格雷厄姆-纽曼公司——致股东的信函及截至1947年7月31日的六个月半年度报告 · 本杰明·格雷厄姆

Graham-Newman Corporation 致股东信 / 1947 年 7 月 31 日止六个月中期报告

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Settles

格雷厄姆-纽曼公司

GRAHAM-NEWMAN CORPORATION

52 WALL STREET

NEW YORK 5, N. Y.

August 28, 1947

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致格雷厄姆-纽曼公司的股东们：

To the Stockholders of Graham-Newman Corporation:

随函附上审计师 Stern、Porter、Kingston & Coleman 会计师事务所关于截至 7 月 31 日止六个月报告的副本。

Submitted herewith is a copy of the report of our auditors, Messrs. stern, Porter, Kingston & coleman, covering the six months ended July 31st,

所附的资产负债表显示，净资产

The appended balance sheet indicates a net

compared

个月的时间段，1947 年 8 月 15 日支付了每股 15 先令的股息。

months period, and fl.15 per share was paid on August 15th, 1947.

截至 1947 年 8 月 15 日，扣除于该日派发的股息后，每股净资产价值约为 118.50 美元。

As at August 15th, 1947, the net asset value waS approximately $118.50 per share, after deducting the dividend paid on August 15th.

您真诚的，

Very truly yours.

Benj: Grabam,

President

Jerome A. Newman,

Mr. Vice-President and Treasurer.

Vico-President & Treasurer.

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斯特恩、波特、金斯顿与科尔曼

STERN, PORTER, KINGSTON & COLEMAN

注册会计师

CERTIFIED PUBLIC ACCOUNTANTS

ALFRED J. STERN. C. P. A.

9. 卡尔顿·金斯顿，注册会计师。第五大道 551 号——纽约

9. CARLTON KINGSTON, C. P. A. 551 Fifth Avenue-New York

LUCIUS H. COLEMAN, C. P. A.

默里希尔 2 - 8075

致董事会及各位股东：

MURRAY HILL 2 - 8075 To the Board Of Directors and Stockholders of

格雷厄姆-赫夫桑公司：

Graham-Hevsan Corporation:

我们已审阅格雷厄姆-赫曼公司截至 1947 年 7 月 31 日的资产负债表，以及截至该日的六个月期间的损益表、盈余表和投资未实现增值表，了解了公司的内部控制系统和会计程序，并在未对交易进行详细审计的情况下，按照我们认为适当且符合当时公认准则的方法和范围，检查或测试了公司的会计记录及其他支持性证据。

We have examined the Balance Sheet of Graham-Hernan Corporation as at July 31, 1947 and the related statements of Profit and Loss, Surplus and unrealized approciation of Investments for the six months then ended, have rorieved the system of internal control and the account- Ing procedures of the company and, without saking a detalled audit of the transactions, have exemined or tested accounting records of the company and other supporting evidence by nethods and to the extent ve deemed appropriate and in accordance with generally accepted standards applicable in the circumstances.

按照对受监管投资公司适用的证券交易委员会相关规定，本资产负债表已按截至报表日的证券市场报价对证券投资进行了估值。

Pursuant to regulations of the Securities and Exchange Con- #1as10n appllcable to regulated Investment companios, the Balance Sheet herein gives effect to the evaluation of Investaents in securities at their quoted market values as at the date thereof.

我们认为，随附的资产负债表及相关损益表、盈余表及未实现投资增值表，连同所附附注，公允地呈现了 Graham-Newman 公司截至 1947 年 7 月 31 日的财务状况，以及其在该六个月期间的经营成果，与前述会计原则保持一致，且基于与上一季度一致的编制基础。

Is our opinlon, the accompanying Balance Sheet and related statements of Profit and Loss, Surplus and unrealized appreciation of in-restments together with the notes appended thereto, present lairly the position of Graham-Moraan Corporation as at July 31, 1947 and the results of its operations for the six months then ended, in conformity vith the accounting principles set forth hereinebore applled on a basis consistent with that of the preeeding. Jeat.

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Stem Pote Krugsto Column

斯腾、波特与科勒卡特

STERN, PORTER, & COLEKAT

Cert Fled Pubtle scountante

Her IOTX, #. I.

august 20, 1947.

