格雷厄姆-纽曼公司——致股东的信函及1952财年年度报告

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GRAHAM-NEWMAN CORPORATION

120 WALL STREET

NEW YORK 5. N. Y.

February 29, 1952.

To the Stockholders of Graham-Newman Corporation:

Submitted herewith are financial statements of the Corporation covering the fiscal year ended January 31,1952.

Ine appended balance sheet indicates a net asset value of pi, 257.85 per share on January 31, 1952, compared with $1,232.48 per share on January 31,1951. In March 1951, a dividend of $27.14 per share vas paid applicable to the result of the previous fiscal year.

Net realized profits for the year, without reflecting the increase in unrealized amounted to $152.57 per share. The total distributions applicable for the year exceed such net realized profit for the following reasons: (a) a net amount of $15.54 per share representing reserve for officers' compensation is not tax deductible until paid; and (b) a net amount of $.3l per share represents an adjustment betreen dividend incone accrued and received during the year.

The dividends paid applicable to the earnings for the fiscal year ended January 31,1952 aggregated $150.36 per share, consisting of the quarterly dividends of $12.50 per share, paid in June and September 1951 and a dividend of 3125.36 per share paid in December 1951. It is expected that the directors will declare a dividend of $17.44 payable in March 1952 thus making a total of $167.80 per share.

Oi such total dividends of $167.80 per share, $158.93 per share consists of long-term capital gains, $.04 per share short-term capital loss and $8.91 ordinary incone.

including the net increase in unrealized appreciation was $202.87 per share, Be 2th vales the hare at of or 16.5% on the asset value of the shares at the beginning of the fiscal year. The indicated asset value on rebruary 16, 1952, was approximately $1,268.00 per share.

The financial statements have been reviewed by Messrs. Stern, Porter, Kingston and Coleman, independent public accountants, whose certificate is set forth herein.

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The proxy statement for the annual meeting of stock-

holders which will be held on April 14,1952 will be mailed

or about April 1, 1952.

stockholders on

By order of the Board of Directors,

Benjamin Graham,

President

Edward E. Laufer,

Secretary

Benjamin Graham

Robert J. Marony

Benj. Graham,

President

Jerome A. Newman,

Vice-President & Treasurer

OFFICERS

Jerome A. Newman,

Vice Pres. & Treasurer

Howard A. Newman, Ass't

Secretary & Ass't Treasurer

DIRECTORS

Jerome A. Newman Wm.K. Jacobs, Jr.

David I. Doda Elias Reiss

Sylvan E. Veil

= 2 ....

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STERN, PORTER, KINGSTON & COLEMAN

CERTIFIED PUBLIC ACCOUNTANTS

551 Fefth Avonue, New York 17.N. 94.

MURRAY HILL 2-8075

To the Board of Directors and Stockholders

of Graham-Newman Corporation:

We have examined the Balance Sheet of Graham-Newman Corporation as at January 31, 1952 and the related statements of Profit and Loss and Changes In Net Assets for the fiscal year then ended, have reviewed the system of Internal control and the accounting procedures of the company and, without making a detailed audit of the transactions, have examined or tested accounting records of the company and other supporting evidence by methods and to the extent we deemed appropriate and in accordance with generally accepted standards applicable in the circumstances.

In our opinion, the accompanying Balance Sheet and related statements of Profit and Loss and Changes In Net Assets, subject however to the notes appended thereto, present fairly the position of Graham-Newman Corporation as at January 31, 1952 and the results of Its operations for the fiscal year then ended, applled on a basis consistent with that of the preceding year.

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Itera Corter Kurgsta + Coleman

KINGSTON & /COLEMAN

Certified Public Accountanti

New York, N. Y.

February 25, 1952.

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INVESTMENTS IN SECURITIES

JANUARY 31,1950

QUOTED

NO. OF

MARKET VALUE AT

SHARES DESCRIPTION OF SECURITIES

JANUARY 31, 1950

OTHER SECURITIES - COMMON STOCKS (Continued)

Industrials (continued)

forward

$2,099,380.

