CHAPTER 27Managing GrowthThe Halcyon Years

THE 1980S WERE HALCYON YEARS at Dow Jones, particularly for the Journal. Its circulation in 1981 passed two million, largest in the nation. Advertising poured in faster than we could increase the page capacity of the Journal’s presses to accommodate it. Dow Jones’s earnings soared. Fortune magazine’s annual survey in 1984 found Dow Jones the second most admired company in America after IBM, and first in quality of its products and services. Other honors—both corporate and personal—were bestowed in the years leading up to celebration of the Journal’s centennial in 1989, with President George H. W. Bush and his wife, Barbara Bush, in attendance.

These were heady days. I was saddened, though, that some ...

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