The Wall Street Journal

The Wall Street Journal

Overview
The Wall Street Journal is an American English-language international daily newspaper. It is published in New York City by Dow Jones & Company
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...

, a division of News Corporation
News Corporation
News Corporation or News Corp. is an American multinational media conglomerate. It is the world's second-largest media conglomerate as of 2011 in terms of revenue, and the world's third largest in entertainment as of 2009, although the BBC remains the world's largest broadcaster...

, along with the Asia
The Wall Street Journal Asia
The Wall Street Journal Asia, a version of The Wall Street Journal provides news and analysis of global business developments for an Asian audience. It was founded in 1976 and is printed in nine Asian cities: Bangkok, Hong Kong, Jakarta, Kuala Lumpur, Manila, Seoul, Singapore, Taipei and Tokyo....

n and Europe
The Wall Street Journal Europe
The Wall Street Journal Europe is a daily English-language newspaper that covers global and regional business news for Europe, the Middle East and Africa...

an editions of the Journal.

The Journal is the largest newspaper in the United States, by circulation. According to the Audit Bureau of Circulations, it has a circulation of 2.1 million copies (including 400,000 online paid subscriptions), as of March 2010, compared to USA Today
USA Today
USA Today is a national American daily newspaper published by the Gannett Company. It was founded by Al Neuharth. The newspaper vies with The Wall Street Journal for the position of having the widest circulation of any newspaper in the United States, something it previously held since 2003...

1.8 million.
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Encyclopedia
The Wall Street Journal is an American English-language international daily newspaper. It is published in New York City by Dow Jones & Company
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...

, a division of News Corporation
News Corporation
News Corporation or News Corp. is an American multinational media conglomerate. It is the world's second-largest media conglomerate as of 2011 in terms of revenue, and the world's third largest in entertainment as of 2009, although the BBC remains the world's largest broadcaster...

, along with the Asia
The Wall Street Journal Asia
The Wall Street Journal Asia, a version of The Wall Street Journal provides news and analysis of global business developments for an Asian audience. It was founded in 1976 and is printed in nine Asian cities: Bangkok, Hong Kong, Jakarta, Kuala Lumpur, Manila, Seoul, Singapore, Taipei and Tokyo....

n and Europe
The Wall Street Journal Europe
The Wall Street Journal Europe is a daily English-language newspaper that covers global and regional business news for Europe, the Middle East and Africa...

an editions of the Journal.

The Journal is the largest newspaper in the United States, by circulation. According to the Audit Bureau of Circulations, it has a circulation of 2.1 million copies (including 400,000 online paid subscriptions), as of March 2010, compared to USA Today
USA Today
USA Today is a national American daily newspaper published by the Gannett Company. It was founded by Al Neuharth. The newspaper vies with The Wall Street Journal for the position of having the widest circulation of any newspaper in the United States, something it previously held since 2003...

1.8 million. Its main rival, in the business newspaper sector, is the London-based Financial Times
Financial Times
The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....

, which also publishes several international editions.

The Journal primarily covers American economic
Economy of the United States
The economy of the United States is the world's largest national economy. Its nominal GDP was estimated to be nearly $14.5 trillion in 2010, approximately a quarter of nominal global GDP. The European Union has a larger collective economy, but is not a single nation...

 and international business
International Business
International business is a term used to collectively describe all commercial transactions that take place between two or more regions, countries and nations beyond their political boundary...

 topics, and financial news and issues. Its name derives from 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...

, located in New York City, which is the heart of the financial district
Financial District, Manhattan
The Financial District of New York City is a neighborhood on the southernmost section of the borough of Manhattan which comprises the offices and headquarters of many of the city's major financial institutions, including the New York Stock Exchange and the Federal Reserve Bank of New York...

; it has been printed continuously since its inception on July 8, 1889, by Charles Dow
Charles Dow
Charles Henry Dow was an American journalist who co-founded Dow Jones & Company with Edward Jones and Charles Bergstresser....

, Edward Jones
Edward Jones (statistician)
Edward Davis Jones was a U.S. statistician, mostly known for being the "Jones" in the Dow Jones Industrial Average.A graduate of Worcester Academy in Worcester, MA, he co-founded the Dow Jones & Company in 1882 along with Charles Dow and Charles Bergstresser.He was not associated with Edward Jones...

, and Charles Bergstresser
Charles Bergstresser
Charles Milford Bergstresser was an American journalist and, with Charles Dow and Edward Jones, one of the founders of Dow Jones & Company at 15 Wall Street in 1882....

