Melville E. Stone
Encyclopedia
Melville Elijah Stone was a newspaper publisher, the founder of the Chicago Daily News
, and was the general manager of the reorganized Associated Press
.
. In 1881 he established the Chicago Morning News (renamed the Chicago Record). Stone became general manager of the reorganized Associated Press
in 1893, and under his direction it became one of the great news agencies. He retired in 1921. Stone died of hardening of the arteries in 1929.
in 1915. His wife was daughter of William Grigsby McCormick
of the McCormick family
which included her uncle Robert Sanderson McCormick
who married the daughter of the founder of the rival newspaper Chicago Tribune
.
Another son, Melville Elijah Stone, Jr., also predeceased him but he was survived by his wife, the former Martha McFarland of Chicago, whom he married in 1869, and his daughter Elizabeth Creighton Stone. Stone's brother was the astronomer
Ormond Stone
. A Liberty ship
is named in his honor.
(substituting for his more famous father
) related the story of Stone being responsible for the common use of pennies. The Chicago Daily News
was not an initial success, as pennies were not widely used in 1876. According to Harvey, Stone convinced local merchants that employee theft could be reduced if the price of item was sold for 99¢ instead of $1.00 etc., forcing employee to make change for sales and less likely to steal money since it required further calculation. Merchants began experimenting with a penny price drop in their goods, meeting with success among their patrons. An increase in pennies, thought Stone, would help the circulation of his penny paper. When merchants began running low on pennies, Stone purchased several barrels of pennies from the Mint
, further increasing their use within the Chicago area.
This story is also related in Scot Morris' The Book of Strange Facts and Useless Information, though there is some doubt as to its veracity.
Chicago Daily News
The Chicago Daily News was an afternoon daily newspaper published between 1876 and 1978 in Chicago, Illinois.-History:The Daily News was founded by Melville E. Stone, Percy Meggy, and William Dougherty in 1875 and began publishing early the next year...
, and was the general manager of the reorganized Associated Press
Associated Press
The Associated Press is an American news agency. The AP is a cooperative owned by its contributing newspapers, radio and television stations in the United States, which both contribute stories to the AP and use material written by its staff journalists...
.
Biography
Stone was the son of a Methodist minister, the Reverend Elijah Stone and Sophia Creighton . In 1876, Stone, who started out as a reporter, founded the first Chicago penny paper, the Chicago Daily NewsChicago Daily News
The Chicago Daily News was an afternoon daily newspaper published between 1876 and 1978 in Chicago, Illinois.-History:The Daily News was founded by Melville E. Stone, Percy Meggy, and William Dougherty in 1875 and began publishing early the next year...
. In 1881 he established the Chicago Morning News (renamed the Chicago Record). Stone became general manager of the reorganized Associated Press
Associated Press
The Associated Press is an American news agency. The AP is a cooperative owned by its contributing newspapers, radio and television stations in the United States, which both contribute stories to the AP and use material written by its staff journalists...
in 1893, and under his direction it became one of the great news agencies. He retired in 1921. Stone died of hardening of the arteries in 1929.
Legacy
Stone's son, Herbert Stone, married Mary Grigsby McCormick in 1900 and perished in the sinking of the luxury liner RMS LusitaniaRMS Lusitania
RMS Lusitania was a British ocean liner designed by Leonard Peskett and built by John Brown and Company of Clydebank, Scotland. The ship entered passenger service with the Cunard Line on 26 August 1907 and continued on the line's heavily-traveled passenger service between Liverpool, England and New...
in 1915. His wife was daughter of William Grigsby McCormick
William Grigsby McCormick
William Grigsby McCormick was an American businessman of the influential McCormick family in Chicago.He was a co-founder of a college fraternity.-Life:William Grigsby McCormick was born June 3, 1851 in Chicago....
of the McCormick family
McCormick family
The McCormick family is a family of business people and politicians from the United States.They descend from Robert McCormick and Mary Ann Hall.Below is a list of members:...