4,000 De Vilbiss Compan

3,500 iamond I. Motor Car Co.

200 Douglas Aircraft Company

200 Easy Washing Machine Corp. "B

6,300 quitable Office Buildin

500 Pairchild Engine & Airplane

Corporation

11,500 rajardo sugar compans

1,500 ederal Motor Truck Compan

1,200 Franklin Rallway Supply Company

500 General Precision Equipment Corp.

700 fisholt achine Compar

500 lercules Motors Corporatio

1,000 Home scale Company

1,000 Jones & Lamson Machine Co.

300 1. 5. Ke neet Re Cor Company

1,000 Lee Rubber & Tire Corporation

2,500

1,000 Lukens Steel Company

375 Lunkenheimer Company

1,000 Ancel Brothere

1,400 lanhattan Shirt Compan

2,200 Morant a Aner sensport

2,000 Merchante & Miners Transpor

Company

2,600 Mohawk Rubber Company

3,100 National Department Stores

Corporation

1,400 National Enameling &

Stamping Company

29,790 National Transit Pump &

Machine Company*

745 New Britain Machine Company

4,200 New York Merchandise Company

2,000 New York Shipbullding Corp.

(Participating)

1,500 N1les-Bement-Pond Compan:

1,500 Pullman Incorporated

2 , 000 Pyrene Manufacturing Company

1,500 Real Silk Hoslery Mills, Inc.

Forward $3,287,900.

STERN, PORTER. KINGSTON & COLEMAN

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CASH

DEPOSITS WITH BROKERS

A 8 S E I s s _E I

GRAHAM- NEWMAN

NEW

BALANCE

JANUARY 31,

$ 98, 802.08

255,379.75

INVESTMENTS IN SECURITIES-AT MARKET VALUE (Note A

Cost $5,366,763.09

OTHER ASSETS

Dividends receivable

Interest accrued on bonds

$5,378.76

697.92

7,470,365,00

Deposits and sundry receivables

Furniture and fixtures

STERN, PORTER. KINGSTON & COLEMAN

3,429.64

3,976.75

13,483.07

monstran

$2,838,029.90

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CORPORATION

YORK

SHEET

1952

LIABILITIES AND CAPITAL

NOTES PAYABLE - BANK (secured) $

SECURITIES SHORT - AT COVER VALUE

(net proceeds of sales $249,834.38)

DUE TO BROKERS

for securities purchased

SUNDRY PAYABLES AND ACCRUALS

DUE TO OFFICERS (Benjamin Graham and Jerome A. Newman)

for additional compensation-on basis of realized

net income for the three fiscal years ended

January 31, 1952 (Note B)

of which payable currently $ 63,018.06

balance payable in installments (1953-1956) 204, 408.22

PROVISION FOR ADDITIONAL CONTINGENT COMPENSATION

OF OFFICERS (Benjamin Graham and Jerome A. Newman)

In Increase in unrealized appreciation of Investments

subsequent to January 31, 1948 (Note B)

NET ASSETS APPLICABLE TO OUTSTANDING CAPITAL STOCK 6,289,231.27

Capital Stock:

Authorized, issued and outstanding-

5,000 shares of no par value-

stated value $500.00 per share 2,500,000.00

Capital Surplus 2,097,580.92

Earned Surplus

Total Capital Stock and Surplus 4,597,580.92

Unrealized appreciation of Investments-

after deducting provision for relater

additional contingent compensation oi

officers (Note A) 1,691,650.35

Total, as above $6,289,231.27

(equivalent $1,257.85 per share)

$1,838, 029.90

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ORAHAM-NEWMAN CORPORATION

NEW YORK

PROPIT AND LOSS STATEMENT

YOR THE FISCAL YEAR ENDED JANUARY 31, 1952

STATKMENT

OR INCOME AND EXPENSES

excluding gain or loss on investments)

Income

Dividends

Interest on investments

Total

Expenses

Salaries of Officers:

Benjamin Graham

Jerome A. Newman

Other

Other:

Office salaries

Note Am

$ 25,000.00

25, 000.00

20,102.94

17,000.48

$238,970.42

1,114.18

240,084.60

Executive committee fees

Directors' fees

Rent and light

8,383.34

1,350.00

2,748.30

Telephone and telegraph

Taxes (other than Federal taxes on income)

Legal and auditing

Custodian fees

General expense

Depreciation

Total

Interest paid

6,000.30

71,600.40

515.6

26,709.0

4,259.68

Total Expenses (exclusive of additional

compensation of officers)

130, 968.68

Net Income (excluding gain or loss on investments-

before deducting additional compensation of officers

109, 115.92

and provision for Federal taxes on income)

794, 461.35

NET REALIZED GAIN ON INVESTMENTS

Amount realized

Cost

2,921,727.99

2,127,266.64

матли

NET INCOME, before deducting addltional compensation of

903,577.27

officers and provision for Federal taxes on income

Deduct:

Additional compensation of officers (Note B)

Additional compensation of officers (Note 70, 357,73

Benjamin Graham

Jerome A. Newman

140,715.46

Provision for Federal taxes on Income (Note 357,73

NET INCOME FOR YEAR

None

314, 339.21

140,715.46

762, 861.81

ADD- INCREASE IN UNREALIZED APPRECIATION (NOTE A)

$1,794,409.08

At January 31, 1951

3,748.29

At January 31, 1952

2,108

educt-Provision for related additional contingen

62,867.84 251,471.37

ompensation of officer

$1,014,333.18

NET "OVER ALL" INCOME FOR YEAR

Incuding increase in unrealized appreciation

•.. $202.87 per share

equivalent (on 5,000 shares) to ..

STERN, PORTER, KINGSTON & COLEMAN

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GRAHAM-NEWMAN CORPORATION

NEW YORK

STATEMENT OF CHANGES IN NET ASSETS

FOR THE FISCAL YEAR ENDED JANUARY 31, 1952

Per share

$6,162,398.09 $1,232.48

NET ASSETS AI JANUARY 31,1951

'Net Income for the f13cal year ended

January 31, 1952:

• Plana capers dion or org, odi.

Net realized gain on sales of

investments

Total

794,461.35

903,577.27

Deduct-Additional compensation of

officers (Note B)

Net Income for year

140,715.46

762, 861.81

152.57

Increase In Unrealized Appreciation of

314, 339.21

Deduct-Provision for related additional

contingent compensation of officers

TOTAL

DEDUCT - DIVIDENDS PAID

March 28,1951

June 28,1951

September 28,1951

December 22,1951

Total

Per share

$ 27.14

12.50

12.50

125.36

$177.50

62,867.84

135, 700.00*

2,500.0

62,500.00

626, 800,00

251,471,37

7,176,731.27

887,500.00

• 50.30

1,435.35

_177.50

BALANCE - NET ASSETS AT JANUARY 31, 1952

$6,289,231.27

$1,257.85

ANALYSIS OF CHANGES IN NET ASSETS-FOR THE FISCAL YEAR ENDED JANUARY 31,1952

Total

Net Assets at

Capital

Stock

Capital

Surplus

Earned

Surplus

Unrealized

Appreciatior

(a) (Net)

Jan. 31, 1951

Add-Net Income

for year 762,861.81

Increase in

unrealized

appreciation

(net) (a) 251,471,37•

Total 7,176,731.27

Deduct-Dividends

762, 861.81

804,580.61

251,471.37

1,691, 650.35

82,919.39(b) 804,580.61

paid 887,500.00

Balance-Net

Assets at Jan.3l,

1952

$6,289,231.27 $2,500,000 $2,097,580.92$

$1,691,650.35

(a) Unrealized appreciation as shown herein represents the net amounts

after deducting related contingent additional compensation of

officers.

b) Dividends charged to Capital Surplus represents the excess of div-

¡dends paid ($887,500) over the balance of Earned Surplus ($804,580. 61)

• The dividend paid March 28, 1951 was,

pald out of the net income

for the prior steRs'

FERS. CORTEN. CANESTON & COLEMAN

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GRAHAM-NEWMAN CORPORATION

NEW YORK

NOTES TO FINANCIAL STATEMENTS

JANUARY 31, 1952

NOTE A - VALUATION OF INVESTMENIS-UNREALIZED APPRECIATION OF INVESTMENTS

Investments have been evaluated at their quoted market values as at January 31, 1952 except as notea below. These valuations are not, however, intended as representations of the amounts which may be actually realizabl upon sale of the securities.