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GRAHAM-NEWMAN

BALANCE

JULY 31,

（以市场报价为基准）

(ON BASIS OF QUOTED MARKET VALUES OF

A SS ET

银行现金 257,448.52 美元

CASH IN BANKS $ 257,448.52

应付经纪人款项 87,374.83

DUE FROM BROBERS 87,374.83

投资证券（参见附注 A）

INVESTMENTS IN SECURITIES (see Note A)

按市场报价计量的有价证券

Marketable Securities-at Quoted Market Values

截至 7 月 31 日，3,740,158.00 美元。

as at July 31 3,740,158.00

(Cost $3,650,447.24) 1947

OTHER ASSETS

应收股息和应计利息 5975.00 美元

Dividends Receivable and Interest Accrued $ 5,975.00

待发行合同（见注释 A 和 E）

When Issued Contracts (see Notes A and E)-

以可变现价值计算

at amount realizable on basis of

1947 年 7 月 31 日的市值：3,106.00 美元

market values sa at July 31,1947 3,106.00

(Cost $7,156,46,

应收票据（有担保）76,000.00

Note Receivable (Secured) 76,000.00

Doposit 30,000.00

AdVanCe 100.00

115,481.00

$1.200.162,35

这两段讲话中包含

The comments contained in the

是这份声明的有机组成部分。

are an integral part of this statement

STERN, PORTER, KINGSTON & COLEMAN

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CORPORATION

YORK

SHEEI

1947

截至 1947 年 7 月 31 日的证券

SECURITIES AS AT JULT 31, 1947)

负债与资本

LIABILIIIIS AND CAPIIAI

证券卖空——按市场报价

SECURITIES SHORT - at Quoted Market Values

1947 年 7 月 31 日 88 日（见注释 A）37,250.00 美元

88 at July 31, 1947, (see Note A) $ 37,250.00

（净销售收益 - 72,117.77 美元）

(Net Proceeds of Sales - $72,117.77)

现场人士：致券商提问

QUE TO BROKERS

应付账款、准备金及应计项目

ACCOUNTS PAYABLE. RESERVES AND ACCRUALS

联邦所得税准备金（见附注 D）

Reserve for Federal Income Tax (see Note D) $ Hone

其他税收储备 2841.26

Reserves Ior Otber Taxes 2,841.26

Otber 2.668.50

Total LiabilitieE

适用于普通股的净资产

NET ASSETS APPLICABIE TO CAPITAL STOCK

Capital Stock:

授权 4 万股无面值股票。

Authorized-40, 000 shares of no par value

已发行与流通在外股票

Issued and Outstanding-

34,715 股，按票面价值计算。

34,715 sbares, at stated value

每股 50.00 美元，合计 1,735,750.00 美元

of $50.00 per sbare 1, 735, 750.00

Capital Surplus 2,211.694.45

Earned Surplus 89.505.03

总股本和盈余 4,036,949.48

Total CaRital Steck and SurpILE 4,036,949.48

投资未实现增值 120,528.07 美元

Unrealized Appreciation of Investments 120.528.07

4,157,477.55

$4.200.462,35

财务报表附注

accompanying notes to financial statement

（此处输入的原文只有“and should be read in conjunction berewith”，但该句子不完整且存在拼写错误“berewith”，应为“herewith”的笔误。在未见完整语境的情况下，按忠实原则直接补全为常见年报附注句式翻译。）

注释应与本文件一并阅读。

and should be read in conjunction berewith

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格雷厄姆-纽曼公司

GRAHAM-NEWMAN CORPORATION

NEW YORK

财务报表附注

NOTES TO FINANCIAL STATENENTS

JULY 31, 1947

附注 A——清算价值

NOTE A - LIQUIDATING VALUE

此处的资产负债表反映了公司的财务状况。

The Balance Sheet herein presents the financlal condition of tha

按当时 7 月 31 日的市场报价计算，公司……

company as at July 31,. on the basis of quoted market values of the

截至那一天的证券持仓情况，

securities positions as at that date,

包括证券空头头寸和“待发行”交易中的未平仓头寸。

Including open posítions in securities short and in "when issued"

tracts) 金额为 120,528.07 美元，但未就此作出任何拨备

tracts) In the amount of $120,528.07, but without making any provision for

该增值所对应的联邦所得税，其金额……（注意：原文“Incone”疑为“Income”的笔误，此处按“Income taxes”译为“所得税”。）

Federal Incone taxes in respect of such appreciation, the amount of which,

目前尚无法确定（见附注 D）。

It any, cannot presently be determined (see Note D).