which included her uncle Robert Sanderson McCormick
Robert Sanderson McCormick
Robert Sanderson McCormick was a United States diplomat. Born in rural Virginia, his extended McCormick family became influential in Chicago.-Life:...
who married the daughter of the founder of the rival newspaper Chicago Tribune
Chicago Tribune
The Chicago Tribune is a major daily newspaper based in Chicago, Illinois, and the flagship publication of the Tribune Company. Formerly self-styled as the "World's Greatest Newspaper" , it remains the most read daily newspaper of the Chicago metropolitan area and the Great Lakes region and is...
.
Another son, Melville Elijah Stone, Jr., also predeceased him but he was survived by his wife, the former Martha McFarland of Chicago, whom he married in 1869, and his daughter Elizabeth Creighton Stone. Stone's brother was the astronomer
Astronomer
An astronomer is a scientist who studies celestial bodies such as planets, stars and galaxies.Historically, astronomy was more concerned with the classification and description of phenomena in the sky, while astrophysics attempted to explain these phenomena and the differences between them using...
Ormond Stone
Ormond Stone
Ormond Stone , was an astronomer, mathematician and educator. He was the director of Cincinnati Observatory and subsequently the first director of the McCormick Observatory at the University of Virginia, where he trained a significant number of scientists...
. A Liberty ship
Liberty ship
Liberty ships were cargo ships built in the United States during World War II. Though British in conception, they were adapted by the U.S. as they were cheap and quick to build, and came to symbolize U.S. wartime industrial output. Based on vessels ordered by Britain to replace ships torpedoed by...
is named in his honor.
The penny myth
On the March 3, 2008 edition of The Rest of the Story, Paul Harvey, Jr.Paul Harvey, Jr.
Paul Harvey Aurandt, Jr., known on-air as Paul Harvey, Jr. , is an American pianist, radio broadcaster and a former host of News and Comment on ABC Radio Networks. He is the only son of Paul Harvey and his wife Lynne....
(substituting for his more famous father
Paul Harvey
Paul Harvey Aurandt , better known as Paul Harvey, was an American radio broadcaster for the ABC Radio Networks. He broadcast News and Comment on weekday mornings and mid-days, and at noon on Saturdays, as well as his famous The Rest of the Story segments. His listening audience was estimated, at...
) related the story of Stone being responsible for the common use of pennies. The Chicago Daily News
Chicago Daily News
The Chicago Daily News was an afternoon daily newspaper published between 1876 and 1978 in Chicago, Illinois.-History:The Daily News was founded by Melville E. Stone, Percy Meggy, and William Dougherty in 1875 and began publishing early the next year...
was not an initial success, as pennies were not widely used in 1876. According to Harvey, Stone convinced local merchants that employee theft could be reduced if the price of item was sold for 99¢ instead of $1.00 etc., forcing employee to make change for sales and less likely to steal money since it required further calculation. Merchants began experimenting with a penny price drop in their goods, meeting with success among their patrons. An increase in pennies, thought Stone, would help the circulation of his penny paper. When merchants began running low on pennies, Stone purchased several barrels of pennies from the Mint
Mint (coin)
A mint is an industrial facility which manufactures coins for currency.The history of mints correlates closely with the history of coins. One difference is that the history of the mint is usually closely tied to the political situation of an era...
, further increasing their use within the Chicago area.
This story is also related in Scot Morris' The Book of Strange Facts and Useless Information, though there is some doubt as to its veracity.
Further reading
- Fifty Years a Journalist, by Melville E. Stone, (1921), Doubleday, Page and Co.
- Columbia Encyclopedia, sixth edition (2001)
External Links
- Melville Stone papers at Newberry LibraryNewberry LibraryThe Newberry Library is a privately endowed, independent research library for the humanities and social sciences in Chicago, Illinois. Although it is private, non-circulating library, the Newberry Library is free and open to the public...