The unrealized appreciation of Investments at January 31, 1952 1s represented as follows:

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Value at Unrealized

Cost Jan, 31,1952 Appreciation

Investments in securities $5,366, 763.09 $7,470,365 $2,103, 601.91

Securities short 249,834.38 (a) 244, 688(b) 5,146.38 (c)

Net securities position $5,116,928.71 $7,225,671 $2,108,748.29

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Securities short are stated at (a)proceeds of sale

b)cover value and (c)indicated gain

The unrealized appreciation of Investments at the beginning of the

the increase therein for the current year the related additional contingent compensation of officers (see Note B) and the balance applicable to the outstanding capital stock were as follows:

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Increase

At Jan. 31,1951 for year At Jan. 31.1952

Total unrealized appreciation $1,794,409.08 $314,339.21 $2,108,748.29

Deduct-related additional com-

pensation of officers 354,230.10 62,867.84 417,097.94

Balance-applicable to outstand-

ing capital stock $1,440,178.98 $251,471.37 $2,691,650.35

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The investment In Atlantic Gulf and West Indies Steamship Lines (AGWI) common stock has been valued at its quoted market value on the New York Stock Exchange as at January 31,1952, and upon this basis shows an unreal- Ized appreciation at that date of $1,247,557.50, of which $314,860.00 represents appreciation during the current year. Effective control of AGWI has been acquired by Jerome A. Newman, one of the officers of Graham-Newman Corporation. There have recently been only occasional transactions in AGWI

the New York Stock Exchange. The investments in Monterey 011 Company Preferred and Common Stock for which no market quotations were available have been evaluated by the management and in the statements herein at $356,000, which amount represents unrealized appreciation for the year and also at the close thereof of $158,700. The management is of the opinion that these investments have beenconservatively valued.

NOTE B - COMPENSATION OF OFFICERS

The President and Treasurer each receive á salary of $25,000 per annum, and additional compensation of 10% of the excess of the realized net income in each year as determined at the close thereof (less the net unreal- Ized depreciation, if any, in the value of investments at the year end which had accrued subsequent to January 31, 1948) over an amount equivalent to $40.00 per share per annum ($10.00 per share per quarter) on the presently outstanding capital stock. The total amount of additional compensation payable to each of these officers from and after February 1,1948 1s, however, limited to 122% Of the excess of total dividends pald during this period over an amount equivalent to $40.00 per share per annum on the presently outstanding stock (or the equivalent on the old stock outstanding prior to recapitalization in 1950). The additional compensation for the

STERN, PORTER, KINGSTON & COLEMAN

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NOTES TO FINANCIAL STATEMENTS

JANUARY 31, 1952

(CONTINUED)

NOTE B - COMPENSATION OF OFFICERS (Continued)

fiscal year ended January 31, 1949 has been paia in full, and for all subsequent years is payable in five equal annual installments within sixty days of the close of the respective years. In the event of the death of ither oi these officers, fficer or his estate will be entitled to receive further additional or the termination of his tenure of office, such pensation in an amount equal to 10% of the increase in unrealized apprecia-

to ene extery chat an exolupion hac not previously been apsited is the

computation of additional compensation in any prior year.

NOTE C - TAX STATUS

The Corporation has elected to be taxed as a "regulated investment company" under the Internal Revenue Code, and as such will be liable to Federal taxes on income on such amount only as is represented by its undistributed net long term capital gains (less its net short term capital loss 1f any) and Its undistributed net income from other sources. Corporation has in the past, and intends in the future, to distribute as dividends each year, or within the time limit provided by the terms of the Internal Revenue Code, an amount which will absorb the total net income in each of the above categories which is reportable for Federal income tax purposes, and in this event will not be liable for Federal taxes on income. No provision has therefore been made for such taxes either in respect of the realized net income for the current period or in respect of unrealized appreciation at the close thereof.

