Financial World
Financial World was an American magazine for investors that operated from 1902 to 1998. The magazine was known for its annual "Bronze Award" given to companies for the quality of their annual shareholders reports and, later, that year's top corporate CEO, in their respective industries.
| Categories | Business |
|---|---|
| Format | Biweekly magazine |
| Founder | Louis Guenther |
| Founded | 1902 |
| First issue | October 1, 1902 |
| Final issue | 1998 |
| Country | United States |
| Based in | New York |
| Language | English |
| ISSN | 0015-2064 |
Financial World was an American magazine for investors that operated from 1902 to 1998. The magazine was known for its annual "Bronze Award" given to companies for the quality of their annual shareholders reports and, later, that year's top corporate CEO, in their respective industries.
Publication history
[edit]Financial World was founded in 1902 by Louis Guenther in Chicago, and moved to New York City a few years later.[1] The first issue, published on October 1, 1902, stated the purpose of the magazine was to provide information about companies that individual investors could use for evaluating the quality of individual stocks.[2] The magazine was initially published monthly without advertisements for the price of 5¢ with subscriptions available for 50¢ per year.[2] It started including advertisements when the publication frequency increased to semi-monthly commencing with the October 1, 1905, issue.[3] Due to popular demand from its readers, the magazine began publishing weekly starting with the September 1, 1906, issue.[4]
Guenther died on March 11, 1953, at the age of 78.[1] Ralph Bach, Richard J. Anderson, and Arthur E. Voss purchased the magazine's publishing company, Guenther Publishing, from Guenther's estate in 1955.[5] Bach, who had worked for the magazine since 1929, published it until his death in 1973, when Macro Communications took over.[6][7] Macro reduced the publication frequency to semi-monthly in 1975.[7] By the 1980s, the magazine was known for publishing annual lists of the year's top money-makers. Carl Lindner Jr. and a group of investors purchased the magazine in 1983;[8] it was sold to Barry Rupp, Steve Rupp, and Timothy Draper in 1995.[9]
In the magazine's later years of publication, its signature issue was the "Sports Franchise Valuation Issue". In its last years, this feature was prepared by Andrew Zimbalist, who became a contributor to Forbes.
The magazine failed in 1998.[9][10]
Bronze awards
[edit]Annual reports
[edit]In 1942, Vice President and Business Editor Weston Smith surveyed the shareholder annual reports for 1941 of 500 corporations listed on the New York Stock Exchange, evaluating how each company's report had improved the structure and quality of information presented when compared to the company's 1931 report.[11] The following year, he expanded the survey to 766 corporations, both listed and unlisted, and awarded "Highest Merit Award" and "Honorable Mention" certificates for each industry category that were mailed to the presidents of the companies.[11] The "Highest Merit Award" was for reports considered modern, while "Honorable Mention" was for reports that had shown significant improvement from 10 years before.[11] The judging criteria included format, content and illustrations, typography, and public relations appeal.[12] 318 were considered virtually unchanged, and Smith noted that some company reports had used the same style or content for over 25 years.[11] Smith stated that the purpose of his annual report surveys was to foster continual improvement.[12]
For the 1944 survey, over 2,000 companies submitted their 1943 annual reports to the magazine for inclusion. 1,000 reports qualified for the "Highest Merit Award" or an "Honorable Mention".[12] In response to popular demand for selecting a best report from each industry category, the magazine formed an independent board of experts with initial members Lewis Haney (finance and economics), Norman Bel Geddes (industrial arts), Glenn Griswold (business and industry), Raymond C. Mayer (public relations), and C. Norman Stabler (financial journalism).[13] The industry winners were announced in the August 9, 1944, issue, with Brown & Bigelow being awarded for "Outstanding Annual Report of the Year", and Pan American Airways being awarded "Best Original Annual Report Cover Design".[14]
