Financial News (1884–1945)
Encyclopedia
The Financial News was a daily British
newspaper published in London
. It was founded in 1884 by Harry Marks, who had begun on United States newspapers
, and set up to expose fraud
ulent investments. Marks himself was key to the paper's early growth, when it had a buccaneering life fighting against corruption and competing with the Financial Times
, but after Marks' death it declined. Bought by publishers Eyre & Spottiswoode
in 1928 and run by Brendan Bracken, it eventually merged with its great rival in 1945.
imported techniques he had learned in the United States to target those offering questionable investment schemes, intending that his paper be known for campaigning.
The newspaper scored an early significant success in exposing corruption in local government
. Marks himself was one of the main authors of a series of articles that began appearing on 25 October 1886 and carried on for nearly a year. The newspaper uncovered the involvement of officials and members of the Metropolitan Board of Works
, which ran local government services in London, in schemes to personally enrich themselves. However the early years saw the company frequently summoned to the law courts to defend libel actions; there were three major cases between 1888 and 1890.
The paper gained a rival in 1888 when the Financial Times
published by Horatio Bottomley
appeared. The two papers frequently attacked each others' advertisers, and criticised the investment schemes the other promoted, until a truce was worked out after a bad-tempered dispute over "the Nitrate King" Colonel J. T. North
who was developing the Nitrate Railway in South America. After then they continued to compete, but more in the nature of a friendly rivalry.
It was a financially successful venture and in March 1898 Marks floated the company on the stock market, with the understanding that he would continue as editor. Its success continued and at the ordinary general meeting in January 1911, the company announced a dividend and bonus amounting to 35% on ordinary shares; the announcement brought cheers. The paper was among those that exposed the details of the Marconi scandal
.
and had at least one stroke
in 1915, and was forced to cease any active involvement in the newspaper; he died in December 1916. Although he left his interest to a nephew, the existing board fought off his attempts to take control. Eventually the Marks estate was sold in 1919 and most of the Financial News shares were bought by John Jarvis
. In 1926 it was sold again to the Trireme Trust, although with Jarvis remaining chairman; however mounting losses of the Morning Post
, which the Trust also owned, forced another sale in 1928. During this period, it absorbed one major rival, the Financier and Bullionist
. Bracken persuaded the board to buy the Financial News and then bought a number of other publications (the Investors Chronicle
and a half-share in The Economist
among them); Bracken himself took responsibility for the Financial News. In the early 1930s, circulation rose, but the Financial Times was still selling about three or four times as many copies. In Spring 1937 sales hit 10,000, but only briefly.
When Adolf Hitler
was appointed Chancellor of Germany, the Financial News leader was headed "Heil Hitler!"; it argued that Hitler was the prisoner of the non-Nazi majority in his government, and that the Nazis were highly unlikely to "attempt to base their power on armed force". However, the paper soon changed its line, arguing at the time of the occupation of the Rhineland that a stand would have to be taken against German military aggression. Hargreaves Parkinson
became editor in 1938.
, Bracken became close to Lord Camrose
, the proprietor since 1919 of the Financial Times. The two privately agreed to raise their advertising rates to protect their finances, and eventually agreed that the other would have first refusal if one wanted to sell. Towards the end of the war, Camrose decided to sell the Financial Times, and arrangements for a merger were put in place. The financial deal was a complex one: the Financial News raised the cost of buying a controlling interest in the Financial Times by selling its own offices and investments, and by a share issue, but could only make up the full amount by simultaneously selling to the Financial Times the copyright
and goodwill of the Financial News. Camrose himself bought some Financial News shares to help the deal along.
The Financial News ceased publication on 1 October 1945; the Financial Times afterwards at first appeared with the title "Financial Times, incorporating The Financial News". The three top jobs in the new merged paper went to former Financial News employees, including Parkinson as editor.
Source: David Butler and Anne Sloman, British Political Facts, 1900-1979, p. 441
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
newspaper published in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
. It was founded in 1884 by Harry Marks, who had begun on United States newspapers
Newspapers in the United States
Newspapers have declined in their influence and penetration into American households over the years. The closest thing to a national paper the U.S. has is USA Today, which along with the influential dailies the New York Times, the Washington Post and the Wall Street Journal are sold in most U.S...
, and set up to expose fraud
Fraud
In criminal law, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation...
ulent investments. Marks himself was key to the paper's early growth, when it had a buccaneering life fighting against corruption and competing with the Financial Times
Financial Times
The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....