NOTE D - SUPPLEMENTARY INFORMATION

The aggregate dollar amounts of purchases and sales of Investment securities, other than United States Government obligations, made during the year were as follows:

Cost of Securities $2,102,647.96

Proceeds of sales of securities 2,949,416.52

STERN, PORTER. KINGSTON & COLEMAN

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GRAHAM-NEWMAN CORPORATION

NEW YORK

INVESTMENTS IN SECURITIES

JANUARY 31, 1952

SUMMARY

MARKET VALUE AT

JANUARY 31, 1952

INVESTMENI COMPANIES

Common Stocks

HOLDING COMPANIES

Preferred Stocks

Common Stocks

OTHER SECURITIES

Bonds

Railroads

Utilities

referred stock

tilitie

Industrial

Common Stocks

Railroads

Utilities

Banks

Insurance Companies

Industrial

TOTAL

KINGSTON & COLEMAN

$ 74,250

295,119

153, 738

122,381

69,905

31,75

61,52

762,550

174,045

29,375

95,750

4,749,977

$1,170,365

STERN, PORTER,

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GRAHAM-NEWMAN CORPORATION

NEW YORK

INVESTMENTS IN SECURITIES

JANUARY 31, 1952

NO. OF

SHARES DESCRIPTION OF SECURITIES MARKET VALUE AT

JANUARY 31.1952

INVESIMENI COMPANIES

Common stocks

5,000 General Publie Service

Corporation

10,000 Pacific American Investors, Inc. $ 18,750

55,500

$74,250

HOLDING COMPANIES

Preferred stocks

American & Foreign Power

Co. Inc. $6.00 Cumulative

Preferred

American Water Works & Electric

co.Ino. $6.00 Preferred

1,500 Assoclated Telephone & Tele-

graph Company $6.00

Cumulative First Preferred

Standard Power & Light Corp. 201,000

$7.00 Cumulative Preferred

Western Pacific Rallroad 6%

Cumulative Convertible

Preferred

$295,119

Common stocks

3,405 Engineers Public Service

Company (stubs)

1,000 Georgia Ratiroad & Banking

Compeny

10,000 Middle West Corporation 150,000

3.125

$153,738

OTHER SECURITIES - BONDS

Face

Amount

Rallroads

4294M. Boston Montage 0 271/1947)

First Mortgage 4% 7/1/1950) 276,000

16 M. Chicago, Indianapolis & Louis-

ville Railway Co. First

Income 4% 1/1/1983

10,640

Forward

$286,640

STERN, PORTER, KINGSTON & COLEMAN

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INVESTMENTS IN SECURITIES

JANUARY 31, 1952

MARKET VALUE AT

DESCRIPTION OF SECURITIES JANUARY 31.1952

OTHER SECURITIES - BONDS (Continued)

Face

Amount

Railroads (Continued) (Forward) $286,640

$100 M. Chicago, Terra Haute &

Southeastern Railway Co.

Income Mortgage 2-3/4%

1/1/1994

443 M. Denver & Rio Grande Western

Railroad 5% 4/1/1978 (stubs)

50 M. International Great Northern

Rallroad Company Adjustment

Mortgage Series A 6% 1952

Missouri Pacific Railroad:

23 M. 53% Series A 5/1/1949

300 M. 42% 65 Year Series A

When Issued

100M. 42% 75 Year Series B

When Issued

$123,381

Utilities

25 M. Brazilian Traction Light &

Power Co. Ltd. Series E

Convertible Collateral

Trust 42% 9/1/1971

100 M. Chicago City Railway Company

First Mortgage 5% 2/1/1927

(stubs)

Chicago Rapid Iransit Company:

89M. chen 4 2 7 90(6050)

311 M.

• 16a, 89 ga8

1,131

145 M. Northwestern Elevated Rallroad

Company First Mortgage 5%

9/1/1941 (stubs)