. The newspaper version has won the Pulitzer Prize
Pulitzer Prize
The Pulitzer Prize is a U.S. award for achievements in newspaper and online journalism, literature and musical composition. It was established by American publisher Joseph Pulitzer and is administered by Columbia University in New York City...

 thirty-three times, including 2007 prizes
2007 Pulitzer Prize
The Pulitzer Prizes for 2007 were announced on April 16, 2007.In November 2006, the Pulitzer Prize Board announced two changes that would apply for the 2007 awards:...

 for its reporting on backdated stock options
Options backdating
Options backdating is the practice of issuing options contracts on a later date than that which the options have listed. While options backdating is not, in and of itself, an illegal practice, intentional backdating that coincides with low underlying stock prices and accounting reports that claim...

 and the adverse effects of China's booming economy.

Beginnings


Dow Jones & Company
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...

, publisher of the Journal, was founded in 1874 by reporters Charles Dow
Charles Dow
Charles Henry Dow was an American journalist who co-founded Dow Jones & Company with Edward Jones and Charles Bergstresser....

, Edward Jones
Edward Jones (statistician)
Edward Davis Jones was a U.S. statistician, mostly known for being the "Jones" in the Dow Jones Industrial Average.A graduate of Worcester Academy in Worcester, MA, he co-founded the Dow Jones & Company in 1882 along with Charles Dow and Charles Bergstresser.He was not associated with Edward Jones...

 and Charles Bergstresser
Charles Bergstresser
Charles Milford Bergstresser was an American journalist and, with Charles Dow and Edward Jones, one of the founders of Dow Jones & Company at 15 Wall Street in 1882....

. Jones converted the small Customers' Afternoon Letter into the Wall Street Journal, first published in 1889, 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.

Barron died in 1928, a year before Black Tuesday
Wall Street Crash of 1929
The Wall Street Crash of 1929 , also known as the Great Crash, and the Stock Market Crash of 1929, was the most devastating stock market crash in the history of the United States, taking into consideration the full extent and duration of its fallout...

, the stock market crash that greatly effected the Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...

 in the United States. Barron's descendants, the 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 :...

, would continue to control the company until 2007.

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
Bernard Kilgore
Bernard Kilgore was the Wall Street Journal's dominant personality practically from the moment he was appointed managing editor in 1941, at the age of 32, until his death from stomach cancer at November 14, 1967, at the age of 59, after being diagnosed in the summer of 1965. Over those years he...

 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.

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



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 Journals print and online subscribers together in Audit Bureau of Circulations statements. 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 May 2008, an annual subscription to the online edition of The Wall Street Journal cost $119 for those who do not have subscriptions to the print edition. As of May 2011, website content is available for an additional reduced fee, to paid print edition subscribers.
On November 30, 2004, Oasys Mobile
Oasys Mobile
Oasys Mobile is a leading mobile game developer and publisher. Oasys develops top-ranked franchise games and applications based on brands such as Mattel, Sid Meier's Civilization IV, Railroad Tycoon, Pirates!, Phil Hellmuth, AROD and Hooters Calendar...

 and The Wall Street Journal released an application that would allow users to access content from the Wall Street Journal Online via their mobile phone. It "will provide up-to-the-minute business and financial news from the Online Journal, along with comprehensive market, stock and commodities data, plus personalized portfolio information—directly to a cell phone."

The paper's paid content is available free, on a limited basis, to America Online subscribers, and through the free Congoo Netpass. Many The 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.

In 2007, the Journal launched a worldwide expansion of its website to include major foreign-language editions. The paper had also shown an interest in buying the rival Financial Times
Financial Times
The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....

.

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 Journals European and Asian editions in late 2005.

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 – the paper in 2007 decreased its broadsheet
Broadsheet
Broadsheet is the largest of the various newspaper formats and is characterized by long vertical pages . The term derives from types of popular prints usually just of a single sheet, sold on the streets and containing various types of material, from ballads to political satire. The first broadsheet...

 width from 15 to 12 inches while keeping the length at 22 inches, in order to save newsprint
Newsprint
Newsprint is a low-cost, non-archival paper most commonly used to print newspapers, and other publications and advertising material. It usually has an off-white cast and distinctive feel. It is designed for use in printing presses that employ a long web of paper rather than individual sheets of...

 costs. News design consultant Mario Garcia
Mario Garcia
Mario R. García is an American newspaper and magazine designer and media consultant.-Career:He has collaborated with more than 573 publications over the past 40 years...

 collaborated on the changes. Dow Jones said it would save US$18 million a year in newsprint costs across all The Wall Street Journal papers. 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 hedcut
Hedcut
Hedcut is a term referring to a style of drawing, associated with The Wall Street Journal half-column portrait illustrations. They use the stipple method of many small dots and the hatching method of small lines to create an image, and are designed to emulate the look of woodcuts from old-style...

s, introduced in 1979 and originally created by Kevin Sprouls
Kevin Sprouls
Kevin Sprouls is the creator of the Wall Street Journal portrait style known as hedcut.He began as a freelance illustrator for Dow Jones and Company, the parent company for The Wall Street Journal. In 1979 he introduced a style of stipple portraiture that the Journal adopted because it was...

