[출생] 1851년 11월 6일, 코네티컷 주 스털링
[사망] 1902년 12월 4일 (51세)
찰스 헨리 다우 (Charles Henry Dow, 1851년 11월 6일 ~
1902년 12월 4일)는 미국의 언론인이다.
1882년에는 에드워드 존스와 찰스 버그스트레서와 함께
다우 존스를 설립하였다.
[생애]
찰스 헨리 다우는 1851년 11월 6일 코네티컷 주 스털링에서 태어났다.
찰스가 6살 때 농부였던 아버지가 사망했다.
찰스의 가족들은 로드 아일랜드에서 그리 멀지 않은
동 코네티컷 힐스에서 살았다.
다우는 교육을 많이 받지도 못했고 경력도 별로 없었지만,
21살 때 매사추세츠에 있는 스프링필드 데일리 리퍼블리컨에서
일자리를 구할 수 있었다.
[월스트리트에서 일하다]
1880년 다우는 사업과 재무 보고서에 뉴욕 시가 적합하다고 느끼고
프로비던스를 떠나 뉴욕으로 향한다.
---------------------------------------
다우존스 [ Dow Jones ]
세계적인 명성을 지니고 있는 금융정보, 언론서비스 회사.
다우존스 산업지수, 운수업종지수 등 다우존스 지수를 발표한다.
컴퓨터 데이터베이스와 추가적인 금융정보뿐 아니라
월 스트리트 저널 등을 발행하고 있다.
======================================
Charles Dow
[Born] November 6, 1851
Sterling, Connecticut
[Died] December 4, 1902 (aged 51)
Brooklyn, New York
[Resting place]
North Burial Ground
Providence, Rhode Island
[Occupation] Journalist
Charles Henry Dow (November 6, 1851 – December 4, 1902)
was an American journalist who co-founded Dow Jones & Company
with Edward Jones and Charles Bergstresser.
Dow also founded The Wall Street Journal,
which has become one of the most respected financial publications
in the world. He also invented the Dow Jones Industrial Average
as part of his research into market movements.
He developed a series of principles for understanding and
analyzing market behavior which later became known as
Dow theory, the groundwork for technical analysis.
[Early life]
Charles Henry Dow was born in Sterling,
Connecticut on November 6, 1851. When
he was six years old his father, who
was a farmer, died. The family lived in
the hills of eastern Connecticut, not
far from Rhode Island. Dow did not have
much education or training, but he
managed to find work at the age of 21
with the Springfield Daily Republican,
in Massachusetts. He worked there from
1872 until 1875 as a city reporter for
Samuel Bowles, who taught his reporters
to write crisp, detailed articles.
Dow then moved on to Rhode Island, joining
the Providence Star, where he worked
for two years as a night editor. He
also reported for the Providence
Evening Press. In 1877, Dow joined the
staff of the prominent Providence
Journal. Charles Danielson, the editor
there, had not wanted to hire the 26-
year-old, but Dow would not take no for
an answer. Upon learning that Dow had
worked for Bowles for three years,
Danielson reconsidered and gave Dow a
job writing business stories.
Dow specialized in articles on regional
history, some of which were later
published in pamphlet form. Dow made
history come alive in his writing by
explaining the development of various
industries and their future prospects.
In 1877, he published a History of
Steam Navigation between New York and
Providence. Three years later, he
published Newport: The City by the Sea.
It was an account of Newport, Rhode
Island's settlement, rise, decline, and
rebirth as a summer vacation spot and
the location of a naval academy,
training station, and war college. Dow
reported on Newport real estate
investments, recording the money earned
and lost during the city's history. He
also wrote histories of public
education and the prison system in the
state. Danielson was so impressed with
Dow's careful research that he assigned
him to accompany a group of bankers and
reporters to Leadville, Colorado, to
report on silver mining. The bankers
wanted the publicity in order to gain
investors in the mines. In 1879, Dow
and various tycoons, geologists,
lawmakers, and investors set out on a
four-day train trip to reach Colorado.
Dow learned a great deal about the
world of money on that journey as the
men smoked cigars, played cards, and
swapped stories. He interviewed many
highly successful financiers and heard
what sort of information the investors
on Wall Street needed to make money.
The businessmen seemed to like and
trust Dow, knowing that he would quote
them accurately and keep a confidence.
Dow wrote nine "Leadville Letters"
based on his experiences there. He
described the Rocky Mountains, the
mining companies, and the boomtown's
gambling, saloons, and dance halls.
He also wrote of raw capitalism and the
information that drove investments,
turning people into millionaires in a
moment. He described the disappearance
of the individual mine-owners and the
financiers who underwrote shares in
large mining consortiums. In his last
letter, Dow warned, "Mining securities
are not the thing for widows and
orphans or country clergymen, or
unworldly people of any kind to own.
But for a businessman, who must take
risks in order to make money; who will
buy nothing without careful, thorough
investigation; and who will not risk
more than he is able to lose, there is
no other investment in the market today
as tempting as mining stock."
