Harry Marks
Encyclopedia
Harry Hananel Marks was a British politician and journalist, who founded the Financial News
in 1884.
and his wife Cecilia. David Woolf Marks, who came from a London merchant family, was a prominent reformist
rabbi at the West London Synagogue
, and the professor of Hebrew at University College London
. Harry's younger brother, Claud Marks, would go on to gain distinction in the Army, being awarded the Distinguished Service Order
for his service in the Boer War
.
Marks attended University College School
from 1864 to 1868, followed by a period at the Athenée Royale in Brussels, before travelling to the United States aged sixteen, in 1871.
for five years, before later becoming editor of the Daily Mining News. This was his first foray into financial journalism, and there were widespread rumours that he had freely speculated in mining company shares, as well as more scandalous allegations involving seducing and defrauding the widow of one of his former business associates.
Whilst in the United States, Marks published Leaves from a Reporter's Note-Book (1882), which reflected on the life of a newspaper journalist. He also published the sharp satire Down with the Jews! Meeting of the Society for Suppressing the Jewish Race (1879), which attacked anti-semitism
among American politicians. He returned to England in 1883.
Whilst still editing the Daily Mining News, Marks founded the London halfpenny Evening News in 1881 in partnership with Coleridge Kennard; although initially successful, the paper lost most of its circulation by the early 1890s and was eventually sold to Alfred Harmsworth for £25,000 in 1894.
(later simply the Financial News) on 23 January 1884, with financial backing from an American, Colonel Edward McMurdo. He later floated the paper on the stock market in 1885 at a valuation of £50,000, reconstructing the company in 1890 to raise £100,000, whilst retaining a controlling interest throughout. The Financial News was a major step forwards for British financial newspapers; it was the first London financial paper to publish on a daily basis, and pioneered a popular, Americanised, accessible style of writing that appealed both to the industry professionals and to small private investors. The Financial News was active at investigative reporting, exposing a number of fraudulent share schemes as well as playing a part in the corruption scandals that led to the downfall of the Metropolitan Board of Works
in the late 1880s. As a result, it achieved a good reputation for integrity and honesty, widely respected among small investors.
His contemporary Frank Harris
later summed Marks up as a man of "few scruples and many interests"; nowhere was this more clear than the way in which he exploited his paper's reputation for his own commercial schemes.
His first major fraudulent venture was the Rae-Transvaal Gold Mining Company, formed to cash in on a boom in South African mining stocks. Marks had bought a farm in the Transvaal for £10,000, promptly selling it on to a newly-created shell company at a notional value of £50,000. He then floated it in January 1887, with the Financial News stoking up enthusiasm for the stock. As the stock prices inflated, helped by the paper publishing fictional values, Marks sold out; the company was wound up in May 1888, by which time it had become apparent the Rae mine - and the company itself - was worthless. In 1890 he sued two journalists for libel over a pamphlet exposing his involvement in the matter; after an eight-day trial in which Marks' less salubrious past was extensively debated, the jury held that the content of the pamphlet was true, and that publishing it was justified in the public interest; Marks was forced to pay costs.
, in the East Marylebone
district. Both seats in the district were won by the Moderate candidates, with Marks receiving 1,874 votes and Horace Farquhar
1,815; the nearest Progressive
candidate, Sir Thomas Farrer, received 1,300. He was only a moderately active member, attending most council sessions but a substantially lower proportion of committees. He stood down from the LCC to contest the 1892 general election
, where he was the Conservative
candidate for Bethnal Green North East
, running against the Liberal-Labour
incumbent, George Howell. Howell won with a comfortable majority of almost six hundred, around 10% of the votes cast.
In the council elections of 1895 he was re-elected, to represent St George, Tower Hamlets
; later that year, in the 1895 general election
he contested the same constituency, narrowly defeating the Liberal
John Williams Benn. His parliamentary election was marred by allegations of corrupt practices
, though these were dismissed by a court. Marks stood down and did not contest the seat in the 1900 general election
, but returned to the Commons in a 1904 by-election as the member for the Isle of Thanet
. He defended the seat in the 1906 general election
, but stood down for the second and final time in 1910, on grounds of ill health.
in 1909, Marks handed over the editorship of the Financial News to Ellis Powell, but retained a controlling interest
and the post of editor-in-chief. He and Powell frequently clashed over Marks's involvement in the daily running of the paper; Powell later claimed Marks had tried to sell his interest in the paper to a German agent in 1915, but it is unclear how accurate this claim was.
