Inside the Wall Street Journal: The History and the Power of Dow Jones & Company and America's Most Influential Newspaper

By Jerry M. Rosenberg | Go to book overview

CHAPTER 3
The Depression Years

With the sale of 16,410,000 shares, the stock market passed through its record day of business on Tuesday as the general level of prices reached new lows. The drastic declines carried industrials used in the Dow-Jones averages to a new low ground for the year at 260.64, a decline of 120 points from the record high established September 3.

The Wall Street Journal, October 3, 1929

CLARENCE BARRON'S ONLY SURVIVORS, his stepdaughters, inherited Dow, Jones & Company at his death. Both women had married New Englanders, but Martha and her husband, Wendell Endicott, remained in Boston while Jane and her husband, Hugh Brancoft, settled in New York.

Brancoft had graduated from Harvard at the age of seventeen and gone on to earn a degree at Harvard Law School. He was more than familiar with Dow, Jones's operations, having served as his father- in-law's trusted lieutenant for a number of years. Brancoft had been instrumental in launching Barron's National Business and Financial Weekly in 1921 and had been its first editor-publisher. With the death of Clarence Barron, he became president of Dow, Jones & Company, the Boston News Bureau, and Dow, Jones, Ltd. of Canada, as well as publisher of the Philadelphia Financial Journal and Barron's.

One of Hugh Brancoft's first moves as president was to issue a statement the " Dow, Jones and The Wall Street Journal will con

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