126 M. Union Elevated Railroad Company

First Mortgage 5% 10/1/1945

(stubs)

$ 69,905

*Indicated gain (or loss)

STERN. PORTER, KINGSTON & COLEMAN

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INVESTMENTS IN SECURITIES

JANUARY 31, 1952

No. Of MARKET VALUE AT

shares DESCRIPTION OF SECURITIES JANUARY 31.1952

OTHER SECURITIES - PREFERRED STOCKS

Ut1l1ties

1,000 Central States Blectric Cor-

poration 1% Cumulative

Preferred (stubs) $39,250

10,000 Market Street Railway Company

6% Cumulative Prior

Preferred (x) 12,500

$81,750

Industrial

American Woolen Co. Inc. $4.00

Cumulative Convertible

Preferred 37,188

500 American Zinc, Lead & Smelting

Company $5.00 Cumulative

Prior Preferred 53,500

Autocar Company:

609 5% Cumulative Convertible)

Preferred-Series A

291 5% Convertible Preferred 14,375

Series B

Preferred-Series C

1,200 Avco Manufacturing Corporation

$2.25 Cumulative Convertible

Preferred 54,300

300 Cluett Peabody & Co. 4%

Cumulative Convertible

Second Preferred 26,025

400 Crucible Steel Company of

America 5% Cumulative

Convertible Preferred 36,400

600 Fedders Quigan Corporation

Series A 5% Cumulative

Convertible Preferred 29,700

400 Gar Wood Industries, Inc.

12% Cumulative Convertible

Preferred 15,000

500 General Cable Corporation

4% Cumulative Convertible

Second Preferred 15,500

1,750 Monterey 011 Company

4% Preferred 175,000

1,500 Murray Corporation of America

4% Cumulative Preferred 66,937

800 Thermold Company $2.50 Cumula-

tive Convertible Preferred 37,600

$561,525

STERN, PORTER, KINGSTON & COLEMAN

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INVESTMENTS IN SECURITIES

JANUARY 31, 1952

No. of MARKET VALUE AT

Shares DESCRIPTION OF SECURICIES JANUARY 31e1952

OTHER SECURITIES - COMMON STOCKS

Railroads

Cleveland & Pittsburgh

Railroad Co.:

400 $3.50 Reguler Guaranteed $ 27,200

400 $2.00 Special Guaranteed

Betterment

1,000 Delaware Railroad • Company

Mahoning Coal Rallroad Co.

Montgomery & Erle Railwas

Company (32%-guaranteed by

Erie Raiiroad Company) (x)

7,500 Northern Pacific Railway

1,000 Southwestern Rallroad Company

West Jersey & Seashore

Railroad Company

$162,550

ut11tles

7,000 Boston Elevated Railway Company

150 Gold & Stock Telegraph Company

3,300 Eastern Utilities Associates-

Convertible

500 Green Mountain Power

Corporation

300 International Ocean Telegraph

Company

2,000 Puget Sound Power & Light

Company

400 United Public Utilities

Corporation

$124,045

Banks

5,000 Continental Bank & Trust

Company (N. T.) $ 23,375

Insurance. Companies

American Surety Company

1,000 Employers Group Associates

1,000 Standard Accident Insurance

Company

$ 95,750

Industrials

1,000 Adam Hat Stores, Inc.

1,500 Allied Kid Company

3,550 American Arch Company(Delaware)

3,550 Americen Arch Company New York)

3,500 American Crystal Sugar Company

500 American Hardware Corporation

Forward -14-

STERN, PORTER, KINGSTON & COLEMAN

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INVESTMENTS IN SECURITIES

JANUARY 31, 1952

No. of MARKET VALUE AT

Shares DESCRIPTION OF SECURITIES JANUARY 311952

OTHER SECURITIES - COMMON STOCKS (Continued)

Industrials (Continued) (Forward) $

6,500 American Hawalian Steamship

Company

1,500 American La France Foamite

Corporation

700 American Laundry Machinery

Company

23,763 Atlantic Gulf & West Indies

Steamship Lines (x) 2,376,300

1,800 Baldwin-Lima-Hamilton

Corporation

200 Brockway Motor Company

1,000 Brunswick Balke Collander Co.

