American History of Business Journalism

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In: Lives 08 Mar 2014 0 comments

Dan Hinson 2By Sarah Chaney

Hardly anyone in business journalism knew his name, but when he announced retirement, The Wall Street Journal’s managing editor pled, “But, but — we can’t do it without you.”

Dan Hinson remained invisible to most of The Journal’s news department and readership. During his 37 years with the paper, he never reported, never had a byline published or a big blockbuster story to puff up his ego.

But he liked it that way. It was part of his humility, said Judy Hinson, Dan Hinson’s wife of 55 years.

Dan Hinson’s behind-the-scenes role as a copy editor and later as an assisting managing editor for The Journal left a hidden imprint on one of the most widely read financial newspapers.

His core job as assistant managing editor was to get the newspaper out and serve as the key liaison between the advertising and news departments.

By the time of his retirement in 1997, The Journal had expanded from a one-section to a three-section newspaper with the establishment of European and Asian editions — expansions executed under the trudging, unseen work of the well-regarded editor.

Born in Yonkers, N.Y., Dan Hinson grew up in New Jersey towns. Dan Hinson’s father was a research analyst for one of the largest brokerage firms in New York, which sparked his interest in business.

Dan Hinson attended the University of Iowa, where he earned a degree in journalism and gained experience as the editor of his campus newspaper, propelling him in the direction of management from a young age.

“That’s where he really began his interest in that facet of the newspaper. He never had an interest in writing; he was always more interested in the managing aspect,” Judy Hinson said.

After one year of reporting for The Cedar Rapids Gazette, the only reporting job during his journalism career, he began his career at The Journal and held positions in news production in New York, Cleveland and White Oak, Md.

Dan Hinson and his wife moved back to New Jersey when he became a national news production manager in New York.

Equipped with sharp antennae for young talent, he recruited college journalists and was an avid recruiter of women to join the newsroom.

Dan Hinson died on Feb. 18, 2013, when he was 77 years old.

John Prestbo, former editor and executive director of Dow Jones Indexes, said Dan Hinson would primarily be remembered for his establishment of the European and Asian editions — for transforming an idea into a tangible thing.

“All that took a great deal of attention to detail, negotiating with people who had different agendas and making it work smoothly in the end,” Prestbo said.

At The Journal there was no link between the news and advertising departments with two exceptions. One was the publisher to whom both departments reported, and the other was Dan Hinson who worked closely with an advertising counterpart, Bob Higgins.

“It was a bit liking doing a daily jigsaw puzzle complicated by the fact that certain news columns had to run in certain places while certain ads required certain prepaid positions,” said Peter Kann, former CEO of Dow Jones & Co.

His ability to adapt to the fast-changing news environment was notable, said Jim Pensiero, a deputy managing editor for The Journal.

During his tenure at The Journal, Dan Hinson oversaw drastic changes in The Journal’s news production, which shifted from hot-metal composing to desktop publishing.

“He had to bridge those technologies,” Pensiero said. “He had to help us as a news organization. That’s always a battle — you can have the world’s greatest story, but if you don’t get it on a page, you don’t get it out.”

Prestbo said Dan Hinson took these technological changes in stride.

“I thought that for someone who was on the back half of his career, he was embracing of new things,” Prestbo said. “It all had to be integrated into this daily rush of stuff that all had to be settled into.”

Under the daily pressure of coordinating efforts between the advertising and news departments, Dan Hinson never lost his composure.

“He was always very nice, very accommodating, always pushing for that resolution,” Prestbo said. “I learned from Dan keep your cool. It may be urgent and important, and the clock may be ticking, but don’t lose your cool.”

But even though he was calm, cool and collected, Dan Hinson’s managerial duties necessitated bluntness at times.

“I wanted to get new dictionaries because ours were really out of date and beat,” Pensiero said.

“The guy who ran the numbers said, ‘we’re not going to do that.’ Dan chews this guy out and says, ‘what business do you think we’re in, buddy?’”

Dan Hinson was not afraid to confront coworkers when they violated his vision of collaboration at The Journal, Pensiero said.