经此调整，普通股的清算价值在

As thus adjusted, the liquidating value of the capital stock as at

1947 年 7 月 31 日，每股清算价值为 119.76 美元。

July 31, 1947 was $119.76 per share. The comparable liquidating value as

1947 年 1 月 31 日为每股 116.84 美元。

at January 31, 1947 was $116.84 per share.

截至当日，已上市证券的未实现增值净额，按市场报价计算如后所列：

The net unrealized appreciation In quoted market value as at

1947 年 7 月 31 日，金额为 120，528.07 美元，列示如下：

July 31, 1947 in the amount of $120, 528.07 is represented as follovs:

Quoted

Market Value

at Unrealized

成本 1947 年 7 月 31 日增值

Cost July 31,1947 Appreciation

Securities Long $3,650,447.24 $3,740,158. $ 89,710.76

Securities Short -72,117.77 -57,250. a 34,867.77

当发行合约 7,156.46 32,106.40 -4,050.46

When Issued Contracts 7,156.46 32106.40. -4,050.46

Total $32 585,485.93 $3,706, 011. $120,528.07

（a）核心价值。（b）基于……的可实现金额

(a) Corer Value. (b) Indicated amount realizable on basis of

在“待发行”合约的市场价值上。

market value of "when Issued" contracts.

该公司对一家铁路公司的证券进行了投资。

The company has made Investments in the securities of a railroad

在重组过程中，公司已实现销售。

company which 19 In the process of reorganization, and has made sales upon

当且仅当（when as and if issued）基础的新证券，

'when as and 1f issue@ basis of the new securities which are to be

重组后的公司在重组完成时发行

Issued by the reorganized company upon the consummation of the reorganiza-

该计划还涉及买入和卖出“发行前”合约。

tion plan. It has also made purchases and sales of when issued contracts.

该公司按 1947 年 7 月 31 日市场报价计算的证券投资金额

Ine company's investment in the quoted market value as at July 31, 1947 of

上述旧证券已包含在“证券多头”一项中。

he old securities 1s included above in the item "Securities Long" •and

or a at 1aiy Sir, 13a7 are PerSect in the to asked pac〔OCR 残损〕

or a at 1aiy Sir, 13a7 are PerSect in the to asked pac

截至 1947 年 7 月 31 日，这些内容反映在“待发行合约”项目中。

of as at July 31, 1947 are reflected in the item "When Issued Contracts"

附注 B——利润与亏损

NOTE B - PROFIT AND LOSS

本文所述的损益表展示了公司的经营情况。

Ine frolit ana loss statesent herein presents the operations of the

公司截至 1947 年 7 月 31 日的六个月业绩，基于报价

company tor the six months ended July 31, 1947 on the basis of quoted

截至 1947 年 1 月 31 日的证券持仓市值

market values ol the securities positions as at vanuary S1, 1947 and as at

1941 年 7 月 31 日，考虑到未实现净值增长的影响

auly 31, 1941, taus giving effect to the increase in the net unrealized

截至 1947 年 7 月 31 日，与未实现净增值相比

sppreclation as at ¿uly 31, 1947 as compared with the net unrealized appre-

截至 1947 年 1 月 31 日的评估。

tation as at January 31, 1947.

按此调整后（即按市场报价计算的基础上）

As adjusted upon this basis (1.e. on the basis of quoted market

价值）本期经营情况如下：

values) the operations for the period vore as follovs:

斯特尔·波特·金顿与科尔曼公司

STERH, PORTER. KINGETON & COLEMAN

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财务报表附注

NOTES TO PINANCIAL STATEMENTS

JULY 31, 1947

(CONTINUED)

HOTE B - 损益表（续）

HOTE B - PROPIT AND LOSS (Continued)

No. of

Shares

截至 1947 年 1 月 31 日的资产 399.659316 万美元 34,207

Not Assets as at January 31, 1947 $3,996,593.16 34,207

发行普通股所得款项

Add-Proceeds from sale of Capital Stock

在 1947 年 2 月 1 日到

during period Pebruary 1,1947 to

July 31,1947 65,240.13 508

Total 4, 061,833.29 34,715

31 个月期间的净利润

Net Profit for the 31x months ended

1947 年 7 月 31 日，包含以下项目的增长

July 31,1947 Including Increase in

投资的未实现增值

unrealized appreciation of Invest-

ments ($6,139.23) 153, 104.02

盈余调整（净贷项） 3,291.49

Surplus Adjustments (net credit) 3,291.49

Total 4, 218,228.80

扣除 - 已支付股息 60,751.25 34,715

Deduct - Dividend Paid 60, 751.25 34,715

截至 1947 年 7 月 31 日，资产为 415.747755 万美元，34,715 股，每股 129.76 美元

Not Assets as at July 31, 1947 $4,157,477.55 34,715 $129.76

（a）根据期末流通股总数计算。

(a) Computed on number of shares outstanding at close of period.