, in addition to photographs, a method of illustration considered to be a consistent visual signature of the paper. The Journal still heavily employs the use of caricatures, notably those of Ken Fallin
Ken Fallin
Ken Fallin is an American illustrator and caricaturist. His first big break was in 1983 doing the posters and advertising for the popular satirical revue Forbidden Broadway...

, such as when Peggy Noonan
Peggy Noonan
Peggy Noonan is an American author of seven books on politics, religion, and culture and a weekly columnist for The Wall Street Journal...

 memorialized recently-deceased newsman Tim Russert
Tim Russert
Timothy John "Tim" Russert was an American television journalist and lawyer who appeared for more than 16 years as the longest-serving moderator of NBC's Meet the Press. He was a senior vice president at NBC News, Washington bureau chief and also hosted the eponymous CNBC/MSNBC weekend interview...

. The use of color photographs and graphics has become increasingly common in recent years with the addition of more "lifestyle" sections.

News Corp.


On May 2, 2007, 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 Bancroft family, which controlled more than 60% of the voting stock, 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 US$5 billion sale added The Wall Street Journal to 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 empire, which already included Fox News Channel
Fox News Channel
Fox News Channel , often called Fox News, is a cable and satellite television news channel owned by the Fox Entertainment Group, a subsidiary of News Corporation...

, financial network unit
Fox Business Network
Fox Business Network is an American cable news and satellite news television channel that began broadcasting on October 15, 2007. It is owned by the Fox Entertainment Group, part of Rupert Murdoch's News Corporation...

 and London's The Times
The Times
The Times is a British daily national newspaper, first published in London in 1785 under the title The Daily Universal Register . The Times and its sister paper The Sunday Times are published by Times Newspapers Limited, a subsidiary since 1981 of News International...

, and locally within New York, the New York Post
New York Post
The New York Post is the 13th-oldest newspaper published in the United States and is generally acknowledged as the oldest to have been published continuously as a daily, although – as is the case with most other papers – its publication has been periodically interrupted by labor actions...

, along with Fox
Fox Broadcasting Company
Fox Broadcasting Company, commonly referred to as Fox Network or simply Fox , is an American commercial broadcasting television network owned by Fox Entertainment Group, part of Rupert Murdoch's News Corporation. Launched on October 9, 1986, Fox was the highest-rated broadcast network in the...

 flagship station
Flagship station
In broadcasting, a flagship is the broadcast which originates a television network, or a particular radio show or TV show, primarily in the United States and Canada. This includes both direct network feeds and broadcast syndication, but generally not backhauls...

 WNYW
WNYW
WNYW, virtual channel 5 , is the flagship television station of the News Corporation-owned Fox Broadcasting Company, located in New York City. The station's transmitter is atop the Empire State Building and its studio facilities are located in the Yorkville section of Manhattan...

 (Channel 5) and MyNetworkTV
MyNetworkTV
MyNetworkTV is a television broadcast syndication service in the United States, owned by the Fox Entertainment Group, a division of News Corporation...

 flagship WWOR
WWOR-TV
WWOR-TV, virtual channel 9 , is the flagship station of the MyNetworkTV programming service, licensed to Secaucus, New Jersey and serving the Tri-State metropolitan area. WWOR is owned by Fox Television Stations, a division of the News Corporation, and is a sister station to Fox network flagship...

 (Channel 9).

On December 13, 2007, shareholders representing more than 60 percent of Dow Jones's voting stock approved the company's acquisition by News Corp.

In an editorial page column, publisher L. Gordon Crovitz said the Bancrofts and News Corp. had agreed that the Journals news and opinion sections would preserve their editorial independence from their new corporate parent:

A special committee was established to oversee The Journals editorial integrity. When the managing editor Marcus Brauchli
Marcus Brauchli
Marcus W. Brauchli is executive editor of The Washington Post, overseeing the Post's print and digital news operations. He became editor on September 8, 2008, succeeding Leonard Downie, Jr.-Biography:...

 resigned on April 22, 2008, the committee said that News Corporation had violated its agreement by not notifying the committee earlier. However, Brauchli said he believed that new owners should appoint their own editor.

A 2007 Journal article quoted charges that Murdoch had made and broken similar promises in the past. One large shareholder commented that Murdoch has long "expressed his personal, political and business biases through his newspapers and television stations." Former Times
The Times
The Times is a British daily national newspaper, first published in London in 1785 under the title The Daily Universal Register . The Times and its sister paper The Sunday Times are published by Times Newspapers Limited, a subsidiary since 1981 of News International...

 assistant editor Fred Emery remembers an incident when "Mr. Murdoch called him into his office in March 1982 and said he was considering firing Times editor Harold Evans
Harold Evans
Sir Harold Matthew Evans is a British-born journalist and writer who was editor of The Sunday Times from 1967 to 1981. He has written various books on history and journalism...

