klifhanger said:
Ho-Hum Davey. You got to win the debate..arguement. Man you must be fun at parties. I suspect the thin mountain air of Quito affected you in your youth causing this compulsion of yours. You apparently did not read close enough when the pronoun 'YOUR" was applied. CBS wouldn't discredit Paley since he owned the company. Thats like saying Mark Mays is discredited by CC.or vice versa. Just because "YOU (there's that pronoun or derivitative of it again) owns an old magazine that quotes a stock price BACK THEN,doesn't give it credibility. A "Prestigious" University Like Columbia is credible due to its long time scholars and internationally recognized historians. Good grief, get a gig on a 250w daytime am and have a talk show so you can be right all the time in the mojave. If you're trying to set an endurance record for a thread ,give it up. You have a long way to go. You amuse me. Tata.
You are apparently ill-versed in the terminology of business if you dismiss an annual report to shareholders and a multi-page article in Fortune about the development of the Columbia Broadcasting System as a "stock quote."
An annual report is that document that each shareholder receives each year reporting on the operations of a company. The basic requirements were a profit and loss statement, a blance sheet, any footnotes to either, and some type of narrative by the "head guy" at the company. As the "art form" of the annual report progressed, the publication often included pictures of the company operations and products, maps of factory locations and the like. After the crash of October, 1929, many reports also included some type of audit or certification of the financials.
The annual reports published by CBS showed profits from the time it was NYSE (New York Sock Exchange, where the principal equity issues were traded at the time) listed. Again: the CBS annual report was prepared and printed and sent to shareholders on orders of Mr. Paley. That's the way it worked then, and how it works now.
So I ask agian, why would CBS certify to its shareholders under Mr. Paley's signature, that they made money if they did not?
I was not there. I have no idea what the real truth was. I know that Radio Digest reported 1930 and on to be profitable. Broadcasting reported same from the time it was founded later in the 30's. A survery of radio in Fortune (which does not and has never carried stock quotes) from Fortune of May 28, 1938 shows the profitability of CBS (as well as that of NBC).
In your citation of Columbia and Harvard, you forget that their collections include the writings of some rather famous scoundrels, charlatans and crooks. Just because thier libraries house the writings of Paley does not mean that the writings of Paley are correct. It just means that he wrote them. The fact that you seem to believe that being housed at Columbia gives some form of credibility indicates to me that you have likely not seen the documents. Your reference to "stock quotes" in the context of Fortune shows you ignore the significance of a Fortune report in that era and your statements about annula reports shows total ignorance of financial reporting to shareholders.
Insulting me changes not an iota the fact that there is ample documentation availble with a scant few Internet searches that show profitability of CBS from its earliest full year. We have, by contrast, no evidence of anything said by Mr. Paley that speaks to the contrary; such information would be rather earth-shaking in the realm of broadcasting history as it contradicts Mr, Paley's own annual report.
As I suggested earlier, instead of hurling brickbats, this shoud be looked upon as an interesting case for further study, should the personal libraries truly contain documents that claim the entire CBS operation did not make money until 1945 or after. Of special interest would be the source for operating capital during 15 of the toughest years for American business ever.
Something is definitely wrong. Unfortunately, I suspect it is your information or your interpretation of the same, as you do not even know what an annual report is or you would not have ridiculed me for aksing how the annual report could have shown a profit and how CBS would not contradict Mr. Stanton when Mr. Stanton ISSUED the annual reports.
You say, "CBS wouldn't discredit Paley since he owned the company. " Yet the company issued annual reports, and even presented them in a Supreme Court case, shoing profitability of CBS way BEFORE W.W. II started. Nice try.