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NEW YORK NEWS BUREAU

In the early 1890s, the New York News Bureau began competing with Dow-Jones at every step. Starting with news bulletins, they followed Dow into ticker service. The bureau was founded by James Rascovar (1857-1916), who had worked as a messenger boy for John J. Kiernan in his youth. Rascovar later married Vera Frank, daughter of Kiernan's advertising partner Albert Frank, and became president of the advertising firm after the two senior partners died. James Rascovar was also vice president of the Hamilton Press and a director of the United Press Association.

"HOW WALL STREET GETS THE NEWS" - (July 1901) - Wall Street has three news bureaus: those of Dow, Jones & Co., the New York News Bureau and the J. Arthur Joseph Bureau. The first two have elaborate systems for the distribution of news. They handle news more quickly than any newspaper and there is no place in the world where newspaper speed and accuracy have reached such a degree of perfection. Each news bureau has a staff of reporters, a telegraph and cable service, and each distributes the news printed on small sheets of paper, one using yellow and the other white slips. Messengers run with the slips to the brokers' offices. Each messenger has a route to serve and each service tries to outstrip the other. The result is that long before the afternoon papers appear, the brokers have read all the financial news and bulletins of the general news of the day from the "slips." The slips begin to be delivered at the broker's office at about nine o'clock. Opening with a review of the market, the London quotations and general financial and other news follow in quick succession, until at 3 o'clock in unending procession, slips have been received to the number of 100, 200 or more. In order to provide even greater speed each bureau maintains a page printing electric ticker service. For thirty dollars a month you get the news slips and a news ticker which prints the bulletins of the leading events before they can be delivered on the slips. - Samuel Armstrong Nelson (1901, July), The Machinery of Wall Street, The World's Work, Volume 2, Number 3, Page 982

In 1893, the New York News Bureau hired Collin Armstrong (financial editor of the New York Sun) and published a rival newspaper called "The Wall Street Summary"


Wall Street Journal, Thursday, 28 Sept 1916, Page 1 - JAMES RASCOVAR - The cheery, sunny face of James Rascovar will be missed for many a year in Wall Street. For more than forty years he has been known here as an advertising and news man and a good fellow. Everybody knew him as "Jimmy," and everybody liked him. Everybody also stood ready to answer his cheery question, "What can I do for you?" He and his predecessor, the late Senator Kiernan, reach back almost to the beginnings of Wall Street. Senator Kiernan began the news and advertising systems of Wall Street before the coming of most of the financial men of today. The Senator was always ready to do a political favor, promptly announce a dividend, quote the rate of exchange to any place accurately or the cost for an advertisement in any paper. Later the bankers were glad to pay Kiernan $300 a month for accurate reports on exchange rates, interest rates, dividends, and an aggregate of daily financial news that would not make 5 per cent of what a modern Wall Street news agency must now furnish. Rascovar began as office boy for Kiernan. Later Messrs. Dow and Jones became news gatherers for Kiernan, and their names are the most familiar anonymous names today in Wall Street. Mr. Dow educated Wall Street for many years in sound finance and the laws of speculation; and settled his earthly accounts more than ten years ago. Mr. Jones had some years before passed into the brokerage field; and all the men who once made up the Co. of Dow, Jones & Co. long since passed out of the news field. Of the old school, James Rascovar alone was left and his passing will cause thousands in Wall Street of both the older and the younger generations to reverently lift their hats and say again. as many times before, "Jimmy is a good fellow."  

 

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