格雷厄姆-纽曼公司——致股东的信函及1946财年年度报告 · 本杰明·格雷厄姆

Graham-Newman Corporation 致股东信 / 年度报告（1946 财年）

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格雷厄姆-纽曼公司

GRAHAM-NEWMAN CORPORATION

52 WALL STREET

NEW YORK 5, N. Y

2 月 28 日，1946 年。致格雷厄姆-纽曼公司的股东：

Feb: .28th; 1946. Io the Stockholders of Graham-Newman Corporation:

1946 年 1 月 31 日，公司完成了第十年的运营。这一事件使我们有理由打破以往惯例，在本年年报中，就我们的政策、业绩和前景展开一些更详细的评论。

On January 31st, 1946, the Company concluded its tentn year of operations. Inis event makes it appropriate to depart from former eri custom and to include with our Annual Report some extended comment on our policies, results and prospects.

整体政策与总体结果。

General Policy and Over-all Results.

公司当前的招股说明书明确其总体投资政策为：

The current Prospectus of the Corporation states that its general investment policy is:

（1）通过审慎分析，以低于内在价值的价格买入证券，尤其注重以低于清算价值的价格进行购买。

(1) Io purchase securities at prices less than their Intrinsic value as determined by careful analysis, with particular empnast on purchase of securities at less than their liquidating value.

（2）在证券领域从事套利和对冲操作。

(2) To engage in arbitrage and hedging operations in the se-curities field.

这一策略意味着，在我们的操作中，预测证券市场未来走势，或者基于与过去表现显著不同的假设来预测单个公司的未来前景，这一类事情所占的分量相对较小。至于“一般性证券组合操作”——区别于套利、清算和对冲操作——它意味着，我们倾向于在市场情绪悲观、价格普遍偏低时买入证券，而在市场情绪乐观、价格偏高时卖出。

This policy means that, in our operations, relatively little stress Is laid upon forecasting the future course of the securities market or the future prospects of individual companies on a basis differing materially from their past performance. With regard to "general portfolio operations" -- as distinguished from arbitrage, liquidation and hedging operations -- it means that we tend to purchase securities when general sentiment is pessimistic and prices are generally low, and to sell them out in periods of optimism and high prices.

公司过去十年取得的整体业绩，汇总于附录中的表一、表二及表三。

The over-all results realized by the Corporation in the past decade are summarized in Tables I, II and III appended.

我们在此指出，在十年期间，向高级管理人员支付的或有薪酬前的总盈利合计为每股 245 美元，而调整后的初始发行价为每股 99 美元。在这些盈利中，每股 4 美元作为或有薪酬支付，每股 204 美元归股东所有。在后者中，每股 161 美元以现金股息形式支付（包括每股 3.87 美元作为后续实物分配现金价值）；每股 16 美元代表所提供认股权价值；每股 27 美元代表股份剩余净资产价值的增加。

We may point out here that, for the ten-year period, total earnings before contingent compensation to officers aggregated $245 per share, as against the original Issue price, adjusted, of $99 per snare. Of these earnings, $4- per share was paid as contingent com- ›ensation and $204 accrued to the stockholders. Of the latter sum, $161 was paid in cash dividends (including $3.87 as the later casn value of a distribution in kind); $16 represents the value of subscription rights offered; and $27 represents the increase in the remaining net asset value of the shares.

按年初净资产价值计算，股东的年均收益率为 17.6%。同期，标普 90 种股票指数的年均收益率为 10.1%，道琼斯工业平均指数的年均收益率为 10%——这两个指数均已将股息收入考虑在内。

The annual percentage gain to stockholders, based on net asset value at the beginning of each year, averaged 17.6%. This compares with 10.1% In the same period shown by the Standard Statistics - Pooris Index of 90 stocks, and 10% shown by the Dow-Jones Industrial Average -- In both cases with allowance for dividends received.