. Mr. Emery says he reminded Mr. Murdoch of his promise that editors couldn't be fired without the independent directors' approval. 'God, you don't take all that seriously, do you?' Mr. Murdoch answered, according to Mr. Emery." Murdoch eventually forced out Evans.

In 2011, The Guardian
The Guardian
The Guardian, formerly known as The Manchester Guardian , is a British national daily newspaper in the Berliner format...

 found evidence that the Journal had artificially inflated its European sales numbers, by paying Executive Learning Partnership for purchasing 16% of European sales. These inflated sales numbers then enabled the Journal to charge similarly inflated advertising rates, as the advertisers would think that they reached more readers than they actually did. In addition, the Journal agreed to run "articles" featuring Executive Learning Partnership, presented as news, but effectively advertising.

Features


Since 1980, the Journal has been published in multiple sections. At one time, The Journal's page count averaged as much as 96 pages an issue, but with the industry-wide decline in advertising, the Journal in 2009–10 has more typically published about 50 to 60 pages per issue. 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, media
    Mass media
    Mass media refers collectively to all media technologies which are intended to reach a large audience via mass communication. Broadcast media transmit their information electronically and comprise of television, film and radio, movies, CDs, DVDs and some other gadgets like cameras or video consoles...

    , and marketing
    Marketing
    Marketing is the process used to determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. It generates the strategy that underlies sales techniques, business communication, and business developments...

     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, career
    Career
    Career is defined by the Oxford English Dictionary as a person's "course or progress through life ". It is usually considered to pertain to remunerative work ....

    s and cultural pursuits (the section was introduced April 9, 2002)
  • Weekend Journal – published Fridays; explores personal interests of business readers, including real estate
    Real estate
    In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...

    , travel, and sports (the section was introduced March 20, 1998)
  • Pursuits – formerly published Saturdays; section was originally introduced September 17, 2005 with the debut of the paper's Weekend Edition; focused on readers' lifestyle and leisure, including food and drink, restaurant and cooking trends, entertainment and culture, books, fashion, shopping, travel, sports, recreation, and the home. 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
OpinionJournal.com
OpinionJournal.com was a website featuring content from the editorial pages of The Wall Street Journal. It existed separately from the news content at wsj.com until January 2008, when it was merged into the main website....

:
  • Daily – Best of the Web Today by James Taranto
    James Taranto
    James Taranto is an American columnist for The Wall Street Journal, editor of its online editorial page OpinionJournal.com and a member of the newspaper's editorial board. He is best known for his daily online column Best of the Web Today...

  • Monday – Americas by Mary O'Grady
    Mary O'Grady
    Mary O'Grady — also frequently published as Mary Anastasia O'Grady — is an editor of the Wall Street Journal and member of the Wall Street Journal Editorial Board since 2005. She writes predominantly on Latin America and is a co-editor of the Index of Economic Freedom.- Biography :O'Grady joined...

  • Tuesday – Global View by Bret Stephens
    Bret Stephens
    Bret Louis Stephens is the foreign-affairs columnist of the Wall Street Journal and deputy editorial page editor, responsible for the editorial pages of the Journals European and Asian editions...

  • Wednesday – Business World by Holman W. Jenkins Jr
    Holman W. Jenkins Jr
    Holman W. Jenkins, Jr. is a journalist, editorial writer and member of the Wall Street Journal Editorial Board. He writes the conservative-leaning weekly column, "Business World," that appears in the paper and online every Wednesday...

  • Thursday – Wonder Land by Daniel Henninger
    Daniel Henninger
    Daniel Henninger is Deputy Editorial Page Director of the Wall Street Journal and a Fox News contributor. He also writes a column named "Wonder Land" which appears every Thursday...

  • Friday – Potomac Watch by Kimberley Strassel
    Kimberley Strassel
    Kimberley A. Strassel is an author and member of the Wall Street Journal Editorial Board. She writes a weekly column, "Potomac Watch", which appears on Fridays.- Biography :...

  • Weekend Edition – Rule of Law, The Weekend Interview (variety of authors), Declarations by Peggy Noonan
    Peggy Noonan
    Peggy Noonan is an American author of seven books on politics, religion, and culture and a weekly columnist for The Wall Street Journal...


Operations



The Wall Street Journal has more than 750 staff members in the world. It operates 12 bureaus in the US and 35 internationally (1 in Canada, 4 in Latin America, 9 in Europe, 6 in the Middle East, 2 in Africa, and 13 in Asia). It has 26 printing plants.

