A History of the World, As Seen Through the Eyes Of

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THE WALL STREET JOURNAL. Monday, July 8, 2019 | S1 WSJ

A HISTORY OF THE WORLD, AS SEEN THROUGH THE EYES OF THE WALL STREET JOURNAL SINCE ITS DEBUT IN 1889 ILLUSTRATION BY ILLUSTRATION JUSTIN METZ P2JW189000-0-S00200-1------XA

S2 | Monday, July 8, 2019 THE WALL STREET JOURNAL. WSJ | 130 YEARS

May 16, 1911 June 20, 1913 EDITOR’S NOTE STANDARD OIL CO. NEW CURRENCY BILL CREATES A FEDERAL RESERVE BOARD. To Our Readers: DISSOLUTION ORDERED BY One hundred and thirty BOARD TO DIVIDE THE COUNTRY INTO TWELVE years ago today, Charles SUPREME COURT. DISTRICTS, EACH TO HAVE A Dow, Edward Jones and FEDERAL RESERVE BANK. (the sadly overlooked) DECREE OF THE CIRCUIT COURT OF APPEALS IS UPHELD WITH BUT VERY SLIGHT MODIFICATIONS Charles Bergstresser pub- Reserve Banks to Have Capital of at Least $5,000,000. lished the first edition of Each National Bank Contributing 20% of its Paid Up Only Change Relieves the Corporation From Immediate The Wall Street Journal Capital—Nine Directors on Each Federal Restraint in Interstate Commerce and Extends Bank—Federal Treasury Notes to the from their office in lower From Thirty Days to Six Months the Time Amount of $500,000,000 Authorized— Manhattan. It was a four- in Which to Dissolve and Qualify as a Foreign Branches to be Permitted. page afternoon newspaper Lawful Body—Opinion By Chief Justice White—Sherman Washington—Features of the new currency state bonds or notes and bills offered to them for Act is Violated. bill, as it stood prior to a conference at the White rediscount by member banks. Federal reserve Washington—The Govern- Justice Harlan says there is House, Wednesday night, are as follows: banks must hold reserve of 33 1-3%. ment won a sweeping victory in not a man in the country who Federal Reserve Board of nine members, Banks with capital of $1,000,000 or more a decision of the United States does not know that the Sherman three to be chosen by the President and the Sen- may establish banks in foreign countries to fur- Supreme Court upholding the anti-trust law never will be ate, three by the Federal Reserve Banks and the ther American commerce. At the conference last decree of the Circuit Court of amended. other three to be Secretary of the Treasury, Secre- night some changes were tentatively urged and Appeals for the Eighth Circuit, He says that the opinion of the tary of Agriculture and Comptroller of Currency. Representative Glass says other changes will be ordering the dissolution of the majority that the anti-trust law Federal Reserve Board to divide country into made before introduction of bill on Monday. Standard Oil Co. The only re- applies only to “unreasonable” twelve or more districts. In each district there will The currency bill is to take effect sixty days Charles Edward spect in which the decree was restraints of trade is contrary to be a Federal Reserve Bank, with at least after its passage. In the interim the Secretary of Dow Jones modified was to relieve the the intent of Congress and to pre- $5,000,000 capital, raised by the national banks in the Treasury, Attorney-General and Comptroller of Standard Oil Corporation from vious decisions of the court. the district. the Currency, acting as an organization committee intended to fill a growing the immediate restraints upon The decision, it is believed, Each of these Federal reserve banks will are to designate from among reserve cities, now need for objective business their activity in interstate com- foreshadows action by the De- have nine directors, three designated by the Fed- authorized by law, a number of cities to be known and financial news in an merce and to extend time from partment of Justice against eral reserve board, three by the national banks as Federal reserve cities, and divide the country emerging market where in- thirty days to six months in other big industrial corpora- holding stock, and three designated by stockhold- into districts, each district to contain one reserve dustry was growing but which they may dissolve the tions, although this may not be ers having no banking connection, but represent- city. In each reserve city there is to be organized was hampered by opaque New Jersey corporation and necessary in view of the sweeping the agricultural, commercial and industrial in- a bank to be known, for instance, as the “Federal terests in their respective districts. Reserve Bank of Chicago” etc. and unreliable information. qualify for a re-entry into Inter- ing findings of the Supreme Issue of new Federal reserve notes, limited The number of these institutions is to be not The opportunity for fair, state commerce. Court. Many companies may The opinion was by Chief Jus- take the initiative to conform to to $500,000,000, which Federal reserve banks can less than twelve and may be increased by the or- factual, full reporting and tice White. He stated that modi- the decision of the court. call for by depositing as collateral Government or ganization committee. analysis was clear. fications ordered by the Su- Ever since, The Wall preme Court were very “slight,” Street Journal has occu- and for that reason there was no pied a front-row seat necessity for remanding the chronicling the transfor- case. The order was, therefore, mational story of American made affirming the decree, with capitalism light modifications. and its myr- The decision gave vitality to iad effects the Sherman anti-trust law. It is on the lives all that the Government could of Ameri- have expected, and Attorney- General Wickersham, Solicitor- cans and the General Lehmann and Frank R. world. In no Kellogg, special attorney for the other period government, who were in the of human court, expressed themselves as history has Charles gratified. The general impression the planet Bergstresser is that the court’s decision fore- witnessed shadows a victory for the Gov- change on such a dramatic ernment also in the case against scale and at such a rapid the American Tobacco Co. pace. The Journal has cov- Justice Harlan, in vigorous ered the births and deaths opinion, holds court did not go of tens of thousands of far enough. He agrees with decree, but he thinks it should be companies; the creation of more severe. new industries such as autos, aerospace, oil and entertainment; two world wars and numerous other January 1, 1924 conflicts; profound advances in science and technology; revolutionary social movements; the rise of COMPUTING a consumer economy in TABULATING the U.S. and the world; and

the march of globalization. TO CHANGE GETTY IMAGES As the story has grown, so have we. From a small ITS NAME August 17, 1914 office in New York, we have become a global oper- Will Be Called PANAMA CANAL OPENED ation, with reporters in International dozens of countries pro- Steamship Ancon, With Officials on Board, First Big Boat ducing stories in many me- Business Machines Through New Water Way diums on multiple plat- Co.—Acquiring New forms for more than 2.6 Devices on Royalty— Panama—The Canal Zone celebrated Saturday the opening of the canal. Festivities, however, were local and sug- million subscribers, the gested little of the international significance of the event. The steamship Ancon, owned by the United States War De- most in our history. 1923 Earnings partment and leased to the Panama Railroad, was chosen as the first big boat to be put through, signalizing the open- Anniversaries provide $13.20 Share ing of the canal to all ships up to 10,000 tons register. moments for reflection; Col. Goethals, builder of the canal and governor of the Zone, was on the bridge of the Ancon, with President Porras, hence the section you hold Computing-Tabulating-Re- of the Republic of Panama. The Ancon was fully loaded with the regular cargo she had brought from New York. in your hands. The stories cording intends shortly to here are only a small selec- change its name to Interna- tion from the many epic tional Business Machines Co. events, people and mo- Negotiations are now in August 5, 1914 new reactions. The selling terial improvement in the en- ments we have covered. progress for the acquisition started in General Electric, tire situation. But we believe they have of two or three important GERMANY WARS ON Westinghouse, U.S. Steel, Commission houses were value, and historical inter- specialty concerns. It is felt American Telephone and active on both sides, buying est, as front-line dis- the new name will better FRANCE; ENGLAND other stocks in this class, and stocks for important operators patches from key moments designate the broadened ac- then spread to the more spec- and selling them for their reg- in our shared history. As tivities. Purchase of these STANDS BY BELGIUM ulative shares. In many of the ular line of customers. you’ll see, in a few cases, companies and their prod- latter the declines were un- While there have been en- that unfortunately means ucts will be largely on a roy- GERMANY GIVEN TWELVE HOURS TO DECLARE ITS usually abrupt. couraging advices from bro- they reflect the prejudices alty basis and so require lit- POSITION TOWARD THE BELGIAN NATION A factor which contributed kers’ offices regarding the and limitations of the tle cash outlay. to the offerings as the day market, there is no sign of a times in which they were Computing at present 100,000 German Troops March to Invade France—Germany Appeals to Italy progressed was the ease with public demand developing at written. But, warts and all, makes tabulating machines, to Rejoin the Alliance—Switzerland Completes Mobilization—Skirmishing which so many former favor- this time. Because so many the Journal’s archives bear time-recording devices, com- Along Prussian Frontier—English War Party in Power ites were able to break outsiders were badly hurt or witness to all that has hap- puting scales, door locks and through their bottoms of last entirely eliminated by the Developments followed in volved and if war extends to pened in the past 130 years a variety of other specialties. Thursday. This was looked sharp break of last week, it is and what this period Company has just acquired quick succession yesterday Far East. upon as an unfavorable signal, only logical to expect a rather looked like to those who new time recorder of English as the European conflict ex- Minor conflicts were in and brought selling from stu- prolonged period before it will lived through it. invention which is expected panded to include practically progress along the borders be- dents of the averages. As in be possible again to attract They also demonstrate to prove of great value. In the the entire Continent. Ger- tween the belligerent nations. the past, during sharp breaks outside buying, and then the that, even amid great last few months the company many declared war on there was heavy margin sell- overenthusiasm which was so change, the essential mis- ing as commission houses evident in the past few months has purchased a new factory France and Belgium. England sion of The Wall Street in Germany. This is about were compelled to liquidate will be lacking. More consider- issued an ultimatum to Ger- October 29, 1929 Journal has stayed the ready to begin production. customers’ accounts. ation will be given to underly- same: to fairly and factu- Earnings of Computing- many which expired at mid- If the banking support came ing factors, such as earnings, ally chronicle the forces Tabulating-Recording Co. for night demanding a declara- Abreast of the Market into the market, it could not be yields, prospects, etc. and less that have shaped our 1923 will be approximately tion from Berlin as to discerned. While some stocks attention paid to the so-called times, and to help our $2,000,000 after bond inter- Germany’s stand toward Bel- A Daily Column of Comment met scale buying, it was lim- “information” which caused readers understand and est, taxes and all charges, or gium. Belgium is the “buffer” ited to much smaller lots than over-buying in the past. navigate the world. That approximately $13.20 a share state, and England will con- Heavy selling developed in the offerings, and therefore Before the market will be mission remains vital. Even on the 150,688 shares out- the stock market yesterday, al- had no appreciable effect. Sell- ready to stage a good recovery sider a violation of its neu- in an age awash in infor- standing. This compares with most from the initial transac- ing continued until the end, of sustained duration it is ad- trality an act of war against mation and random data— earnings in 1922 of $1,431,818 tions. There seemed to be an and the final tone was weak. mitted that there are weak ac- indeed, maybe especially in after all charges, increase of the English nation. accumulation of offerings over Sentiment is highly unset- counts which must still be liq- such an age—the need for 40% for the year, and 1921 An ultimatum from Ger- the week-end, and this supply tled again. It is popular opin- uidated. The nervousness trustworthy, contextual re- earnings of $1,046,514. In many to Holland is uncon- came at a time when the de- ion that the best course to which exists was shown con- porting is as high as ever. other words company’s earn- firmed. Mobilization of Swiss mand was insufficient to make pursue would be to take ad- clusively during the waves of We remain committed to ings have practically doubled forces is completed, and mo- a show of resistance. The nat- vantage of rallies and reduce selling yesterday. bringing that to you. ural result was a steady lower- long accounts still further. In [Note: This column ap- in last two years. bilization orders have been Computing sells most of its ing of levels. fact, quite a few market inter- peared after the first day of issued in Turkey. Germany Matt Murray products, but leases its tabu- Short covering was in evi- ests favor disposing of all the two-day 1929 crash—of Editor in Chief lating machines, United States appealed to Italy to re-enter dence at times, and caused stocks at the moment, and 13% and 12% declines back to The Wall Street Journal government being one of the the Triple Alliance. Japan moderate rallies, but these then remaining on the side back—that ushered in the principal users. will support England if in- were followed immediately by lines until there has been ma- Great Depression.] P2JW189000-0-S00300-1------XA

THE WALL STREET JOURNAL. Monday, July 8, 2019 | S3 WSJ | 130 YEARS

June 14, 1930 which was one of the most June 13, 1935 December 8, 1941 controversial in history. The final vote came upon the NEW TECHNICOLOR FILM WATCHED War With Japan SENATE technical parliamentary question of adopting the conference WITH INTEREST BY MOVIE INDUSTRY U.S. Industry’s Sole PASSES report which contains the latest Objective: Arms changes made by House and ATTEMPT TO SELL PRODUCERS ON COLOR PICTURES Production Speedup TARIFF Senate conferees in adjusting DEPENDS GREATLY ON SUCCESS OF “BECKY SHARP” BILL 44-42 the differences in the measures originally passed by both The amusement industry for next year (starting Sep- feature films are produced it All Consumption Curbs Measure Goes houses. Rejection of this report and the Street will watch the tember 1) and since each film is unlikely that earnings for Due to Be Stiffened; would have sent the bill again opening of the new Techni- should require on the average Technicolor’s 698,261 shares Scarcity List Will Grow; To House to conference for further ad- color picture, “Becky Sharp”, 200 prints this means perhaps of common stock will be very Vast Supplies of Ships and justments to make it acceptable made by Pioneer Films at the 30,000,000 feet booked in large. Shells, Bombs and Today With to a majority of the Senate. Radio City Music Hall tonight Technicolor. “Becky Sharp” was pro- Bombers, Oil and Gasoline Immediately after passage to see if its success forecasts Color was tried out in full duced by John Hay Whitney, Favorable Will Be Essential of the conference reports on general adoption of color by length films in 1928 and 1929 who entered the movies a year Action the tariff bill in the Senate, the picture industry. with Technicolor’s old two- or so ago by forming Pioneer Chairman Hawley of the Ways Technicolor seems to have color process and was not a Pictures. Outline Already Practically and Means Committee of the sold producers on using its success. Costs were high, tech- Its first picture, a two- Visible House presented the reports process for short subjects, nique undeveloped and the reeler called “Cucuracha,” was Assured and announced they would be travelogues and cartoons. Over color effect not thoroughly a success in that it is expected By WILLIAM F. KERBY taken up immediately upon 100 shorts, one and two reel satisfactory. The new process to gross around $250,000, but War with Japan means in- WASHINGTON—The Smoot- convening on Saturday and films running 1,000 to 2,000 is a great improvement, but profits have probably been dustrial revolution in the Hawley bill raising the tariff on voted on en bloc. feet each have been contracted until a substantial number of small so far. United States. imports $107,000,000 a year or The American productive more was passed in final form machine will be reshaped with by the Senate, a year and a half but one purpose—to produce after it began its legislative ca- the maximum of things needed reer. The vote, 44 to 42, was to defeat the enemy. exactly as had been anticipated It will be a brutal process. in polls, Senators Grundy and It implies intense, almost Reed, Republican, Pennsylvania, fantastic stimulation for some contributing the margin needed industries; strict rationing for for passage. The measure now others; inevitable, complete goes to the House where vote liquidation for a few. will be taken today. War with Japan will be a Votes of the administration war of great distances. Thus, Republican group and a few certainly in the preliminary Democrats furnished the small stages and probably for the majority for the measure duration, it will be a war of the seas and air. This means unlimited quantities of ships April 20, 1933 and shells, bombs and bombers, oil, gasoline. Eventually, it also means an Says U.S. army dwarfing the present military establishment—5 mil- Off Gold lion, 8 million. It’s a guess. But that will come later. Secretary of Treasury These are the dominant factors which will channel the Woodin Admits production of American facto- Official Abandonment ries, mines, farms and forests into the prosecution of a Far Of Standard Eastern war. The general outlines of the WASHINGTON—The United coming industrial revolution States abandoned the gold are visible in the shaping of

