How a two-cent news bulletin became a global financial powerhouse
In 1889, it was a four-page sheet costing just two cents. Today, The Wall Street Journal commands millions of subscribers. Discover how a specialized stock market bulletin survived the Great Depression to become a premier global newspaper of record.
The origins of The Wall Street Journal lie in the late 19th-century news services of John J. Kiernan. In 1880, reporters Charles H. Dow and Edward D. Jones joined the Kiernan News Agency, eventually co-founding Dow Jones & Company with Charles Bergstresser. Their early products were 'flimsies'—brief, hand-delivered news bulletins for traders. By 1883, these were aggregated into the 'Customers' Afternoon Letter,' which preceded the Journal's official debut on July 8, 1889.
The publication's evolution was marked by both rapid expansion and severe volatility. Under the ownership of Clarence W. Barron, who purchased the company in 1902, the paper grew significantly, with circulation reaching 52,000 by 1928. However, the 1929 stock market crash brought devastating challenges. Following 'Black Tuesday,' subscriptions cratered, and the paper was forced to downsize from 28 to 16 pages during the 1930s. It was not until the mid-20th century, under leaders like Bernard Kilgore, that the Journal expanded its scope toward a more general business audience and national reach.
Today, the Journal is a division of News Corp, following a $5 billion acquisition by Rupert Murdoch's empire in 2007. It maintains a massive global footprint, with over four million digital subscribers and approximately 412,000 print subscribers as of 2025. While its editorial page often reflects center-right positions, its news reporting remains centrist. The paper continues to carry unique visual signatures, such as its 'hedcut' ink dot drawings, and maintains a distinctive nameplate that famously ends with a period.
Source: The Wall Street Journal
