格雷厄姆-纽曼公司——致股东的信函及1953财年年度报告

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GRAHAM-NEWMAN CORPORATION

122 EAST A2ND STREET

NEW YORK 17, N. Y.

March 2nd, 1953

Io the Stockholders of Graham-Newman Corporation:

Submitted herewith are financial statements of the Corporation covering the fiscal year ended January 31st, 1953.

January 31st, 1952. was approximately $1,359.00 per share.

FISCAL YEAR RESULTS AND DIVIDENDS

Not realized profits for the fiscal year (without reflecting the Increase In unrealized appreciation) amounted to $123.90 per share. total dividends paid and declared applicable to the net realized profits for the fiscal year aggregate $127.31. Such dividends consist of the quarterly dividends of $12.50 each pald in June and September 1952, the dividend of $50 paid In December 1952 and a dividend of $52.31, declared February 17th, 1953 payable March I2th, 1953 to stockholders of record March 9th, 1953.

Total dividends of $127.81 applicable to the fiscal year exceed the net realized profit for the fiscal Jear by $3.91 per share and is repres-ented by (a) a net amount of $4.19 per share reflecting a reserve Ior officers' compensation which is not tax deductible until paid out and (b) less a net amount of $.28 per share covering an adjustment between dividend Income accrued from portfolio securities and that actually received during the fiscal year.

Of the total dividends of $127.81 applicable to the fiscal year, $112.31 per share represents long term capital gains, $15.50 1s ordinary income.

The overall gain for the fiscal year, including the net increase In unrealized appreciation, was $195.71 per share, or 15.6% on the asset value of the shares at the beginning of the flacate, r. 35.6% on the asset value of the shares at the beginning of the fiscal Jear.

CALENDAR YEAR DIVIDENDS

During the calendar year 1952 the total dividends paid amounted to $92.44, consisting of a dividend of $17.44 paid in March out of net realized profits of the fiscal year ended January 31st, 1952 and the $79 of dividends paid as statea above.

Of the dividends of $92.44 paid during the calendar Jear of 1952, 5 per sare reprosents one torm captal gains, oral py share ropros-

short term capital loss and $8.91 per share is ordinary income.

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The financlal statements have been reviewed by Messrs. Stern, Porter,

and Coleman, independent public accountants, whose certificate

Kingston

is set forth herein.

enera state 13 10 953 mile matted to stektoddoes br

rill be held on April 13tr

or about April Ist, 1953.

By order of the Board of Directors,

Benjamin Graham,

President

Edward E. Laulei,

Secretary

OFFICERS

Benj. Granam,

President

Jerome A. Newman,

Vice President & Treasurel

erome A. Newma

ice President & Treasure

Howard A. Newman

Vice President

Walter J. Schloss,

Assistant Secretary

Benjamin Graham

Robert J. Marony

DIRECTORS

Jerome A. Newman

David I. Doda

Wm. K. Jacobs, Jr.

Howard A. Newman

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STERN, PORTER, KINGSTON & COLEMAN

CERTIFIED PUBLIC ACCOUNTANTS

551. Felth Avenue, New ork 17. N. 9.

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, 1953 and the related statements of Profft and Loss, and Changes In Net Assets for the fiscal year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly Included such tests of the accounting records and such other auditing procedures as we considered necesary In the circumstances.

In our opinion, the accompanying Balance Sheet and related statements of Profit and Loss and Changes in Net Assets, as supple-mented by the notes appended thereto present fairly the financial position of Graham-Newman Corporation as at January 31, 1953 and the results of its operations for the fiscal year then ended, in conformity with generally accepted accounting principles applled on a basis consistent with that of the preceding year.

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Stern Porter Kistan Glenan

STERN, PORTER, KINGSTON & COLEMAI

Certified Public Accountanti

Nebruary 24; 1953.

February

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GRAHAM-NEWMAN

BALANCE

JANUARY 31,

S S E T S

CASH $ 276,395.26

DUE FROM BROKERS FOR SECURITIES SOLD 7,360.38

DEPOSITS WITH BROKERS 382,073.06

INVESTMENTS IN SECURITIES-AT MARKET VALUE (Note A) 7,307,498.00

(Cost $4,661,456.70)

OTHER ASSETS

Dividends receivable $ 6,776.26

Interest accrued on bonds 398.45

Deposits and sundry receivables 9,366.30

Furniture and fixtures 10,051.45 26,592.46

$1,999,919.16

STERN, PORTER, KINGSTON & COLEMAN

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CORPORATION

YORK

SHEET

1953

LI A BILITIES AND CAPITAL

SECURITIES SHORT - at cover value

(net proceeds of sales $275,978.05)