standard yesterday. GETTY IMAGES the defense effort during the Shortly after President Roo- April 13, 1935 past year and a half. The ma- sevelt in a bold, dramatic coup terials which already are had withdrawn support of the scarce or hard-to-get will be- American dollar abroad, Sec- PRESIDENT FIRM FOR SOCIAL SECURITY BILL come just about non-existent retary of the Treasury Woodin for civilian use. said this nation had deserted Declares That Program Is Ultimate Answer to Balancing U.S. Budget—Amendments Opposed the gold standard. Woodin made his announcement to From THE WALL STREET JOURNAL Washington Bureau of a situation where the federal government must main- July 21, 1944 newspapermen who asked him WASHINGTON—President Roosevelt declared flatly for tain the unemployed and take care of old people unable to to interpret the President’s ac- passage of old-age pension and unemployment insurance find work in depressions, thus reducing the amount of tion. legislation during this session of Congress at the White federal appropriations. The maintenance of purchasing Monetary “Is the United States defi- House press conference Friday and opposed strongly sug- power through unemployment compensations and bene- nitely off the gold standard?” gestions to amend the bill in order to place the entire cost fits would avert huge expenditures for relief. Delegates Not of old age pensions on the federal government and to The Administration must oppose the suggestion to relieve he was finally asked. strike out the unemployment insurance feature. the states of any share in the cost of pensions, the President Dissatisfied “Yes, we are off the gold (It is estimated that the social security program would said, on the grounds that 28 states already are paying the standard,” Woodin replied. cost the federal government upwards of $500,000,000 a whole cost of pension systems and the new social program With Work “The whole matter is official year.—Editor’s note.) would result in reductions of the cost to these states. The abandonment of the gold stan- The President asserted that the whole social security President said he saw no reason to relieve the states entirely But Doubt Its dard.” program is the ultimate answer to balancing the budget. when they are now well able to finance the cost. This is a little-stressed and interesting angle of the social Furthermore, the whole Administration would be in the Aid to World security plan which might be developed by the Wall Street hands of the federal government, and the states, lacking June 7, 1934 Journal and other newspapers advocating a balanced bud- any financial interest, would have no say in management Commerce get, the President said. of the pension plan, the President said. This would be un- The President apparently meant that the social security democratic and would lead to an army of federal political PRESIDENT SIGNS program, once in force, would tend to prevent recurrence appointees. STOCK MEASURE Bretton Woods Parley Sets Up Machinery For Job the Nature Says He Has the Association of Stock Exchange December 8, 1941 Firms, said here in the course of a Of Which Is Vague Considered No One Yet newspaper interview. Further com- What’s News—World-Wide For Appointment to menting on the bill, he said: BY GEORGE B. BRYANT, JR. “Time may be required to rec- Staff Correspondent of Regulatory Board oncile and adapt habits of thought Japan Attacks Hawaii, The Wall Street Journal and business practices to this new BRETTON WOODS, N. H.— order. Patience and sympathetic Damage and Loss of Life Delegates to the United Na- CURB PLEDGES ITS HELP cooperation are indispensable. The tions Monetary and Financial bill as originally introduced was, Reported Heavy; From THE WALL STREET JOURNAL Conference will leave here for Washington Bureau in many respects, objectionable, impracticable and deflationary, Japan Declares War their homes Sunday with the WASHINGTON—President Roo- and general alarm resulted. The most elaborate schemes ever sevelt signed the stock market reg- act as signed, however, corrects on U.S., England devised for economic coopera- ulation act at noon Wednesday. most of the original objections and tion between the countries of He said he had given no consid- is practicable, if skilfully adminis- the world. eration to names of possible ap- tered. There should, therefore, be ROOSEVELT TO ADDRESS CONGRESS TODAY pointees to the securities commis- By and large they are not little or no fear or apprehension. sion created by the bill. TOKYO ENVOY DELIVERS REPLY TO U.S.; dissatisfied with their work. “The rules and regulations re- He has 50 to 100 names of eli- HULL: “INFAMOUS,” FILLED WITH LIES They came here to agree on an quired to effectuate the purposes gible candidates in a folder, but he REDS CLAIM GAINS ON ALL FRONTS International Monetary Fund of the act and the experience and indicated that he will not take the BRITISH, AXIS TANKS IN MAJOR BATTLE to stabilize foreign exchange knowledge of those administering matter up until after adjournment rates and a World Bank of Re- it can alone demonstrate its ulti- of Congress. construction and Develop- mate effect and workability. Given Ferdinand Pecora, counsel for proper administration, the act JAPAN ATTACKED U.S. imposed on all out-going com- Pearl Harbor, Hawaii: Jap- ment. the special stock market investiga- should prove practicable and bases at Pearl Harbor, Ha- munications; all Army and anese planes bombed the har- They did this, and with tion committee, who was present might readily result in revived waii, Guam and Cavite on the Navy officers were ordered to bor works and nearby Hickam something less than the usual at the signing with Senator confidence in the stock exchanges. island of Luzon in the Philip- war uniforms; industrial air field where some 350 ca- bickerings which attend such Fletcher and Representative Ray- pines, occupied the interna- plants were ordered to guard sualties were reported. The affairs. burn, chairmen of the banking and “Out of an experience gained in currency committee of the Senate my contacts in Washington with the tional settlement in Shang- against sabotage. War Department placed the But, when they talk of the and the interstate commerce com- proponents and supporters of the hai and then declared war on Army and Navy leaves on known military casualties at value of their plans, as aids to mittee of the House, respectively, bill, there has come to me convic- the U.S. and Britain. the Pacific coast were can- 104 dead and 300 wounded. world commerce, enthusiasm stated that he felt it would im- tion that it will be wisely and fairly U.S. Army and Navy were celled—all men were ordered Unconfirmed reports said is lacking. prove trade on the stock exchange, administered and that its adminis- immediately ordered by Presi- to war stations. A state of three U.S. warships were hit They are in the position of both ethically and otherwise. tration will ultimately allay all fear.” dent Roosevelt to carry out pre- emergency was declared by in the harbor. The Oklahoma setting up multi-billion dollar When he was presented with E. Burd Grubb, president of the viously agreed upon orders for the mayor of San Francisco. was said to be afire. (Tokyo machinery now to deal with New York Curb Exchange, issued one of the pens with which the the defense of the U.S. War Department ordered said it was sunk.) Uncon- long-range trade problems the following statement: President signed the bill he stated, Mr. Roosevelt will address a detention of all “suspicious” firmed Hawaii reports said which are far from clear and “I shall treasure this pen that “With the signature of Presi- dent Roosevelt, the Securities Ex- joint meeting of Congress at aliens in the Panama Canal the West Virginia and another must be guessed. signed the bill as one of the most 12 noon today. Last night he Zone and Hawaii. unidentified battleship had The success of their plan- constructive pieces of legislation change Act of 1934 becomes effec- saw Army and Navy chiefs, Secretary Morgenthau been sunk. Some Japanese ning depends largely on the ever enacted.” tive. The purpose of Congress to Mr. Pecora declared that pool protect investors and to prevent Secretaries Stimson and Knox barred any Japanese from planes were known to have extent and character of the operations would cease unless op- unfair practices in security mar- and held a Cabinet meeting. leaving the U.S. till the Govern- been shot down. political cooperation after the erators wished to go to jail. kets is crystallized in this Act. War on Japan was declared ment made certain the freez- Observers believed that the war is over and the ability of With the signing of the act by “The public cannot but feel an by Canada, The Netherlands ing order against Japanese as- Japanese must have attacked the individual nations to es- President Roosevelt, the stock ex- increased confidence in exchanges East Indies and Costa Rica. sets has not been violated. Hawaii from aircraft carriers, tablish sound internal econo- change business enters a new and in the purchasing and holding U.S. war measure went Swiftly moving Pacific in view of the distance from mies—the climate in which phase, R. E. Desvernine, counsel for of securities dealt in on exchanges.” into effect. Censorship was events were centered at: their land bases. trade can grow. P2JW189000-0-S00400-1------XA

S4 | Monday, July 8, 2019 THE WALL STREET JOURNAL. WSJ | 130 YEARS

May 8, 1945 June 18, 1948 October 19, 1956 Germany’s Surrender Science Frontier V-E Day Starts a Slow, Confused Now You Can Hear a Full Album of Unwinding of American War Industry Music—On a Single Record Offices of the Government Strives to Hold Future May Its Price and Wage Controls, but Success Is Magnavox Co. Says New Discs Are Coming; Dubious; Arms Cutback Estimates Vary It Has Device to Play Old, New Platters Have TV Phone, By THOMAS CALLAHAN From THE WALL STREET JOURNAL specifically allocated to war Atom Dictating Staff Correspondent of THE WALL STREET JOURNAL Washington Bureau and essential products. The Devices WASHINGTON—V-E Day for complete process of open-end- industry will rumble along for ing the controlled materials, CHICAGO—A 12-inch pho- stration of its new two-speed 78 r.p.m. The Magnavox weeks and months like pro- however, may well take six to nograph record that will play record changer. The device is changer plays both types of Remington Rand longed thunder. eight weeks. as much music as an album of geared to play either ordinary record through use of a dual Fashions Twist in Industrial cutbacks and re- The War Manpower Com- six or seven conventional re- platters or the new long-play- needle. Mr. Freimann said the conversion, to be sure, got un- mission will soon begin sim- cords will hit the market soon. ing records. Frank Freimann, new discs will cost less than Typewriters; der way in mid-April on a lim- plifying its controls—to keep The revolutionary new disc executive vice president of half the price of their equiva- Swingline’s New ited scale. But even now, after ahead of the chance they’ll will provide up to half an hour Magnavox, says the new discs lent in music on present re- Germany has quit, the United simply be ignored. The War of continuous music, up to an will be announced shortly by cords. They’ll require one- Stapler States Government is not quite Labor Board will place added hour if you play both sides. at least one big record manu- tenth the storage space of ready to turn off like a faucet emphasis on wage floors. That means you can hear on a facturer. present collections, he said. A Balk Against America’s production for Eu- The Office of Price Adminis- single platter an entire sym- They’ll be the same size as Magnavox intends to make ‘Imagineering’ ropean battles. tration will announce a gen- phony or the full run of a mu- the conventional 12-inchers its new record changing device A large proportion—per- eral pricing formula permit- sical comedy score. but will be whirled on the a standard part of all its re- By JOHNNY APPLE haps very nearly half—of the ting, in some cases, enough The Magnavox Co. let the playing machine at a slow 33 cord playing units. This will Staff Reporter of The Wall Street Journal Army’s projected V-E Day cut- price adjustment to keep prof- cat out of the bag yesterday 1/3 revolutions per minute. add about $25 to their present NEW YORK—An executive, backs have not yet been ap- its at the 1936-39 level. when it held the first demon- Present records are played at price, Mr. Freimann estimated. sitting in his seventh floor of- proved by the War Production fice, wants a quick look at a Board. The bulk of those purchase order. So do eight which have been okayed are or ten other officials in the still traveling a circuitous same building. They see it route through Army field of- projected on a TV screen next fices to prime contractors. to their desks in a matter of When they get there, the sub- seconds. contractors must be in- An hour later, the same ex- formed—and the sub-subcon- ecutive is ready to dictate a tractors and the sub-sub- letter. Instead of grappling subcontractors. with a bulky dictating ma- It will be weeks before the chine, he turns toward a fist- story of the cutbacks is told— sized microphone on his desk and it will be told in terms of and talks the letter into it. sporadic unemployment, re- There are no wires snaking duced working hours, and across the desk-top, because strains on federal regulations the trim-looking “mike” is a which are not tuned quickly miniature radio station pow- enough to accord with altered ered by an atomic battery conditions. that will last 25 years. Halfway across the country, General Policies Formulated a salesman puts in a call. He’s Washington agencies do offering a new product. have their general policies for- “Sounds pretty good,” con- mulated, and will announce cedes the executive, “but let’s portions of them within a few see what it looks like.” Onto a days of V-E Day, with consid- wall-mounted screen opposite erable fanfare. him flashes a picture of the The W.P.B., for instance, is item. presently scheduled to issue These scenes are just a few its first important pronounce- foreshadowed by what’s going ment of relaxed controls on on in the office equipment “V-E Day plus two.” High pol- business. The devices that may

icy sessions were held GETTY IMAGES make these timesaving, work- throughout yesterday. August 22, 1949 saving machines possible are Presumably the agency will being displayed here this week stick to its plan to revoke an in the National Business additional lot of limitation and NEW “ELECTRIC BRAIN” Show’s “Office of the Future.” conservation orders, offer some help to small manufac- Figures 12,000 Times Faster Than Humans; Its “Mercury Memory” Stores 15,360 Digits; turers, and “open end” the Northrop to Use It in Designing Aircraft December 6, 1956 controlled Material Plan. “Open ending” means permit- By E. CLARKE FOWLER came up with “Eniac,” the first all-electronic computer, Teenage Customers ting many civilian manufactur- Staff Correspondent of The Wall Street Journal built at the University of Pennsylvania for the Army. ers to scramble for steel, alu- PHILADELPHIA—Imagine several million zeros and Binac is tiny compared with the 30-ton Eniac. It is minum and copper not ones chasing each other over wires and in and out of vac- about the size of a filing cabinet—five feet high, four Merchants Seek uum tubes to solve mathematical problems 12,000 times feet deep and one foot wide. It weighs only three-quar- faster than a human brain could do them. ters of a ton, though it is really two machines—each Teens’ Dollars, April 21, 1947 That gives you a little idea of what goes on inside “Bi- checking the other for accuracy. Its light weight permits nac,” a new automatic all-electronic calculator. it to be moved by plane from one plant to another when- Influence Now, BusLike Air Carriers In its longest test run, Binac operated 42 consecutive ever it is needed to calculate problems for aircraft man- Brand Loyalty Hope to Win Public by hours without a single error. It worked out some tough ufacture. The new “electric brain” costs around Less Fuss, Less Fare equations and came up with the right answers. The new $250,000 to build, or about half the cost of the Eniac. Its Later computer, for instance, showed its mettle by accurately inventors, who head up the Eckert-Mauchly Computer solving Poisson’s equation, an engineering problem, in a Corp. here, believe that with increased production the Patrons Would Get Minimum little more than two hours. A man running a conventional cost can be lowered. The contraption operates on the bi- By LOUIS KRAAR Coddling. No Free Meals; calculating machine would need many months to complete nary rather than the usual decimal system. In the binary Staff Reporter of The Wall Street Journal But Cheaper Tickets the job, according to Binac’s inventors. system only two characters are employed—zero and NEW YORK—Clothes, chirps Binac was built to order for Northrop Aircraft Inc. of one—and from these any required numbers are built up. Carolyn, should be in style, By RICHARD P. COOKE Hawthorne, Calif. It is the brainchild of Dr. John W. That’s how Binac gets its full and formal moniker: the “but I want them to please Less fuss and less fare can Mauchly and J. Presper Eckert, Jr., who several years ago Binary Automatic Computer. me.” make both air travelers and An auto, adds Al, should be airline stockholders happier. good looking, “but naturally I This statement is pretty December 21, 1948 February 3, 1956 want it to run all right.” much the answer of Samuel J. Why, wonders Geri, buy sil- Solomon, president of a pro- Growing Giant GM 1955 Profits Topped $1 Billion verware until you’re engaged? posed new short-haul East “You might never get mar- Coast air carrier, to the popu- For 1st Time on $12.4 Billion Sales ried.” lar question: “What’s wrong at&t pushes biggest These bouncy buying com- with the airlines?” And the expansion ever swung CURTICE SEES NET FOR 1956 “NOT FAR OFF” FROM ments are from a trio of teen- bus-type service proposed by THIS YEAR’S RECORD FIGURE agers, a tiny part of a 16-mil- Mr. Solomon’s Atlantic Air- by private corporation lion-member market that’s lines is already being prac- Special to The Wall Street Journal share of the passenger car getting increasing attention ticed by a new West Coast op- INSTALLS 65,000 MILES OF CABLE SINCE WAR; market last year amounted from merchants and advertis- PUTS UP, REBUILDS 2,800 BUILDINGS erator, Southwest Airways. It’s MIAMI, Fla.—General Mo- to 50.8% of the total. ers. Carolyn, Al and Geri may a concept which is making a 1,250,000 Still Await Phones tors Corp.’s 1955 net earn- G.M.’s 1955 net sales rose not be typical of teenagers all lot of big time airline men ings exceeded $1 billion for to a record high of across the country, but their think. By JOHN BRIDGE than ever before—about the first time in its history. $12,443,000,000—27% above attitudes are at least indica- Sam Solomon and his asso- Engineers of A.T.&T.’s expan- 2,200,000. After three years, Harlow H. Curtice, presi- the $9,823,526,291 in 1954 tive of how and why teenagers ciates aren’t out to belittle the sion program, the biggest ever and nine million net new instal- dent, released preliminary and 24% over the previous will spend between $7 billion performance of the long-haul undertaken by a private corpo- lations, there is still a waiting figures here showing record top in 1953. and $9 billion this year. trunk lines. They are asking ration, are driving into 1949 list of 1,250,000. sales and earnings for 1955. Mr. Curtice asserted the While today’s teenagers permission to link some of the under a full head of steam. Total subscribers have He said net income was sales high was “achieved de- spend a good deal of money— smaller communities along the “We’ve spent over $3 billion soared to 31 million, about 40% $1,189,000,000, equal to spite a decline in defense de- especially on such things as Eastern Seaboard. for new construction since V-J more than at war’s end. On $4.30 a common share and a liveries to 7% of total sales clothing, phonograph records, Need the airline passenger Day and plan to keep right on September 30, Ma Bell had a whopping 48% more than the compared with 14% in the cosmetics and movies—imme- be such an incompetent and at a high level in the months record 664,686 people working $805,973,897 reported for preceding year.” diate sales aren’t the mer- pampered creature that he ahead in order to meet the pub- for her, seven for every five 1954. Employment and payrolls chants’ only interest. With the must have his baggage twice- lic’s needs for good telephone employed at the end of 1945. Earnings in 1954, adjusted last year for the company number of teenagers due to checked, passed around by service,” says Leroy A. Wilson. Meanwhile, the Bell System to reflect the three-for-one were also at a new high. Its rise more than 70% over the porters, ramp attendants, and president of American Tele- has installed about 5,500 miles stock split last September, world-wide average number next decade, some companies parcel room people? Does the phone & Telegraph Co. and of long-distance telephone and amounted to $3.03 a share. of wage and salary earners want to get established in the passenger himself need to be chief executive of the huge Bell television-carrying coaxial ca- The 1955 net was also 43% totaled 624,000, up 47,000 market. Others hope to build “checked-in” twice on each System expansion. ble and radio relay. It has put in more than the previous re- from the 1954 average. brand loyalties for the future flight, once at the central “In fact,” he adds, “we have service another 60,000 miles of cord of $834,044,000 in 1950. Mr. Curtice said: “More among the present generation ticket office and once at the a lot of new ideas for improv- other cable—enough to circle During a question-and-an- than $2,180,000,000 in pay- of earlier-marrying adoles- field? Must he consume a free ing methods and equipment the earth twice and go around swer session following his rolls went to 410,000 hourly cents. meal aloft? and the service should get bet- two-thirds again. If all the announcement, Mr. Curtice rate employees in the U.S. in Most important, say some Not on the projected short ter all the time.” wires contained in these cables said he believed G.M.’s in- 1955. In 1954, a total of $1,747 merchants and manufacturers, (100 to 200 mile) flights of- When World War II ended, were joined, they could be come in 1956 would be “not million in payrolls was paid is the strong influence on fam- fered by Atlantic, says Mr. Sol- “Old Ma Bell” had more people strung to the moon and back 45 far off” from the 1955 total. to 367,000 hourly rated em- ily purchasing plans that teen- omon. waiting for telephone service times. He also disclosed G.M.’s ployes.” agers are believed to wield. P2JW189000-0-S00500-1------XA

