the reporting corps.
In 1921, he founded the Dow Jones financial journal, Barron's National Financial Weekly, later renamed Barron's Magazine
, and served as its first editor. He priced the magazine at 10 cents an issue and saw circulation explode to 30,000 by 1926, with high popularity among investors and financiers.
They Told Barron (1930) and More They Told Barron (1931), two books edited by Arthur Pound and S.T. Moore, were published that showed his close connections and his role as a confidant to top financiers from New York City
society, such as Charles M. Schwab
. As a result, he has been called "the diarist of the American Dream." (Reutter 148) This has led to allegations that he was too close to those he covered.
However, Barron was renowned for pushing for deep scrutiny of corporate financial records, and is thus considered the founder of modern financial journalism
. Barron's personal credo, which he supposedly urged the Journal to print and follow, was "The Wall Street Journal must stand for what is best in Wall Street
." For example, in 1913, he gave testimony to the Massachusetts Public Service Commission regarding a slush fund
held by the New Haven Railroad. In 1920 he investigated Charles Ponzi
, inventor of the Ponzi scheme
, for the Boston Post
. His aggressive questioning and common-sense reasoning helped lead to Ponzi's arrest and conviction.
The Bancroft family remained the majority shareholder
of Dow Jones until July 31, 2007 when Rupert Murdoch
's News Corp. won the support of 32 percent of the Dow Jones voting shares controlled by the Bancroft family, enough to ensure a comfortable margin of victory.
Dow Jones & Company
Dow Jones & Company is an American publishing and financial information firm.The company was founded in 1882 by three reporters: Charles Dow, Edward Jones, and Charles Bergstresser. Like The New York Times and the Washington Post, the company was in recent years publicly traded but privately...
. As a career newsman described as a "short, rotund powerhouse," he died holding the posts of president of Dow Jones and de facto manager of The Wall Street Journal
The Wall Street Journal
The Wall Street Journal is an American English-language international daily newspaper. It is published in New York City by Dow Jones & Company, a division of News Corporation, along with the Asian and European editions of the Journal....
. He is considered the founder of modern financial journalism.
Early life
Barron graduated from Boston's Graduate English High School in 1873. He married Jessie M. Waldron in 1900 and adopted her daughters, Jane and Martha. Mrs. Barron died in 1918. After Jane married Hugh Bancroft in 1907, Barron became a prominent member of the Boston BrahminBoston Brahmin
Boston Brahmins are wealthy Yankee families characterized by a highly discreet and inconspicuous life style. Based in and around Boston, they form an integral part of the historic core of the East Coast establishment...
Bancroft family
Bancroft family
The Bancroft family are the former owners of Dow Jones & Company — publishers of the Wall Street Journal — which is now owned by Rupert Murdoch's News Corporation .- The family :...
. Martha Barron married H. Wendell Endicott, heir apparent to the Endicott Shoe Company. Mr. & Mrs. Barron and the Endicotts are buried in a joint family plot at the historic Forest Hills Cemetery
Forest Hills Cemetery
Forest Hills Cemetery is a historic cemetery, greenspace, arboretum and sculpture garden located in the Forest Hills section of the Jamaica Plain neighborhood of Boston, Massachusetts. The cemetery was designed in 1848.-Overview:...
in Jamaica Plain, Massachusetts
Jamaica Plain, Massachusetts
Jamaica Plain is a historic neighborhood of in Boston, Massachusetts. Founded by Boston Puritans seeking farm land to the south, it was originally part of the city of Roxbury...
.
Barron worked at a number of newspapers throughout his life, including the Boston Daily News and the Boston Evening Transcript
Boston Evening Transcript
The Boston Evening Transcript was a daily afternoon newspaper in Boston, Massachusetts, published from July 24, 1830, to April 30, 1941.-Beginnings:...
, the latter from 1875 to 1887. He founded the Boston News Bureau in 1887 and the Philadelphia News Bureau in 1897, supplying financial news to brokers.
Dow Jones & Company
In March 1903, he purchased Dow Jones & Company for $130,000, following the death of co-founder Charles DowCharles Dow
Charles Henry Dow was an American journalist who co-founded Dow Jones & Company with Edward Jones and Charles Bergstresser....
. In 1912, he appointed himself president, a title he held until his death and one which allowed him control of The Wall Street Journal; while the Woodworths published the paper.
He expanded the reach of his publishing empire by merging his two news bureau
News bureau
A News bureau is an office for gathering or distributing news. Similar terms are used for specialized bureaus, often to indicate geographic location or scope of coverage: a ‘Tokyo bureau’ refers to a given news operation's office in Tokyo; foreign bureau is a generic term for a news office set up...
s into Dow Jones. By 1920, he had expanded the daily circulation of The Wall Street Journal from 7,000 to 18,750, and over 50,000 by 1930. He also worked hard to modernize operations by introducing modern printing press
Printing press
A printing press is a device for applying pressure to an inked surface resting upon a print medium , thereby transferring the ink...
es and expanding the reporting corps.