Marks died on 21 December 1916, due to complications arising from diabetes; he had suffered a stroke in 1909, and been in poor health since. His wife Annie had died earlier in the year, and he was survived by a son and a daughter, to whom he left an estate valued at £31,000.
Financial News (1884–1945)
The Financial News was a daily British newspaper published in London. It was founded in 1884 by Harry Marks, who had begun on United States newspapers, and set up to expose fraudulent investments. Marks himself was key to the paper's early growth, when it had a buccaneering life fighting against...
in 1884.
Early life
Harry Marks was born in London on 9 April 1855, a younger child of David Woolf MarksDavid Woolf Marks
David Woolf Marks was an English rabbi of Reform Judaism. He served as professor of belles-lettres at Wigan College, Liverpool, first rabbi of the West London Synagogue of British Jews, and professor of Hebrew at University College London...
and his wife Cecilia. David Woolf Marks, who came from a London merchant family, was a prominent reformist
Reform Judaism
Reform Judaism refers to various beliefs, practices and organizations associated with the Reform Jewish movement in North America, the United Kingdom and elsewhere. In general, it maintains that Judaism and Jewish traditions should be modernized and should be compatible with participation in the...
rabbi at the West London Synagogue
West London Synagogue
The West London Synagogue of British Jews was established on 15 April 1840. It is one of the oldest synagogues in the United Kingdom and the oldest Reform synagogue in the UK.-History:...
, and the professor of Hebrew at University College London
University College London
University College London is a public research university located in London, United Kingdom and the oldest and largest constituent college of the federal University of London...
. Harry's younger brother, Claud Marks, would go on to gain distinction in the Army, being awarded the Distinguished Service Order
Distinguished Service Order
The Distinguished Service Order is a military decoration of the United Kingdom, and formerly of other parts of the British Commonwealth and Empire, awarded for meritorious or distinguished service by officers of the armed forces during wartime, typically in actual combat.Instituted on 6 September...
for his service in the Boer War
Boer War
The Boer Wars were two wars fought between the British Empire and the two independent Boer republics, the Oranje Vrijstaat and the Republiek van Transvaal ....
.
Marks attended University College School
University College School
University College School, generally known as UCS, is an Independent school charity situated in Hampstead, north west London, England. The school was founded in 1830 by University College London and inherited many of that institution's progressive and secular views...
from 1864 to 1868, followed by a period at the Athenée Royale in Brussels, before travelling to the United States aged sixteen, in 1871.
United States
After arriving in New Orleans, Marks first job was selling sewing machines, before talking his way into a position writing for newspapers in Texas on the grounds of (non-existent) previous journalistic experience. In 1873 he moved to New York, where he worked for the New York WorldNew York World
The New York World was a newspaper published in New York City from 1860 until 1931. The paper played a major role in the history of American newspapers...
for five years, before later becoming editor of the Daily Mining News. This was his first foray into financial journalism, and there were widespread rumours that he had freely speculated in mining company shares, as well as more scandalous allegations involving seducing and defrauding the widow of one of his former business associates.
Whilst in the United States, Marks published Leaves from a Reporter's Note-Book (1882), which reflected on the life of a newspaper journalist. He also published the sharp satire Down with the Jews! Meeting of the Society for Suppressing the Jewish Race (1879), which attacked anti-semitism
Anti-Semitism
Antisemitism is suspicion of, hatred toward, or discrimination against Jews for reasons connected to their Jewish heritage. According to a 2005 U.S...
among American politicians. He returned to England in 1883.
Whilst still editing the Daily Mining News, Marks founded the London halfpenny Evening News in 1881 in partnership with Coleridge Kennard; although initially successful, the paper lost most of its circulation by the early 1890s and was eventually sold to Alfred Harmsworth for £25,000 in 1894.