“He would remind more egocentric people in the newsroom,” Pensiero said. “He would say, ‘you know what, you’re not as important as you think you are.’ And for some of those people, they really needed to hear that.

“I’ll tell you, Dan stood for something. He stood for The Wall Street Journal.”

Sarah Chaney is a native of Charlotte, N.C., and a business journalism and French major in the Class of 2016 at the University of North Carolina at Chapel Hill.

In: Lives 08 Mar 2014 0 comments

By Michelle Brant

Hobart Rowen

Hobart Rowan

To say Hobart Rowen influenced the way we produce and consume business journalism is an understatement. Rowen shaped business journalism into what it is today.

Rowen was born in 1919 in Burlington, Vt., and graduated from City College of New York in 1938.

Rowen jumped straight into his career in 1938 at the New York Journal of Commerce and went on to work for 21 years at Newsweek magazine, where he acted as business trends editor.

The turning point came in 1961 when The Washington Post acquired Newsweek. Ben Bradlee, the current vice president at-large at The Washington Post, recruited Rowen to build up its business desk in 1966.

Bradlee was also Rowen’s mentor. “In all respects, he (Rowen) reflected the strengths of his sponsor at the Post, Ben Bradlee,” said Dave Beal, a fellow member of the Society of American Business Editors and Writers  with Rowen.

Rowen joined The Post as the paper’s first assistant managing editor for financial news. This led to the creation of the Sunday Business Section.

Rowen also oversaw a twice-weekly syndicated column on international and domestic economic affairs, appearing in many leading papers around the United States.

Rowen’s accomplishments lie in the fact that he helped put business journalism on the map. Before Rowen, business journalism was not something the general newsreader was interested in, and was not widely published.

The proof is in the numbers. Under Rowen, the Post’s business staff rose to 30 in 1975 from four in 1966. In the same time period the business news section grew from three columns to day to more then 20.

“(Rowen) helped take it from being a backwater where people just rewrote press releases to one of the most desired place to be in newsrooms,” said Jodi Schneider of Bloomberg News.

The timing of it all created a once-in-a-lifetime opportunity. Rowen was the right person at the right time to expand the business desk, and economics coverage overall.

The rapid growth of the business desk from 1966-1975 with Rowen came about due to a combination of Rowen’s immense talent, and his ability to take advantage of the regulatory climate stirring.

This time period brought about the rapid growth of regulatory agencies, such as the Environmental Protection Agency. This was a huge wake up call for the business world, which now had a lot more to deal with.

Rowen followed his intuition and successfully pushed the new beats to cover these agencies attached to the business desk. This created markedly different business journalism, and a great expansion of business desk activity and interest in business journalism.

“He gets a lot of praise, all justifiable, for putting the Post on the map in terms of international economics coverage, and economics coverage generally” said Beal. The business desk, and business journalism in general, exploded with Rowen.

Rowen’s accomplishments and influence in business journalism spread well beyond The Post. Rowen was also an active member of SABEW and served as its president in 1973-1974.

Rowen’s influence at SABEW was far reaching. Most importantly, Rowen played an instrumental role in creating SABEW’s landmark Code of Ethics for business journalists.

This code was the first of its kind. “He helped put SABEW on the map as a journalistic institution” said Schneider.

As a testament to his work at SABEW, Rowen was the first recipient of the Distinguished Achievement Award for an outstanding career in business journalism in 1994.

Beal recounted his most memorable work with Rowen at SABEW when he recruited speakers for the first annual SABEW meeting.

SABEW only 58 members at the time, but Rowen pulled some of the biggest names in business and economics to speak — from Ralph Nader to the chairmen of the Securities and Exchange Commission. Beal points to this as an indicator of the clout and influence he held.

From SABEW to the Post, Rowen’s influence touched all areas of business journalism and put business journalism and economic coverage on the map. Rowen died at 76 in Chevy Chase, Md.

Beal summed it up best: “He was a tough cookie who knew what his best interests and those of his employer were … developed the capacity to write concisely about and pump out readable columns on important and incredibly complex topics and had an unusually deep sense of what the world was all about.”

Michelle Brant is a native of Oceanside, N.Y., and an economics and advertising major in the Class of 2014 at the University of North Carolina at Chapel Hill.