Editorial page



The Journal won its first two Pulitzer Prizes for editorial writing in 1947 and 1953.

Two summaries published in 1995 by the progressive
Progressivism in the United States
Progressivism in the United States is a broadly based reform movement that reached its height early in the 20th century and is generally considered to be middle class and reformist in nature. It arose as a response to the vast changes brought by modernization, such as the growth of large...

 blog Fairness and Accuracy in Reporting
Fairness and Accuracy in Reporting
Fairness & Accuracy In Reporting is a progressive media criticism organization based in New York City, founded in 1986.FAIR describes itself on its website as "the national media watch group" and defines its mission as working to "invigorate the First Amendment by advocating for greater diversity...

 and in 1996 by the Columbia Journalism Review
Columbia Journalism Review
The Columbia Journalism Review is an American magazine for professional journalists published bimonthly by the Columbia University Graduate School of Journalism since 1961....

 criticized the editorial page of the Journal for inaccuracy during the 1980s and 1990s.

The Journal describes the history of its editorials:
Its historical position was much the same, as former editor William H. Grimes wrote in 1951:
Every Thanksgiving
Thanksgiving (United States)
Thanksgiving, or Thanksgiving Day, is a holiday celebrated in the United States on the fourth Thursday in November. It has officially been an annual tradition since 1863, when, during the Civil War, President Abraham Lincoln proclaimed a national day of thanksgiving to be celebrated on Thursday,...

 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
Plymouth Colony
Plymouth Colony was an English colonial venture in North America from 1620 to 1691. The first settlement of the Plymouth Colony was at New Plymouth, a location previously surveyed and named by Captain John Smith. The settlement, which served as the capital of the colony, is today the modern town...

. The second is titled "And the Fair Land" and describes 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 views


During the Reagan administration
Reagan Administration
The United States presidency of Ronald Reagan, also known as the Reagan administration, was a Republican administration headed by Ronald Reagan from January 20, 1981, to January 20, 1989....

, the newspaper's editorial page was particularly influential as the leading voice for supply-side economics
Supply-side economics
Supply-side economics is a school of macroeconomic thought that argues that economic growth can be most effectively created by lowering barriers for people to produce goods and services, such as lowering income tax and capital gains tax rates, and by allowing greater flexibility by reducing...

. Under the editorship of
Robert Bartley
Robert L. Bartley
Robert Leroy Bartley was the editor of the editorial page of The Wall Street Journal for more than 30 years. He won a Pulitzer Prize for opinion writing and received the Presidential Medal of Freedom from the Bush administration in 2003...

, it expounded at length on such economic concepts such as the Laffer curve
Laffer curve
In economics, the Laffer curve is a theoretical representation of the relationship between government revenue raised by taxation and all possible rates of taxation. It is used to illustrate the concept of taxable income elasticity . The curve is constructed by thought experiment...

 and how a decrease in certain marginal tax rates and the capital gains tax can allegedly increase overall tax revenue by generating more economic activity.

In the economic argument of exchange rate regime
Exchange rate regime
The exchange-rate regime is the way a country manages its currency in relation to other currencies and the foreign exchange market. It is closely related to monetary policy and the two are generally dependent on many of the same factors....

s (one of the most divisive issues among economists), the Journal has a tendency to support fixed exchange rate
Fixed exchange rate
A fixed exchange rate, sometimes called a pegged exchange rate, is a type of exchange rate regime wherein a currency's value is matched to the value of another single currency or to a basket of other currencies, or to another measure of value, such as gold.A fixed exchange rate is usually used to...

s over floating exchange rate
Floating exchange rate
A floating exchange rate or fluctuating exchange rate is a type of exchange rate regime wherein a currency's value is allowed to fluctuate according to the foreign exchange market. A currency that uses a floating exchange rate is known as a floating currency....

s in spite of its support for the free market in other respects. For example, the Journal was a major supporter of the Chinese yuan's
Chinese yuan
The yuan is the base unit of a number of modern Chinese currencies. The yuan is the primary unit of account of the Renminbi.A yuán is also known colloquially as a kuài . One yuán is divided into 10 jiǎo or colloquially máo...

 peg to the dollar, and strongly disagreed with American politicians who were criticizing the Chinese government
Government of the People's Republic of China
All power within the government of the People's Republic of China is divided among three bodies: the People's Republic of China, State Council, and the People's Liberation Army . This article is concerned with the formal structure of the state, its departments and their responsibilities...

 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.

