Encyclopedia of american business history VOLUME II CHARLES R. GEISST Encyclopedia of American Business History Copyright © 2006 by Charles R. Geisst All rights r eserved. No part of this book may be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage or retrieval systems, without permission in writing from the publisher. For information contact: Facts On File, Inc. An imprint of Infobase Publishing 132 West 31st Street New York, NY 10001 Library of Congress Cataloging-in-Publication Data Geisst, Charles R. Encyclopedia of American business histor y / Charles R. Geisst. p. cm. Includes bibliographical references and index. ISBN 0-8160-4350-7 (hardcover : alk. paper) 1. United States—Commerce—History— Encyclopedias. 2. Business enterprises—United States—History—Encyclopedias. 3. Indus- tries—United States—History—Encyclopedias. I. Title. HF3021.G44 2005 338.0973’03—dc22 2005003309 Facts On File books are available at special discounts when purchased in bulk quantities for businesses, associations, institutions, or sales promotions. Please call our Special Sales Department in New York at (212) 967–8800 or (800) 322–8755. You can find Facts On File on the World Wide Web at http://www.factsonfile.com Text design by Cathy Rincon Cover design by Cathy Rincon Illustrations by Sholto Ainslie Printed in the United States of America VB Hermitage 10 9 8 7 6 5 4 3 2 1 This book is printed on acid-free paper. VOLUME I CONTRIBUTORS iv LIST OF ENTRIES vi INTRODUCTION ix ENTRIES A–M 1 VOLUME II ENTRIES N–Z 293 CHRONOLOGY 491 SELECTED PRIMARY DOCUMENTS 495 GENERAL BIBLIOGRAPHY 565 INDEX 569 CONTENTS [...]... guarantees of individual rights, including freedom of the press, which the Republicans supported and the Federalists found “impracticable.” Out of this struggle grew the Bill of Rights and the First Amendment, which states: “Congress shall make no law abridging the freedom of speech or of the press.” Freedom of the press—and its precise definition—has been debated since the passage of the Bill of Rights... highly profitable businesses, garnering net profits of 15 to 25 percent, substantially more than many U.S businesses, which rarely see double-digit margins A handful of prominent family-controlled newspapers, including the Washington Post and the New York Times, also went public, but used large blocks of shares to retain family control and to blunt the pressures of the stock market The pressures of public... was in charge of editorial content, objected In 1899, Jones sold his interest in the company to Dow, beginning a tradition whereby the edito- 305 rial department would function independently of the financial side of the paper By the start of the 20th century, the newspaper industry had become big business At the same time, journalists and newspaper publishers thought of themselves as a profession with... depth This new “objectivity” was also synchronous with the spirit of progressivism, rationalism, and professionalism that gripped the rapidly industrializing nation of the early 20th century In 1922, the major dailies organized the American Society of Newspaper Editors, which adopted a professional code of ethics known as the “Canons of Journalism.” Similar codes had been adopted by regional publications... number of different occasions, especially the passage of the Sedition Act in 1798 during the administration of Theodore Roosevelt, the government has sought to rein in the freedom of the press The press also, especially in wartime, often has exercised self-censorship Significantly, the concept of press freedom predated by decades the notions of “fairness” and “responsibility” that became canons of journalistic... institutional orders continues to be an important part of the daily volume on the floor of the NYSE New York Stock Exchange In recent years, with the growth of electronic entities that look like stock exchanges but have none of the mandated regulatory functions of an exchange, the New York Stock Exchange has been the target of more and more competition In 309 fact, many of these electronic networks (ETNs) have... settlement, and the spread of heavy industry fostered a boom in both immigration and urbanization, which fueled ever greater demand for mass-market newspapers, while industrialization and the beginnings of a consumer culture (in particular the advent of the department store) fostered the growth of advertising The industry and the news gathering process also benefited from a number of technological advances... and began buying a slew of midwestern papers The turn of the century also saw the rise of the Wall Street Journal, which would become the first national newspaper The business press—in the form of so-called price currents, which were little more than pamphlets that reported on commodity prices, the movement of ships, and exchange rate fluctuations—dated back to the founding of the colonies General... created, the NATIONAL RECOVERY ADMINISTRATION (NRA), had been instituted to develop a code of fair practice for various businesses, which were voluntarily participating in the program The companies participating in the process were writing codes of conduct for their respective businesses, including specific standards of quality, working hours, minimum wages, and price floors for goods they produced When... bulwark of American democracy and grown into the $55 billion industry that it is today The tension between these two roles has given rise to a key question that has dominated newspaper publishing since the colonial era: How can the industry balance its civic responsibilities as a quasi-public institution in a democracy with the profit-making motives of a business enterprise? Since the days of the Massachusetts . Encyclopedia of american business history VOLUME II CHARLES R. GEISST Encyclopedia of American Business History Copyright © 2006 by Charles R. Geisst All rights r eserved. No part of this. alk. paper) 1. United States—Commerce History Encyclopedias. 2. Business enterprises—United States History Encyclopedias. 3. Indus- tries—United States History Encyclopedias. I. Title. HF3021.G44. Inc. An imprint of Infobase Publishing 132 West 31st Street New York, NY 10001 Library of Congress Cataloging-in-Publication Data Geisst, Charles R. Encyclopedia of American business histor y