The first annual awards dinner was held on October 2, 1945, at the Waldorf-Astoria in New York City.[15][16] The awards presented were the "best of industry" awards, which the magazine dubbed the "Oscar of Industry", a gold award for the overall winner (Caterpillar Tractor Company), second through fifth place awards, and two awards for cover designs.[16]
Moving forward, the awards were divided into industrial classifications (100 in 1948), with the winner of each classification receiving a bronze award.[17] The overall winner received a gold award, and multiple silver awards were given in various broader industry categorizations.[18] Judging criteria included good design, graphics, completeness of information, and uniformity of data.[19] Information looked for included the cost and nature of acquisitions, lines of business breakdowns, company products, sales, marketing and advertising, taxes, future financing plans, research and development, and public relations programs.[19]
CEO of the year
[edit]The magazine began awarding its CEO of the Year award in 1975.[59] Like the annual report awards, bronze awards were given for the best in each industry category (52 in 1983), silver awards, and a gold award for the overall winner.[60]
| Year | CEO | Company |
|---|---|---|
| 1975 | Walter B. Wriston[61] | Citicorp |
| 1976 | C.B. Branch[62] | Dow Chemical Company |
| Rick de Lome | ||
| Mary Lynn Van Dyken | ||
| Jim Zahrt | ||
| 1982 | Raymond Mundt | |
| 1983 | Lee Iacocca[60] | Chrysler Corporation |
| 1990 | Amy Ink | |
| 1993 | Donald Haberek | |
| 1994 | Ronald L. Bittner | |
| 1995 | Ronald L. Bittner | |
| 1996 | Brian Engel |
Special awards
[edit]| Year | Recipient | Reason |
|---|---|---|
| 1960 | New York Stock Exchange[33] | The company's "leadership in encouraging greater dissemination of share ownership information."[33] |
| 1964 | Commonwealth of Puerto Rico[37] | "for distinguished achievement in the annual reports of the public corporations and authorities"[37] |
Notable alumni of Financial World
[edit]- Stacey Bradford, financial journalist, author, and commentator
- Dan Cordtz, economics correspondent
- Dan Dorfman, television and print commentator and columnist[63]
- Seth Hoyt, former publisher of Cosmopolitan Magazine[64]
- Joseph Livingston, FW public utility editor in 1934[65]
- Douglas McIntyre, technology entrepreneur[66]
- Richard Sandomir, television, sports, and business reporter
- Anson Weston Smith, executive vice-president, creator of the shareholder annual report awards, and father of the famous radio DJ 'Wolfman Jack'
- John Hancock Willing Rhein, III, Sr. VP, Associate Publisher (1973–1982)
- Andrew Zimbalist, economist and author
References
[edit]- ^ a b "Louis Guenther publisher here". The New York Times. Vol. CII, no. 34746 (Late City ed.). March 12, 1953. p. 27.
- ^ a b "The Financial World". Financial World. Vol. 1, no. 1. Chicago. October 1, 1902. pp. 1, 8.
- ^ "Important announcement". Financial World. Vol. 3, no. 12. Chicago: Louis Guenther. September 1, 1905. p. 1.
- ^ "A weekly September 1st". Financial World. Vol. 5, no. 9. Chicago: The Financial World Publishing Co. August 1, 1906. p. 1.
- ^ "Group Gains Control Of 'Financial World'". Des Moines Register. Vol. 107, no. 92. New York, New York. Associated Press. September 20, 1955. p. 20.
- ^ "Ralph Bach Dies On 70th Birthday". The Item of Millburn and Short Hills. Vol. 84, no. 5. February 1, 1973. p. 13.
- ^ a b Weingarten, Robert I.; Kingon, Alfred H. (December 1, 1975). "A note to our readers". Financial World. Vol. 144, no. 22. New York, New York: FW Publishing Corporation. p. 4.
- ^ Dougherty, Philip H. (December 29, 1983). "Financial Magazine's New Era". Advertising. The New York Times. Vol. CXXXIII, no. 45907 (late ed.). p. D13.
- ^ a b Leonard, Devin (August 3, 1998). "Financial World Magazine Collapses Under Gung-Ho Owner Barry Rupp". The New York Observer. Retrieved February 19, 2016.
- ^ Abrams, Margaret. "A Trend Forecaster Tells Us What to Expect for Spring 2018". The New York Observer. Archived from the original on October 25, 2009. Retrieved February 19, 2016.
- ^ a b c d Smith, Weston (June 30, 1943). "Annual survey of annual stockholder reports". Financial World. Vol. 79, no. 26. New York, New York: Guenther Publishing Corporation. pp. 3–4, 24–26.
- ^ a b c Smith, Weston (July 5, 1944). "Annual survey of annual stockholder reports". Financial World. Vol. 82, no. 1. New York, New York: Guenther Publishing Corporation. pp. 3–4, 27–32.
- ^ "Announcing the Formation of an Independent Board of Experts". Financial World. Vol. 82, no. 1. New York, New York: Guenther Publishing Corporation. July 5, 1944. p. 4.