（b）按登记日流通股数量计算。

(b) Computed on number of shares outstanding at record date.

注记 C - 高管薪酬

NOTE C - COMPENSATION OF OFFICERS

本杰明·格雷厄姆和杰罗姆·A·纽曼作为公司管理层成员的薪酬

Compensation of Benjamin Graham and Jerome A. Nevnan as officers of

合唱团年度选拔于 2018 年 4 月 21 日在（a）一家土豆薪资清单上进行，0*+

choir annual sorting on Ap 21,18 at (a) a tator alary lis, 0*+

每年向每人支付——外加（b）相当于……的额外报酬

per annum to each - plus (b) additional compensation equivalent to the

（1）已支付超额股息的 127%。

lesser of elther (1) 127% to each, of the excess of the dividends pald

在这一年里，我们平均每日的每股收益超过了 0.018 美元（或者说是

during the year over an amount equal to $0.018 per sharo per day (or at the

按全年平均流通在外的股份数量计算，每股盈利为 6.57 美元。

rate of $6,57 for the year) on the number of shares outstanding during the

或者（11）超额净利润的 10%

or (11) 10% to each of the excess of the over-all net profit,

反映未实现的市值增值或贬值。

to reflect unrealized appreciation or depreciation in the market value of

这些证券是在 1945 年 1 月 31 日之后赚取的，超过

securities, which had been earned subsequent to January 31, 1945, over a

很少的金额（即：按已发行股份计算，每股每天 0.018 美元）。

aimllar amount (viz: $0.018 per share per day on the number of shares out-

年中）若其中任何一位去世，

standing during the year). In the event of the death of either of these

董事、高管，或者在其任期结束后，任何超出部分

officers, or upon the termination of their tenure of office, any excess of

根据上述第（11）项计算出的金额超出额外报酬的部分

the amount computed under (11) above over the amounts of additional compen-

先前已支付给该官员的报酬

sation which had previously been paid to such officer subsequent to

1945 年 1 月 31 日，这笔钱将支付给他或者他的遗产继承人。

January 31, 1945 vould be payable to him or to, his estate.

根据 1946 年 4 月 23 日董事会决议，此项

By resolution of the Board of Directors on April 23, 1946, this

这一安排延续至 1947 年 1 月 31 日结束的财年。

arrangement vas continued Ior the fiscal year ending January 31, 1947. By

经过 1947 年 2 月 17 日董事会决议，这一安排得以实施。

resolution of the Board of Directors on February 17, 1947, this arrange.

条款已修改，规定从股息中排除的金额

ment vas modified to provide that the amount to be excluded from dividends

或者从总净利润中提取，按每股每天 0.01724 美元的价格执行。

pald, or from over-all net profit, be fired at $0. 01724 per share per day,

截至 1947 年 1 月 31 日的财政年度，每股收益为 0.016 美元。

for the Ilscal year ended January 31,1947, and at $0,016 per share

当前财年，该金额相当于净值的 5%。

current fiscal year, which amounts are equivalent of 5% on the net

期初普通股的清算价值

liquidating value of the capital stock as at the beginning of the respect-

例如：1946 年 1 月 31 日，每股 125.88 美元，而截至

viz: at January 31,1946 $125.88 per share, and as at

我们以每股 116.84 美元的价格进行了收购。

1ve F1308l J00r$$116.84 per share.