THE WALL STREET JOURNAL. Monday, July 8, 2019 | S5 WSJ | 130 YEARS

January 2, 1958 November 10, 1958 December 21, 1960

Stock-Buying Surge savings account. Others are purchases by pension funds, Franchise Flourish Europe’s Free Trade Community after a swift—and sizable— insurance companies and profit, often with little real- other institutional investors, Is Born—With No Head, Home Small Investors ization of the risks involved. which have reduced the avail- More Americans Nations Bid for Top Jobs and Headquarters Site, Grow In Numbers, Both groups are drawing enable supply of top-grade Earn Livings as But Trade Barriers Remain couragement from the grow- stocks. Help Push Prices to ing economic recovery. James E. Day, president of Licensees; Industry By JAMES N. WALLACE mass distribution, thus New Highs Those were the chief find- the Midwest Stock Exchange Hits at Gyps Staff Reporter of The Wall Street Journal strengthening economies and ings of a Wall Street Journal in Chicago, says he’s noted a PARIS—The long-heralded, raising living standards. random survey of hundreds of rising interest in the stock tariff-erasing European Com- The Common Market’s ulti- No. 1 Route: individuals around the coun- market “by a broader seg- McDonald’s mon Market became a reality mate goal reaches far beyond try, backed up by interviews ment of the population” yesterday—but it’s almost im- a mere customs union. The Mutual Funds with brokers and stock ex- that’s partially reflected in Hamburger Firm Sets possible to prove it. Common Market treaty envi- change officials in three big the “good sized waiting list” Up Training School; The Common Market sions eventual free movement A Wall Street Journal News Roundup securities trading centers— of people who want to take scheme that came into being of workers, services and capi- Mounting numbers of auto New York, Chicago and San the Exchange’s series of six Dairy Dan’s at the stroke of midnight on tal—as well as products— salesmen, waitresses, cab driv- Francisco. lectures on stock investment. Profits Climb New Year’s Eve was minutely among members. It also looks ers and other moderate-in- Will the new investors find “The day of the big 100- negotiated for years and forward to such things as come Americans are pouring what they seek in the mar- share buyer is nearing an By KENNETH G. SLOCUM painstakingly steered through common agricultural, antitrust more money into the stock ket? end,” claims James Snyder, Staff Reporter of The Wall Street Journal sometimes recalcitrant parlia- and transport policies, cre- market, a trend that’s helping Only time—and their tac- assistant general sales man- CHICAGO—Ten months ago ments in 1957. But on the day ation of a “social fund” to im- push stock prices to the high- tics—will tell. But securities ager of A. C. Allyn & Co., William Rooney, 31, was a of the market’s birth one prove the lot of workers and est levels ever. men agree the rising number large Chicago brokerage con- Staten Island, NY., deep sea sought in vain for an impres- the setting up of an invest- Their motives are mixed: of investors already is concern. “There is a marked in- diver with $8,000 in the sive opening ceremony or ment bank to aid Western Eu- Some want to protect part of tributing to the market boom; crease in the number of per- bank, a strong dissatisfaction even some small sign that the rope’s economic expansion and their savings against the rav- the Dow-Jones Industrial Av- sons who come to us asking with the uncertainty of his whole thing had come to pass. buttress businesses injured by ages of inflation—or merely erage last week pushed up to advice on their first stock sharply-fluctuating income, The aim of the “European the first blasts of tariff-free seek higher current income a new high. Also contributing purchase of five or 10 and a driving ambition to op- Economic Community” is to competition. than they can get from a bank to the price rise are growing shares.” erate lis own business. progressively eliminate over Today, in addition to being 12 to 15 years tariffs and other his own boss, the five-foot, trade restraints among Ger- eight-inch, 170-pound Mr. many, France, Italy, Holland, Rooney has traded in his five- Belgium and Luxembourg. To- year-old car for a new model, day, throughout the six mem- plans to move out of his ber nations, not a tariff or rented apartment and into a quota has been changed as a big home in a more expensive result of the market: nor will section of Staten Island, and they be until another New figures his 1960 net income at Year’s Day rolls around. The $30,000. market, in fact, doesn’t even Mr. Rooney didn’t find a have a head or a home, though treasure in the watery depths that may change next week or inherit a stake from a when member nations’ foreign wealthy relative. Instead, he ministers meet in Paris to pick gathered up his savings and a Common Market “capital.” opened a Chicken Delight “It’s in a transition toward drive-in restaurant, joining transition,” explains a U.S. of- some 20.000 Americans who ficial in Paris. this year went into business A diligent searcher, how- for themselves under a fran- ever, finds that even in transi- chise agreement. A franchise tion the market does boast a usually entitles its holder to few things. It has a bulky 378- use of a company name, a page document full of compli- program of professional cated language, establishing training and guidance, whole- the European Economic Com- sale prices on certain goods, munity. The market, according and often financial assis- to one expert in Paris, also has tance. In return, the fran- loopholes making it possible chise holder may pay a lump to extend the effective begin- sum in cash at the start, ning of the market indefinitely agree to pay a percentage of beyond the hoped-for 12-to-15- sales later on and contract to years target. buy the franchising firm’s

The market’s sputtering GETTY IMAGES products. pace at the start, of course, Success such as Mr. doesn’t mean that it won’t February 12, 1964 Rooney’s, though more spec- eventually produce vast eco- tacular than most, has nomic and political changes THE BRITISH INVASION spurred tremendous growth for Europe. The Common Mar- in the small business fran- ket, though usually viewed as chise field since World War II. The Beatles Craze Threatens Big Dent In Parents’ Wallets. primarily an economic ar- New Company Licenses Maker Of Dolls in Singers’ Image; Wigs Go Over Big in Gimbel’s rangement, marks a long step toward European political August 13, 1962 By CLARENCE NEWMAN unity. Some nations, perhaps Staff Reporter of The Wall Street Journal most notably the Dutch, are Race & Residence more interested in the mar- NEW YORK—Bad news for U.S. parents just now recovering from what transpired on the Ed Sullivan TV show last ket’s political potential than Sunday: its economic advantages. And U.S. teen-agers in the next 12 months are going to spend $50 million on Beatle wigs, Beatle dolls, Beatle egg cups Negro Efforts to and Beatle T-shirts, sweatshirts and narrow-legged pants. on the economic side, if all The authority for this frightening prediction is Nicky Byrne, a British businessman who is president of a concern Find Racially goes well, the Common Market known as Seltaeb—that’s Beatles spelled backwards. Mixed Housing will knock down tariff walls Sipping champagne in the Oak Bar of New York’s Plaza Hotel, he declines to forecast exactly now much of this $50 among more than 160 million million will find its way into the pockets of the Beatles, the four young British singers who are currently mesmerizing Lead to New customers. This truly mass U.S. teen-agers. “It would be cheeky to predict our income,” he says. market could be the spur Eu- Will the Beatle craze among teen-agers reach the dimensions of those which once prevailed for Frank Sinatra and Ghettos rope has long needed to de- Elvis Presley? No one knows yet. One disc jockey does make the observation: “The Beatles are British and this gives velop mass production and them a touch of class.” He goes on to argue: “The Sinatra and Presley booms were nothing compared to this.” By LAURENCE G. O’DONNELL Staff Reporter of The Wall Street Journal NORWALK, Conn.—Formi- July 15, 1958 have its somewhat larger November 4, 1959 dable obstacles lie in the way four-door sedan available to of the growing number of Ne- Two Japanese the public beginning July 31. its own credit card program. groes seeking to escape seg- Its car, known as the “Toyo- “Instant Money” “Other banks will follow us regated housing in the North. Auto Makers Plan pet Crown,” is to sell for just as they have in other And it would be hard to find a To Drive Into U.S. $2,222 delivered in the met- forms of lending.” more striking example of ropolitan Los Angeles area, Bank Credit Cards, The increased emphasis of these difficulties than the one Market for First with similar equipment. commercial banks on retail provided by recent events in a It is to be made available credit so far has not been racially mixed residential de- Time in July elsewhere on the Pacific Borrowing by Check dampened by today’s tight velopment here. By a WALL STREET JOURNAL Staff Reporter Coast shortly and on the money situation and is be- The development is called LOS ANGELES—Two of Eastern Seaboard by the be- Are Growing Rapidly lieved to be playing a part in Village Creek. Located on the Japan’s largest automobile ginning of next year, with the sharp current expansion shore of Long Island Sound, manufacturers aim to roll Midwestern markets being of installment credit, likely to Village Creek contains 53 their cars on to the Ameri- supplied by February, 1959. Some Stores, Loan Companies rise this year by more than homes, ranging in market can market for the first time The Toyopet Crown’s four- $5.5 billion from last year. value from $20,000 to before the end of July. cylinder engine is said to be The American Bankers As- Complain; Bankers Report $45,000. It was laid out a The Nissan Motor Car Co., capable of moving the vehi- sociation Installment Credit dozen years ago by develop- Ltd., of Yokohama expects to cle at a top speed of 78 Commission estimates the to- Delinquencies Are Few ers who made a point of sell- put its four-door “Datsun miles per hour and provid- tal volume of all types of con- ing houses to both whites and 1000” sedan on sale Sunday ing about 25 miles to the sumer credit may reach Negroes, with the aim of here in Southern California. gallon at cruising speeds. nearly $50 billion by the end achieving a “favorable racial The vehicle, purported to Art Wolverton, partner of A Stimulus for Inflation? of the year, up from $45.1 bil- balance.” get 30 to 35 miles on the Studio City’s Wolverton Mo- lion at the end of 1958. All seemed harmonious un- gallon and provide a maxi- tors, Nissan’s distributor for By JONATHAN SPIVAK credit that can be drawn on The great bulk of consumer mum speed of over 75 miles 11 Western states, says he’s Staff Reporter of The Wall Street Journal by check. These programs are debt still is in the conven- til last summer. Then a Negro an hour, is to sell for $1,845 hopeful of getting 750 to “Instant money.” “Ready a marked departure from tra- tional auto, home and per- electronics technician and his delivered in Los Angeles 800 autos by the end of this credit.” “Insured ready cash.” ditional methods of bank con- sonal loans offered by retail- wife sought to purchase a with white sidewall tires, year. The first 50 cars are Under such catchy titles as sumer lending, which involve ers and finance companies as house, and there were com- heater, vinyl upholstery and scheduled to arrive tonight these, new consumer lending a careful review of every indi- well as banks. But the new plaints from home owners in underseal. aboard the “Manjussan plans launched by many of vidual loan. types of bank credit are draw- the section of Village Creek It would be made avail- Maru.” the nation’s banks are spread- “The revolving check credit ing scrutiny. where the would-be buyer able in New York shortly “Next year,” says Mr. ing rapidly and scoring a romance is the hottest news “We are certainly inter- wanted to settle. The stron- thereafter and later in the Wolverton, “we hope to get growing success—but not item in consumer banking. ested in all phases of their gest objectors, strange to re- year or early next year in sales up to 200 to 300 a without stirring up contro- The plans are sweeping the operation and development,” late, were Negroes. The pro- other parts of the country. month.” Mr. Wolverton fig- versy. industry,” says a publication says Louis Asterita, deputy portion of Negroes in the The other Japanese con- ures the Datsun’s main com- The new bank credit proof the Federal Reserve Bank manager of the American neighborhood had been grow- cern pitting its efforts petitors in the foreign car grams are designed to provide of Philadelphia. Bankers Association. “These ing for several years, and the against Detroit and other field will be such autos as quick credit for qualified cus- “We anticipate the credit plans are quite contrary to Negro residents felt one more foreign car manufacturers the British-made Hillman, tomers either through a credit card will be one of our most the concept of banking of sev- Negro family would turn the for the American driver’s the French Renault and card similar to those issued by profitable services,” says an eral decades ago and maybe section into a segregated dollar is the Toyota Motor Simca automobiles and Ger- Diners Club and American Ex- official of the Bank of Amer- contrary to the concepts of “ghetto.” The dispute is still Co., Ltd. Toyota plans to many’s Volkswagen. press Co., or through a line of ica, which this year launched quite a few bankers today.” unresolved. P2JW189000-0-S00600-1------XA

S6 | Monday, July 8, 2019 THE WALL STREET JOURNAL. WSJ | 130 YEARS

March 16, 1964 probably between selected September 21, 1970 sive are discriminatory prac- May 17, 1973 U.S. customers and European tices against women that they points. If all goes well, AT&T have come to be regarded, Global Direct expects to have direct dialing Women at Work: Pressure more often than not, as nor- Beyond the for overseas calls in opera- mal,” asserts the report of Dialing Plans tion on a limited scale by Is Mounting on Companies the Presidential Task Force Fringe: Pay TV 1968, officials say. It will then on Women’s Rights and Re- Laid by Phone be expanded steadily until it To End Sex Bias on the Job May Hold Key becomes available to almost sponsibilities. Experts of 68 all the world’s telephones in Women are exerting lever- To Cable-TV’s the 1970s. They Sue Under Rights Act, Get Aid From Guidelines, age on a number of fronts. Nations “Direct dialing world-wide but Say Progress Is Slow; Battling a Victorian Hang-Up Some are suing for equal job Future in Vast will be made possible by the rights under the Civil Rights Speedy System to Begin expansion of undersea tele- Act of 1964 and the Equal Pay Urban Market By 1968; Group Says 12 phone cable networks and the By JIM HYATT battle wasn’t an easy one. Act of 1963. “Lawsuits are advent of orbiting satellites Staff Reporter of The Wall Street Journal Digits Could Dial Most Mrs. Easter says she was mushrooming all over the to relay calls,” says an AT&T NEW LEBANON, Ohio—In fought “tooth and nail” by the place,” says an attorney for By JAMES MACGREGOR World Telephones official. Until now, he adds, many respects, Grace Easter union, Local 199 of the Inter- General Motors, a defendant Staff Reporter of The Wall Street Journal such direct calling wasn’t By JERRY E. BISHOP is a typical working woman. national Brotherhood of in a number of cases. SAN DIEGO—Marguerite practical because of the rela- Staff Reporter of The Wall Street Journal She operates an electronic Bookbinders. “All you have to Crusaders against sex dis- Dallin thinks pay-television is tively unreliable radio cir- NEW YORK—Nearly every cuits that link many areas of addressing machine for Mc- say is ‘women’s rights,’ and crimination are hopeful that just great. “There’s no fuss American in the not-too-dis- the world. Call Printing Co., where she all hell breaks loose,” she as- new guidelines for Federal and bother, and it saves a lot tant future may have his own Direct customer dialing has been employed for almost serts. “Nobody hears another contractors will prove even of money,” she says. But down “hot line” to the Kremlin. would speed up international 20 years. word you say.” more effective than lawsuits. the street, Rose Lindner isn’t And if he’s mad at President calls and, equally important, But there is a difference in Grace Easter isn’t a In mid-June one such crusad- so sure. “You know, the way de Gaulle, he’ll be able to dial eliminate the language barri- her current job with McCall women’s liberation activist, ing group, the National Or- we live, I’m not sure how a few digits and seconds later ers that now complicate over- Printing. It had been open but like thousands of other ganization for Women (NOW), much we’d use a service like be plugged into the Palais de seas telephoning. Until re- only to men until last April, working women, she depends filed 1,300 complaints of sex that.” L’Elysee, the general’s home cently, an overseas phone call when her company and her on her wages to maintain the discrimination with the Office In this area, a lot more in Paris. required the local long dis- Such calls, and more prac- union settled her two-year- standard of living she and her of Federal Contract Compli- people seem to agree with tance operator to contact the old suit against them. husband have established. In ance. Mrs. Dallin than with Mrs. tical telephoning for private AT&T overseas operator in For Mrs. Easter, it was a recent months women like Another possible weapon Lindner. Or so says Jeffrey and business reasons, may New York. This overseas op- soon be facilitated by world- erator, in turn, had to call an mixed victory. The new job Mrs. Easter have been suc- for women is the hotly de- Nathanson, president of Opti- wide direct customer dialing. operator in the foreign coun- raised her pay to $4.50 an cessfully pressuring their em- bated equal rights amend- cal Systems Inc., which offers At a meeting in Rome re- try, who then made the final hour from $3.33. But because ployers to end what is per- ment to the Constitution, a pay-TV package of movies cently, delegates from the connection. This procedure she lacks seniority on this haps the country’s most which would nullify most and other events over the lo- world’s telephone systems made necessary at least one job, she will be among the entrenched prejudice: Sex dis- Federal and state laws that cal cable-TV system. For every laid the groundwork for in- bilingual operator either here first to go if the department crimination on the job. make distinctions on the ba- five demonstrations his sales- ternational dialing similar to or overseas. lays off personnel. And the “So widespread and perva- sis of sex. men give in homes here, he the system now used in most says, four salesmen walk out of the U.S. It will enable any telephone owner to dial a the door with checks for dozen digits or so and reach $32.50 in hand. almost any of the 160 million This is, quite possibly, the other telephones on the best news the cable-television globe, from Togo to Thailand. industry has had in years. For Already, American Tele- most of those years, the indus- phone & Telegraph Co., which try has tirelessly promoted a handles U.S. overseas tele- future in which it would make phone calls, is studying a pro- the lowly TV set into every- posed test of direct dialing, man’s movie theater, sports arena, shopping center, class- room, town hall and protection November 10, 1969 service, among other things. And this is the year the cable-TV industry begins trying Educational TV to make that future come true. A Federal Communications Turns to Hard Commission freeze on cable construction in the nation’s Sell in Series 100 largest cities has been lifted, opening the door for $3 Aimed at billion to $4 billion in cable- Preschoolers TV capital spending over the next decade. To many cable- casters, pay-television—and By EVERETT GROSECLOSE millions of enthusiasts like Staff Reporter of The Wall Street Journal Mrs. Dallin—are needed to make the investment pay off. NEW YORK—The National Educational Television people, “In these cities, it is abso- who have prided themselves lutely essential to have addi- on shunning commercialism, tional services (beyond the are about to hit the lollipop improvement of normal TV