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在运营的头六年里（1936–1941 年），这是一个价格普遍下跌的时期……我们的整体年均回报率为 11.8%，而同期 90 只股票平均指数的表现为亏损 6%。在过去四年（1942–1945 年合计算），这是一个价格稳步上涨的时期，我们取得了 26.3% 的年均回报，而 90 只股票的平均回报是 26.0%。到了上一个财年，我们第一次出现了低于大盘的盈利率。这些对比结果直接源于我们的投资策略——随着市场水位上升，我们的策略会变得愈发保守。

In the first six years of operation: (calendar 1936-1941) -- a period of generally declining prices .. our over-all gain averaged 11.8% per annum, against a loss of • 6% for the 90-stock average. In the past four years (calendar 1942-1945 inclusive) - a period of steadily iising prices — we averaged 26.3% against 26.0% for the 90 stöcks: In our last fiscal Jear, we showed, for the first time, a lower percentage gain than that of the general market. These comparative results follow directly from our Investment policy, which grows more conservative as the market level rises.

未来政策与展望。

Future Policy and Prospects.

由于过去三年间整体市场大幅上涨，我们在这段时期内显著调整了证券持仓结构。“普通组合中的普通股”占比大幅降低，而套利、对冲操作及可转换优先证券的占比相应提高。这些变化总结于所附的、截至 1943 年 1 月 31 日和 1946 年 1 月 31 日的投资组合百分比分析中。

Because of the large advance in the general market in the past three years, we have substantially changed the character of our se curity holdings during this period. Ihe percentage held in "genera] portfollo common stocks" has been greatly reduced, and the percentage in arbitrages, hedging operations and convertible senior Issues correspondingly increased. Inese changes are summarized in the accompanying percentage-analysis of our portfolio as at January 31st, 1943 and January 31st, 1946. •

投资组合按业务类型划分的百分比分布

Percentage Distribution of Portfolio by Iype of Operations

（按长期证券市值计算）

(Based on Market Value of long Securities)

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Jan: 31e 1943 Jan. 31, 1946

占总营收的百比分

占总营收的百分比

% of Total % of Iotal

现金和政府证券 3.4% 10.7%

Cash and Governnent Securities 3.4% 10.7%

套利、重组与担保

Arbitrages, Reorganizations, Guaranteed

Issues 17.2 36.1

Liquidations 11.7 12.2

• 对冲工具与可转换证券 - 20.0

• Hedges and Convertible Issues - 20.0

Financial Companies 8.5 13.0

General Portfolio 59.2 8.0

100.0% 100.0%

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我们大幅缩减通用投资组合，并非基于市场涨势已到头的判断，而是因为以我们的技术标准来衡量，仍然具有吸引力的普通股已经所剩无几。按照既定政策，我们既不参与明显的投机性获利机会，也不承担明显的投机性风险。只要当前这波上涨行情继续，我们很可能无法与普通股的整体涨幅百分比匹敌。但有理由相信，

The sharp reduction in our general portfolio has not been based on an opinion that the rise in the market has now run its course, but on the fact that very few common stocks remain attractive holdings judged by our technical standards. Under our established policy, we neither participate in clearly speculative profit opportunities nor assume clearly speculative risks. As long as the present rising market continues it is not likely that we shall be able to match the percentage gain shown by common stocks generally. There is reason to believe, how-

我们可能继续在套利及类似操作中获得令人满意的利润，尽管算不上惊人。这类操作目前比普通股票购买风险更低。随着整体市场和企业活动的增加，这类操作的领域也在扩大。因此，我们相信能够为我们的资本找到稳妥的运用途径，包括近期有限的扩张。

that we may continue to make satisfactory, though not spectacular, profits in arbitrage and similar operatlons, which entail less risk than ordinary stock purchases at this time. The field of such operations has tended to expand with the increase in general market and corporate activity. For this reason we believe that we shall be able to find sound employment for our capital, Including the limited expansion recently

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provided IoI.

如果市场大幅下跌，我们的持股不可能不受影响；但我们认为，我们股票净资产价值的任何缩水幅度本身都将是温和的，并且相对整体市场而言会轻一些。

If the market should decline substantially, we can not expect our holdings to be unaflected; but we believe that any shrinkage in the net asset value of our shares should be moderate in itself, and relatively less severe than that shown by the market generally.

И!:* =

管理层的主要目标一直是：在股市整体没有大幅波动（净变动）的时期，让我们的股票表现出有吸引力的回报率。尽管过去几年面临通胀上升和官僚机构臃肿带来的问题，我们仍然设法实现了这一目标。

The chief objective of the management has been to conduct our operations so as to show an attractive rate of return on our shares during periods when stock prices generally have not moved substantially (net) in either direction. In spite of problems presented by rising and fas on cattee near bureas tatie past debeable to carry

截至 1946 年 1 月 31 日的年度业绩。

Results for the Year Ended January 31, 1946.