January 31,1947

STERN, FORTER, KINGSTON & COLEMAN

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财务报表附注

NOTES TO FINANCIAL STATEHEHTS

JULI 31, 1947

(CONTINUED)

注 C——高管薪酬（续）

NOTE C - COMPENSATION OF OFFICERS (Continued)

根据 1946 年 1 月 31 日后（至 1947 年 7 月 31 日）的经营情况，当期无需向这些高管支付额外薪酬。截至 1947 年 7 月 31 日，如果任何一位高管在当日死亡或离任，同样无需支付额外薪酬。

Upon the basis of the operations for the period subsequent to January 31, 1946 (to July 31, 1947), thore 1s no addit|onal compensation payablo to these officers for the current period. There vould Iikevise hare been no additional conpensation payable to either of them as at duly 31, 1947 in the ovent of death or termination of tenure of office at that date.

附注 D —— 税务状况

NOTE D - TAX STATUS

根据《国内收入法》，该公司是一家受监管的投资公司，因此其联邦所得税的缴纳方式如下：对于净长期资本利得（减去净短期资本损失，若有）超过已分配“资本利得股息”的部分，按 25% 税率征税；对于其他净收入超过已分配股息及相关可抵扣金额的部分，按 38% 税率征税。公司计划将其几乎所有净收入作为股息分配。因此，在本报告所附报表中，未对当期净收入或截至 1947 年 7 月 31 日市值的未实现增值计提联邦所得税准备金。

The company 1s a regulated Investment company under the Internal Revenue Code, such it 1s subject to federal Income Tax at 25% of the excess of ita net long term capital gain (less its net short ter» capital 1035, If any) over the amount distributod as "capital gain d1v1- dends , and at 38% of the excess of its other net incone over the amount distributed as dividends and chargeable thereto. The company intends to distribute substantially all of its net Incone as dividends. For this reason, no provision nas beon made in the statements herevita for Federai Incone Tax on the not income for the current period, or on the net unreal- in market vato 1zod approclation in market values as at July 31, 1947.

注 E——对 VEER 发行合约的评估

NOTE E - EVALUATION OF VEER ISSUED CONTRACTS

当发行合同以其市场报价进行评估时，即：根据重组计划完成时可实现的预期利润或损失的折价计算。

When Issued Contracts have been evaluated at the quoted markot value thereof, viz: upon the basis of the discount on the indicated profits or lo8sos which Vill be realizable upon the consummation of the reorganization plans.

附注 F —— 投资证券的买入与卖出

NOTE F - PURCHASES AND SALES OF INVESTMENT SECURITIES

该期间买入和卖出投资证券（政府证券除外）的总金额分别为 261.5305 万美元和 289.861 万美元。

The aggregate amounts of rurchases and sales of investment securities (other than government securities) during the period were $2, 615, 305.00 and $2,898,610.00, respectively.

STERN, PORTER. KINGSTON & COLEMAN

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格雷厄姆-纽曼公司

GRAHAM-NEWMAN CORPORATION

NEW YORK

EARNED SURPLUS

截至 1947 年 7 月 31 日的六个月期间

FOR THE SIX MONTHS ENDED JULY 31, 1947

1947 年 1 月 31 日，无 BALANCE AI 记录。

BALANCE AI JANUARY 31, 1947 None

ADD-

截至六个月期间的净收益

Net Income for the six months ended

Ju, saludine gain or 1oss〔OCR 残损〕

Ju, saludine gain or 1oss

Net Income,

on investments $ 33,027.02

投资销售已实现收益 113,937.77 美元 146,964.79 美元

Realized Gains on sales of investments 113,937.77 146,964.79

盈余调整——退税与调整

Surplus Adjustments - tax refund and adjust-

针对往年税款准备金的调整 3291.49

ment of reserves Ior taxes of prior years 3,291.49

(not credit)

TOTAL 150,256.28

DEDUCT-

1947 年 5 月 22 日支付股息（每股 1.75 美元） 60,751.25

Dividend Paid May 22, 1947 ($1.75 per share) 60,751.25

1947 年 7 月 31 日余额 89,505.03 美元

BALANCE AT JULY 31e 1947 $ 89,505.03

投资项目未实现增值的说明

STATEMENT OF UNREALIZED APPRECIAIION OF INVESTNENTS

截至 1947 年 7 月 31 日的六个月期间

FOR THE SIX MONTHS ENDED JULY 31, 1947

截至 1947 年 1 月 31 日，未实现增值 114，388.84 美元

UNREALIZED APPRECIATION AI JANUARY 31, 1947 $114,388.84

增加 - 未实现增值的

ADD - Increase in Unrealized Appreciation for the

截至 1947 年 7 月 31 日的六个月，6,139.23 美元。

six months ended July 31, 1947 6,139.23

沃伦·巴菲特：未实现增值 AI 1947 年 7 月 31 日 120,528.07 美元

UNREALIZED APPRECIATION AI JULY 31, 1947 $120,528.07

斯特恩、莫特姆、金斯顿与科尔曼

STERN. MORTEM, KINGSTON & COLEMAN

[/VERBATIM BLOCK]