SUNDRY PAYABLES AND ACCRUALS

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

DUE For act Met Income nor 100 rum: is al. Wexan)

realized net income for the four disca.

years ended January 31, 1953 (Note B)

of which currently payable $ 83,994.28

balance payable in installments (1954-1957) 225,295.08

PROVISION FOR ADDITIONAL CONTINGENT COMPENSATION

OF OFFICERS (Benjamin Graham and Jerome A. Newman)

on Increase in unrealized appreciation of investments

subsequent to January 31, 1948 (Note B)

NET ASSETS APPLICABLE TO OUTSTANDING CAPITAL STOCK 6,805,567.09

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 157,324.56

Total Capital Stock and Surplus 4,754,905.48

unrealized appreciation of investments-after

deducting provision for related additional

contingent compensation of officers (Note A' 2,050,661.61

Total, as above $6,805,567.09

(equivalent to $1,361.11 per share)

$7,999,919.16

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GRAHAM-NEWMAN CORPORATION

NEW YORK

PROFIT AND LOSS STATEMENT

FOR THE FISCAL YEAR ENDED JANUARY 31, 1953

STATEMENT OF INCOME AND EXPENSES

Texcluding gain or loss on investments)

Income

Dividends

$280,518.69

Interest on investments

other Income

Total

Expenses

Salaries of Officers:

$ 25,000.00

6,979.31

5,833.20

293, 331.20

Jerome A Newman (Note B)

other

otherrice salaries

25,000.00

22,445.33

13,138. 91

10,000.00

Executive committee fees

Directors' fees

Rent and light

450.00

4,400.08

3,136.31

Telephone and telegraph

8,210.42

Taxes (other than Federal taxes on income )

Legal and auditing

Custodian fees

General expense

6,000.00

2,761.08

6,848.14

1,239.87

Depreciation (furniture and fixtures)

Total

Interest paid

128,630.14

6,034.72

Total Expenses (exclusive of add1t1onal

134,664.86

compensation of officers)

Net Income (excluding gain or loss on investments,

belore deducting additional compensation of offi-

158,666.34

cers and provision for Federal taxes on income )

NET REALIZED GAIN ON INVESTMENTS

Amount realized

Cost

2,291,263.14

1,725,523.78

565, 739.36

, before deducting additional compensatior

NET INCOME

of officers and provision for Federal taxes

on income

724,405.70

Deduct-Provision for additional compensation

of officers (Note B):

$52,440.57

Benjamin Graham

52, 440.57 104,881.14

Jerome A. Newman

None

Provision for Federal taxes on Income

NET INCOME FOR YEAR

(Note C)

104,881.14

619,524.56

ADD- INCREASE IN UNREALIZED APPRECIATION (Note A)

At January 31, 1953

At January 31, 1952

$2,557,512.35

2,108,748.29 448, 764.06

Deduct-Provision for related additional contingent

359,011.26

compensation of officers

89,752. 80

$978,535.82

NET "OVER ALL" INCOME FOR YEAR

Including increase in unrealized appreciation

equivalent (on 5,000 shares) to : 6:•... $195.71 per share

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, 1953

NET ASSETS AT JANUARY 31, 1952 $6,289,231.27

ADD

Net Income for the fiscal year ended January 31,1953:

Net Income, excluding gain or loss on

*toman opened on 52 02301-.

tional compensation of officers.) $158, 666.34

Net realized gain on sales of

investments 65,739,3

Total 585, 739: 36

Deduct-Additional compensation of

of officers (Note B) 104,881.14

Net Income for the year 619,524.56

Increase in unrealized appreciation

448, 764.06

Deduct-vestmenon for related addit1ona.1

contingent compensation of officers 89,752.80 359,011.26

TOTAL 7,267,767.09

DEDUCT - DIVIDENDS PAID

Per Share

March 28, 1952 $17.44 87,200.00 (a)

June 27, 1952 12.50 62,500.00

Sept. 26, 1952 12,50 62,500.00

Dec. 29, 1952 50.00 250,000.00

$92.44 462, 200.00

BALANCE - NET ASSETS AT JANUARY 31, 1953 $6,805,567.09

ANALYSIS OF CHANGES IN NET ASSETS-FOR THE FISCAL YEAR ENDED JANUARY 31,1953

Capital Capital Earned Appreciation

Total Stock Surplus Surplus

Net Assets at

Jan. 31,1952 $6,289,231.27 $2,500, 000 $2, 097,580.92 $ - $1,691,650.35

Add:

Net Income

for the year 619,524.56

Increase in

unrealized

appreciation

(net) (b) 359,011.26

Total 7,267,767.09 2,500,000 2,097,580.92 619,524.56 2,050,661.61

Deduct:

Dividends paid 462, 200.00

Balance-Net

Assets at

Jan, 31,1953 $6,805,567.09 $2,500, 000$2,097,580.92 $257,324.56 $2,050,661.61

(a) The dividend paid March 28,1952 was pald out of the net income

for the prior fiscal year.

