In 1873 Munro established the New York Family Story Paper, which gained a weekly circulation of 325,000.

He also published Nellie Bly's 1887 investigative journalism exposé Ten Days in a Mad-House.

Throughout his life, Munro owned several fast steam yachts including the Herreshoff-designed Norwood, which garnered extensive media attention for its competition with William Randolph Hearst's rival yacht Vamoose to set speed new records.

[4][5] Munro died on February 24, 1894, in New York City after an appendectomy and was survived by his wife and two children.

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