, but after Marks' death it declined. Bought by publishers Eyre & Spottiswoode
Eyre & Spottiswoode
Eyre & Spottiswoode, Ltd. was the London based printing firm that was the King's Printer, and subsequently, after April 1929, a publisher of the same name...
in 1928 and run by Brendan Bracken, it eventually merged with its great rival in 1945.
Early history
The first four-page edition of the Financial and Mining News appeared on 23 January 1884; it adopted the shorter title that July. Founder Harry MarksHarry Marks
Harry Hananel Marks was a British politician and journalist, who founded the Financial News in 1884.-Early life:Harry Marks was born in London on 9 April 1855, a younger child of David Woolf Marks and his wife Cecilia...
imported techniques he had learned in the United States to target those offering questionable investment schemes, intending that his paper be known for campaigning.
The newspaper scored an early significant success in exposing corruption in local government
Local government in London
Local government in London takes place in two tiers; a city-wide, strategic tier and a local tier. City-wide administration is coordinated by the Greater London Authority , while local administration is carried out by 33 smaller authorities.-Upper tier:...
. Marks himself was one of the main authors of a series of articles that began appearing on 25 October 1886 and carried on for nearly a year. The newspaper uncovered the involvement of officials and members of the Metropolitan Board of Works
Metropolitan Board of Works
The Metropolitan Board of Works was the principal instrument of London-wide government from 1855 until the establishment of the London County Council in 1889. Its principal responsibility was to provide infrastructure to cope with London's rapid growth, which it successfully accomplished. The MBW...
, which ran local government services in London, in schemes to personally enrich themselves. However the early years saw the company frequently summoned to the law courts to defend libel actions; there were three major cases between 1888 and 1890.
The paper gained a rival in 1888 when the Financial Times
Financial Times
The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....
published by Horatio Bottomley
Horatio Bottomley
Horatio William Bottomley was a British financier, swindler, journalist, newspaper proprietor, populist politician and Member of Parliament .-Early life:...
appeared. The two papers frequently attacked each others' advertisers, and criticised the investment schemes the other promoted, until a truce was worked out after a bad-tempered dispute over "the Nitrate King" Colonel J. T. North
John Thomas North
John Thomas North was a British investor and businessman. North was born in Leeds, Yorkshire, the son of a coal merchant and a churchwarden. At the age of fifteen he was apprenticed to millwrights and engineers before working for several years as a mechanic. He moved to Chile in South America...
who was developing the Nitrate Railway in South America. After then they continued to compete, but more in the nature of a friendly rivalry.
It was a financially successful venture and in March 1898 Marks floated the company on the stock market, with the understanding that he would continue as editor. Its success continued and at the ordinary general meeting in January 1911, the company announced a dividend and bonus amounting to 35% on ordinary shares; the announcement brought cheers. The paper was among those that exposed the details of the Marconi scandal
Marconi scandal
The Marconi scandal was a British political scandal that broke in the summer of 1912. It centred on allegations that highly-placed members of the Liberal government, under H. H...
.
Marks' departure
Handing over the editorship in 1909 to Ellis Powell, Marks remained the controlling influence as proprietor. He suffered increasing bouts of ill health due to goutGout
Gout is a medical condition usually characterized by recurrent attacks of acute inflammatory arthritis—a red, tender, hot, swollen joint. The metatarsal-phalangeal joint at the base of the big toe is the most commonly affected . However, it may also present as tophi, kidney stones, or urate...
and had at least one stroke
Stroke
A stroke, previously known medically as a cerebrovascular accident , is the rapidly developing loss of brain function due to disturbance in the blood supply to the brain. This can be due to ischemia caused by blockage , or a hemorrhage...
in 1915, and was forced to cease any active involvement in the newspaper; he died in December 1916. Although he left his interest to a nephew, the existing board fought off his attempts to take control. Eventually the Marks estate was sold in 1919 and most of the Financial News shares were bought by John Jarvis
Sir John Jarvis, 1st Baronet
Sir John Jarvis, 1st Baronet was a British industrialist and philanthropist who became a Conservative Party politician...
. In 1926 it was sold again to the Trireme Trust, although with Jarvis remaining chairman; however mounting losses of the Morning Post
Morning Post
The Morning Post, as the paper was named on its masthead, was a conservative daily newspaper published in London from 1772 to 1937, when it was acquired by The Daily Telegraph.- History :...
, which the Trust also owned, forced another sale in 1928. During this period, it absorbed one major rival, the Financier and Bullionist
Financier and Bullionist
The Financier and Bullionist was a daily newspaper focussed on finance, published in London.The paper was established as The Financier in 1870. In 1900, it merged with the Daily Bullionist, which had been established in 1866 as The Bullionist, and was renamed the Financier and Bullionist. In...