随函附上本审计师事务所 Stern, Porter, Kingston & Coleman 关于截至 1946 年 1 月 31 日财年的审计报告副本。

• Submitted herewith is a copy of the report of our auditors, Messrs. stern, Porter, Kingston & Coleman, covering the fiscal year ended January 31, 1946.

所附资产负债表显示，1940 年 1 月 31 日的每股净资产值为 125.88 美元，而 1945 年 1 月 31 日为 131.95 美元。这些数字已考虑了 1946 年 1 月增发股票的影响。

The appended balance sheet indicates a net asset value of $125.88 per share on January 31, 1940, compared with $131.95 per share on January 31, 1945. These figures give effect to the sale of additional stock in January, 1946.

当年每股支付股息 33.20 美元，根据《国内收入法》第 362 条，全部被指定为资本利得股息。1946 年 1 月发行的认购权，对每股已持有股份的计算价值为 5.20 美元。

Dividends of $33.20 per share were paid during the year, all of which have been designated as Capital Gains Dividends, pursuant to Section 362 of the Internal Revenue Code. Subscription rights Issued in January, 1946 had a computed value of $5.20 for each share owned.

本财年的总收益，包括未实现增值的增加，按平均流通股数计算，每股达到 32.31 美元。这相当于年初账面价值的 24.5%。

Ine over-all gain Ior the fiscal year, including the increase in unrealized appreciation, amounted to $32.31 per share on the average number of shares outstanding. This was equal to 24.5% oI the ville at the value at the beginning of the year.

1946 年 2 月 21 日指示的每股净资产价值大约为 126 美元。

The indicated net asset value as of February 21, 1946, was approximately $126 per share.

股东年度会议定于

The annual meeting of stockholders is scheduled to be held on

与此相关，正式通知预计将于 1946 年 3 月 30 日前邮寄给股东，同时附上委托书声明并请求股东授权。

In connection therewith, it is expected that Jordal notice will be matted no stockholders before March 30, 1946, formal notice will be mailed to stockholders before March 30, 1946, together with a proxy statement and request for proxies.

您真挚的，

Very truly yours,

Benj. Graham,

President

Jerome A. Newman,

副总裁兼财务主管

Vice-President & Ireasurer

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证券投资

INVESTMENTS IN SECURITIES

JANUARY 31, 1946

(CONTINUED)

项目描述市场价值

NO. OF DESCRIPIION MARKET VALUE

1946 年 1 月 31 日的证券持股

SHARES OF SECURITIES JANUARY 31, 1946

Frice Amount

优先股——工业股

PREFERRED STOCKS- INDUSTRIALS

1000 航空公司的 2.25 美元累积优先股

1,000 Aviation Corp. (The) $2.25 Cumulative

Convertiblo 80 $ 80,000.00

500 城市服务公司 6.00 美元累积（优先股）

500 Cities Service Company $6.00 Cunulative

Preferred 151 75,500.00

迪·焦尔焦水果公司的

Di Glorglo Fruit Corporation so.