- ^ "Report of Independent Experts". Financial World. Vol. 82, no. 6. New York, New York: Guenther Publishing Corporation. August 9, 1945. p. 5.
- ^ "'Best of Industry' Selections for 1944 Annual Reports". Financial World. Vol. 83, no. 14. New York, New York: Guenther Publishing Corporation. October 3, 1945. p. 5.
- ^ a b c "Prizes are awarded". The Cincinnati Enquirer. Vol. CV, no. 177 (Final ed.). New York. Associated Press. October 3, 1945. p. 15.
- ^ a b "'New Haven' Wins Group Award For Annual Report Ads". Hartford Courant. Vol. CXII (Final City ed.). Associated Press. October 22, 1948. p. 20.
- ^ "Warnaco report wins top 'Oscar'". The Bridgeport Post. Vol. XCII, no. 250 (County ed.). October 24, 1975. p. 36.
- ^ a b "Harleysville Annual Report Wins Financial World Award". News-Herald (Perkasie, Pennsylvania). Vol. 95, no. 4930. November 19, 1975. p. 18.
- ^ "Snyder sees need to keep taxes up". The New York Times. Vol. XCVI, no. 32396 (Late City ed.). October 5, 1946. p. 21.
- ^ "Canadian Reports Win High Honors". The Gazette (Montreal). Vol. 170. October 11, 1947. p. 12.
- ^ Suttle, Howard. "Industry 'Oscars' Awarded". Liftin' the Lid on Washington. Shreveport Journal. Vol. 54 (Wednesday Afternoon ed.). p. 6.
- ^ "Sloan urges all to acquire stock". The New York Times. Vol. C, no. 33883 (Late City ed.). October 31, 1950. p. 43.
- ^ Kellum, Robert (October 31, 1951). "Erie Gets The Oscar For Annual Report". The Indianapolis Star. Vol. 49, no. 148. p. 26.
- ^ "Monsanto wins report trophy". Wilmington Morning News. Vol. 142, no. 104 (Latest City ed.). New York. Associated Press. October 29, 1952. p. 46.
- ^ "Illinois Central Wins Gold Oscar". The New York Times. Vol. CIII, no. 34975 (Late City ed.). October 27, 1953. p. 39.
- ^ "Kodak top winner with year report". The New York Times. Vol. CIV, no. 35339 (Late City ed.). October 26, 1954. p. 40.
- ^ "Pennsy line wins prize for report". The New York Times. Vol. CV, no. 35703 (Late City ed.). October 25, 1955. p. 45.
- ^ "Southam Co. Wins Trophy". Calgary Herald. Vol. 73, no. 250 (Final ed.). New York. Associated Press. October 30, 1956. p. 30.
- ^ "Gold Award for 1956 Stockholders Report To Marquette Cement". St. Louis Globe-Democrat. Vol. 83, no. 140. October 29, 1957. p. 27.
- ^ "Ford Wins 'Oscar of Industry' Award For Best Annual Report Issued for '57". The New York Times. Vol. CVIII, no. 36802 (Late City ed.). October 28, 1958. p. 58.
- ^ "Hilton '58 report wins gold award". The New York Times. Vol. CIX, no. 37166 (Late City ed.). October 27, 1959. p. 49.
- ^ a b c "Insurer wins 'Oscar'". The New York Times. Vol. CX, no. 37530 (Late City ed.). October 25, 1960. p. 51.
- ^ "American Electric wins report trophy". News Items on Business Activities Over the Nation. The Tampa Tribune. Vol. 67, no. 305. Associated Press. November 1, 1961. p. 9-C.
- ^ Record, Don (October 31, 1962). "U.S. Steel Cuts Dividend". Business Chronicler. Democrat and Chronicle. Vol. 130. p. 30.
- ^ "G.E. Annual Report Wins Financial World's Award". The New York Times. Vol. CXIII, no. 38631 (Late City ed.). October 31, 1963. p. 41.
- ^ a b c "Xerox Corp. Wins Award For Its Stockholder Report". The New York Times. Vol. CXIV, no. 38993 (Late City ed.). October 28, 1964. p. 67.
- ^ "Xerox to Get Silver Oscar". Democrat and Chronicle. Vol. 133 (Metropolitan ed.). October 26, 1965. p. 1C.
- ^ Lockwood, Leonard (October 27, 1966). "Eastman Kodak Gets 'Oscar' for Report". Democrat and Chronicle. Vol. 134 (Metropolitan ed.). New York. p. 1C.
