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...first three months of this year-surpassing the New York News, then the nation's largest daily-the Journal (circ. 1.8 million) eased up on radio and television promotion and raised its newsstand price from 30? to 35?. Warren H. Phillips, 54, chairman of the parent Dow Jones & Co.,* said the paper simply could not satisfy the demand: "If we let it go on at that rate, we'd eat up our newsprint supply long before the end of the year...
Founded in 1889 by Charles H. Dow and Edward D. Jones, two young reporters who had launched their now famous news service seven years earlier, the Journal limped along with a circulation of around 30,000 through the Depression. In 1941 a visionary managing editor, Bernard Kilgore, set the paper on a bold new course. "Barney had the idea that business and economic news didn't have to be dull, and that it didn't have to happen today to still be news," recalls William F. Kerby, 71, who succeeded Kilgore as managing editor, executive editor and later...
Whether bright-eyed entrepreneurs or crafty corporate tycoons, businessmen continue being hit by the plethora of bad economic news. The prime rate has eased off its nosebleed height of 20% and last week declined to 19% at some banks. Despite other signs of a downturn, including the Dow Jones industrial average's two-year low of 759.13 last week before it rebounded more than 30 points the following day, inflation continues to roar ahead. In March the Consumer Price Index rose another 1.4%, which would be a compounded annual rate of 18.2%. This dampens all hope for any substantial...
...reported that Hunt and his associates were dumping stocks to raise cash in order to repay their silver loans, and that their maneuvers had threatened the major investment house of Bache Halsey Stuart Shields. That led to what one Wall Street veteran called "a classic case of panic." The Dow Jones industrial average fell 25 points within a few hours, then recouped 23 points of the loss within the half-hour before the close, as traders apparently realized that Hunt's adventures had not changed the basic worth of such blue-chip stocks as Exxon, General Motors...
Thursday's market upheavals aside, investors, worried that inflation is jeopardizing all values, have bid down stock prices at a strenuous pace for the past two months. Despite a late rally that carried the average up 55 points from its Thursday low to its Friday high, the Dow index still lost 7 points for the week as a whole, closing at 778. That was down 14% from the Feb. 13 high of 904, one of the fastest drops in stock market history. The Dow average, composed of 30 blue-chip issues, understates the case; prices of less seasoned shares...