Financial News
Shortly after his return to London, Marks founded the Financial and Mining NewsFinancial News (1884–1945)
The Financial News was a daily British newspaper published in London. It was founded in 1884 by Harry Marks, who had begun on United States newspapers, and set up to expose fraudulent investments. Marks himself was key to the paper's early growth, when it had a buccaneering life fighting against...
(later simply the Financial News) on 23 January 1884, with financial backing from an American, Colonel Edward McMurdo. He later floated the paper on the stock market in 1885 at a valuation of £50,000, reconstructing the company in 1890 to raise £100,000, whilst retaining a controlling interest throughout. The Financial News was a major step forwards for British financial newspapers; it was the first London financial paper to publish on a daily basis, and pioneered a popular, Americanised, accessible style of writing that appealed both to the industry professionals and to small private investors. The Financial News was active at investigative reporting, exposing a number of fraudulent share schemes as well as playing a part in the corruption scandals that led to the downfall of the Metropolitan Board of Works
Metropolitan Board of Works
The Metropolitan Board of Works was the principal instrument of London-wide government from 1855 until the establishment of the London County Council in 1889. Its principal responsibility was to provide infrastructure to cope with London's rapid growth, which it successfully accomplished. The MBW...
in the late 1880s. As a result, it achieved a good reputation for integrity and honesty, widely respected among small investors.
His contemporary Frank Harris
Frank Harris
Frank Harris was a Irish-born, naturalized-American author, editor, journalist and publisher, who was friendly with many well-known figures of his day...
later summed Marks up as a man of "few scruples and many interests"; nowhere was this more clear than the way in which he exploited his paper's reputation for his own commercial schemes.
His first major fraudulent venture was the Rae-Transvaal Gold Mining Company, formed to cash in on a boom in South African mining stocks. Marks had bought a farm in the Transvaal for £10,000, promptly selling it on to a newly-created shell company at a notional value of £50,000. He then floated it in January 1887, with the Financial News stoking up enthusiasm for the stock. As the stock prices inflated, helped by the paper publishing fictional values, Marks sold out; the company was wound up in May 1888, by which time it had become apparent the Rae mine - and the company itself - was worthless. In 1890 he sued two journalists for libel over a pamphlet exposing his involvement in the matter; after an eight-day trial in which Marks' less salubrious past was extensively debated, the jury held that the content of the pamphlet was true, and that publishing it was justified in the public interest; Marks was forced to pay costs.
Political career
Marks's first political venture was in 1889, when he stood as a "Moderate" for election to the newly formed London County CouncilLondon County Council
London County Council was the principal local government body for the County of London, throughout its 1889–1965 existence, and the first London-wide general municipal authority to be directly elected. It covered the area today known as Inner London and was replaced by the Greater London Council...
, in the East Marylebone
Marylebone East (UK Parliament constituency)
Marylebone East was a borough constituency located in the Metropolitan Borough of St Marylebone, in London. It returned one Member of Parliament to the House of Commons of the Parliament of the United Kingdom, elected by the first past the post voting system....
district. Both seats in the district were won by the Moderate candidates, with Marks receiving 1,874 votes and Horace Farquhar
Horace Farquhar, 1st Earl Farquhar
Horace Brand Farquhar, 1st Earl Farquhar GCB, GCVO, PC , was a British financier, courtier and Conservative politician.-Background:...
1,815; the nearest Progressive
Progressive Party (London)
The Progressive Party was a political party based around the Liberal Party that contested municipal elections in the County of London.It was founded in 1888 by a group of Liberals and leaders of the labour movement. It was also supported by the Fabian Society, and Sidney Webb was one of its...
candidate, Sir Thomas Farrer, received 1,300. He was only a moderately active member, attending most council sessions but a substantially lower proportion of committees. He stood down from the LCC to contest the 1892 general election
United Kingdom general election, 1892
The 1892 United Kingdom general election was held from 4 July to 26 July 1892. It saw the Conservatives, led by Lord Salisbury, win the greatest number of seats, but not enough for an overall majority as William Ewart Gladstone's Liberals won many more seats than in the 1886 general election...