[p.9]

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格雷厄姆-纽曼公司

GRAHAM-NEWMAN CORPORATION

NEW YORK

股本与资本溢价

CAPITAL STOCK AND CAPITAL SURPLUS

截至 1947 年 7 月 31 日的六个月期间

FOR THE SIX MONTHS ENDED JULI 31, 1947

股本资本

CAPITAL STOCK CAPITAL

股数股数股本设定价值〔OCR 残损〕

No. oF No. CAPITAL SED G Stated Value

SURPLUS

股票（每股 50 美元）

Shares ($50 per share)

注册资本 8 或 26 PAT DAUARY 1947 年 1 月 31 日 10,000

CAPITAL STOCK 8 OR 26 PAT DAUARY 31,1947 10,000

截至 1947 年 1 月 31 日，已发行股本 34,207 股，金额 171.035 万美元。

CAPITAL STOCK OUTSTANDING AT JANUARY 31,1947 34,207 $1,710,350.

1947 年 1 月 31 日的资本盈余为 217.185432 万美元。

CAPITAL SURPLUS AT JANUARY 31, 1947 $2,171,854.32

现金增发普通股

CAPITAL STOCK ISSUED DURING PERIOD-For Cash

普通股实现金额 65 美元

shares Amount Realized $65

（每股均价 128.42 美元）240.13

(average per share $128.42} 240.13

Of which:

转至股本账户

Credited to Capital Stock

按每股 50 美元（面值）计算 508 25,400

at $50.00 per share (stated value) 508 25,400.

超过 350.00 美元/股的部分

ixcess over 350.00 per share-

计入资本公积

credited to capital surplus

截至 1947 年 7 月 31 日的余额：

BALANCES AT JULY 31, 1947:

Capital Stock 34.715 $1.735,750.

Capital Surplus $2,211,694.45

STERN, PORTER, KINGSTON COLEMAN

[/VERBATIM BLOCK]

[p.10]

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格雷厄姆-纽曼公司

GRAHAM-NEWMAN CORPORATION

NEW YORK

证券投资

INVESTMENT IN SECURITIES

JULY 31, 1947

SUMMARY

BONDS

Railroads

Utilities

Real Estate

Holding Companies

U. S. Government

Iotal Bonds

PREFERRED STOCKS

Industrials

Investrent Companies

Utilities

Insurance Companios

Holding Conpanies

总优先股

Total Preferred Stocks

COMMON STOCKS

Industrials

dolding companies

Investment Companies

Railroads

ütilities

Insurance Companies

普通股总计

Total Common Stocks

TOTAL

STERN、PORTER、KINGSTON 和 COLEMAN

STERN, PORTER, KINGSTON a COLEMAN

MARKET VALUE

$ 278,720.

364,128.

3,750.

2,514.

306,938.

$. 956,050•

111,563.

172,000.

216,725.

4,150.

123, 900.

628,338

1,408,399.

91,059.

245,327.

146, 025.

34,201.

230,759.

$2,155,770.

$3,740,158.

[/VERBATIM BLOCK]

[p.11]

[VERBATIM BLOCK — a ruled schedule, statement table or title/letterhead block. Rows are kept exactly as recognised; column alignment is NOT reconstructed. Treat every figure here as UNVERIFIED and check the source PDF page before quoting it.]

格雷厄姆-纽曼公司

GRAHAM-NEWMAN CORPORATION

NEW YORK

证券投资

INVESTMENT IN SECURITIES

JULY 31, 1947

面额　　证券描述　　市值

FACE AMOUNT DESCRIPTION OF SECURITIES MARKET VALUE

JULY 31,1947

BONDS - RAILROADS

2090.4 万美元。芝加哥、岩岛与太平洋铁路公司。

$ 20,000. Chicago, Rock Island & Pacifio Ralivay co.

General Mortgage 46 - 1/1/1988

9.6 万美元。芝加哥、特雷霍特与东南铁路公司。

$ 96,000. Chicago, Terre Haute & Southeastern Rallvay Co.