set with Madison Avenue’s AP PHOTO signals that all cable-TV of- slickest kind of hard sell. fers). Pay-TV has to be the But products such as break- September 6, 1972 most important of these ser- fast cereals and expensive toys vices in the near future,” aren’t being pushed. Instead, CLICK, WHIR, THANKS says Alfred M. Stern, presi- lively commercial-like features dent of Warner Cable Corp., a will promote such things as unit of Warner Communica- the alphabet and counting. A Many Banks Switching To Electronic Tellers That Are Always Open. tions Inc. Monroe Rifkin, sample: They Perform Many Tasks; Manufacturers and Bankers and Customers All Pleased; Caught a Bit Short in a Bar president of American Televi- Late last week a real old dog sion & Communications Went out digging in a terri- By JEFFREY A. TANNENBAUM Corp., another major cable- ble fog Staff Reporter of The Wall Street Journal caster, says “pay-TV may be Found some dice in a hol- the reason for our very exis- UPPER ARLINGTON, Ohio—In the wee hours of a recent Sunday morning, Mr. and Mrs. Wilburn Hubbard had an low log tence in the large cities.” impulse to go fishing. But the young couple was short of cash for bait and other minor expenses. And won a duck from a The solution was simple. The Hubbards drove to their bank and withdrew $20 from a checking account. Pay-TV’s success or failure friendly frog ... In the process, they didn’t see another human being. is also of considerable interest The jingle’s author hopes The Hubbards’ bank is completely automated. It’s open for business 24 hours a day, seven days a week. Called the to the motion picture indus- that the use of words starting Handy-Bank, it’s the first branch of Huntington National Bank, a Columbus-based unit of Huntington Bancshares Inc., try, which, even after its re- with D in each line will im- to operate without human tellers. cent financial retrenching, press little minds with the let- Resembling a well-appointed and well lit automatic laundry, the bank occupies a corner of a shopping center in this sorely needs the extension of ter’s sound. Such fare will be quiet Columbus suburb. It has been doing a growing volume since opening in April. “We like the convenience of banking its box office that pay-TV offered to the preschool set at odd hours,” says a delighted Mrs. Hubbard, who frequently uses the Handy-Bank. beginning today when NET could offer. The success is The same sort of convenient banking may soon be available throughout the country, bankers say. Already, electronic launches its newest show, similarly of interest to profes- banking machines have popped up in dozens of cities, making round-the-clock banking a reality. “Sesame Street,” on almost sional sports teams, which 190 educational stations need much the same things, across the country. and to television networks and The hour-long program, November 15, 1972 local stations, which increas- televised in color, is aimed at ingly find it profitable to fill the nation’s 12 million toddlers larger chunks of their time aged three through five, and with movies and sports, the the experts say that if Sesame basic fare of pay-TV. Street doesn’t get through to The Dow Tops 1000, but That Thus, a lot of eyes are fo- them with its educational mes- cused on the baker’s dozen cit- sage, nothing will. Sesame Street will be the ies, from San Diego and Van- most thoroughly researched Tells Little About Past or Future couver to Reston, Va., and and lavishly produced chil- Wilkes-Barre, Pa., where pay- dren’s show ever turned out TV operations are under way by educational television. Widely Followed but cance for the market. criticism of the Dow as a are down more than 10%. or planned for this year. In a Backed by $8 million in Brokers who specialize in mirror of market movements Still, the Dow is the most year or so, it’s generally grants from the Carnegie Narrow Stock Average, technical analysis, using in recent years. Since about widely followed of the dozen agreed, what has happened in Corp., the Ford Foundation 88 Years Old, Has Had charts of price fluctuations 1966 it has lagged behind or so popular stock market these cities should give a good and the U.S. Office of Educa- Its Ups and Downs as a basis for predicting com- such broader-based indica- barometers, a preeminence idea of both the magnitude of tion and other Federal agen- ing market moves, say that tors as the New York Stock based largely on the Dow’s pay-TV’s future and its partic- cies, Sesame Street will seek BY RICHARD MARTIN from a technical standpoint Exchange composite index simplicity and continuity. It ular dimensions. to prepare youngsters for for- Staff Reporter of The Wall Street Journal the 980 level was far more and the Standard & Poor’s in- is the oldest continuous yard- So far, the results of these mal education by teaching basics, such as letters of the al- NEW YORK—The Dow meaningful than 1000. When dex of 425 stocks. stick for measuring stock pay-TV programs have been phabet, numbers and the Jones industrial average fi- 980 was topped Nov. 3, ac- Nor does the Dow mirror market price movements. reasonably promising for ca- difference between circles and nally broke through 1000 and cording to the chartists, a the actions of individual is- It has had a long, hard blecasters. Mr. Nathanson of squares. stayed there yesterday. It “resistance level” was sues any more than the gov- climb to 1000. It took the Optical Systems says it will be “The key to it all is making closed at 1003.16, up 6.09 for cracked and the die was cast ernment’s unemployment Dow 60 years to rise the first at least August before his it good enough to compete the day. for further substantial mar- rate measures the impact on 500 points, then 16 more company can judge the success successfully with commercial The close produced cheers ket gains. an individual who has lost his years to go the rest of the of its San Diego operation, and kid programs and the car- and confetti on the floor of So the 1000 mark doesn’t job. way. And along that way he declines to give interim fig- toons,” says David Connell, ex- the New York Stock Exchange really mean much for the fu- The Dow itself is up 59% there have been severe ups ures on “penetration” or the ecutive producer. and set champagne corks ture. Nor does it tell a whole from its close at the low on and downs. The sharpest gain percentage of potential sub- To a nonexpert adult popping in brokerage offices lot about the past. Although May 26, 1970, but three Dow in terms of points was 32.93 scribers actually enrolled. But viewer, chances seem good across the country. But, aside the public often equates the stocks (Eastman Kodak, points on Aug. 16, 1971, when Warner Cable’s Mr. Stern says that Sesame Street—a name picked from more than 200 from being a historic mile- Dow with the market as a Procter & Gamble and Sears President Nixon froze wages penetration is currently “about suggested titles—will indeed stone that might have a bull- whole, it is an index of only Roebuck) are up more than and prices; the biggest drop a third” in the first four small be fun for children and will ish psychological impact on 30 stocks and thus it greatly 125% from that date while was the Oct. 28, 1929, crash cities where Warner’s teach them things that are the investing public, the oversimplifies the market. In- three others (American Can, of 38.33 points. (It fell an- Gridtronics pay-cable system worth knowing. event has little real signifi- deed, there has been growing Anaconda and General Foods) other 30.57 on Oct. 29.) is being tested. P2JW189000-0-S00700-1------XA

THE WALL STREET JOURNAL. Monday, July 8, 2019 | S7 WSJ | 130 YEARS

February 27, 1975 March 21, 1977

Ebbing Resources Social Security payroll taxes studying Social Security fi- will have to be raised at least nancing for the past year. one percentage point and per- The new cost calculations, Weighting Game Social Security haps one and a half points which are still being com- System Is on Its Way from the present total of 11.7% pleted, will be in the 1978 re- of wages levied on employer port of the Social Security Wall Street’s New Fad Has People To Going Broke, and employe. They say action trustees, due out in April. They can’t wait long. But Congress are sure to alarm the public Analysts Warn may have until next year to and force politicians to face Watching Stock Market Scales meet the issue. The Ford ad- unpalatable choices of increas- ministration will probably ing payroll taxes, finding other Payments Outstrip push for an increase effective sources of revenue or curtail- Money Managers Try to Keep Portfolio Income; Arguments in 1977, when the economy will ing future benefits—or perhaps presumably be picking up. a combination of all three. Balances in Line With S&P Index Ratios Are Growing on How Adverse economic trends “The time has come when the To Stop Deficits and a declining birth rate are country has to face the hard also worsening the threat of a facts of life; you can’t go on long-term Social Security defi- ever expanding the program,” A Way to Attain Mediocrity? Who Should Foot cit, extending far into the 21st says Robert Myers, former Century. Recently this deficit chief Social Security actuary The Bill? By CHARLES J. ELIA Now, fashion-conscious in- was expected to require a and now professor of actuarial Staff Reporter of The Wall Street Journal vestors are rallying to the lat- three-percentage-point in- science at Temple University. est—the S&P indexing craze. By JONATHAN SPIVAK crease in the total Social Secu- Congress already is show- Fifth Avenue it’s not, but Wall Street has still had its fashions Like a lot of other fashions, it Staff Reporter of The Wall Street Journal rity tax; now the added reve- ing concern about Social Secu- over the years. isn’t brand new, and it has a nue need is projected at about rity’s difficulties and about For a time in the 1960s, electronics were de rigueur, and WASHINGTON—New finan- lot of detractors. But even its six percentage points. “The public fears for the system’s “tronics” was the stylish ending for a company name. In the late cial shock waves are surging detractors say it is a market longer we delay, the more se- solvency. The Ways and Means ’60s, the go-go era, fast-growing smaller companies and con- through the already-troubled force to be reckoned with. vere the (tax) increase has to Committee has established a glomerates became the vogue. The early ’70s saw interest fo- Social Security system. Not everyone wants to par- be,” warns Jerome Van series of investigating task cused on the high-quality merchandise, and since then the trend Recent cost estimates are ticipate directly in the new Gorkom, a member of an advi- forces and will hold public has been back to basics, with the emphasis on such fundamental revealing worsening short- rage, because this in effect sory committee that has been hearings later this year. industries as metals and papers. and long-range problems for means owning shares of all the nation’s massive retire- 500 component companies of ment program. At the current Standard & Poor’s index. The rate of spending and income, direct participants essentially the system will run out of are managers of big portfolios. money by 1980 or soon after- The basic idea is to keep ward, actuarial experts warn. portfolio balances in each of Buffeted by the recession, the 500 stocks proportional to the system’s retirement and the stock’s value within the disability trust funds totaling S&P index (thus the term “in- $45 billion will begin dwindling dexing”). The leader of the this year for the first time in a 500, for example, International decade. Outgo will exceed in- Business Machines, has a total come by as much as $2.5 billion capitalization that accounts this year; on the basis of cur- for 6.3% of the combined value rent economic assumptions, the of all 500 components of the deficit is expected to leap to index; that means that 6.3% of $6.1 billion next year and $8.3 a truly indexed portfolio billion the following year. should consist of IBM shares. These figures have been Not that many managers of presented to the House Ways pension funds, mutual funds and Means Committee, which and bank investment portfo- writes the Social Security lios are buying this concept up laws. Some committee mem- and down the line. But much bers, notably Republican Wil- of Wall Street clearly has be- liam Archer of Texas, are come entranced with watching aghast. “The situation has the flows of money into and changed radically,” laments a out of the stocks of the 500 Social Security expert. major companies. To honor commitments to The fad evolved naturally the system’s 30 million benefi- enough, because institutions ciaries, sizable infusions of have long used the S&P index revenue will soon be required, as a yardstick for measuring actuaries say. In the short their investment achieve- range, many figure, the funds ments. need at least a $7 billion-a- More often than not in the year—or 10%—increase in rev- past, these achievements ha- enue. Some actuaries contend ven’t exactly measured up. the sum should be $10 billion. GETTY IMAGES Over the past eight to 10 The experts estimate that years, in fact, more than October 17, 1973 three-fourths of the institutions that manage other peo- January 29, 1976 OIL EMBARGO ple’s investment money have had worse results than the market averages. A Cold Shoulder ‘Cold War’: Reduced Arab Oil Flow Promises to Make Life Difficult for Americans. If you can’t beat ’em, join Some Ways to Ease Hardship Seen; Firms Build Stocks; But Mideast Remains Vital. Laird’s Advice: Buy Sweater ’em, money managers apparently figure. Career Women This article is based on reports from Decry Sexual JAMES TANNER in New York, JEFFREY TANNENBAUM in Cleveland and BURT SCHORR in Washington. Harassment by It now seems clear that the Arabs plan to slow their flow of oil to the U.S. What will this mean for American fami- February 2, 1978 lies? Where will American corporations find the fuel to get them through the winter? What can America do to ease Bosses and Clients the impact of the expected Arab move? Even before the outbreak of war in the Mideast, the outlook was bleak for Americans’ getting enough fuel oil for the winter. For months, corporations have been scrambling for supplies, storing more fuel on their premises, installing Low-Lying Spurning an Advance new equipment to use alternative fuels and figuring out how to cut down consumption. Now, the frenzy will increase. Risks Dismissal, They Individuals will also be affected. Yesterday, Presidential Counsellor Melvin Laird suggested that everyone buy a Lands Could Charge; ‘Bug Off’ sweater and prepare for fuel rationing. But Edgar Marshall and his wife, an 80-year-old couple in Louisville, don’t think they can get through the winter with just sweaters. Right now, they’re down to their last 50 gallons of fuel oil, Be Submerged Doesn’t Work and their dealer has nothing to fill their tank with. “I don’t think they ought to let old people freeze,” Mr. Marshall says. By Climatic By MARY BRALOVE Before the war broke out, the U.S. had already decided to allocate petroleum products. But the mandatory-allocation Staff Reporter of The Wall Street Journal programs for propane and for heating oil, jet fuel and other products only can assure that “no one area of the country Disaster The 40-year-old bank exec- will suffer undue shortages,” says John Love, President Nixon’s top energy aide. An Interior Department administrator utive faced a business prob- adds, “No matter what we do now, the odds are 10 to one that we will have cold homes, we will have cold hospitals, Scientist Warns lem for which no graduate we will have factories forced to close down.” Of Antarctic course in management had prepared her. No sooner had Temperature Rise she settled into her new job Caused by Burning of as the first woman vice presi- These days, the wall of si- February 4, 1977 dent of a Midwestern bank lence surrounding the issue Oil and Gas

than the trouble started. of sexual harassment is A WALL STREET JOURNAL News Roundup “I was hit from all direc- gradually crumbling. puter consultant, “we’re just tions at once with several Across the country, small Home Input seeing the tip of the iceberg” A climatic disaster, trig- important bank clients offer- pockets of working women in terms of potential demand. gered by the continued burning me their business on the are boldly speaking out and Why do people want coming of oil and coal, could result condition that I go out with seeking protection against puters? A computer’s ability to in the submergence of much of them,” she recalls, asking unwanted sexual advances The Computer Moves store information, and cough Florida, Holland and other that her name not be used. by bosses or clients. The in- it up on demand, makes for low-lying areas in the next 50 “I was responsible for keep- cidents they describe are From the Corporation endless possibilities. You can years, an Ohio State University ing and building up these sometimes as blatant as a keep up to date on next year’s scientist predicted. large accounts. If they pulled proposition coupled with the To Your Living Room tax return so that its actual The disaster, which the sci- out, my career was finished.” promise of advancement if preparation will be a breeze. entist suggested already may At first she made light of accepted and the threat of You can have your lawn sprin- be in the making, would occur the offers. Then she ignored dismissal if rejected. Or, the kler turn itself on and off. You if the increasing amount of them. When these tactics harassment may take the If You Don’t Have One Yet, can create electronic music, carbon dioxide released into failed to stop the persistent form of a physical overture play electronic games or just the atmosphere by burning oil phone calls at home and the disguised as a friendly pat, Up to 100,000 People Do; entertain the neighbors. And and coal succeeds in raising suggestive remarks at busi- squeeze or pinch. much more. the temperature in the Antarc- ness meetings, she lashed out. Some women, of course, Clubs, Magazines & Music “You get a sense of a lot of tic by only five degrees. “I sat down with each cli- welcome these unexpected power by getting the computer The temperature rise would ent and told them that I make attentions and turn them to to do things you couldn’t nor- result in the sudden “deglacia- it a firm rule to keep busi- their advantage. Corporate BY DAVID GUMPERT mented that it hasn’t got mally do very easily,” says tion” of the West Antarctic, ness separate from my social and Hollywood lore is spiced Staff Reporter of The Wall Street Journal around to computing its own James Gelser of Cambridge, unfreezing enough water to raise world sea levels by five life,” she says. “I told them with stories of the “casting You plunk down anywhere progress, so nobody knows Mass., a mathematics teacher meters (about 16 feet), John H. that they could take their couch” launching women on from $200 to $3,000, bring it how many individuals have who bought a desk-top system Mercer of the university’s In- business to another loan offi- to stardom or a successful home, put it together, plug it bought computers. But esti- a year ago for $1,100. stitute of Polar Studies ex- cer if they wanted to.” career. But many women rein and, presto—you’ve got a mates range from 20,000 to About a dozen companies, plained in a new theory pub- It was a stratagem that act instead with fear, humil- computer system at your beck 100,000. This trend has been most of them small private lished in Nature, a widely worked. Though taken iation or anger. and call. going on for only a couple of firms, turn out home comput- circulated British scientific aback, the clients seemed to “To every woman who The era of the home com- years, but it has already ers, selling them either by journal. accept her terms. Not one has had it happen, the initial puter, it seems, is upon us. spawned more than 300 mail order or through the “I contend that a major di- has taken his business else- feeling is that there is some- Thanks to smaller and cheaper stores, more than 150 clubs computer stores. The stores saster—a rapid five-meter rise where. Still, the experience thing wrong with me,” says computers, just plain people and half a dozen magazines. have sprung up mostly on the in sea level caused by deglaci- left her shaken. Karen DeCrow, president of are entering what used to be Some computer experts West Coast and in the North- ation of West Antarctica—may “Nobody ever talks about the National Organization the exclusive, expensive and compare the situation to the east. They are geared to the be imminent or in progress af- sexual harassment on the for Women. “Slowly people mysterious domain of corpora- earliest days of automobiles, novice and have such names ter atmospheric carbon dioxide job,” she says. “But when it are becoming aware that it tions and universities. television sets and, more re- as Computer Warehouse Store has only doubled,” Mr. Mercer, happens to you that first is a problem that is happen- The home-computer indus- cently, hand-held calculators. and Kentucky Fried Computers a glacier geologist, asserted. time, it’s frightening.” ing to other people.” try is so new and so frag- “Right now,” says one com- (“a computer in every pot”). P2JW189000-0-S00800-1------XA