[Working on Wall Street]
In 1880, Dow left Providence for New
York City, realizing that the ideal
location for business and financial
reporting was there. The 29-year-old
found work at the Kiernan Wall Street
Financial News Bureau, which delivered
by messenger hand written financial
news to banks and brokerages. When John
J. Kiernan asked Dow to find another
reporter for the Bureau, Dow invited
Edward Davis Jones to work with him.
Jones and Dow had met when they worked
together at the Providence Evening
Press. Jones, a Brown University
dropout, could skillfully and quickly
analyze a financial report. He, like
Dow, was committed to reporting on Wall
Street without bias. Other reporters
could be bribed into reporting
favorably on a company to drive up
stock prices. Dow and Jones refused to
manipulate the stock market.
The two young men believed that Wall
Street needed another financial news
bureau. In November 1882, they started
their own agency, Dow, Jones & Company.
The business' headquarters was located
in the basement of a candy store.
Charles Bergstresser was the chief
financier of the fledgling company, but
chose to be a silent partner.
Bergstresser's strength lay in his
interviewing skills. Jones once
remarked that he could make a wooden
Indian talk and tell the truth.
In November 1883, the company started
putting out an afternoon two-page
summary of the day's financial news
called the Customers' Afternoon Letter.
It soon achieved a circulation of over
1,000 subscribers and was considered an
important news source for investors. It
included the Dow Jones stock average,
an index that included nine railroad
issues, one steamship line, and Western Union.
[Birth of the Wall Street Journal]
In 1889, the company had 50 employees.
The partners realized that the time was
right to transform their two-page news
summary into a real newspaper. The
first issue of The Wall Street Journal
appeared on July 8, 1889. It cost two
cents per issue or five dollars for a
one-year subscription. Dow was the
editor and Jones managed the deskwork.
The paper gave its readers a policy
statement: "Its object is to give fully
and fairly the daily news attending the
fluctuations in prices of stocks,
bonds, and some classes of commodities.
It will aim steadily at being a paper
of news and not a paper of opinions."
The paper's motto was "The truth in its
proper use." Its editors promised to
put out a paper that could not be
controlled by advertisers. The paper
had a private wire to Boston and
telegraph connections to Washington,
Philadelphia, and Chicago. It also had
correspondents in several cities,
including London.
Dow often warned his reporters about
exchanging slanted stories for stock
tips or free stock. Crusading for
honesty in financial reporting, Dow
would publish the names of companies
that hesitated to give information
about profit and loss. Soon after that,
the newspaper gained power and respect
from the reading public. Vermont
Royster, a later editor of the Wall
Street Journal, said Dow always
believed business information was not
the "private province of brokers and tycoons".
In 1898, the Wall Street Journal put
out its first morning edition. The
paper now covered more than just
financial news. It also covered war,
which it reported without rhetoric,
unlike many other papers. Dow also
added an editorial column
called "Review and Outlook"
and "Answers to Inquirers," in which
readers sent investment questions to be
answered. Edward Jones retired in 1899,
but Dow and Bergstresser continued
working. Dow still wrote editorials,
now focusing on the place that
government held in American business.
The Wall Street Journal set a precedent
in reporting during the election of
1900 by endorsing a political
candidate, the incumbent president
William McKinley.
[Dow Jones Industrial Average]
In the 1890s, Dow saw that the
recession was ending. In 1893, many
mergers began taking place, resulting
in the formation of huge corporations.
These corporations sought markets for
their stock shares. The wildly
speculative market meant investors
needed information about stock
activity. Dow took this opportunity to
devise the Dow Jones Industrial Average
in 1896. By tracking the closing stock
prices of twelve companies, adding up
their stock prices, and dividing by
twelve, Dow came up with his average.
The first such average appeared in the
Wall Street Journal on May 26, 1896.
The industrial index became a popular
indicator of stock market activity. In
1897, the company created an average
for railroad stocks.
Dow also developed the Dow theory,
which stated that a relationship
existed between stock market trends and
other business activity. Dow felt that
if the industrial average and the
railroad average both moved in the same
direction, it meant that a meaningful
economic shift was occurring. He also
concluded that if both indexes reached
a new high, it signaled a bull market
was under way. Dow did not believe that
his ideas should be used as the only
forecaster of market ups and downs. He
thought they should be only one tool of
many that investors used to make
business decisions.
[Death]
In 1902, Dow began to have health
problems and Bergstresser wanted to
retire. The two sold their shares of
the company to Clarence Barron, their
Boston correspondent. Dow wrote his
last editorial in April 1902. About
eight months later, on December 4,
1902, he died in Brooklyn, New York, at
the age of 51. He is interred in North
Burial Ground in Providence, Rhode Island.
(from naver.com 네이버 지식백과 wikipedia.org)
Connecticut, Co-founder, Companies, Influence ~
(PIG: time-variant)
Positive Influence GRADE (PIG): C