(b) Unrealized appreciation as shown herein represents the net amount

after deducting related contingent additional compensation of

officers. STERN, PORTER, KINGSTON & COLEMAN

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GRAHAM-NEWMAN CORPORATION

NEW YORK

NOTES TO FINANCIAL STATEMENTS

JANUARY 31, 1953

NOTE A - VALUATION OF INVESTMENTS-UNREALIZED APPRECIATION OF INVESTMENIS

January 31, 1953 except as noted below.

The unrealized appreciation of Investments at January 31,1953 1:

represented as follows:

Value at Unrealized

Cost Jan. 31, 1953 Appreciation

Investments in securities $4,661,456.70 $7,307,498 $2,646,041.30

Securities short (a) 275,978.05 364, 507 L-88,528.95)

Net securities position $4,385,478.65 $6,942,991

Unrealized Appreciation at January 31, 1953 $2,557,512.35

(a) Securities short are stated at amount realized on

sale, cover value, and indicated loss.

The unrealized appreciation of investments at the beginning of the

vear, 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:

Additional Balance

Contingent Applicable

Total Compensation to stock

At January 31, 1952 $2,108,748.29 $417,097.94 $1,691,650.35

Increase for year 448,764.06 89,752.80 359,011.26

At January 31, 1953 $2,557,512.35 $506,850.74 $2,050, 661.61

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, 1953, and upon this basis shows an unreal-

Ized appreciation at that date of $1,544,595.50, Of which $297,038.00 rep-

resents 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

common stock on the New York Stock Exchange. The Investments in Monterey

011 Co. common stock and in Perkin/ Elmer Corporation 5% Income Debentures

(March 1, 1967), for which no market quotations were available, have been

evaluated by the management and in the statements here1n at $452,500.00

which amount represents unrealized appreciation of $400,200, of which

$241,000 represents appreciation during the current year. The management

is of the opinion that these investments have been fairly valued.

NOTE B - COMPENSATION OF OFFICERS

The President and Treasurer each receive a 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

unrealized depreciation, 1f 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. Ihe total amount of addi-

STERN, PORTER, KINGSTON & COLEMAN

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NOTES TO FINANCIAL STATEMENTS

JANUARY 31, 1953

(CONTINUED)

NOTE B - COMPENSATION OF OFFICERS (continued)

tional compensation payable to each of these officers from and after February 1; 1948 is, however, limited to 12%% of the excess of total dividends paid 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). of directors, with the approval of the company's counsel, has determined that for the purpose of computing this limitation, a dividend paid subsequent to the close of a fiscal year out of income for the fiscal year, as permitted under the Internal Revenue Code, is to be included in the total dividends for the fiscal year. The additional compensation for the Ciscal year ended January 31, 1949 has been paid 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 either of these officers, or the termination of his tenure of office, such officer or his estate will be entitled to receive further additional compensation in an amount equal to 10% of the increase in unrealized appreciation, If any, which had accrued subsequent to January 31, 1948, less the amount, If any, of the $40.00 per share per annum exclusion noted above

extent that such exclusion had not previously been applea in 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 llable 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 oi 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 llable for Federal taxes on income. No provision has therefore been made for such taxes either in respect oi the realized net income for the current period or in respect of unrealizer appreciation at the close thereof.