The Journal's views can be compared with those of the British magazine The Economist
The Economist
The Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd. and edited in offices in the City of Westminster, London, England. Continuous publication began under founder James Wilson in September 1843...

 with its emphasis on free markets . However, the Journal demonstrates important distinctions from European business newspapers, most particularly with regard to the relative significance of, and causes of, the American budget deficit. (The Journal generally points to the lack of foreign growth, while business journals in Europe and Asia blame the low savings rate and concordant high borrowing rate in the United States).

Political views


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
Immigration reform
Immigration reform is a term used in political discussion regarding changes to current immigration policy of a country. In its strict definition, "reform " means to change into an improved form or condition, by amending or removing faults or abuses....

 has placed the Journal as an opponent of most conservative activists and politicians, for example National Review
National Review
National Review is a biweekly magazine founded by the late author William F. Buckley, Jr., in 1955 and based in New York City. It describes itself as "America's most widely read and influential magazine and web site for conservative news, commentary, and opinion."Although the print version of the...

, who favor heightened restrictions on immigration.

The Journal in recent years has strongly defended Scooter Libby, whom it portrays as the victim of a political witchhunt. It has also published editorials comparing the attacks by Seymour Hersh
Seymour Hersh
Seymour Myron Hersh is an American Pulitzer Prize-winning investigative journalist and author based in Washington, D.C. He is a regular contributor to The New Yorker magazine on military and security matters...

, and The New York Times
The New York Times
The New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...

 on Leo Strauss
Leo Strauss
Leo Strauss was a political philosopher and classicist who specialized in classical political philosophy. He was born in Germany to Jewish parents and later emigrated to the United States...

 and his alleged influence in the George W. Bush
George W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....

 administration with those of Lyndon LaRouche
Lyndon LaRouche
Lyndon Hermyle LaRouche, Jr. is an American political activist and founder of a network of political committees, parties, and publications known collectively as the LaRouche movement...

, a fringe conspiracy theorist and perennial presidential candidate.

Some former The Wall Street Journal reporters have said that since Rupert Murdoch bought the paper, news stories have been edited to adopt a more conservative tone, critical of Democrats. The op-ed
Op-ed
An op-ed, abbreviated from opposite the editorial page , is a newspaper article that expresses the opinions of a named writer who is usually unaffiliated with the newspaper's editorial board...

 section routinely publishes articles by scientists skeptical of the theory
Scientific theory
A scientific theory comprises a collection of concepts, including abstractions of observable phenomena expressed as quantifiable properties, together with rules that express relationships between observations of such concepts...

 of global warming
Global warming
Global warming refers to the rising average temperature of Earth's atmosphere and oceans and its projected continuation. In the last 100 years, Earth's average surface temperature increased by about with about two thirds of the increase occurring over just the last three decades...

, including several essays by Richard Lindzen
Richard Lindzen
Richard Siegmund Lindzen is an American atmospheric physicist and Alfred P. Sloan Professor of Meteorology at the Massachusetts Institute of Technology. Lindzen is known for his work in the dynamics of the middle atmosphere, atmospheric tides and ozone photochemistry. He has published more than...

 of MIT.

Reporting bias


The Journal's editors stress the independence and impartiality of their reporters. In a 2004 study, Tim Groseclose and Jeff Milyo calculated the ideological bias of 20 media outlets by counting the frequency they cited particular think tank
Think tank
A think tank is an organization that conducts research and engages in advocacy in areas such as social policy, political strategy, economics, military, and technology issues. Most think tanks are non-profit organizations, which some countries such as the United States and Canada provide with tax...

s and comparing that to the frequency that legislators cited the same think tanks. They found that the news reporting of The Journal was the most liberal, more liberal than NPR
NPR
NPR, formerly National Public Radio, is a privately and publicly funded non-profit membership media organization that serves as a national syndicator to a network of 900 public radio stations in the United States. NPR was created in 1970, following congressional passage of the Public Broadcasting...

 or The New York Times
The New York Times
The New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...

. The study did not factor in editorials. Mark Liberman
Mark Liberman
Mark Liberman is an American linguist. He has a dual appointment at the University of Pennsylvania, as Trustee Professor of Phonetics in the Department of Linguistics, and as a professor in the Department of Computer and Information Sciences. He is the founder and director of the Linguistic Data...

 criticized the model used to calculate bias in the study and argued that the model unequally affected liberals and conservatives and that "think tank ideology[...]only matters to liberals."

The company's planned and eventual acquisition by News Corp. in 2007 led to significant media criticism and discussion about whether the news pages would exhibit a rightward slant under 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....

. An August 1 editorial responded to the questions by asserting that Murdoch intended to "maintain the values and integrity of the Journal."