In 1921, he founded the Dow Jones financial journal, Barron's National Financial Weekly, later renamed Barron's Magazine
Barron's Magazine
Barron's is an American weekly newspaper covering U.S. financial information, market developments, and relevant statistics. Each issue provides a wrap-up of the previous week's market activity, news reports, and an informative outlook on the week to come....
, and served as its first editor. He priced the magazine at 10 cents an issue and saw circulation explode to 30,000 by 1926, with high popularity among investors and financiers.
Legacy
After his death, his responsibilities were split between his son-in-law Hugh Bancroft, who became president of Dow Jones, and his friend Kenneth C. Hogate, who became the managing editor of the Journal.They Told Barron (1930) and More They Told Barron (1931), two books edited by Arthur Pound and S.T. Moore, were published that showed his close connections and his role as a confidant to top financiers from New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
society, such as Charles M. Schwab
Charles M. Schwab
Charles Michael Schwab was an American steel magnate. Under his leadership, Bethlehem Steel became the second largest steel maker in the United States, and one of the most important heavy manufacturers in the world....
. As a result, he has been called "the diarist of the American Dream." (Reutter 148) This has led to allegations that he was too close to those he covered.
However, Barron was renowned for pushing for deep scrutiny of corporate financial records, and is thus considered the founder of modern financial journalism
Journalism
Journalism is the practice of investigation and reporting of events, issues and trends to a broad audience in a timely fashion. Though there are many variations of journalism, the ideal is to inform the intended audience. Along with covering organizations and institutions such as government and...
. Barron's personal credo, which he supposedly urged the Journal to print and follow, was "The Wall Street Journal must stand for what is best in Wall Street
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
." For example, in 1913, he gave testimony to the Massachusetts Public Service Commission regarding a slush fund
Slush fund
A slush fund, colloquially, is an auxiliary monetary account or a reserve fund. However, in the context of corrupt dealings, such as those by governments or large corporations, a slush fund can have particular connotations of illegality, illegitimacy, or secrecy in regard to the use of this money...
held by the New Haven Railroad. In 1920 he investigated Charles Ponzi
Charles Ponzi
Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi, , commonly known as Charles Ponzi, was a businessman and con artist in the U.S. and Canada. Born in Italy, he became known as a swindler in North America for his money making scheme. His aliases include Charles Ponei, Charles P. Bianchi, Carl and Carlo...
, inventor of the Ponzi scheme
Ponzi scheme
A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from any actual profit earned by the individual or organization running the operation...
, for the Boston Post
Boston Post
The Boston Post was the most popular daily newspaper in New England for over a hundred years before it folded in 1956. The Post was founded in November 1831 by two prominent Boston businessmen, Charles G...
. His aggressive questioning and common-sense reasoning helped lead to Ponzi's arrest and conviction.
The Bancroft family remained the majority shareholder
Shareholder
A shareholder or stockholder is an individual or institution that legally owns one or more shares of stock in a public or private corporation. Shareholders own the stock, but not the corporation itself ....
of Dow Jones until July 31, 2007 when Rupert Murdoch
Rupert Murdoch
Keith Rupert Murdoch, AC, KSG is an Australian-American business magnate. He is the founder and Chairman and CEO of , the world's second-largest media conglomerate....
's News Corp. won the support of 32 percent of the Dow Jones voting shares controlled by the Bancroft family, enough to ensure a comfortable margin of victory.
Trivia
- He published a racist tract, The Mexican Problem in 1917, juxtaposing the economic potential of MexicoMexicoThe United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
's resources against his belief in the racial inferiority of the Mexican people.
- He helped endow the Clarke School for the DeafClarke School for the DeafClarke Schools for Hearing and Speech, formerly Clarke School for the Deaf, is a private school located in Northampton, Massachusetts that specializes in educating deaf children using the oral method through the assistance of hearing aids and cochlear implants...
with two million dollars, and proposed naming it the Coolidge Trust after President Calvin CoolidgeCalvin CoolidgeJohn Calvin Coolidge, Jr. was the 30th President of the United States . A Republican lawyer from Vermont, Coolidge worked his way up the ladder of Massachusetts state politics, eventually becoming governor of that state...
and his wife Grace. (Roberts 225)
- He was sued for defamation for $100,000 by Princess Margaret Ghika of Romania in April 1927, who said he called her a spy at a dinner. The suit was dismissed.
- Clarence W. Barron's former Boston mansion is located at 334 Beacon Street, on the banks of the Charles River. The property was converted into condominiums in the 1980s. Since 2007 a portrait of Clarence W. Barron has been prominently displayed on the parlor level of the former mansion.
Books
- The Boston Stock Exchange (1893)
- Federal Reserve Act (1914)
- The Audacious War (1915)
- The Mexican Problem (1917)
- War Finance, As Viewed From the Roof of the World in Switzerland (1919)
- World Remaking; or, Peace Finance (1920)
- Lord's Money(1922)
- Twenty-Eight Essays on the Federal Reserve Act (unk.)
- My Creed (unk.)
- They Told Barron (1930)
- More They Told Barron (1931)