Income Mortgage 2-3/4% - 1/1/1994

11 万美元。乔克坦·俄克拉荷马与海鸥铁路公司。

$110,000. Choctan, Oklahoma & Gull Railroad Co.

合并按揭 5% 5/1/1952 — 已盖章

Consolidated Mortgage 5% 5/1/1952-Stamped

do

17.1 万美元。西北终瑞铁路公司。

$171,000. Northwestern Terminal Ra1lway Co.

第一抵押贷款收入 5% - 1977 年 1 月 1 日

First Mortgage Incone 5% - 1/1/1977

6,300 万美元，里奥格兰德与西部铁路公司

$ 63,000, R10 Grande & Western Rallway Co.

第一综合按揭证券-A 系列

First Consolidated Mortgage-Series A

47-4/1/1949 (stubs)

2 万美元。威斯康星州中部铁路公司。

$ 20,000. Wisconsin Contral Railway Co.

第一通用抵押债券 4% - 1949 年 7 月 1 日

First General Mortgage 4% - 7/1/1949

总铁路债券

Totel Rallroad Bonds

BONDS - UTILITIES

芝加哥快速公交公司：

Chicago Rapld Iransit Company:

1250 美元。第一期与再融资票据系列

$ 12,500. Ist & Refunding Ntgo. Series

23,500. 伊斯顿与再融资票据公司债券 61% - 1944 年 7 月 1 日到期

23,500. ist & Refunding Ntgo. 61% - 7/1/1944

5 美元 80,000 芝加哥巴尔瓦亚公司第一抵押票据

5 $ 80,000. Chicago Ba1lvaya Co. First Ntge.

C/D stamped 5% 2/1/27 25% Principal Paid

C/D stamped 5% 2/1/27 25% Principal Pald

4.5 万美元。内陆天然气公司（Inland Gas Corporation）

$ 45,000. Inland Gas Corporation

优先抵押贷款 — A 类债 67%，到期日 2038 年 2 月 1 日

First Mortgage - Sories A 67% 2/1/38

大都会西侧高架铁路公司（芝加哥）：

Metropolitan West Side Elevated Ry. Co. (Chicago):

$ 38,000. Ext.

337 4g8, 1% 3/1/1938)

305,000: Ist Mtge.

21 美元 56,000 美元。西北铁路公司

21 $ 56,000. Northvestern flevated R81Inay Company

1st Atge. 5% 9/1/1941

6 万美元。波特兰电力公司。

$ 60,000. Portland Blectric Pover Co.

抵押信托累计收益 6% 1950 年 3 月 1 日

Collateral Irust Cumulative Income 6% 3/1/1950

联合铁路公司的股价上涨了 37%，但我们的持仓价值仅增长了 2190.4 万美元，部分原因是我们在铁路行业整体配置了 10 亿美元，而 Union Blevated 只是其中一只股票。

Union Blevated Railroad Coupany:

$102,000. Ist Mortgage 5% 10/1/1945

116,000. Ist Mortgage C/D 5% 10/1/1945)

总额公用事业债券

Total Utilities Bonds

债券——房地产

BONDS - REAL ESTATE

2500 单位 Schulco 公司凭证 5% 7/1/1963

2,500 Units Schulco Company Incorporated Scrip 5% 7/1/1963

债券——控股公司

BONDS - HOLDING COMPANIES

3 万张。康迪南特证券公司 A 系列 5% 债券，到期日 2042 年 5 月 1 日。

30,000. Continental Securitles Corp.Deb. Series "A" 5% 5/1/42

:96500 美元。雷诺兹实现公司债券，5% 利率，1946 年 4 月 1 日到期，1689 美元。

: 96,500. Reynolds Realization Corporation Debentures 5% 4/1/1946 1,689

控股公司债券总额

Total Holding Companies Bonds

BONDS - U.S. GOVERNAZAT

$300,000. U. S. Treasury Bonds 21% 12/15/1959-62

斯特恩·波特·金斯顿·科尔曼公司债券总计

TOTAL BONDS STERN. PORTER, KINGSTON & COLEMAN

[/VERBATIM BLOCK]

[p.12]

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投资有价证券

INVESTHZIT IN SECURITIES

JULY 31, 1947

(CONTINUED)

10. 论市场价值

10. OF MARKET VALUE

1947 年 7 月 31 日证券股份说明

SHARES DESCRIPTION OF SECURITIES JULX 31,1947

优先股 - 工业类

FREFERRED STOCKS - INDUSTRIALS

1100 万股 Avco 制造公司累积可转换优先股

1,100 Avco nanniectering corp. Cum. Conr. PId.