4,000 Buda Company

2,100 Bunte Brothers

600 Caribbean Sugar Co.

2,000 Carman & Co., Inc.

1,150 Cleveland Worsted Mills Company

500 C. G. Conn Ltd.

5,000 Consolidated Liquidating

Corporation

2,500 Coro, Inc.

4,500 De Vilbiss Company

600 ramona 1 Motor car co.

800 Dictograph Products Co., Inc.

500 Easy Washing Machine

Corporation - Class B

1,200 Franklin Railway Supply Company

400 General Cigar Co.

240 18nolt Macoine compan

650 arnischfezer Corporatior

400 Hercules Motors Corporation

600 Howe Scale Company

600 Jenkins Brothers (non-voting)

1,300 Jones & Lamson Machine Co.

2,900 Kingan & Co., Inc.

300 I. B. Kleinert Rubber Company

2,200 Lamson Corporation

1,000 Lit Brothers

1,500 Mandel Bros., Inc.

1,400 Manhattan Shirt Company

50 Marshall-Wells Company

2,000 Merchants & Miners Transporta-

tion Company

900 Miami Copper Co.

2,300 Monterey 011 Company

2,000 Namm's, Incorporated

2,400 Nathan Straus-Duparquet, Inc.

2,300 National Department Stores

Corporation

6,000 Nesco, Inc. 61,500

Forward $3,777,676

STERN, PORTER, KINGSTON & COLEMAN

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INVESTMENTS IN SECURITIES

JANUARY 31, 1952

No. Of MARKET VALUE AT

Shares DESCRIPTION OF SECURIRIES JANUARY 31.1952

OTHER SECURITIES - COMMON STOCKS (Continued)

Industrials (Continued) (Forward) $3,777,676

2,300 New York Merchandise Co., Inc.

5,000 New York shipbullding

Corporation - Participating

1,000 New York Shipbullding

Corporation - Founders

Pacific Mills

Philadelphia & Reading

Coal & Iron Co.

Pullman, Inc.

1,400 Pyrene Manufacturing Company

1,200 Real Silk Hosiery Mills, Inc.

Reliable Stores Corporation

1,000 Rice-Stix, Inc.

Sargent & Co.

Shuron Optical Company, Inc.

1,600 Thor Corporation

Timely Clothes, Inc.

Toda Shipyards Corporation

Tyer Rubber Company

45,950 Utica Knitting Company (x)

Wealden Corporation

1,500 Wheeler Osgood Company

$4, 749,971

(1) Phtladelphia & Reading Coal & Iron Co.$,380,000

20,000 at 19

3,500 at 17 (option price) 59,500

$439,500

• on an taver le an are late a one who i se

or more of its outstanding voting securities.

STERN, PORTER, KINGSTON & COLEMAN

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GRAHAM-NEWMAN CORPORATION

NEW YORK

SECURITIES SHORT

JANUARY 31, 1952

No. Of COVER VALUE,

Shares DESCRIPTION OF SECURITIES JANUARY 31,1952

PREFERRED STOCKS

Holding Companies

1,600 American & Foreign Power Co.

A Proretted - Saris ye 5600nd

Preferred - Series A $ 16,600

Railroads

1,700 Missouri Pacific Railroad

Company 5% Cumulative -

Convertible Preferred

1,000 Missouri Pacific Railroad

Company $5.00 Preferred-

when issued

COMMON STOCKS

Railroads

1,000 New York, New Haven & Hartford

Railroad Co.

Industrials

American Woolen Co., Inc.

2,000 . American Zine Lead & Smelting

Company

Avco Manufacturing Corporation

Crucible Steel Company

Feaders Quigan Corporation

Ger Wood Industries,

400-70/100 Utah Fuel Co.-When Issued

$241,688

*Indicated gain

STERN. PORTER, KINGSTON & COLEMAN

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