S8 | Monday, July 8, 2019 THE WALL STREET JOURNAL. WSJ | 130 YEARS

June 20, 1979 October 8, 1981

fer, a professor at the Univer- How did supply-side theory, High-Priced Cure New Economics sity of Southern California, the with all its forecasts of eco- economy’s problems could be nomic resurgence, come to the solved if the dollar was re- fore? Fight to Curb Inflation, SupplySide Theories stored to a gold standard. A half-dozen years ago, the Mr. Laffer has long been as- term “supply-side economics’’ Experts Say, Will Take Became Federal Policy sociated in the public mind hadn’t even been coined: last with the supply-side notion of Aug. 13, the theory became cutting taxes to spur produc- enshrined in national eco- Years and Risk a Slump With Unusual Speed tion, but he says the recent nomic policy when President tax cut was less than half the Reagan signed a three-year, battle. 25% cut in personal income If Joblessness Starts Rising, Politicians and Journalists, “Gold has always been the tax rates. most important issue in my A look back at this remark- Will Washington Panic? Rather Than Academics, mind,” he declares. able revolution shows that Woes of Paring Programs Played a Crucial Role The problem, retorts an- much of its driving force came other leading supply-sider, from outside traditional chan- Treasury Under Secretary Nor- nels of economic thought. By RICHARD J. LEVINE sion,” says MIT’s Stanley Is a Gold Standard man B. Ture, is that zealots Many of the people behind Staff Reporter of The Wall Street Journal Fischer, co-author of a best- such as Mr. Laffer exaggerated the supply-side movement, and oversold supply-side notes Herbert Stein, a profes- Curbing inflation will be a selling college textbook on Needed? theory in the first place. Mr. sor of economics at the Uni- long, painful struggle. economic policy-making. “But it can’t have it both ways. Ture, who opposes a gold versity of Virginia, aren’t That is the almost-universal By PAUL BLUSTEIN happen, at least not according That’s its dilemma.” Mr. Feld- standard, says all that’s trained economists but rather judgment of the nation’s aca- Staff Reporter of The Wall Street Journal to “supply-side economics,” needed is time for the Reagan “politicians and journalists.” demic economists and busi- stein adds: “If unemployment the theory behind the recently NEW YORK—Interest rates program to work. “I would say Mr. Stein, who was the chair- ness forecasters as they pon- starts rising and the adminis- enacted tax-cut program. are hanging high. The federal that it really is asking a bit man of the Council of Eco- der the worst, most-tenacious tration panics, we will go back The supply-siders think that deficit is looming large. And much for the economy to have nomic Advisers during the inflation in U.S. history. While into an expansionary phase there have been some misun- the Reagan administration’s attained a state of perfect Nixon administration, also be- they are divided on the exact with prices rising again. We derstandings. critics are chortling that these grace” so quickly, Mr. Ture lieves that some supply-siders causes of the trouble, private will have accomplished noth- According to Arthur B. Laf- things weren’t supposed to says. who are trained economists analysts agree with the Carter ing.” “were people who felt they administration’s basic conclu- weren’t getting recognition in sion that there isn’t any quick, the profession and wanted to easy way out. make a splash.” “I have no magic cure,” says Mr. Stein and other econo- Martin Feldstein, president of mists insist that this criticism the prestigious National Bu- isn’t based on professional reau of Economic Research snobbery. and one of the most highly re- They do complain that sup- garded younger economists in ply-siders have submitted lit- the country. “The notion that tle academically respectable you could push some button evidence to show that lower and stop it—that’s crazy,” says marginal income-tax rates will Robert Solow of the Massa- lead Americans to work, save chusetts Institute of Technol- and invest far more than they ogy. “There is no simple solu- do now. But they admit that tion.” it’s hardly any wonder that On Wall Street, William politicians and voters want to Freund, chief economist of the try tax cuts, given the profes- New York Stock Exchange, pre- sion’s dismal record of fight- dicts a “painful adjustment to ing stagflation. a better world.” A few miles They also concede that the uptown, in his mid-Manhattan effects of taxes on incentives office overlooking Park Ave- to produce and invest had long nue, Tilford Gaines of Manu- been woefully neglected. facturers Hanover Trust Co. worries that “we may have to make a choice between a seri- October 19, 1983 ous recession and far-worse inflation.” Indeed, after more than Ma Bell’s Orphans four years of expansion, most private economists believe that the economy soon will Regional Phone slip into recession and thus confront the administration Firms Vie for with a difficult decision. On the eve of his reelection cam- Investor Dollars paign, President Carter could PRESS ASSOCIATED As Big Breakup choose to abandon the anti-in- November 10, 1989 flation fight and return to ex- Nears pansionary policies that would guarantee more inflation. Or FALLEN SYMBOL he could accept a recession Leaders Stage Road and higher unemployment, in Berlin Wall No Longer Will Hold Germans Behind Iron Curtain. Shows; Companies hopes of eventually wringing Trying to Halt Defections, Communist East Claims Citizens Are Free to Go Also Compete For out inflationary pressures. “The administration doesn’t This article was prepared by Wall Street Journal staff reporters Talent and Business want to have inflation, and it TERENCE ROTH in Bonn and JANE MAYER and TIMOTHY AEPPEL in East Berlin doesn’t want to have a reces- By MONICA LANGLEY EAST BERLIN—In a move with immense symbolic importance, the East German government yesterday appeared Staff Reporter of The Wall Street Journal to all but dismantle the Berlin Wall, which for 28 years has stood as the stark embodiment of the Communist Iron Curtain and East-West hostility. NEW YORK—The Southern hospitality is as thick as grits In the latest dramatic effort to stem its political crisis, the East German Politburo said citizens of the country were April 20, 1981 and redeye gravy when the free to leave the country through any checkpoint along the border, including those along the Wall. Guenter Schabowski, bleary-eyed portfolio manag- a Politburo member, told a televised news conference that only a visa would be required for emigration or travel, and ers and securities analysts file WalMart Chief’s that this document would be easily available at any police station. As the news spread last night, East and West Ger- into a Manhattan hotel confer- Enthusiastic mans began celebrating in the streets around the Wall, toasting each other with champagne. ence room promptly at 8 a.m. But while the Communist Party thus tried to answer unrelenting calls for reform in the country, and quell the fears “Glad y’all could make it,” Approach Infects of citizens that the government’s recent drive to liberalization might lose steam, it was quick to diminish the signifi- chirps Wallace R. Bunn, the Employes, Keeps cance of its border action. “This does not mean that we mean to tear it down,” Mr. Schabowski said of the Wall. chief executive officer-desig- Retailer Growing nate of BellSouth Corp., one of the seven regional phone com- By LYNDA SCHUSTER founder Sam M. Walton. panies soon to be spun off November 11, 1981 from American Telephone & Staff Reporter of The Wall Street Journal “Mr. Sam” reels off a number of reasons for the com- Telegraph Co. in the largest BENTONVILLE, Ark.—At corporate breakup in history. Wal-Mart Stores Inc. the regu- pany’s success. He tells you it’s lion this year; and Apple itself because Wal-Mart shunned the Mr. Bunn, a self-made man lar 7:30 a.m. Saturday manage- Test of Time grew from nothing five years who started with the Bell Sys- rial meeting is going full blast. intensely competitive major ago to a company with sales of metropolitan areas and concen- tem 42 years ago collecting Amid tumultuous applause, $334.8 million in the fiscal coins from pay phones, wastes the blushing “Buyer of the trated on selling brand-name As Competition Grows, year that ended last Sept. 25. merchandise at low prices in little time getting to the point: Month” has just received his Nevertheless, both because of “BellSouth is the right company plaque. Perhaps carried away small, rural Midwestern and the new competition and be- Southern communities. He says Apple Computer Inc. in the right place at the right by the moment, Sam Walton, cause of the internal strain of time,” he tells the analysts. chairman and chief executive, that by saturating its trade managing its prodigious area with several stores, Wal- Faces a Critical Period “The company is BellSouth leaps up and bellows: “Who’s growth, Apple is facing a criti- with our 14% rate of return, the No. 1?” The deafening reply: Mart prevented penetration by cal period over the next 12 to competitors. And he talks of place is the Sun Belt and the “Wal-Mart!” Last Year’s Faulty Apple III Is Remade, 18 months. time is now, with the dawning Wal-Mart is actually far strategically placed distribu- It is a period that will see tion centers, state-of-the-art Relaunched; Some Big Plans for ‘Lisa’ of the Information Age.” from being No. 1. The meeting the development and introduc- Mr. Bunn’s tub-thumping ad- is typical, however, of the computer technology and tion of new products. It is also highly productive employes. dress to spark investor interest company’s rah-rah style, a a period that will see the mar- in his new company is being Preaching his homespun be- The Making of Millionaires combination of pep rally and ketplace’s reaction to the rein- played out in meeting rooms liefs, Mr. Walton has made it a evangelical revival. Vice presi- By MARILYN CHASE chief executive officer. By im- troduction of Apple III, the across the nation. This is his point to visit every store annu- dents recite homilies about Staff Reporter of The Wall Street Journal plication, he dismisses the third-generation personal 23rd such presentation in Sep- ally since the first one opened last week’s “honor roll” stores. likes of Xerox Corp. and Digi- computer. tember and October, with 15 in 1962. You hear his adages The head of a “SWAT” team CUPTERTINO, Calif.—“Wel- tal Equipment Corp., which To understand better the more scheduled before Nov. 1. fervently echoed throughout that swoops down to remodel come, IBM. Seriously.” also entered the field this year, Apple of today—and the possi- The BellSouth road show has the company, from top man- stores testifies to a job well- Thus, in full-page ads, did and a probable future con- bilities for tomorrow—it is plenty of competition. At mid- agement to adoring clerks who done. And the sporting-goods Apple Computer Inc. earlier tender by the name necessary to go back night on Dec. 31, in accordance send him poems. buyer addresses the coming this year herald the entry of of American Tele- to 1976, when Apple I with its 1982 antitrust settle- hunting season with his imita- As Donald Soderquist, se- International Business Ma- phone & Telegraph was created in a Los ment with the Justice Depart- tion of a turkey call. nior vice president, adminis- chines Corp. into the making Co. As for Apple to- Altos, Calif., garage. ment, AT&T will divest itself of In many executive suites tration, puts it. “We’re a and marketing of personal day, Mr. Markkula The creators were its 22 wholly owned telephone across the country, such team pretty eclectic group, but we computers—the business that sees the firm’s posi- Steven Jobs and Ste- companies. These operating spirit would seem hokey. But think alike when it comes to Apple founded five years ago tion as “the littlest phen Wozniak, who companies will receive about here in the Ozarks, it has Wal-Mart.” and has dominated ever since. of the big guys.” had met when the three-quarters of AT&T’s $154 helped catapult Wal-Mart into Must days, the Spartan ex- And though some dismissed Heady talk. But former was in junior billion in assets and will be re- the No. 4 slot among discount ecutive offices are empty here the ads as mere whistling in there are those who high school and the organized into seven regional retailers. Wal-Mart posted un- at headquarters, which resem- the dark, Apple itself main- believe it is war- latter in high school holding companies. The execu- rivaled growth over the past bles a glorified warehouse. Mr. tains that IBM’s presence con- ranted. After all, Steven Jobs in Los Altos, an af- tives who will lead these new decade to $1.6 billion in sales Walton’s handpicked disciples firms personal computers as Apple’s personal fluent community in public companies are stumping from less than $45 million and zoom around Wal-Mart’s 11- not just a fad but a major computers—compact, desk-top the heart of what has come to the country in a feverish rivalry to profits of $55 million from state territory, leading local growth industry. machines designed to balance be called Silicon Valley. “I for investors. $1.6 million. Wal-Mart wound cheerleading squads at new “I think this market will see checkbooks, play games and grew up with Bob Noyce AT&T’s 3.2 million share- up 1980 with 330 stores, an in- store openings, scouting out a top three emerge: Apple, handle a variety of other (founder of Intel Corp.) as a holders will be given one share crease over a meager 18 in competing K mart and TG&Y IBM and, with reasonable tasks—kicked off an industry cultural hero, along with Ca- in each of the seven regional 1970. stores, and conducting soul- probability, one Japanese com- that now comprises some 90 mus, Sartre and Bob Dylan,” companies for every 10 AT&T It all bears the unmistak- searching sessions with some pany,” says A.C. Markkula, Ap- companies and whose sales says Mr. Jobs, now 26 years shares they own. They will able mark of 63-year-old 26,000 employes. ple’s 39-year-old president and are expected to break $1 bil- old and Apple’s chairman. also keep their AT&T stock. P2JW189000-4-S00900-1------XA

THE WALL STREET JOURNAL. **** Monday, July 8, 2019 | S9 WSJ | 130 YEARS

March 24, 1986 September 25, 1987

decision was especially pain- In a series of coups, Mi- Software Hardball ful. It came at a time of low crosoft has set standards for morale at Apple, and, be- a variety of programming THE GLASS sides losing the program, languages, for programs that Apple lost several key soft- manage PC networks and pe- Microsoft’s Gates Uses ware engineers who re- ripheral devices and, most CEILING signed in disgust. notably, for the operating- Products and Pressure “He insisted that Apple system software that con- Why Women Can’t Seem to Break withdraw what was trols the inner To Gain Power in PCs an exceptional prod- workings of all 10 The Invisible Barrier That Blocks uct,” recalls Bill At- million Interna- kinson, an Apple tional Business Ma- Them From the Top Jobs By BRENTON R. SCHLENDER important because a similar software engineer. chines Corp. PCs Staff Reporter of The Wall Street Journal language that Microsoft li- “He held the gun to and compatible ma- By CAROL HYMOWITZ your general do that.” In 1985, soon after John censed to Apple had helped our head.” chines. And TIMOTHY D. SCHELLHARDT Yet the biggest obstacle Sculley became chairman of fuel the market for the Apple With that strong- Now, Microsoft ook at the names and women face is also the most Apple Computer Inc., he II. arm tactic, Mr. is hard at work cre- pictures in almost any intangible: Men at the top feel found out firsthand why But when the youthful Mr. Gates had won yet ating its most am- corporate annual re- uncomfortable with women William H. Gates III, the Gates heard of Apple’s plan, another near-mo- bitious standard beside them. port. Or consider the chairman of Microsoft Corp., he immediately confronted nopoly for his com- William H. Gates yet: the operating silence when a male “Chief executives who are was fast becoming the most Mr. Sculley. He threatened to pany. Microsoft has system, called OS/2, my age or even a little youn- Lexecutive is asked to name the powerful man in the per- cut off Apple’s license to use become the kingpin of the for IBM’s recently unveiled ger still feel uneasiness deal- women who hold policy-mak- sonal-computer industry. Microsoft’s program for the personal-computer software second generation of PCs. ing positions in his company. ing with women,” says David Maxwell, 57, chief executive Mr. Sculley wanted Apple big-selling Apple II unless industry by developing prod- In just 12 years, the stan- Notice how far women ha- to bring out a computer lan- Mr. Sculley killed MacBasic ucts aimed at imposing standard-setting strategy has ven’t come in corporate Amer- officer of the Federal Na- guage called MacBasic for and signed over to Microsoft dards on the PC industry and made Redmond, Wash.-based ica. tional Mortgage Association. More than a decade after “They’re much more com- its then struggling Macin- the rights to the MacBasic thus giving the company a Microsoft hundreds of mil- large numbers of women fortable dealing with other tosh personal computer. Ap- name. Mr. Sculley had no guaranteed slice of many lions in revenue, and Mr. joined American corporations men.” ple thought MacBasic was choice but to cave in, but the software markets. Gates a billionaire. as first-level managers, few have climbed as far or as fast as their male colleagues. To- day, women fill nearly a third November 18, 1993 of all management positions (up from 19% in 1972), but Trade Win most are stuck in jobs with little authority and relatively low pay. House Approves Even those few women who Nafta, Providing rose steadily through the ranks eventually crashed into President With an invisible barrier. The executive suite seemed within their Crucial Victory grasp, but they just couldn’t break through the glass ceil- Vote Also Preserves ing. To these women managers, Chances for More the road to the top seems Liberalization, blocked by corporate tradition Such as in GATT Talks and prejudice. Women have a hard time finding the necessary sponsors in their compa- A Narrow Escape nies. Furthermore, they often are thought to lack the right For Clinton credentials and the appropri- ate drive and commitment to By BOB DAVIS and JACKIE CALMES make it to the board room. Staff Reporters of The Wall Street Journal Unlike traditional male WASHINGTON—President managers, women also are Clinton’s wheedling, horse- thought to be too easily di- trading and impassioned pleas verted from their careers by for Americans to embrace the family considerations. “One future secured a surprisingly thing that worries top manag- comfortable 234-200 victory ers is that women take leaves for the North American Free of absence,” says Alonzo Trade Agreement. McDonald, 57 years old, for- After weeks of legislative

