The making of a successful business section in a daily newspaper

TALKING BIZ NEWS EXCLUSIVE

An undated, eight-page speech on being a successful business news section is contained in the papers of Bertie Charles Forbes at he Syracuse University special collections research center.

Forbes, who was financial editor of the New York American from 1911 to 1916, when he started his magazine, likely gave the speech sometime near the end of his tenure at the paper. There is no reference in the speech to the magazine, but there is a reference to the Columbia School of Journalism, which began classes in September 1912.

I estimate that the speech was given in 1915 because there are several references to the overhaul of the American’s business news page being in its fourth year.

By the way, Forbes wanted to add a business news cartoon to the page. “Were they cleverly done, everybody would talk about them,” he said near the end of the speech.

Here are some excepts:

Forbes, on hesitating to take over the American’s financial section: “I did not know whether my financial friends would receive me if I came representing a newspaper which had so frequently trounced them; and I had no intention of changing my attitude towards capitalists of the economic developments of the day.

“With one conspicuous exception, the financiers I consulted all took the same view, which was that if I were assured of a free hand in the expression of my views, there was no position in the country which could command more influence, since the Hearst newspapers formed the only group covering the whole country. These assurances were readily given by the American.”

On adding European financial news: “In my first interview with Mr. Hearst, I suggested that I immediately go to Europe and select the ablest financial authority int he principal European capitals to send us financial cables. When I had finished outlining my programme as to the amount of cable matter we should arrange for, all Mr. Hearst said was: “Your idea is very good — only double the amount all round.”

On developing trust with executives: “A great many men used to shrink from giving interviews to reports from co-called ‘yellow journals’ lest their statements might be intentionally or unintentionally twisted in a manner that made the speakers feel foolish. Everybody in the department realized the necessity of removing all such fears and acted accordingly. I do not recall once in the whole four years receiving a complaint from any man interviewed by the financial force, so carefully was everyone to quote financiers and others strictly accurately.”

On appealing to a large audience on the business page: “One thing that distinguished the American’s business page from all others was its signed daily article, or editorial, by the business editor. By Mr. Hearst’s orders this article at first and for a long time was printed in gothic type throughout the plenty of paragraphs and star lines. These articles were “different,” as the magazines say. They were written on the principle that everybody is a human being before he is a banker, a broker, an investor or a business man. They were written also on the theory that daily newspapers have woman readers as well as men readers. Most daily financial articles are not read by people not directly interested in stocks. The American’s article was meant to appeal to everybody, men and woman, investors and noninvestors, employers and workers.”

Perhaps the only comment I’d quibble with today is putting a business news column in gothic type.