, where he was the Conservative
Conservative Party (UK)
The Conservative Party, formally the Conservative and Unionist Party, is a centre-right political party in the United Kingdom that adheres to the philosophies of conservatism and British unionism. It is the largest political party in the UK, and is currently the largest single party in the House...
candidate for Bethnal Green North East
Bethnal Green North East (UK Parliament constituency)
Bethnal Green North East was a parliamentary constituency in London, which returned one Member of Parliament to the House of Commons of the Parliament of the United Kingdom...
, running against the Liberal-Labour
Liberal-Labour (UK)
The Liberal–Labour movement refers to the practice of local Liberal associations accepting and supporting candidates who were financially maintained by trade unions...
incumbent, George Howell. Howell won with a comfortable majority of almost six hundred, around 10% of the votes cast.
In the council elections of 1895 he was re-elected, to represent St George, Tower Hamlets
St George (UK Parliament constituency)
St George was a parliamentary constituency in what is now the London Borough of Tower Hamlets. It was part of the Parliamentary borough of Tower Hamlets and returned one Member of Parliament to the House of Commons of the Parliament of the United Kingdom....
; later that year, in the 1895 general election
United Kingdom general election, 1895
The United Kingdom general election of 1895 was held from 13 July - 7 August 1895. It was won by the Conservatives led by Lord Salisbury who formed an alliance with the Liberal Unionist Party and had a large majority over the Liberals, led by Lord Rosebery...
he contested the same constituency, narrowly defeating the Liberal
Liberal Party (UK)
The Liberal Party was one of the two major political parties of the United Kingdom during the 19th and early 20th centuries. It was a third party of negligible importance throughout the latter half of the 20th Century, before merging with the Social Democratic Party in 1988 to form the present day...
John Williams Benn. His parliamentary election was marred by allegations of corrupt practices
Corrupt practices
Corrupt practices in English election law includes bribery, treating, undue influence, personation, and aiding, abetting, counselling and procuring personation.- English election law :...
, though these were dismissed by a court. Marks stood down and did not contest the seat in the 1900 general election
United Kingdom general election, 1900
-Seats summary:-See also:*MPs elected in the United Kingdom general election, 1900*The Parliamentary Franchise in the United Kingdom 1885-1918-External links:***-References:*F. W. S. Craig, British Electoral Facts: 1832-1987**...
, but returned to the Commons in a 1904 by-election as the member for the Isle of Thanet
Isle of Thanet (UK Parliament constituency)
Isle of Thanet was a county constituency which returned one Member of Parliament to the House of Commons of the Parliament of the United Kingdom from 1885, until it was abolished for the February 1974 general election....
. He defended the seat in the 1906 general election
United Kingdom general election, 1906
-Seats summary:-See also:*MPs elected in the United Kingdom general election, 1906*The Parliamentary Franchise in the United Kingdom 1885-1918-External links:***-References:*F. W. S. Craig, British Electoral Facts: 1832-1987**...
, but stood down for the second and final time in 1910, on grounds of ill health.
Later life
Following a strokeStroke
A stroke, previously known medically as a cerebrovascular accident , is the rapidly developing loss of brain function due to disturbance in the blood supply to the brain. This can be due to ischemia caused by blockage , or a hemorrhage...
in 1909, Marks handed over the editorship of the Financial News to Ellis Powell, but retained a controlling interest
Controlling interest
Controlling interest in a corporation means to have control of a large enough block of voting stock shares in a company such that no one stock holder or coalition of stock holders can successfully oppose a motion...
and the post of editor-in-chief. He and Powell frequently clashed over Marks's involvement in the daily running of the paper; Powell later claimed Marks had tried to sell his interest in the paper to a German agent in 1915, but it is unclear how accurate this claim was.
Marks died on 21 December 1916, due to complications arising from diabetes; he had suffered a stroke in 1909, and been in poor health since. His wife Annie had died earlier in the year, and he was survived by a son and a daughter, to whom he left an estate valued at £31,000.