mer White House staff direc- GETTY IMAGES drama, a divided House of tor and now head of Avenir November 20, 1987 Representatives ended up en- Group, a company that ac- dorsing the accord more for quires troubled small busi- its economic and political nesses. “A month before bat- TERRIBLE TUESDAY: OCT. 20, 1987 symbolism than for its dry tle, you can’t afford to have particulars. Still, the outcome How the Stock Market Almost Disintegrated a Day After the Crash was a critical victory for Presi- dent Clinton, whose economic November 17, 1986 By JAMES B. STEWART and DANIEL HERTZBERG and Merck & Co., couldn’t be traded. Investors large and leadership had been hanging Staff Reporters of The Wall Street Journal small couldn’t sell their stock; there were no buyers. The in the balance, both at home and abroad. Buoyed by the Spreading Scandal NEW YORK—A month ago today, the New York Stock industrial average was meaningless because many of its component stocks weren’t trading. The Big Board’s mar- win, Mr. Clinton today travels Exchange died. But within an hour or two, it was raised to Seattle to meet with leaders from the dead. ket makers, or specialists, were overwhelmed by unfilled Fall of Ivan F. sell orders, and their capital was devastated. from around Asia and soon The previous day, Oct. 19, when the Dow Jones In- will begin to push for comple- dustrial Average plunged 508 points in history’s largest —Many banks, frightened by the collapse in prices of Boesky Leads to stocks that were collateral for loans to securities deal- tion of the sweeping, but con- one-day loss, has been dubbed Black Monday. But it was troversial, global-trade accord Broader Probe of on Tuesday, Oct. 20, that the stock market—and by ex- ers, refused to extend sorely pressed dealers any more credit. They also called in major loans, imperiling some being thrashed out in Geneva tension all the world’s financial markets—faced one of under the General Agreement Insider Information securities firms. their gravest crises. on Tariffs and Trade. —Some big investment-banking firms, facing cata- Full details of what happened that fateful week are Following the victory, Presi- strophic losses if the market panic continued, urged the only now emerging and are the subject of major inqui- dent Clinton thanked the law- New York Stock Exchange to close. By JAMES B. STEWART ries by a presidential commission, congressional com- makers of both parties for And DANIEL HERTZBERG mittees and others. But minute-by-minute scrutiny of —Only the intervention of the Federal Reserve, the con- “voting their consciences.” Staff Reporters of The Wall Street Journal the events of that Tuesday, plus scores of interviews certed announcement of corporate stock-buy-back pro- Terming Nafta a “defining mo- In Ivan F. Boesky, govern- with key stock, commodities and futures market partic- grams, and the mysterious movement—and possible ma- ment for our nation,” Mr. Clin- ment enforcement agents have ipants, the Federal Reserve, and investment and com- nipulation—of a little-used stock-index futures contract ton said that notwithstanding captured the ultimate font of mercial bankers, reveals that: saved the markets from total meltdown. economic strains, the U.S. de- information about the inner —Stock, options and futures trading all but stopped The story of that Tuesday discloses major weaknesses cided “not to retreat” in an workings of Wall Street. Mar- during a crucial interval on Tuesday. Many major in the U.S. financial system and raises the specter that “economy where change is the ket professionals now fear stocks, such as International Business Machines Corp. such a crisis could strike again. only constant.” that what began as the Dennis B. Levine insider-trading case last May will soon shake Wall the government’s investigation May 26, 1988 July 2, 1990 Street’s very foundations. of insider trading. Lawyers fa- “This ranks among the miliar with the investigation Junk Juggernaut Drexel and its principals. scandals of the century,” says confirm that, in return for For all Drexel’s publicized Daniel J. Good, a managing di- agreeing to plead guilty to only success, the inner workings Strained Alliance rector and takeover specialist one felony count—a lenient of the market that it made at Shearson Lehman Brothers plea bargain given the extent How Drexel Wields have remained obscure. Now Inc. “Boesky was at the top of of Mr. Boesky’s crime—Mr. comes a rare glimpse, drawn Will the U.S. Find the spiral. His relationships go Boesky has implicated other Its Power in Market from interviews with Drexel very high with very important major figures on Wall Street. For HighYield Bonds clients and an analysis of The Resolve to Meet people.” The lawyers add that gov- trading records, which are Mr. Boesky, America’s rich- ernment investigators are usually confidential, that est and best-known arbitrager, closely examining Mr. Boesky’s Firm Wrings were recently obtained by a Japanese Challenge? agreed on Friday to pay $100 relationships with officials of Concessions From House committee. It shows a million to settle Securities and Drexel Burnham Lambert Inc., RBAN . EHNER LAN URRAY Issuers, Investors; But junk-bond market that Drexel By U C L and A M Exchange Commission charges the securities firm that ar- not only created but also Staff Reporters of The Wall Street Journal of insider trading. In addition, ranged $660 million in financ- The Customers Stay manages by its own rules, Thirty-three years ago, the Soviet Union shook the West by he agreed to plead guilty to ing for Mr. Boesky’s most re- despite the sophistication of launching the world’s first satellite, Sputnik, into orbit. The one felony count that carries a cent limited partnership its corporate and institu- event jarred Americans and galvanized the country’s resolve: In- prison term of one to five offering and that owns a stake By RANDALL SMITH tional clients. For example: tent on not falling further behind the Russians, the U.S. made years. Under the settlement, in Northview Corp., Mr. Staff Reporter of The Wall Street Journal —Drexel’s traders rou- science education a national mission and pre-eminence in space he will be barred from the se- Boesky’s hotel company. In the annals of creative tinely—and quite legally— a national goal. curities industry for life. According to the lawyers, finance, Drexel Burnham seem to have required mu- Today, some of the country’s best minds think the U.S. needs The announcement by SEC beginning Friday at 4:30 p.m., Lambert Inc. will always oc- tual-fund shareholders to a new, similar spur to action—but this time on the economic Chairman John Shad and Man- the SEC issued subpoenas seek- cupy a special place. Junk accept large discounts when front. For too long, they contend, the U.S. has ignored critical hattan U.S. Attorney Rudolph ing information about trading bonds weren’t Drexel’s in- fund managers sold bonds problems that quietly threaten to undercut its position as a Giuliani, made after the stock in a dozen securities and the vention. But Drexel’s invest- and pay big premiums when market closed Friday, brings to role in those transactions of, ment bankers, Michael they bought. world economic power. Now, some of them say, the challenge an abrupt end one of the most among others, Drexel; Michael Milken foremost among —Drexel had more than from Japan may prove the Sputnik of the 1990s. “It’s a kind of dazzling careers on Wall Street. Milken, the head of high-yield, them, largely created the 200 trading accounts owned slow-motion Sputnik,” says James Powell, president of Reed Col- The payment, consisting of a “junk bond” financing at Drexel; $160 billion market for high- by partnerships formed by lege in Oregon. “It’s there beeping at you every time you turn on $50 million fine and the return Carl Icahn, one of the country’s yield paper. It gave Drexel’s employees, with buying power your VCR or load your camera or turn on your fax machine.” of $50 million in illegal profits, best-known corporate raiders; clients direct access to some in the hundreds of millions of Already, a new wave of economic nationalism is spreading is said to strip the 49-year-old Victor Posner, another well- of America’s deepest pools of dollars. These accounts at across the U.S.It can be heard among the Nobel-prize winning Mr. Boesky of most of his for- known corporate raider; and capital, sources of the long- times have seemed to profit scientists at MIT and the cattle ranchers of Nebraska. Ameri- tune and is the largest penalty Boyd Jefferies, the chairman of term financing for takeovers, at the expense of clients. cans worry that they are now locked into some inevitable pro- in the history of the SEC. Jefferies & Co., a Los Angeles- buy-outs and restructurings Whether employee acquisition cess of decline. But as it demonstrated in the post-Sputnik era, Like Mr. Levine before him, based brokerage firm that often that have changed the face of of hot new bond issues also the U.S. has a unique talent for self-renewal. If harnessed by Mr. Boesky (pronounced BOE- assembles blocks of takeover industry. The process also violated federal securities law skilled political leaders, the Japanese challenge could be used skee) is cooperating fully with stocks from arbitragers. has brought huge riches to is a matter of debate. to arouse a new sense of national purpose. P2JW189000-0-S01000-1------XA

S10 | Monday, July 8, 2019 THE WALL STREET JOURNAL. WSJ | 130 YEARS

June 5, 1995 August 9, 1995 Binge Buyers Netscape’s IPO Gets an Explosive Welcome

Many Baby Boomers By MOLLY BAKER from its original filing size of the Internet, which makes software IPO since 1986 when And JOAN E. RIGDON 3.5 million shares, and Wall most professional investors Microsoft, Oracle and Novell Staff Reporters of The Wall Street Journal Street experts say investors pant right now. And, it has in- went public, so you can’t Save Little, May Run They don’t get any hotter have placed orders for an as- troduced the idea of investing blame people for being excited than this. tounding 100 million shares. and owning shares in a public about it,” says Roger Mc- Into Trouble Later On Netscape Communications, Morgan Stanley, the lead company to a whole new seg- Namee of Integral Capital the Internet server and World underwriter for the offering, ment of the population: those Partners. Nonetheless, he is Wide Web browser company, was forced to set up a toll-free who understand technology skeptical about the valuation. They Don’t Build Nest Eggs begins trading today after a number to take requests for but haven’t necessarily in- One reason is that Netscape, a five million-share initial public information on the deal, while vested in it before. Underwrit- new company in the shaky In- Nearly Rapidly Enough offering priced yesterday at co-manager Hambrecht & ers for the deal say they’ve ternet business, is trying to $28 a share. That brings the Quist received more than been getting calls and e-mail sell a product that bigger ri- For an Easy Retirement 15-month-old company—that’s 1,000 calls a day. Investors messages from around the vals with deeper pockets are right, 15 months—to market had to be turned away at the world. People who are familiar giving away. The biggest com- By BERNARD WYSOCKI JR. mid-1990s, in the wake of all with a $1.07 billion price tag New York roadshow luncheon with Netscape’s products want petition will come from soft- Staff Reporter of The Wall Street Journal the layoffs, conspicuous con- and a whole mythology grow- when the ballroom reached to become more familiar with ware giant Microsoft, which is ing up around it. capacity at nearly 500. Netscape’s future profits—it about to unleash its own Inter- HARTFORD, Conn.—A long sumption is out. “Tooling “Really, it’s a company with “I’ve never seen another of- hasn’t yet earned any. net browser with Windows 95. time ago, New England was around the neighborhood in a the right guys, with the right fering where getting a one-on- Netscape’s offering price “I’m unbelievably excited known for its thrifty Yankees. BMW is inappropriate,” he product at the right time,” ex- one session was like getting a has jumped to $28 a share about Netscape the company, But that was before the baby says. But saving for retire- claims Lise Buyer, an analyst one-on-one with God,” beam since its original filing range and I’m absolutely terrified boomers came along. ment? No way. Mr. O’Brien with T. Rowe Price’s Science & ed Paul Kandel, a technology of $14 apiece, making it the about Netscape the stock,” These days, many New Eng- says the boomer motto is “For- Technology Fund. “What more analyst who spent over an hour only offering ever to double in frets Mr. McNamee. “The en- landers in their 30s and 40s, ever Young.” And he practices could you want?” with Netscape’s management price before even hitting the thusiasm for the deal is so to- and indeed their counterparts what he preaches. “I don’t More is exactly what people in his office at Dreyfus Corp. market, according to Securi- tally out of proportion that it’s all over America, have a differ- have any money in the bank, want. The offering was in- The company hits all the ties Data. hard to imagine it will trade ent style: They are spending but I’m not worrying,” he says. creased to five million shares hot buttons. It’s involved in “This is the most exciting at a reasonable valuation.” heavily and have sunk knee- “I’m never going to retire.” deep in debt. Some, of course, are getting ready to pony up for their children’s college education October 25, 1999 and are at least beginning to fund their own retirement. But few are saving much money, Glass-Steagall and fewer still have ample re- serves for rainy days. They Compromise seem to think the sun will always shine. Is Reached Even the waves of corporate layoffs and declining real- Lawmakers Poised estate prices that pummeled To Pass Banking-Law New England in the early 1990s haven’t changed this Overhaul After free-spending bent. Conversa- Last-Minute Deals tions with southern New Eng- land boomers and people who By MICHAEL SCHROEDER know them—ranging from Staff Reporter of The Wall Street Journal their auto dealers to their par- WASHINGTON—Lawmak- ents—show that many boomers are poised to pass historic ers are still dreaming big, ma- legislation that would sweep terialistic dreams. away Depression-era banking “Today the fear is dropping laws and usher in a new era of a bit. The ones who have sur- vast financial supermarkets. vived think they’re OK,” says House and Senate confer- Marilyn Steinmetz, a West ees reached an agreement Hartford, Conn., financial plan- with the White House early ner. “They want everything. Friday on a compromise bill They had it all. They still want to eliminate financial-services it all. And they want it now.” restrictions dating back to the A few quick snapshots: 1930s that have prevented In downtown Hartford, banking, insurance and secu- more than 5,000 debt-ridden rities firms from fully enter- souls will visit the Consumer ing each other’s businesses. Credit Counseling Service this

GETTY IMAGES The pact follows several year. Many are overextended failed efforts to do away with baby boomers: The average January 4, 1999 the Glass-Steagall Act over client is 38 years old, earns more than two decades, and $38,000 a year in a full-time came just hours after even job and has 11 credit cards and EMERGENCE OF EURO top negotiators thought the almost $20,000 in credit-card talks would once again col- debt alone. “They’ve hit the lapse this year. wall. Can’t put more spending A Potential Rival to Dollar, Currency Could Redraw the Financial Landscape Before the last-gasp negoti- on their credit cards; they’ve ations began late Thursday maxed out on cash advances,” By THOMAS KAMM nance Minister Dominique Strauss-Kahn. night, White House economic says Beverly Tuttle, president Staff Reporter of The Wall Street Journal But EMU redefines Europe. The euro’s launch erases most adviser Gene Sperling told of the nonprofit agency. Europe is about to give the U.S. a run for its money. of Western Europe’s monetary borders, the last big hurdle Treasury Secretary Lawrence In Simsbury, Conn., Leonard to a truly unified European economy. Overnight, EMU gives A. Pond devoted nearly all of With the Jan. 1 launch of the euro, the common cur- Summers that the odds of a rency uniting 11 countries, Europe has thrown down the birth to a market as big as the U.S. and backed by a single deal were just one in three. his $40,000 in cash and much currency. That could quickly lead to huge capital flows into of his salary to buying a house. first postwar challenge to the U.S. dollar’s dominance The logjam was broken of international trade and finance. The advent of Euro- Europe, enhancing the competitiveness of European corpora- with a post-midnight compro- But two months ago, he lost his tions in the global marketplace. And by creating a tangible engineering job at Unisys Corp., pean economic and monetary union, or EMU, doesn’t mise between the White just change the world’s financial landscape; it also sign of Europe’s common destiny that will jingle in pockets House and Senate Banking and now, with a financial cush- from Lisbon to Helsinki, the euro could be the catalyst that ion totaling only a few thousand could alter the global balance of power. Committee Chairman Phil That may sound fanciful. Even as Europe embarks on accelerates broader European unity and creates a full- Gramm, a conservative Texas dollars, he faces an impending fledged superpower—at once an ally and a rival of the U.S. crisis. “I am virtually cashless,” this bold unifying venture, divisions over Iraq under- Republican, over community- score Europe’s inability to forge a common foreign and “This is a transforming event,” says Jeffrey E. Garten, dean lending requirements. Furious he says, pacing around a house of the Yale School of Management and former undersecretary almost bare of furniture. security policy, and the European Union’s members are lobbying and deal making by of commerce for international trade in the first Clinton term. In South Hadley, Mass., squabbling over who should pay for the bloc’s eastward all sides in the debate pre- “Financial clout will translate into political confidence. Eu- Darby O’Brien, a 46-year-old expansion. Moreover, EMU will be a huge economic and ceded the agreement. Rep. rope is going to be much more of a power to be reckoned with owner of an advertising political challenge for the euro zone’s 11 governments— Jesse Jackson Jr. (D., Ill.) at even in nonmonetary areas if it has monetary power.” agency, says that in the a task that is “exalting, but also worrying, because we one point sent an e-mail to have to invent each step along the way,” says French Fi- That’s a big if. 6,000 supporters warning that President Clinton might agree “to language…that would be December 6, 1996 devastating” to the law, and May 16, 1996 fast-growing business where can’t match. the world’s mightiest mer- An Amazon customer can giving direct phone lines for chants have mainly racked up romp through a database of Mr. Summers and Mr. Sperling Fed Chairman Pops The Big Question: for community activists to call Reading the failures. 1.1 million titles (five times The company he formed the largest superstore’s in- Is Market Too High? the chief administration nego- Market here last summer, Ama- ventory), searching by sub- tiators. Mr. Gramm, in turn, pressed zon.Com Inc., has pinpointed ject or name. When you se- By DAVID WESSEL omy. He recalled that the 1987 one of the few products that lect a book, Amazon is industry lobbyists desperate Staff Reporter of The Wall Street Journal stock market crash had “few people really want to buy on programmed to flash other for a deal to turn up the heat negative consequences for the How Wall line: books. related titles you may also WASHINGTON—Federal on the White House and wa- economy.” Amazon does want to buy. If you Reserve Chairman Alan vering Democrats to give a lit- Street Whiz But then, as he came closer hardly any advertis- tell Amazon about Greenspan tiptoed up to a big tle to him. Thursday after- ing, and few execu- favorite authors and question last night: Is the to giving his views on the rhe- noon, he phoned top Found a Niche executives from trade groups tives in the tweedy topics, it will send stock market overvalued? But torical question he posed, the and the largest New York fi- book-publishing you by electronic he didn’t answer it. language got murkier. Selling nancial firms, including Citi- business know it mail a constant “How do we know when ir- The Fed “should not under- group, Morgan Stanley Dean exists. Though it stream of recom- rational exuberance has un- estimate or become compla- Books on the Witter & Co. and Chubb Corp. hasn’t yet posted a mendations. You duly escalated asset cent about the com- At a Thursday night meeting, profit, the company want to know when values, which then plexity of the Internet Mr. Gramm told Citigroup lob- is on its way to a book comes out in become subject to un- interactions of asset byist Roger Levy—in a voice ringing up more paperback? Amazon expected and pro- markets and the By G. BRUCE KNECHT loud enough for a nearby lob- than $5 million in will e-mail that too. longed contractions economy,” he said. Staff Reporter of The Wall Street Journal byist to hear—“You get [Citi- sales this year—bet- Jeffrey Bezos Although a rela- as they have in Japan He added that “eval- group Co-Chairman] Sandy SEATTLE—In 1994, Jeffrey ter than most Barnes tively small com- over the past de- uating shifts” in Weill on the phone right now. Bezos, a whiz-kid program- & Noble Inc. superstores. Its pany, Amazon provides a sin- cades?” Mr. Green- prices of stocks and Tell him to call the White mer on Wall Street, suddenly site on the World Wide Web gular case in which the span asked in a other assets “must House and get [them] moving fell under the spell of one of (http://www.amazon.com) has frequently hyped Web is actu- speech at the Ameri- be an integral part of or I’m going to shut this con- the iffiest business proposi- become an underground sen- ally changing consumers’ can Enterprise Insti- the development of ference down.” tions of modern times: retail- sation for thousands of book- lives. It also suggests how on- tute. “And how do we monetary policy.” The House and Senate could ing on the Internet. He lovers around the world, who line retailing could change factor that assess- And then he changed vote on the measure as soon abruptly quit his job, piled spend hours perusing its vast the way publishers market Alan Greenspan ment into monetary the subject. as this week, and President his belongings into a moving electronic library, reading books. Clinton has signaled that he policy?” Inside the Fed, Mr. Green- van and ordered the movers other customers’ amusing on- “Amazon is the beginning will sign it into law, pending a to drive west. Then he line reviews—and ordering of a completely new way to The answer, however, was span is known to have con- review of final language. hopped into his car to write piles of books. buy books,” says Alberto Vi- characteristic Greenspan. He cerns about the stock market’s “When this potentially his- up a business plan—and pick Amazon has caught fire tale, chairman of book-pub- noted that sustained low infla- surprisingly rapid rise. But toric agreement is finalized, it a more specific destination. because, unlike most retail- lishing giant Random House tion tends to be good for stock given the current state of the will strengthen the economy Today Mr. Bezos, an unas- ers, Mr. Bezos has found a Inc. “It could increase book prices. He pointed out that the economy, the Fed isn’t likely and help consumers, commu- suming 32-year-old with thin- way to use the Web’s technol- sales quite dramatically by Fed wouldn’t worry about “a to raise interest rates in order nities and businesses across ning brown hair and frayed ogy to offer services that a making it easier for people to collapsing financial asset bub- to dampen the exuberance on America,” Mr. Clinton said in a blue jeans, has quietly built a traditional store or catalog find the books they want.” ble” if it didn’t hurt the econ- Wall Street. prepared statement. P2JW189000-0-S01100-1------XA