NOTE D - SUPPLEMENTARY INPORMATION

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 purchased $ 981,404.89

Proceeds of sales of securities 2,278,594.31

STERN, PORTER, KINGSTON & COLEMAN

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GRAHAM-NEWMAN CORPORATION

NEW YORK

INVESTMENTS IN SECURITIES

JANUARY 31, 1953

SUMMARY

MARKET VALUE

31, 1953

AI JANUARY

INVESTMENT COMPANIES

Common stocks

HOLDING COMPANIES

Preferred Stocks

Common Stocks

OTHER SECURITIES

Bonds

Railroads

Utilities

Industrials

Preferred Stocks

Utiiities

Industrial

Common Stock

Railroads

Utilities

Banks

Insurance Companies

Industrial

TOTAL

$ 156,375

8,622

388,842

204,950

32,273

50,000

68,450

458,724

535,000

187,557

61,250

20,875

5,134,580

$1,307,498

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GRAHAM-NEWMAN CORPORATION

NEW YORK

INVESTMENTS IN SECURITIES

JANUARY 31, 1953

No. Of

Shares MARKET

INVESTMENI COMPANIES JAN. 31, 1953

So seen evespent company $ 132,000

1,300 Mission Development Company

$ 156,375

HOLDING COMPANIES

25 Standard Power & Light Corp. $7.00

Cumulative Preferred

1,000 Western Pacific Railroad 6% Cumulative

Convertible Preferred

$

Common Stocks

3,405 Engineers Public Service Company (stubs)

1,100 Georgia Railroad & Banking Company

10,000 Middle West Corporation

1,500 Royal Dutch Petroleum Company

2,500 Western Paclf1c Railroad Company

$_

OTHER SECURITIES - BONDS

Face

Amount

Ra11roads

25 M. Chicago, Indianapolis & Louisville Railway Co.

First Income 4% 1/1/1983

50 M. International Great Northern Railroad Company

Adjustment Mortgage Serles A 6% 1952

Missouri Pacific Railroad

50 M. 52% Serles A 5/1/49

75 M. General Mortgage 3/1/75

47% 65 year Series A When issued

47% 75 year Series B When issued

100 M. New York, New Haven & Hartford Railroad

certificates of beneficial interest

Ut1lities

25 м. Brazillan Traction Light & Power Co.,Ltd. Series .

convertible Collateral Trust 42% 9/1/7.

100 M. Chicago City Rallway Company First Mortgage 5

/1/1927 (stubs'

Chicago Rapid Transit Company:

First & Refunding Mortgage Series A:

155 M.. 11/1955 (stubs

18 7/1/1944 (stubs

6 M. Inion Elevated Railroad Company First Mortgage

5% 10/1/1945 (stubs.

*Indicated gain

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INVESTMENTS IN SECURITIES

JANUARY 31, 1953

OTHER SECURITIES - BONDS (Continued) MARKET VALUE

Face JAN. 31, 1953

Amount

Industrials

50 M. Perkin-Elmer Corporation Subordinated

Convertible Income 5% 3/1/67

OTHER SECURITIES-PREFERRED STOCKS

No. Of

Shares

I,200 Central States Electric Corporation

7% Cumulative Preferred (stubs)

10,000 Market Street Railway Company 6%

Cumulative Prior Preferred (x)

Industrial

300 American Woolen Co., Inc. $4.00 Cumulative

Convertible Preferrec

100 American Zinc, Lead & Smelting Company $5.00

Cumulative Prior Preferred

Autocar Company:

609 5% Cumulative Convertible Preferred Serles A)

291 5% Convertible Preferred Series B

100 5% Cumulative Convertible Preferred Series C

1,000 Avco Manufacturing Corporation $2.25 Cumulative

Convertible Preferred

300 Cluett Peabody & Co. 4% Cumulative Convertible

Second Preferred

1,000 Crucible Steel Company of America 5% Cumulative

Convertible Preferred

S00 Fedders Quigan Corporation Series A 5%

Cumulative Convertible Preferred

400 Gar Wood Industries, Inc. 42% Cumulative

Convertible Preferred

500 General Cable Corporation 4% Cumulative

Convertible Second Preferred

200 Mengel Company 5% Cumulative Convertible

First Preferred

1,500 Murray Corporation of America 4% Cumulative

Preferred

800 Thermoid Company $2.50 Cumulative Convertible

Preferred

1,000 Tung-Sol Electric, Inc. Cumulative Convertible

Preferred 5%

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INVESTMENTS IN SECURITIES

JANUARY 31, 1953

No. of

Shares MARKET VALUE

JAN. 31, 1953

OTHER SECURITIES-COMMON STOCKS

Railroads

Cleveland & Pittsburgh Railroad Co.

400 $3.50 Regular Guaranteed $

400 $2.00 Special Guaranteed Betterment

1,000 Delaware Rallroad Company

Mahoning Coal Railroad Co.