Brendan Bracken
The new ownership was put together by Brendan Bracken, who had been elected to the board of Eyre & SpottiswoodeEyre & Spottiswoode
Eyre & Spottiswoode, Ltd. was the London based printing firm that was the King's Printer, and subsequently, after April 1929, a publisher of the same name...
. Bracken persuaded the board to buy the Financial News and then bought a number of other publications (the Investors Chronicle
Investors Chronicle
The Investors Chronicle is a weekly magazine in the United Kingdom for private investors and is published by the Financial Times Group. The magazine publishes articles about global markets and sectors, and news on corporate actions such as takeovers and share issues...
and a half-share in The Economist
The Economist
The Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd. and edited in offices in the City of Westminster, London, England. Continuous publication began under founder James Wilson in September 1843...
among them); Bracken himself took responsibility for the Financial News. In the early 1930s, circulation rose, but the Financial Times was still selling about three or four times as many copies. In Spring 1937 sales hit 10,000, but only briefly.
When Adolf Hitler
Adolf Hitler
Adolf Hitler was an Austrian-born German politician and the leader of the National Socialist German Workers Party , commonly referred to as the Nazi Party). He was Chancellor of Germany from 1933 to 1945, and head of state from 1934 to 1945...
was appointed Chancellor of Germany, the Financial News leader was headed "Heil Hitler!"; it argued that Hitler was the prisoner of the non-Nazi majority in his government, and that the Nazis were highly unlikely to "attempt to base their power on armed force". However, the paper soon changed its line, arguing at the time of the occupation of the Rhineland that a stand would have to be taken against German military aggression. Hargreaves Parkinson
Hargreaves Parkinson
Hargreaves Parkinson was editor of the Financial Times from 1945 until 1950. He was educated at Blackpool Grammar School and King's College London...
became editor in 1938.
Merger and closure
During World War IIWorld War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, Bracken became close to Lord Camrose
William Berry, 1st Viscount Camrose
William Ewart Berry, 1st Viscount Camrose was a British newspaper publisher.The second of three brothers born in Merthyr Tydfil in Wales, Berry started his working life as a journalist and established his own paper, Advertising World, in 1901...
, the proprietor since 1919 of the Financial Times. The two privately agreed to raise their advertising rates to protect their finances, and eventually agreed that the other would have first refusal if one wanted to sell. Towards the end of the war, Camrose decided to sell the Financial Times, and arrangements for a merger were put in place. The financial deal was a complex one: the Financial News raised the cost of buying a controlling interest in the Financial Times by selling its own offices and investments, and by a share issue, but could only make up the full amount by simultaneously selling to the Financial Times the copyright
Copyright
Copyright is a legal concept, enacted by most governments, giving the creator of an original work exclusive rights to it, usually for a limited time...
and goodwill of the Financial News. Camrose himself bought some Financial News shares to help the deal along.
The Financial News ceased publication on 1 October 1945; the Financial Times afterwards at first appeared with the title "Financial Times, incorporating The Financial News". The three top jobs in the new merged paper went to former Financial News employees, including Parkinson as editor.
Editors
- 1884: Harry Hananel Marks
- 1916: Ellis T. Powell
- 1921: Herbert O'Neill
- 1921: W. A. Doman and William Lang
- 1924: Laming Worthington-EvansLaming Worthington-EvansSir Worthington Laming Worthington-Evans, 1st Baronet GBE, PC was a British Conservative politician.-Background and education:Born Laming Evans, he was the son of Worthington Evans and Susanah Laming...
- 1925: Hilton Young
- 1929: Oscar Rudolf Hobson
- 1934: Maurice GreenMaurice Green (journalist)Maurice Green was a British journalist and newspaper editor.Born in Padiham, Green attended Rugby School and University College, Oxford, gaining a half-blue in chess, before becoming a journalist on the Financial News. He quickly made an impact, and was appointed editor in 1934...
- 1938: Hargreaves ParkinsonHargreaves ParkinsonHargreaves Parkinson was editor of the Financial Times from 1945 until 1950. He was educated at Blackpool Grammar School and King's College London...
Source: David Butler and Anne Sloman, British Political Facts, 1900-1979, p. 441
Sources
- Griffiths, Dennis. Fleet Street: Five hundred years of the Press. British Library, 2006
- Kynaston, David. The Financial Times: A Centenary History. Viking, 1988