THE WALL STREET JOURNAL. Monday, July 8, 2019 | S11 WSJ | 130 YEARS

December 8, 2005 January 10, 2007 June 24, 2016 Too Much Information? Apple Storms Cellphone Field U.K. Colleges Fear Student University of Toledo in Ohio. Cingular to Offer Service works. ternet calling services and Postings on Popular Ms. Edgeworth says she has For High-End iPhone; The iPhone, scheduled for have partnered with Sprint to seen photos posted of under- release in June, could be a offer wireless service and tele- VOTES ‘Facebook’ Site Could age students drinking at par- Obstacles: Price, Rivals boost for AT&T Inc., the vision for cellphones. Pose Security Risk ties. She’s also handled disci- world’s largest telecom opera- The market for high-priced tor, and its Cingular Wireless multimedia wireless devices plinary cases related to By LI YUAN TO unit, which has an exclusive has been growing fast. By REBECCA BUCKMAN Facebook, most of them And PUI-WING TAM multiyear deal for the U.S. For example, BlackBerry sparked by students who felt market to provide cellphone wireless email devices have he hottest web site threatened about comments or The long-awaited an- LEAVE service for the device. The been selling for several years on college campuses photos posted about them or nouncement that Apple Inc. would offer a media-playing phone will be sold at Apple for as much as $400 without is Facebook, a group classmates online. Ms. Edge- cellphone—dubbed the and Cingular stores, as well as such features as cameras or of free online com- worth is now considering EU iPhone—sent ripples through on each company’s Web site. music players. Consumers Tmunities where stu- some workshops on the dan- the telecom industry and Cingular hopes the phone will have also been willing to pay a dents can gossip about friends gers of putting too much per- pushed Apple’s stock to a high, attract high-end customers premium for well-designed and interests, share photos, sonal information online. but it also raised questions and give it an advantage over handsets, such as Motorola and flirt. It’s a more in-depth, Other colleges are exploring about the company’s strategy rival Verizon Communications Inc.’s RAZR, as a fashion state- Historic Election online version of the paper ways to limit students’ expo- to parlay its successful iPod Inc., which also is trying to re- ment. Sets Global “facebooks,” filled with photos sure to Facebook. Last sum- music player as an entry in position itself as a multimedia In Europe and Asia, where and brief biographies, which mer, the University of New the cutthroat handset market. service provider. carriers don’t subsidize hand- Markets Reeling many colleges still hand out to Mexico, citing possible secu- The device, priced up to The iPhone is the latest ex- sets as much as in the U.S., ample of how lines between many consumers pay upward incoming freshmen. It has be- rity breaches of the school’s $599 in addition to a two-year the entertainment and telecom of $500 for the latest hand- By JENNY GROSS come so ubiquitous that “face- own computer systems, cellular service contract, al- lows users to download and industries are blurring. Veri- sets. What’s more is that Ap- booking” someone—as in banned students from access- LONDON—Britons voted to play iTunes music, browse the zon Wireless recently began ple’s design and strong brand checking out their photo and ing Facebook from university leave the European Union, U.K. Web, send email and make offering YouTube videos on name have allowed the com- broadcasters forecast, a star- personal profile online—is computers. In October, the calls. Equipped with a wide cellphones, while Sprint Nextel pany to charge more than its tling rebuke that threatens to standard campus lingo. University of Virginia sent an screen and a two-megapixel Corp. produces its own TV rivals for items from laptops spark political turmoil in the But some students post email warning students to camera, it can also link wire- shows for cellphone screens. to music players. And Cingular U.K., weaken a continent al- much more detailed, personal “use caution” when cruising lessly to music headsets, ste- Comcast Corp. and other ca- is expected to promote the ready strained by multiple cri- information on Facebook, in- sites like Facebook. reo systems and Wi-Fi net- ble companies are offering In- phone aggressively. ses and rattle global financial cluding cellphone numbers, markets. physical addresses and even With 95% of voting areas racy photos. That has led reporting, Leave led Remain some universities to question 51.8% to 48.2% early Friday. If whether it poses various pri- that result holds, the U.K.’s vacy and security risks—in- ties with the EU would be sev- cluding student harassment. ered after 43 years. Any backlash could give Face- The result instantly re- book Inc. a black eye just as it shapes the political legacy of is ramping up its operations, U.K. Prime Minister David raising venture capital and Cameron, who led the “remain” effort, and imperils his hiring more staff. job as prime minister. Who- “I’m floored at some of the ever leads the U.K. will face [information] students put up the challenge of uniting a about themselves” on Face- country that is now openly, book, says Lori Zientara Edge- and roughly evenly, divided worth, an administrator at the over its relationship with Eu- rope. It also raises questions December 11, 2001 about the future shape of the U.K., with the results showing a split between voters in Scot- land, which largely voted in fa- China vor of continued EU membership, and those in other parts of the country. Ahead of the Begins vote, First Minister Nicola Sturgeon signaled that the Career as Scottish National Party would push again for secession if Britain chose to leave the EU. A WTO Mr. Cameron tried to focus voters on what he said were Member huge economic and security risks that would accompany leaving the EU. But the cam- Pact’s Stipulations Offer paign was increasingly domi- Cover to Reformers; nated by a sharp and emo- CHAO CHAO SOI CHEONG/AP PHOTO tional discussion of State Interests Linger immigration and Britain’s na- September 12, 2001 tional identity. As votes rolled in, a por- By PETER WONACOTT A DAY OF TERROR trait of a deeply polarized na- BEIJING—After fifteen tion came into focus. The re- years of grinding, occasionally Eye of the Storm: A Nightmare of Falling Bodies, Acrid Smoke and Heroism; ‘It’s Coming Down! Run!’ sults pitted London and rancorous negotiations, China’s Scotland, where Remain was formal membership in the By JOHN BUSSEY strong, against most of the World Trade Organization to- NEW YORK—If there’s only one sight I’ll remember from the destruction of the World Trade Center, it is the flight rest of the country. day signals the transformation of desperation—the headlong leap from the top-most floors by those who chose a different death than the choking smoke “It’s a small country and we’re getting overrun,” said of a semi-closed economic sys- and flame. Some fell swinging their arms and legs, looking down as the street came up at them. Others fell on their backs, Chris Matthews, a 56-year-old tem into one going global on peering upward toward the flames and sky. They dropped like deadweight, several seconds, hopeless and unhelpable. Wales resident, reflecting a the back of foreign investment And always the same end. Some crashed into the plastic awning over the entrance to the North Tower. Others hit common Leave camp view that and corporate privatization. a retaining wall. Still others landed on lampposts and shrubbery. After the 80-floor drop, the impact left small puffs the U.K. had allowed excessive From telecommunications of pink and red vapor drifting at ground level. Firefighters arriving on the scene ran for cover. immigration. “They don’t to banking to retail distribu- In the movie “Armageddon,” the asteroid pierced New York buildings sending shrapnel out the other side. That, speak the language.” Mr. Mat- tion, China’s WTO commit- remarkably, is exactly what it looked like from the street, when the first plane hit the north tower of the World Trade thews cast his leave ballot in ments will diminish state-run Center. Wales on Thursday morning. monopolies and force Chinese companies to respond more to competition than to govern- September 15, 2008 October 15, 2015 ment whims. While there are plenty of worries about the re- which include Citigroup Inc., sponse of inefficient state Crisis on Wall Street as Credit Suisse Group, A PRIZED STARTUP’S companies, China’s reformers Deutsche Bank AG, could tap are relishing the prospect of Lehman Totters, Merrill Is the pool to help them ride reduced operating costs, less out the crisis. STRUGGLES red tape and more foreign Sold, AIG Seeks to Raise Cash The banks also said they capital. are mutually committed to Silicon Valley lab Theranos is valued at $9 billion but isn’t And they welcome the Fed Will Expand Its Lending Arsenal trying to mitigate market using its technology for all the tests it offers WTO’s role in providing politi- volatility. In a Bid to Calm Markets; Moves Cap One former senior employee cal cover for reforms they say A sense of foreboding By JOHN CARREYROU A Momentous Weekend for American Finance says Theranos was routinely were needed anyway. gripped Wall Street as top On Theranos Inc.’s website, using the device, named Edison “Why do we need a new executives feared collateral company founder Elizabeth after the prolific inventor, for system?” asks Jin Qiansheng, By Carrick Mollenkamp, Lehman was working on a damage from a Lehman liqui- Holmes holds up a tiny vial to only 15 tests in December 2014. the vice director of a high- Susanne Craig, Serena Ng possible bankruptcy filing dation. Attention was focused show how the startup’s Some employees were leery technology zone in the central And Aaron Lucchetti that would allow most of its on Merrill Lynch, which “breakthrough advancements about the machine’s accuracy, Chinese city of Xi’an. “Because The American financial subsidiaries to continue op- boasts the largest force of re- have made it possible to according to the former em- the old one is no good.” system was shaken to its core erating as the firm is wound tail brokers, and American quickly process the full range ployees and emails reviewed by Mr. Jin should know. To on Sunday. Lehman Brothers down. International Group Inc., the of laboratory tests from a few The Wall Street Journal. kick-start business, the barrel- Holdings Inc. faced the pros- Though it steered clear of insurance giant. Both firms drops of blood.” In a complaint to regulators, The company offers more chested official has sought to pect of liquidation, and Mer- a bailout, the Federal Re- have seen their stocks get one Theranos employee ac- than 240 tests, ranging from kill government approvals that rill Lynch & Co. agreed to be serve is expected to take new hammered on worries that cused the company of failing to cholesterol to cancer. It claims report test results that raised foreign companies once sold to Bank of America Corp. steps to stabilize the broader they needed capital. its technology can work with questions about the precision needed for investment. But, The U.S. government, financial system. These steps, “Monday will be a day of just a finger prick. Investors of the Edison system. Such a Mr. Jin grumbles, he pays fre- which bailed out Fannie Mae expected to be temporary, reckoning for the financial have poured more than $400 failure could be a violation of quent visits to the local tele- and Freddie Mac a week ago would make it easier for markets,” said Carlos Men- million into Theranos, valuing federal rules for laboratories, com company to beg for bet- and orchestrated the sale of banks and securities firms to dez, senior managing direc- it at $9 billion and her majority the former employee said. ter-quality lines to his zone Bear Stearns Cos. to J.P. Mor- borrow from the central bank tor of ICP Capital, a boutique stake at more than half that. Theranos also hasn’t dis- and regularly sweet-talks bank gan Chase & Co. in March, by using a wider range of col- investment firm in New York. The 31-year-old Ms. Holmes’s closed publicly that it does the managers to speed financial played much tougher with lateral. Bankers say these fi- On Sunday, he said, “it was bold talk and black turtlenecks vast majority of its tests with transactions. Lehman. It refused to provide nancial institutions might like a fire alarm went off and draw comparisons to Apple Inc. traditional machines bought China’s WTO entry won’t a financial backstop to poten- need short-term funds as people ran in all directions.” co-founder Steve Jobs. from companies like Siemens But Theranos has struggled force Beijing to abandon its tial buyers. they unwind their many trad- AIG executives spent the AG. The company says it behind the scenes to turn the strategy of backing favorites al- Without such support, ing positions with Lehman. weekend trying to raise $40 abides by all applicable federal excitement over its technology lab regulations and hasn’t ex- together. At a weekend govern- Barclays PLC and Bank of In addition, 10 major com- billion to avoid a costly into reality. At the end of aggerated its achievements. t ment conference, Vice Premier America, the two most inter- mercial and investment downgrade of its credit rat- 2014, the lab instrument de- disputes that its device could Wu Bangguo said China would ested buyers, walked away. banks announced Sunday ing. AIG Chief Executive Rob- veloped as the linchpin of its do just 15 tests, declining to help 50 state-owned giants to On Sunday night, Bank of night that they would pool ert Willumstad made an ex- strategy handled just a small say how many tests it now fend off foreign competition in America struck an all-stock $70 billion of their own traordinary appeal to the Fed fraction of the tests then sold handles or to respond to some such sectors as petrochemicals deal to buy Merrill Lynch for money to create a borrowing for temporary funding to tide to consumers, according to questions about its lab proce- and telecommunications. $29 a share, or $50 billion. facility. The 10 institutions, it through the crisis. four former employees. dures, citing “trade secrets.” P2JW189000-0-S01200-1------XA