4,000 Montgomery & Erie Railway Company (329

guaranteed by Erie Railroad Company) (x

Northern central Railway Company

2,500 Northern Pacific Railway Company

Southwestern Railroad Company

300 West Jersey & Seashore Railroad Company

$

Utilities

7,000 Boston Elevated Railway Company

1,200 Eastern Utilities Associates-Convertible

260 Jold & Stock Telegraph Company •

300 International Ocean Telegraph Company

500 Puget Sound Power & Light Company

400 United Public Utilities Corporation

$ 187,557

Banks

10,000 Continental Bank & Trust Company (N.Y.) $

Insurance Companies

500 Standard Accident Insurance Company $

Industrials

7,500 Adam Hat Stores, Inc.

1,500 Allied Kid Company

3,550 American Arch Company (Delaware)

American Arch company, Inc. (New York) |

3,500 American Crystal Sugar Company

6,500 American Hawaiian Steamship Company

1,500 American La France Foamite Corporatlor

600 American Laundry Machinery Company

23,763 Atlantic Gulf & West Indies Steamship Lines (x)

800 Brockway Motor Company

1,000 Brunswicke Balke Collander Co.

4,000 Buda Company

600 Carribean sugar co.

2,500 Carman & Co., Inc.

1,150 Cleveland Worsted Mills Company

1,000 C. G. Conn Ltd.

5,000 Consolidated Liquidating Corporation

500 Consolidated Cigar Corporation

3,200 coro, Inc.

600 Crowley Milner & Company

Forward $3,482, 125

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No. Of

Shares

INVESTMENTS IN SECURITIES

JANUARY 31, 1953

MARKET VALUE

JAN. 31, 1953

OTHER SECURITIES-COMMON STOCKS (Continued)

Industrials (continued)

Forward

$3,482, 125

84,938

4,500 De Vilbiss Company

7,950

Diamond I Motor Car Co.

5,625

1,000 Dictograph Products Co., Inc.

40,312

Easy Washing Machine Corporation-Class E

2,500

218,262

Flagg Utica Corp. (x)

45,950

28,500

General cigar co.

1,500

3,810

Gisholt Machine Company

8,187

Grief Brothers Cooperage Corp. Series "A"

11,562

500 Hart Schaffner & Marx

7,400

400 Hercules Motors Corporation

1,762

300 Howe scale company

13,425

Jenkins Brothers (Non-Voting)

Jones & Lamson Machine Co.

34,088

Kalamazoo Stove & Furnace Company

1,500

12,000

4,875

I. B. Kleinert Rubber Company

20,400

Lamson Corporation

2,400

1,000 Lit Brothers

1,500 Mandel Bros.,

16,500

Inc. 9,562

32,200

Manhattan Shirt Company

1,400

7,350

Marshall-Wells Company

:400

10,650

Miami Copper Co.

402,500*

Monterey 011 Company

2,300

5,600

Namm's-Loeser's, Inc.

1,400

4,000 Nathan

Inc 25,000

Straus-Duparquet,

33,062

National Department Stores Corporation

2,300

19,550

New York Merchandise Co.,

2,300

New York Shipbullding Corporation-Part1c1pating

11,475

19,250

New York Shipbuilding Corporation-Founders

1,000

600 Pacific Mills

16,050

377,162

Philadelphia & Reading Coal & Iron Co.

21,100

19,075

Real Silk Mosiery Mills, Inc.

1,400

26,887

Reliable Stores Corporation

26,750

Rice-Stix, Inc.

1,000

, ol

Sargent & Company

•04

Shuron Optical company, Inc.

12,521

Timely Clothes, Inc.

14,625

Iyer Rubber Company

29,812

Wealdon Corporation

1,500

22,938

Youngstown Sheet & Tube Company

$5,134,580

• *Valued by management

(x) Represents investment in a non-controlled affiliate as

(2) B0 30 8 20 52340 2 he ho one a or me

an issuer 1s an affiliate of one who owns 5% or more

of Its outstanding voting securities.

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No. Of

GRAHAM-NEWMAN CORPORATION

NEW YORK

SECURITIES SHORT

JANUARY 31, 1953

COVER VALUE

JAN. 31, 1953

Shares

PREFERRED STOCKS

Ra11roads

2,500

COMMON STOCKS

Industrials

3,800

Missouri Pacific Rallroad Company

5% Cumulative Convertible Preferred

$5.00 Preferred Series A-When Issued

American Zino Lead & Smelting Company

Avco Manufacturing Corporation

$126,562

2,694*

7,600

31,350

80,530

2,506-78/100 Crucible Steel Company of America

2,184

1,800

2,800

Fedders Quigan Corporation

Gar Wood Industries, Inc.

Tung-Sol Electric, Inc.

*Indicated Loss

34,671

68,950

$364,507

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