In: Lives 07 Mar 2014 0 comments

By Connor Elledge

Daniel Seligman

Daniel Seligman

“Question everything” might have been Daniel “Dan” Seligman’s motto had the communist Karl Marx not penned it.

A quiet, conservative, calculating man and master statistician, Seligman served as a writer for 47 years at Fortune magazine, from 1950 to 1997. Polite in personality, yet curmudgeonly in writing style, he wrote the “Keeping Up” column in Fortune for more than 20 years. He also wrote for Forbes, Commentary and other publications.

The son of a furrier, Dan Seligman was born on Sept. 25, 1924. Seligman began and retired from his writing career in New York City. Seligman attended P.S. 166 in Manhattan, along with three other future Fortune magazine writers, from 1930 to 1938. In an account of his grade school days, Seligman details a class ranking system his first grade teacher, Ms. McGee, instituted.

“But the distinctive feature of her regime was a fine-grained ranking system that repetitively reseated each child according to his or her latest class rank,” said Seligman.

The “smartest” student sat in the first seat in the first row, and the dumbest kid (who Seligman described as a “hooligan”) sat in the last seat in the last row. Seligman recalled himself sitting in the fourth seat, first row, most of the time. He noted three of the top four students in his first grade class “went on to write serious books,” including himself. Seligman’s book, A Question of Intelligence: The IQ Debate in America, explains how mental ability affects success in life -­- the thesis of which was only furthered by his and the other top-four students’ success from Ms. McGee’s class.

Dan Seligman attended Rutgers University for just more than a year before joining the Army. A sufferer of asthma, Seligman’s military career proved to be quite brief — he was discharged 1 month and 23 days after he joined due to a severe asthma attack quelled by a shot of adrenaline (but not after an attempt to stop the attack with a syringe of distilled water, to see if he was just faking it).

Seligman graduated from New York University and began writing professionally. He first wrote for The American Mercury, Commonweal and The New Leader before settling into a career at Fortune magazine. Throughout the years, he held several editorial positions at the publication but always continued to write his “Keeping Up” column.

In the workplace, Seligman was quiet and soft-spoken.

“He actually physically let his journalism do the talking,” said Andy Serwer, who was a junior writer at Fortune when Seligman worked there and is now the managing editor of the magazine.

Serwer also described Seligman as courteous and wry, as well as being a thinking man.

“He was a thinker, he spent time pondering — a lost art now, I think,” said Serwer.

Seligman was the mentor to Carol Loomis, a writer at Fortune magazine who has been with the publication for more than 50 years. He was her first editor and taught her “an enormous amount” about writing and magazine journalism. She remembered Seligman as an adviser as well as a friend. Concerning her success at Fortune, she says Seligman deserved a lot of the credit.

“He also was a champion of women at Fortune well before Time Inc. moved glacially into acknowledging the talents of the women journalists on its staff,” said Loomis.

Loomis and Seligman were suspicious of fast writers because they were both measured and deliberate in their writing.

Seligman notably criticized liberal viewpoints in his articles, yet did not spare the political right from his shrewd statistical analyses. Utilizing LexisNexis, a service developed to assist journalists with databases of legal and public records, he wrote about human behavior, intelligence, economics and gambling. Seligman wrote articles about the correlation of mortality with socioeconomic status, the effectiveness of horse race betting as a means of money laundering, and the correlation of attractiveness and income in lawyers.

Dan Seligman was a good father, much like his own father, Irving Seligman, after whom he modeled his parenting, said his daughter Nora Favorov. He was loving and was a firm believer in family. Always checking others’ thinking and logic, Seligman did not spare his family from his analytical mind.

“At the dinner table, if you said anything stupid, you’d be immediately torn apart,” said Favorov.

Seligman passed away on Jan. 31, 2009, yet left behind a catalog of works- some controversial, most critical, but all entertaining and witty. His beliefs and computer-like mind, coupled with his writing prowess, created articles that were informative and thought provoking, yet humorous.

Connor Elledge hails from North Wilkesboro, N.C., and is a sophomore advertising major at the University of North Carolina at Chapel Hill.