S12 | Monday, July 8, 2019 THE WALL STREET JOURNAL. WSJ OPINION | 130 YEARS

April 21, 1899 January 19, 1989 December 9, 2003 November 6, 2016 REVIEW and OUTLOOK THE Speed Demons The Gamble of Trump This suggests that the high point of the present period will At the Fed not be due until 1900 or 1901. The time involved in these turns REAGAN The hope of better policies comes with is determined by natural causes. The cause is that the stock Beware of central bankers market reflects general conditions and it takes several years for LEGACY claiming victory his manifest personal flaws. such a change for the better or for the worse to work its way As Ronald Reagan leaves over inflation. The case for Donald Trump His default priority would be through the community, so that the mass of people are either office, the nation still has not is political disruption. A bro- growth, which the U.S. des- quite taken his measure. Even optimistic or pessimistic in the views. Some people foresee If Federal Reserve Board ken Washington needs to be perately needs after a decade his critics like the guy, and changes in the situation much quicker than others, but it takes members were Nascar drivers, shaken up and refocused on of progressive focus on in- a change of opinion on the part of millions of people to produce even his friends often sound their motto might be, “Look, disappointed. Someone ought the public good, and who bet- come redistribution and the a well defined sentiment throughout the country. Ma, no hands.” The economy to say that his is likely to ter to do it than an outsider worst economic recovery in prove the most epochal presi- has begun to speed along, and beholden to neither political 70 years . . . dency since Franklin D. Roose- some key price signals are party? If only that reform His firmest policy convic- March 6, 1935 inspired by nothing so much velt’s. raising the yellow flag, but the possibility didn’t arrive as a tion seems to be that trade is as bitter malice against any Not the least of Mr. Rea- Federal Open Market Commit- flawed personality who has a zero-sum game and that measure of personal success. gan’s accomplishments is how tee, which meets today, re- few convictions and knows America is losing from global He Ignores But today the average citi- much the nation has forgotten. fuses to put its hands on the little about the world. commerce. But if he follows zen is so much more inclined He took office in the very steering wheel, much less its The best hope for a Trump through on his vow to with- Too Much to question the New Deal and shadow of a hostage crisis, re- foot on the monetary brake. Presidency is that he has draw from trade pacts, im- member? Remember gasoline so much less willing to fol- The governors have leaked aligned himself with enough pose tariffs on imports and lines? Remember double-digit Social reform, which the low it blindly than he was in that they aren’t likely to sound policy impulses that he punish U.S. companies that inflation and interest rates tighten what may be the most country welcomed and still 1933 because he has had time could liberate the U.S. econ- invest abroad, he could cause twice today’s? Remember Wa- accommodative monetary pol- demands, seems to have been to test its results upon his omy to grow faster again. He a recession. The main eco- tergate? Remember Vietnam? icy since Arthur Burns roamed perverted by lesser members own affairs and, in the light As Ronald Reagan hands over Fed hallways in the 1970s. The would stop the crush of new nomic battle in a Trump Ad- of the New Deal general staff of such incomplete but im- the reins tomorrow, the first fed funds rate will apparently regulation, restore a freer ministration would be be- to the purposes of making pressive results, to doubt its President since Eisenhower to remain at 1% “for a consider- market for health insurance, tween his pro-growth war upon the existing social usefulness to the country as complete two terms, he leaves able period,” as the Fed lan- unleash U.S. energy produc- domestic reforms and his and economic order, a war a whole. quite a different America. guage of recent months puts it. tion, and reform the tax code. anti-growth trade policy . . . The Wall Street Journal hasn’t endorsed a presidential March 17, 1947 candidate since 1928, and if we didn’t endorse Ronald Reagan we aren’t about to revive the The Reasons practice for Mrs. Clinton or Mr. Why Trump. Yet one of them will be the next President. The choice comes down to the very high if President Truman told Con- relatively predictable costs of gress that this nation intends four more years of brute pro- to uphold the dignity of the in- gressive government under Hil- dividual and to insure that men lary Clinton versus a gamble on can exercise their inalienable the political unknown of Donald right to live under those social Trump. and political forms which they freely choose without coercion. If this country means anything March 21, 2018 less than that, it had best for- get the whole matter. Tackling January 2, 1951 China’s Protectionism A Newspaper’s Philosophy A better way than tariffs to challenge Beijing’s On our editorial page we make no pretense of walking mercantilism. down the middle of the road. Our comments and interpreta- There’s no denying that tions are made from a definite Beijing’s mercantilism has point of view. We believe in fueled the political backlash the individual, in his wisdom against free trade . . . We be- and his decency. We oppose all lieve in the free-trade princi- infringements on individual ple that if China wants to sub- rights, whether they stem GETTY IMAGES sidize cheap goods for U.S. consumers, then Americans from attempts at private mo- WE HAVE A DUTY nopoly, labor union monopoly benefit at the expense of Chi- or from an overgrowing gov- nese taxpayers. The damage December 8, 1941 ernment. People will say we from cheaper Chinese goods are conservative or even reac- since Beijing entered the WTO tionary. We are not much in- The business and financial discussion which custom- week seem now to have no relation to tomorrow nor to is overstated and in any case terested in labels but if we arily appears on this page in Monday morning’s issue of the many days to come after tomorrow. is mostly complete. Tariffs on were to choose one, we would The Wall Street Journal was written Saturday evening There is a stark, horrible reality that American terri- Chinese goods won’t rebuild say we are radical. Just as and given to the compositors yesterday. As the galley tory has been attacked. Japan has declared a state of war U.S. industry and are likely to radical as the Christian doc- proof reached the editorial room, press association exists between her and the United States shift foreign production to trine. wires carried the flash that the Japanese had attacked Every citizen has and knows his duty. It will be heavy other countries that will still We have friends but they Hawaii. for all. The sacrifices will be particularly heavy for the export to the U.S. have not been made by silence In that moment, the events of last week seemed sud- business and financial community of America. The China problem now is or pussyfooting. If we have en- denly to have been removed to some remote era of antiq- We say that the sacrifices will be made. The duty will the predatory use of govern- emies, we do not placate them. uity. The things that business and finance discussed last be performed. m e n t power to punish for- December 28, 1989 March 20, 2010 eign com- October 9, 1980 petitors to b e n e f i t The Independence Decade The ObamaCare C h i n e s e The Crossroads companies. Last month in Prague, Czechoslovakia, a brewery worker These col- Economic climbed on to a platform to address his fellow workers with The vote is really about who umns have words that will serve as the most eloquent summation of this commands the country’s w a r n e d decade. Zdenek Janicek said, “We hold these truths to be self- medical resources. China for Issue evident, that all men are created equal, that they are endowed years that this behavior has by their creator with certain unalienable rights, that among With the House’s climactic will be bad enough. Inextrica- eroded goodwill in the U.S. The differences between these are life, liberty and the pursuit of happiness.” vote on ObamaCare tomorrow, bly bound up in a plan as far- and Europe, and it now threat- Mr. Reagan’s tax plan and Mr. It is not surprising to discover that a citizen of Czechoslo- Democrats are on the cusp of reaching and ambitious as ens political support for free Carter’s could scarcely be vakia has been carrying in his heart the words that Jefferson a profound and historic mis- ObamaCare are also larger trade. This justifies some U.S. more clear-cut or more pro- wrote in 1776. For people around the world have just spent take, comparable in our view questions about the role of government response. found. 10 years discovering the value and the excitement of inde- to the Smoot-Hawley tariff government, the dynamism of The Trump Administration To grasp the difference, you pendence. and FDR’s National Industrial American enterprise and the is right to take a tougher line, have to start with an under- Recovery Act. nature of a free society. but it also needs a smarter standing of what has come to . . . The consequences of Above anything else, this ex- approach than its new steel be called supply-side econom- February 20, 2002 Fan and Fred’s increasing de- this bill will not only be de- plains why Democrats have and aluminum tariffs. The ics. pendence on derivatives. structive for the health-care had such trouble convincing Chinese think strategically As a catchword, this phrase Hmmm. Where have we system and the country’s fis- the public, let alone their for the long term, and so has been abused by both its Fannie Mae heard this before? . . . cal condition, though those own Members. should the U.S. friends and enemies, but its fundamental proposition is Enron? clear enough historically and July 8, 2014 logically. We were reading Presi- The basic notion is that dent Bush’s budget the other within a given monetary pol- day (we know, get a life), Free People, Free Markets icy, presumably one anchored when we came across an unusual mention of our all- in a way to curb inflation, pro- them in the 1920s, when Wal- is not to start wars you don’t dom typically do better by time favorite companies— The lessons from 125 duction and growth can be en- Fannie Mae and Freddie ter Heller and JFK did the intend to fight vigorously equality than the progressives couraged by increasing incen- Mac. What we found is a tale years show how to revive same in the 1960s, and when enough to win. who elevate equality do by tives for investment and work. we think taxpayers and in- American prosperity. Jack Kemp and Ronald Reagan Another lesson is how the freedom. The progressive proj- Incentives can be increased vestors should want to hear. did it again in the 1980s. Each political pendulum swings be- ect invariably descends into by cutting marginal tax rates. It seems that Fan and It won’t surprise our long- tax cut was followed by re- tween freedom and equality, subsidy and mandate to coerce Incentive is measured by how Fred, two “government-spon- time readers that the debates newed growth. those competing poles of West- men and women who resist the much you can retain of the sored enterprises” that hold over principle have changed There have been mistakes ern political thought. These col- commands of those in power. next dollar of income you pro- the majority of all home little over the decades even as along the way, notably the umns emphasize liberty, but on See ObamaCare. duce. mortgages in the U.S., have events have. We opposed high endorsement of Hoover, occasion those who prize The answer to our current A tax cut that focuses on been growing their debt at tariffs when they were the whose austerity program equality can provide a neces- slow growth and self-doubt reducing the highest marginal an annual rate of 25%. patent medicine of the Repub- turned recession into Depres- sary corrective. The best exam- isn’t a set of magical “new They now have about $2.6 rates in the tax schedule will lican Party in the 1920s as sion. We would also not re- ple is the civil-rights move- ideas” or some unknown orator trillion in debt outstanding, a give the biggest economic big number in any case, but much as when they are now peat the too-easy counsel of ment, which used federal from the provinces. The answer boost. A “tax cut” that reduces really big considering that the resort of labor Democrats. retreat from Vietnam we of- power to break the govern- is to rediscover the eternal static revenues without chang- taxpayers are on the hook for We endorsed cuts in marginal fered in 1968. The lesson we ment-enforced tyranny of Jim truths that have helped Amer- ing marginal rates accom- it. The budgeteers also ex- tax rates when Andrew Mellon draw from that conflict and Crow. ica escape malaise and turmoil plishes nothing. pressed some anxiety about and Calvin Coolidge proposed those in Iraq and Afghanistan Yet those who promote free- in the past. P2JW189000-0-S01300-1------XA

THE WALL STREET JOURNAL. Monday, July 8, 2019 | S13 WSJ OPINION | 130 YEARS

September 28, 1983 September 12, 2001 October 30, 2006 The Prevalence I Saw It All. Diversity’s Oppressions By Thomas Sowell great achievement has not of Evil been in having diversity but Then I Saw Nothing What is it that has made in taming its dangers that By Vermont Royster criminately? In their own By Daniel Henninger Iraq so hard to pacify, even af- have run amok in many minds, all of these people ter a swift and decisive mili- other countries. Americans Indeed, if evil does not ex- think they act to serve a high I saw the airliner at the instant it hit the north tower of the tary victory? In one word: di- have by no means escaped ist, how do we understand the purpose. World Trade Center. A little later I saw the flames burst out of the versity. diversity’s oppressions and world around us? What else By their own value judge- south tower when the second airliner hit it. I saw people fall from That word has become a sa- violence, but we have reined moves Black Septembrists to ments, the lives of innocents the top of the World Trade Center. I saw the south tower fall cred mantra, endlessly re- them in. shoot up a peaceful Olympic are of lesser importance. . . down. A little later, I saw the north tower fall down. I have, in the peated for years on end, with- Another concept whose bit- village? Or the Irish Republi- I’m sure none of those peo- past several hours, looked into lower Manhattan, and each time, out a speck of evidence being ter falsity has been painfully can Army to blow up their ple think themselves evil men where the World Trade Center stood, there is absolutely nothing. asked for or given to verify revealed in Iraq is “nation- neighbors? Or terrorists any- either, and in fact they may not I think that in the next few days I am going to wish that I had the wonderful benefits it is as- building.” People are not where who assassinate indis- be in all other ways. not seen any of this. sumed to produce. building blocks, however much What we have, all the Worse yet, Iraq is only the some may flatter themselves same, are haunting questions latest in a long series of catas- that they can arrange their fel- February 3, 1993 about the nature of evil that December 12, 2002 trophes growing out of diver- low human beings’ lives the can lead men to the murder of sity. These include “ethnic way you can arrange pieces on The Folly of innocents as a casual deci- cleansing” in the Balkans, a chess board. sion. American Conservatism: genocide in Rwanda and the Buying Health Their deed was morally Sudan, the million lives de- wrong simply because it was To Preserve What We Have stroyed in intercommunal vio- January 18, 2011 Care at the wrong, and that is not altered lence when India became inde- Company by the explanation that the By William F. Buckley Jr. today, it had become a faintly pendent in 1947 and the even Soviet Union is paranoid with remembered, quaint aphorism larger number of Armenians Toward a Store suspicion and the perpetra- John Adams taught that the of a founding father learned, slaughtered by Turks during tors acted within their value state tends to turn every con- but grouchy. The lesson re- World War I. 21st-Century By Milton Friedman judgements, though that ex- tingency into an excuse for en- quired reiteration in modern Despite much gushing planation may be true hancing itself. That is 200-year- times, in hardboiled, contempo- about how we should “cele- Regulatory It is taken for granted that enough. old wisdom, but in 1955, and raneous philosophical jousting. brate diversity,” America’s System workers should receive their pay partly in kind, in the form of medical care provided by the By Barack Obama employer. How come? Why single out medical care? Surely For two centuries, America’s food is no less essential to life free market has not only been than medical care. Why is it not the source of dazzling ideas at least as logical for workers and path-breaking products, it to be required to buy their food has also been the greatest at the company store as to be force for prosperity the world required to buy their medical has ever known. That vibrant care at the company store? entrepreneurialism is the key The revival of the company to our continued global leader- store has less to do with logic ship and the success of our than with pure chance. It is a people. wonderful example of how one But throughout our history, bad government policy leads to one of the reasons the free another. During World War II, market has worked is that we the government imposed wage have sought the proper bal- and price controls, while at the ance. We have preserved free- same time financing wartime dom of commerce while apply- spending by printing money. ing those rules and regulations The resulting inflationary pres- necessary to protect the public sure, along with price controls, against threats to our health produced shortages of all kinds, and safety and to safeguard including labor. Firms compet- people and businesses from ing to acquire labor at govern- abuse. ment-controlled wages started From child labor laws to the to offer medical care as a fringe Clean Air Act to our most re- benefit. That benefit proved cent strictures against hidden particularly attractive to work- fees and penalties by credit ers and spread rapidly . . . card companies, we have, from

Wage and price controls GETTY IMAGES time to time, embraced com- ended but the tax-exemption of September 13, 1993 mon sense rules of the road medical care provided by em- that strengthen our country ployers did not, which explains without unduly interfering with the survival of the company TEAR DOWN THE TRADE WALL the pursuit of progress and the store in this area. That survival growth of our economy. is unquestionably a major rea- By Ronald Reagan Sometimes, those rules have son for the present crisis in gotten out of balance, placing medical care. For decades America has led freedom-seeking people around the world in their struggles to destroy and dismantle unreasonable burdens on busi- the oppressive barriers that divide countries and restrict liberty. Today, many of those battles have been fought and ness—burdens that have stifled won—the barricades that once stood between countries no longer exist and their citizens are able to live together innovation and have had a November 20, 2002 in freedom and prosperity. With this in mind, we, as Americans—as North Americans—are faced with a new challenge. chilling effect on growth and The Cold War is over, and now we must break down the tariff walls that restrict the free flow of trade on our continent. jobs. At other times, we have The North American Free Trade Agreement can bring us that victory. failed to meet our basic re- Thirty Years sponsibility to protect the public interest, leading to disas- Of Progress— August 15, 2002 November 21, 2015 to happen. But we’re in there trous consequences. Such was Mostly pitching and hopefully we do a the case in the run-up to the fi- good job.” nancial crisis from which we DON’T ATTACK SADDAM The Presidency It’s politics, not business, are still recovering. There, a By Robert L. Bartley but you never know. Maybe lack of proper oversight and By Brent Scowcroft As the Art it’s time to start imagining transparency nearly led to the Let me take you back to Jan- Of the Deal Mr. Trump, come January collapse of the financial mar- uary 1972, when I took the edi- Our nation is presently engaged in a debate about whether 2017, in possession of the nu- kets and a full-scale Depres- torial helm. This wasn’t merely to launch a war against Iraq. Leaks of various strategies for an The billionaire GOP clear launch codes. sion. a troubled society, but one in attack on Iraq appear with regularity. The Bush administration front-runner talks trade, the process of coming unglued. vows regime change, but states that no decision has been made March 5, 2017 Crime rates and out-of-wedlock whether, much less when, to launch an invasion. taxes and his special births were rising, and we had It is beyond dispute that Saddam Hussein is a menace. He fitness for the White experienced a “long hot sum- terrorizes and brutalizes his own people. He has launched House. mer” of riots. Abroad, America war on two of his neighbors. He devotes enormous effort to was mired in Vietnam and the rebuilding his military forces and equipping them with weap- By Joseph Rago The Exhaustion Communist empire was on the ons of mass destruction. We will all be better off when he is march. Economically, we were gone. The universal expectation on the cusp of a new and That said, we need to think through this issue very carefully. on the left and right, includ- Of American dispiriting era. Huge legal and We need to analyze the relationship between Iraq and our other ing on these pages, has been constitutional controversy pressing priorities—notably the war on terrorism—as well as that Mr. Trump at some lurked ahead. My career has the best strategy and tactics available were we to move to point would spontaneously consisted of watching these change the regime in Baghdad. self-combust. He hasn’t. In- Liberalism dire trends unfold, and watch- stead, he has led most polls ing this remarkable society since he announced in June— White guilt gave us a mock politics based on overcome them. July 20, 2005 ask him about it, or don’t, the pretense of moral authority. and he’ll explore his popular- Hoover’s of the files. ity in depth, along with his By Shelby Steele January 30, 1995 When the press reported achievements, his rallies, his Institution this, I received a call in my of- crowds, the shortcomings of Today’s liberalism is an anachronism. It has no understand- A Darkness in fice from Mr. Moyers. Several his adversaries, his media ing, really, of what poverty is and how it has to be overcome. By Laurence H. of my assistants were with me. coverage, and did he mention It has no grip whatever on what American exceptionalism is and Massachusetts Silberman He was outraged; he claimed his polls? . . . what it means at home and especially abroad. Instead it remains that this was another example As Mr. Trump is on his way defined by an America of 1965—an America newly opening itself By Dorothy Rabinowitz Only a few weeks before of the Bureau salting its files out, he says he’ll stay in the to its sins, an America of genuine goodwill, yet lacking in self- the 1964 election, a powerful with phony CIA memos. I was race beyond Iowa, New Hamp- knowledge. Can such a miscarriage of presidential assistant, Walter taken aback. shire and South Carolina, This liberalism came into being not as an ideology but as justice—if one can use so Jenkins, was arrested in a I offered to conduct an in- even if he gets napalmed by an identity. It offered Americans moral esteem against the bland a term for so horrific a men’s room in Washington. vestigation, which if his conten- super PACs (a John Kasich specter of American shame. This made for a liberalism de- tragedy—be sustained by the Evidently, the president was tion was correct, would lead outfit started to unload this voted to the idea of American shamefulness. Without an will of state prosecutors? As concerned that Barry Goldwa- me to publicly exonerate him. week) and notches losses in ugly America to loathe, there is no automatic esteem to re- was true of the witch trials of ter would use that against There was a pause on the line those states. “That could hap- ceive. Thus liberalism’s unrelenting current of anti-Ameri- an earlier Massachusetts, this him in the election. and then he said, “I was very pen and, again, I’m self-fund- canism. prosecution will, in time, be Another assistant, Bill young. How will I explain this ing my own campaign, you Let’s stipulate that, given our history, this liberalism is un- the source of amazement and Moyers, was tasked to direct to my children?” And then he know, but you’re right, I could derstandable. But American liberalism never acknowledged that horror. In the meantime Violet Hoover to do an investigation rang off. I thought to myself get that. And we’ll give it back it was about white esteem rather than minority accomplish- Amirault lies locked in prison of Goldwater’s staff to find that a number of the Watergate to them, but we’ll see what ment. Four thousand shootings in Chicago last year, and the along with her son and her similar evidence of homosex- figures, some of whom the de- happens. You never know, you mayor announces that his will be a sanctuary city. This is moral daughter, while the days and ual activity. Mr. Moyers’ partment was prosecuting, never know, it’s politics and esteem over reality; the self-congratulation of idealism. Liberal- years of life slip past. memo to the FBI was in one were very young, too. you never know what’s going ism is exhausted because it has become a corruption. P2JW189000-0-S01400-1------XA

S14 | Monday, July 8, 2019 THE WALL STREET JOURNAL. WSJ | 130 YEARS

In 1889, Benjamin Harrison seven years earlier, and had been was president (Potus No. 23). publishing business newsletters There were only 38 states to called Customers’ Afternoon Let- start the year, until four new THE ters. Those fliers were reborn as ones—North Dakota, South Da- The Wall Street Journal on July kota, Montana and Washington— 8, 1889. entered during the winter. It was Don’t let anyone tell you that the year of the Oklahoma Land JOURNAL, the Journal was late in covering Rush and the Johnstown Flood. sports. The first edition included And The Wall Street Journal news of the last world heavy- published its first edition, 130 weight championship bare- years ago today. The Dow Jones THEN knuckled prize fight (John L. Sul- company—founded by report- livan beat Jake Kilrain). That is ers—charged 2 cents for the covered briefly in the top half of four-page debut issue that you column 3, below, with an update see below. at the bottom of column 2—be- Charles Bergstresser, the AND NOW cause back then, updates some- least-known of the three men times appeared in different parts who formed the company—the of the same print page, like a others were Charles Dow and Ed- prehistoric Twitter feed. ward Jones—came up with the The stock table atop column 2 newspaper’s name. The front is a precursor to the Dow Jones page announces that it will be The Wall Street Journal’s Industrial Average, launched published daily except Sundays seven years later in 1896. and holidays, “at 3:15 p.m.” first paper on July 8, 1889, Meanwhile, as anyone in- None of the men were novices volved in newspapers knows, an to financial journalism. Veterans its first year online equally noteworthy day was July of the Kiernan News Agency, the 9, 1889. The paper was able to men had founded Dow Jones and mobile today come out again.

The Journal’s debut on July 8, 1889, was distributed to a few hundred readers within a carrier-boy’s walk from Broad and Wall streets.

The Journal is now also published on phones and tablets. And one day, something else....

The Interactive Edition, begun in 1996 and described as an ‘electronic newspaper that works through the burgeoning Internet,’ was a successor to Money & Investing Update introduced the year before.