• 累计参与优先股 110 33, 000.00

• Cumulative Participating Preferrer 110 33, 000.00

Gar Hood Industries, Inc.，41% 累计

Gar Hood Industries, Inc, 41% Cumulative

Convertible Preferred 62 31,000.00

6,800 股 Graham-Palge Motors 公司可转换优先股

6, 800 Graham-Palge Motors Corp. Convertible

5% Cumulative Preferred 47-1/4 321,300.00

1000 张琼斯-劳克林钢铁公司（Jones & Laughlin Steel Corporation）5% 债券

1,000 Jones & Laughlin Steel Corporation 5%

系列 B 可转换优先股 155-1/4 155,250.00

Series B Convertible Preferred 155-1/4 155,250.00

290 曼斯菲尔德轮胎橡胶公司可转换证券

290 Mansfield Tire & Rubber Co. Convertible

$1.20 Cumulative Preferred' 32 8,280.00

300 默里公司（The Murray Company）4.50 美元累积优先股：52-3/4 15,825.00 美元

300 The Murray Company $4.50 Cumulative Preferred :52-3/4 15,825.00

总额——工业优先股 221,155.00 美元

Iotal - Industrial Preferrdd Stooks $221,155.00

优先股——投资公司

PREFERRED STOCKS - INVESTVENT COMPANIES

900 Alleghany Corporation 累积可转换

900 Alleghany Corporation Cumulative Convertible

$2,50 Prior Preferred…76-1/4 $ 68,625.00

$2,50 Prior Preferred..... 76-1/4 $ 68,625.00

优先股——公用事业

PREFERRED STOCKS - UTILITIES

3,000 股市场街铁路公司优先股

3,000 Market Street Railway Company Curulative

Prior Preference 6% 18-1/2 55,500. об

300 卢温市快速运输公司 5% 可转换债券

300 Iwin City Rapid Transit Co. 5% Convertible

Prior Preferred 58-3/3 17,812.50

对劳联公用事业优先股 • 731.25 万美元

Iotal - Utilities Preferred Stocks • $ 73,312,50

总计 - 优先股 86,3092.50 美元

TOTAL - PREFERRED STOCKS $863,092.50

普通股 — 工业类

COMMON STOCKS - INDUSTRIALS

1300 A. Do so co. 6 780 万

1,300 A. Do so co. 6 7,800,00

100 美国造船公司 44 5/8 4,462.50

100 American Shipbuilding Company 44-5/8 4,462.50

32-1/2 126,425.00

3890 布里厄精密器械公司

3,890 Brewster razo autical Corporation

布鲁斯特航空公司（Brewster Aeronautical Corporation）10,000 股，每股 5.00 美元，总计 5 万美元。

10,000 10,000 Brewster Aeronautical Corporation 5 50,000.00

2,500 Buda Company 31 17,500.06

3000 股 Compania Manufacturers Del Patrero S.A.

3,000 Compania Manufacturers Del Patrero S.A.

1000 万美元古巴美国锰业公司 5-1/4 债券 5250.00 美元

1,000 Cuban American Manganese Corporatior 5-1/4 5,250.00

2200 股电船公司 24.125 美元 53075.00 美元

2,200 Electric Boat Company 24-1/8 53,075.00

2,200 I. H. Gilmer Company 3-1/2 7,700.00

200 吉肖特机床公司 22 美元 400.00 美元

200 Gisholt Machine Company 22 $,400.00

625 W. F. Hall 印刷公司 31.25 美元 19,531.25 美元

625 W. F. Hall Printing Compan 31-1/4 19,531.25

300 国际火柴实现有限公司（International Match Realization Company, Ltd）25-1/4 美元 7,575.00 美元

300 International Match Realization Company,Ltd 25-1/4 7,575.00

Forward $363,718.75

COLFMAN 119

SEAN, PORTER, KIN

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证券投资

INVESTIENTS IN SECURITIES

JANUARY 31, 1946

(CONTINUED)

没有详细描述

NO. OF DESCRIPTION

证券的股份

SRARES OF SECURITIES

Price

普通股——工业类股（续）

COMON STOCKS - INDUSTRILLS (Continued)