It has been revealed by The Guardian
The Guardian
The Guardian, formerly known as The Manchester Guardian , is a British national daily newspaper in the Berliner format...

 that the Wall Street Journal secretly inflated its sales numbers, by paying Executive Learning Partnership (ELP) for buying Wall Street Journal issues at 1¢ per copy. This artificially inflated their sales numbers, which meant that the Wall Street Journal could charge more for advertisements. In exchange, the Wall Street Journal ran what was effectively advertisements for ELP, but presented as news.

Pulitzer Prize Stories


The Journal has had several Pulitzer Prize winning stories. Some of the extensive investigative reports have been later published as books.

1987: RJR Nabisco buyout


In 1987, a bidding war ensued between several financial firms for tobacco and food giant RJR Nabisco
RJR Nabisco
RJR Nabisco, Inc., was an American conglomerate formed in 1985 by the merger of Nabisco Brands and R.J. Reynolds Tobacco Company. RJR Nabisco was purchased in 1988 by Kohlberg Kravis Roberts & Co...

. 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
Barbarians at the Gate: The Fall of RJR Nabisco
Barbarians at the Gate: The Fall of RJR Nabisco is a 1990 book about the leveraged buyout of RJR Nabisco, written by investigative journalists Bryan Burrough and John Helyar. The book is based upon a series of articles written by the authors for The Wall Street Journal...

, which was turned into a film
Barbarians at the Gate (film)
Barbarians at the Gate is a television movie based upon the book by Bryan Burrough and John Helyar, about the leveraged buyout of RJR Nabisco.The film was directed by Glenn Jordan and written by Larry Gelbart. It stars James Garner as F...

 for HBO.

1988: Insider trading


In the 1980s, Journal reporter James B. Stewart
James B. Stewart
James Bennett Stewart is an American lawyer, journalist, and author.-Life and career:Stewart was born in Quincy, Illinois. A graduate of DePauw University and Harvard Law School, James B. Stewart is a member of the Bar of New York and Bloomberg Professor of Business and Economic Journalism at the...

 brought national attention to the illegal practice of insider trading
Insider trading
Insider trading is the trading of a corporation's stock or other securities by individuals with potential access to non-public information about the company...

. He was awarded the Pulitzer Prize
Pulitzer Prize
The Pulitzer Prize is a U.S. award for achievements in newspaper and online journalism, literature and musical composition. It was established by American publisher Joseph Pulitzer and is administered by Columbia University in New York City...

 in explanatory journalism in 1988, which he shared with Daniel Hertzberg
Daniel Hertzberg
Daniel Hertzberg, an American journalist, is the former deputy managing editor for international news at The Wall Street Journal. Starting July 1, 2009, Hertzberg has served as senior editor-at-large at BLOOMBERG NEWS in New York. Hertzberg is a 1968 graduate of the University of Chicago.-Awards:In...

, who went on to serve as the paper's senior deputy managing editor before resigning in 2009. Stewart expanded on this theme in his book, Den of Thieves
Den of Thieves (Book)
Den of Thieves is a 1992 non-fiction bestselling work by Pulitzer prize-winning writer James B. Stewart. The book recounts the insider trading scandals involving Ivan Boesky, Michael Milken and other Wall Street financiers in the United States during the 1980s such as Martin Siegel, Dennis Levine,...

.

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. He and other reporters wrote about the new treatments, political and economic issues, and won the 1997 Pulitzer Prize for National Reporting about AIDS.

2000: Enron


Jonathan Weil
Jonathan Weil
Jonathan Weil is a columnist for Bloomberg News. Born July 20, 1970, he grew up in Hollywood, Florida, and attended Pine Crest School in Fort Lauderdale...

, a reporter at the Dallas bureau of The Wall Street Journal, is credited with first breaking the story of financial abuses at Enron
Enron
Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. Before its bankruptcy on December 2, 2001, Enron employed approximately 22,000 staff and was one of the world's leading electricity, natural gas, communications, and pulp and paper companies, with...

 in September 2000. Rebecca Smith and John R. Emshwiller
John R. Emshwiller
John Robert Emshwiller is a senior national correspondent for the Wall Street Journal.In 2002, he shared the Gerald Loeb Award for his coverage of the unfolding Enron scandal with Rebecca Smith...

 reported on the story regularly, 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 crashing into the World Trade Center
World Trade Center
The original World Trade Center was a complex with seven buildings featuring landmark twin towers in Lower Manhattan, New York City, United States. The complex opened on April 4, 1973, and was destroyed in 2001 during the September 11 attacks. The site is currently being rebuilt with five new...

 on September 11, 2001. Its headquarters, at One World Financial Center
One World Financial Center
One World Financial Center is a skyscraper in Lower Manhattan, New York City.It is located at 200 Liberty Street between South End Avenue and West Street. It was built in 1985 as part of the World Financial Center complex. It is a 40 story building reaching the height of 577 ft . It has a...