- ^ "Glidden to Get Oscar For Its Annual Report". The New York Times. Vol. CXVII, no. 40086 (Late City ed.). October 25, 1967. p. 72.
- ^ "NA Rockwell To Get Award". Pittsburgh Post-Gazette. Vol. 42, no. 70 (Final City ed.). October 21, 1968. p. 43.
- ^ Vanderschmidt, Bill (October 30, 1969). "L. M. Berry Co. Branches Out". Business/People. Democrat and Chronicle. Vol. 137 (Metro ed.). p. 1C.
- ^ "'Sell Anything' Stock Era Past". San Francisco Examiner. Vol. 106, no. 121 (9 Star Final ed.). New York. Associated Press. October 29, 1970. p. 56.
- ^ "Eastern Air Lines to Get Trophy for Its '70 Report". The New York Times. Vol. CXXI, no. 41548 (Late City ed.). October 26, 1971. p. 66.
- ^ "Award Is Won by Retailer For Corporation Report". The New York Times. Vol. CXXII, no. 41914 (Late City ed.). October 26, 1972. p. 65.
- ^ "Hart, Case-Hoyt Award Winners". Democrat and Chronicle. Vol. 141 (Metro ed.). October 31, 1973. p. 8D.
- ^ Sherman, Howard L.; Nevans, Ronald (October 30, 1974). "1974 Annual Report Awards Section". Financial World. Vol. 142, no. 17. New York, New York: Butler Publishing Corporation. pp. 62–63.
- ^ Cole, Joe (October 26, 1975). "Merrill Lynch has real winner". The Arizona Republic. Vol. 86, no. 163. p. B11.
- ^ "Lowe's Reports". Business Activities. The Robesonian. Vol. CVII, no. 204. October 25, 1976. p. 8.
- ^ "LCO Takes Top Award". Lebanon Daily News. Vol. 107, no. 43. October 28, 1978. p. 9.
- ^ "Annual report winners". Business Beat. The Daily Item. Vol. 80, no. 239. October 26, 1979. p. 6.
- ^ "Vulcan Report Honored". The Leaf-Chronicle. Vol. 177, no. 300. October 27, 1985. p. 8B.
- ^ "GMP wins bronze award for annual report". The Brattleboro Reformer. Vol. 76, no. 197. October 21, 1988. p. 6.
- ^ "PepsiCo report judged No. 1". The Herald Statesman. October 25, 1990. p. D1.
- ^ Lee, Patrick (October 26, 1991). "Arco 1990 Annual Report wins Award From Financial Analysts". Los Angeles Times. Vol. CX, no. 327. p. D2.
- ^ "In the region". Update. The Morning Call. No. 36542. October 23, 1992. p. B9.
- ^ "Roadway, Michelin, Knight-Ridder tops". Daily Backgrounder. Akron Beacon Journal. October 28, 1994. p. B8.
- ^ "Annual reports for Tecnol, AMR, Tandy win awards". Fort Worth Star-Telegram. Vol. 90, no. 181. October 23, 1995. p. 6.
- ^ "Interstate/Johnson Lane's CEO earns Bronze Award". The Index Journal. Vol. 76, no. 49 (Sunday ed.). April 3, 1994. p. 5B. |
- ^ a b Davis, Pati (April 21, 1983). "S&L presifdent wins national honors". Fort Myers News-Press. Vol. 99, no. 151. p. 17A.
- ^ Barton, Lee (March 26, 1975). "Selecting the Outstanding Corporate Chiefs". Financial World. Vol. 143, no. 13. pp. 16–17.
- ^ Wax, Alan J. (March 15, 1976). "The selection of America's outstanding chiefs". Financial World. Vol. 145, no. 6. New York, New York: FW World Publishing. p. 26.
- ^ "Dan Dorfman Joins Magazine". The New York Times. December 4, 1996. Retrieved February 19, 2016.
- ^ Fabrikant, Geraldine (March 11, 1992). "Vogue's Plans for Centennial - A Big Issue and a Big Party". The New York Times. Retrieved February 19, 2016.
- ^ Livingston, Joseph A. (October 28, 1979). "An idea whose time hadn't come". The Philadelphia Inquirer. Vol. 301, no. 120. p. 18 Today section. Retrieved March 30, 2020 – via Newspapers.com.
- ^ "Douglas A. McIntyre". Huffington Post. Retrieved February 19, 2016.