Forward

$1000 琼斯朗贡机械公司（Jones & Langon Machine Company）股票，每股 31.5 美元

1,000 Jones & Langon Machine Company 31-1/2

600 麦格劳-希尔出版公司（McGraw-Hill Publishing Company, Inc.）33-1/4

600 MoGraw-H111 Plb11shing Company; Inc. 33-1/4

1,600 万股尼皮辛矿业有限公司（Nipissing Mines Company, Limited）

1,600 Nipissing Mines Company, Limited

200 Paolfic Millls 76-1/2

匹兹堡倾斜铁路公司 100 股，金额 190 美元

100 Pittsburgh Incline Plane Company 190

89 匹兹堡终端变现公司（Pittsburgh Terminal Realization Corporation）14.5% 债券

89 Pittsburgh Terminel RealIzation Corporation 14-1/2

总计——工业普通股

Total - Industrial Conmon-Stocks

普通股——投资公司

COMMON STOCKS - INVESTMENT COMPANIES

1500 股美国国际公司 15-5/8

1,500 American International Corporation 15-5/8

7400 万 Carriers and General Corporation 股票，价格 10.125 美元

7,400 Carriers and General Corporation 10-1/8

1，200 股 General Shareholdings Corporation 6

1,200 General Shareholdings Corporation 6

7000 太平洋美国投资者公司（Pacific American Investors, Inc.）5.25

7,000 Pacific American Investors, Inc. 5-1/4

10,600 股 Pennroad 公司 8.875% 债券

10,600 The Pennroad Corporation 8-7/8

3,100 股铁路与照明证券公司，股价 23.125 美元

3,100 Rallway and Light Securities Company 23-1/8

1000 股 Tri-Continental Corporation 公司 12% 优先股

1,000 Tri-Continental Corporation 12

总计——投资公司

Total - Investment Companies

Common stocks

普通股——铁路

COMMON STOCKS - RAILROADS

512 Canade Southern Railway Company

54-3/4

1200 伊利诺伊中央铁路公司

1,200 Illincis Central Railroad Company

370 Mine il1l1 and Schuylkill Haven Railroad Company 53

700 北太平洋铁路公司 34-1/2

700 Northern Pacific Rallway Conpany 34-1/2

总——铁路普通股

Total - Rallroad Common Stocks

COLZON STOCKS - 公共事业

COLZON STOCKS - UTILITIES

300 International Ocean Telegraph Compan '115

162 Pacific and Atlantic Télegraph Company of U.S 21

223 Southern and Atlantic Telegraph Company 21 — 1/2

223 Southern and Atlantic Telegraph Company 21-1/2

Iotel - 公用事业普通股

Iotel - Utilities Common Stocks

科利永·西克斯——保险公司

COLLION SIUCKS - INSURANCE COMPANIES

250 美国担保公司（American Surety Company）78-1/2

250 American Surety Company 78-1/2

910 雇主集团合伙人公司（Employers' Group Associates）45.25 美元

910 Employers' Group Associates 45-1/4

100 国民联合火灾保险公司 203

100 National Union Fire Insurance Compeny 203.

1000 股新阿姆斯特丹意外伤害保险公司（New Amsterdam Casualty Company）38

1,000 New Amsterdam Casualty Company 38

标准意外保险公司 33-1/2

Standard Accident Insurance Company 33-2/2

1,000 股 Standard Strato Surance 公司股票

1,000 Standard strato Surance

总计 — 普通股 — 保险公司

Total - Cormon Stocks - Insurance Companies

STERN, PO COLEMAN

MARKET VALUE

JANUARY 31L 1946

Amount

$363, 718.75

31;500.00

19,950.00

4-1/4 6,800. 00

15,300 ,00

19,000.00

-1,290.50

$457,559,35

23,437.50

14,925.00

7,200.01

36,750.00

94, 075.00

71,687.50

12,000.00

$320,075.00

28,032.00

50,400.00

19,610.00

24,150.00

$122,192.00

34,500.00

3,402.00

4,784.50

42,696.50

42,696.50

19,875.00

$1,177.50

20,300.00

38, 000.00

43,500.00

25,000.00

$282,852.50

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BONDS

Rallroads

Industrials

Utilitios

Real Estate

Holding Companie:

J. s. Government

格雷厄姆-纽曼公司

GRAHAM-NEWMAN CORPORATION

::NEW YORK:

证券投资

INVESIMENTS IN SECURITIES

•-JANUARY 31, 1946

SUMMARY

MARKET VALUE

$1,366,746.39

291,500-00

56,330200

75,250.00

80,137.50

307,593. 75

Iotal Bonds

PRRPERRED STOCKS

Industrials

Investment Companies

Utilities

$2,372,557-64

721,155.00

68, 625.00

73,312,50

优先股总计

Total Preferred Stocks

COMMON STOCKS

Industriels

Investnent Conpanies

Rallroads

Utilities

Insurance Companies

Real Bstate

863,092.50

457,559.25

320,075.00

122,192.00

42,696.50

187,852.50

1,015.00

$2,131,390.25

普通股总计

Total Common Stocks

IOTAL

斯特姆·波滕、金斯顿与科尔曼公司

STERM. PORTEN, KINGSTON & COLEMAN

·.173,010.39

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