, was severely damaged by the collapse of the World Trade Center just across the street. Top editors worried that they might miss publishing the first issue for the first time in the paper's 112-year history. 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 (and current Washington bureau chief) 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 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.

The Journal subsequently conducted a worldwide 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 The 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. It was during this coverage that Journal reporter Daniel Pearl
Daniel Pearl
Daniel Pearl was an American journalist who was kidnapped and killed by Al-Qaeda.At the time of his kidnapping, Pearl served as the South Asia Bureau Chief of the Wall Street Journal, and was based in Mumbai, India. He went to Pakistan as part of an investigation into the alleged links between...

 was kidnapped and killed by terrorists.

2007: Stock Option scandal


In 2007, the paper won the Pulitzer Prize for Public Service, considered the most prestigious of the newspaper Pulitzers, for its exposure of companies that illegally backdate the stock options
Options backdating
Options backdating is the practice of issuing options contracts on a later date than that which the options have listed. While options backdating is not, in and of itself, an illegal practice, intentional backdating that coincides with low underlying stock prices and accounting reports that claim...

 they award executives in order to increase their value.

2008: Bear Stearns fall


Kate Kelly's three-part series detailing the events that led up to the epic complete collapse of Bear Stearns
Bear Stearns
The Bear Stearns Companies, Inc. based in New York City, was a global investment bank and securities trading and brokerage, until its sale to JPMorgan Chase in 2008 during the global financial crisis and recession...

.

2010: McDonald's health care


A report published on 30 September 2010 detailing allegations McDonald's
McDonald's
McDonald's Corporation is the world's largest chain of hamburger fast food restaurants, serving around 64 million customers daily in 119 countries. Headquartered in the United States, the company began in 1940 as a barbecue restaurant operated by the eponymous Richard and Maurice McDonald; in 1948...

 had plans to drop health coverage for hourly employees drew criticism from McDonald's as well as the Obama administration. The WSJ reported the plan to drop coverage stemmed from new health care requirements under the Patient Protection and Affordable Care Act
Patient Protection and Affordable Care Act
The Patient Protection and Affordable Care Act is a United States federal statute signed into law by President Barack Obama on March 23, 2010. The law is the principal health care reform legislation of the 111th United States Congress...

. McDonald's called the report "speculative and misleading," stating they had no plans to drop coverage. The WSJ report and subsequent rebuttal received coverage from several other media outlets.

See also


  • 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....

  • Far Eastern Economic Review
    Far Eastern Economic Review
    The Far Eastern Economic Review was an English language Asian news magazine started in 1946. It printed its final issue in December 2009. The Hong Kong-based business magazine was originally published weekly...

  • Karen Elliott House
    Karen Elliott House
    Karen Elliott House is a journalist and former executive at the Wall Street Journal and its parent company Dow Jones. She served as President of Dow Jones International and then publisher of the WSJ before her retirement in the spring of 2006....

     – the previous Publisher of The Wall Street Journal
  • Lucky duckies
    Lucky duckies
    Lucky duckies is a term that was used in Wall Street Journal editorials starting on 20 November 2002 to refer to Americans who pay no federal income tax because they are at an income level that is below the tax line...

  • Media in New York City
  • The Index of Economic Freedom
    Index of Economic Freedom
    The Index of Economic Freedom is a series of 10 economic measurements created by The Heritage Foundation and The Wall Street Journal. Its stated objective is to measure the degree of economic freedom in the world's nations....

     – an annual report published by the Journal together with the Heritage Foundation
    Heritage Foundation
    The Heritage Foundation is a conservative American think tank based in Washington, D.C. Heritage's stated mission is to "formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong...

  • The Wall Street Journal Asia
    The Wall Street Journal Asia
    The Wall Street Journal Asia, a version of The Wall Street Journal provides news and analysis of global business developments for an Asian audience. It was founded in 1976 and is printed in nine Asian cities: Bangkok, Hong Kong, Jakarta, Kuala Lumpur, Manila, Seoul, Singapore, Taipei and Tokyo....

  • The Wall Street Journal Europe
    The Wall Street Journal Europe
    The Wall Street Journal Europe is a daily English-language newspaper that covers global and regional business news for Europe, the Middle East and Africa...

  • The Wall Street Journal Special Editions
    The Wall Street Journal Special Editions
    The Wall Street Journal Special Editions is a venture launched in 1994 by The Wall Street Journal to expand its readership abroad, especially in the Americas. It publishes pages, bearing the Journal's banner, within major daily and weekly newspapers around the world featuring selected content from...

  • Wall Street Journal Radio
    Wall Street Journal Radio
    The Wall Street Journal Radio Network has provided radio news to its affiliates for over 25 years. It is a part of The Wall Street Journal, owned by Dow Jones....


External links