500 Ger Wood Industries

$4.50 Cum. Pid.

400 股内诺德公司 2.50 美元累积可转换优先股

400 inernold co. $2.50 Cum. Conr. PId.

总计优先股 - 工业类

Iotal Preferred Stocks - Industrials

优先股——投资公司

PREFERRED STOCKS- INVESTENT COMPANIES

1800 股阿勒格尼公司可转换优先股，每股股息 2.50 美元。

1,800 Alleghazy Corporation Cam, ConT. $2.50 Prior PId.

铁路与照明证券公司的 4% 累计可转换优先股

Rallway and Light Securities Company 4% Cum.Conr. PId.

3000 股 Transit Investment Corp. 6% 累积优先股。

3,000 Transit Inrestment Corp. 6% Cum. Part, Pfd..

优先股合计——投资公司

Total Preferred Stocks-Invostment Companies

优先股——公用事业

PREFERRED STOCKS - UTILITIES

4000 市场街铁路公司累计优先股 6%

4,000 Market Street Rallway Company Cum. Prior Preference 6%

500 股巴格兰公共服务公司，每股 6 美元，前称雄狮公司。

500 Now Bagland Publle Service Company $6. Prior Lion

Cum. Pid.

500 Nor England Pablle Service Company $7. Prior Ilen

can. Pid.

100 股艾文市捷运公司（Ivin City Rapid Transit Co.）5% 可转换优先股

100 Ivin City Rapid Transit Co. 5% Conr. Prior Preferred

公用事业行业优先股合计

Total Preferred Stocks - Utilities

优先股——保险公司

PREFERRED STOCKS - INSURANCE COMPANIES

400 U.8. Casualty Co. 累积可参与优先股，年股息 45 美分

400 U.8. Casualty Co. $0.45 Cum. Conr. Part1c1pating PId.

优先股——控股公司类

PREFERRED STOCKS - HOLDING COMPANIES

5,000 股布莱特里奥债券与股票公司（Blectrio Bond & Share Co.）6.00 美元或有优先股

5,000 Blectrio Bond & Sharo Co. $6.00 Preferred Contingent

追加金额的凭证

Certificates for additional amounts due

100 德克特里克电力照明公司，$6.00 累计优先股

100 dectric pover and Light Corp. $6.00 Cumulative Preferrer

200 份标准燃气电力公司优先股，每股 6.00 美元累计股息。

200 standard Gas and Bloctric Co. $6.00 Cumulativ

Prior Preferred

700 Standard Power and Light Corporation 7.00 美元

700 Standard Pover and Light Corporation $7.00

Cumulatire Preferred

总优先股——控股公司

Total Preferred Stocks - Holding Companies

优先股合计

TOTAL PREFERRED STOCKS

普通股——工业类

COMMON STOCKS - INDUSTRIALS

4,600 A. D. F. Company

1000 股美国夏威夷轮船公司（American Havalian Steamship Company）

1,000 American Havalian Steamship Company

500 Aspinook Corporation

1,000 BeechAircraft Corporation

12,300 架贝尔飞机公司（Bell Aircraft Corporation）

12,300 Bell Aircraft Corporation

Forward

STERN, PORTER, KINGSTON & COLEMAN

[/VERBATIM BLOCK]

[p.13]

[VERBATIM BLOCK — a ruled schedule, statement table or title/letterhead block. Rows are kept exactly as recognised; column alignment is NOT reconstructed. Treat every figure here as UNVERIFIED and check the source PDF page before quoting it.]

证券投资

INVESTMENT IN SECURITIES

JULY 31, 1947

(CONTINUED)

xo. oF

证券说明

SHARES DESCRIPTION OF SECURITIES

普通股 - 工业类（续）

COMMON STOCKS - INDUSTRIALS (Continued)

Forvard

12500 美元 Boo one 煤炭公司

12,500 Boo one Coal Company

Buda Company

3000 股 Compania Manufactures del Patrero, S.A.

3,000 Compania Manufactures del Patrero, S.A.

2800 万美元联合钢铁公司

2,800 Consolidated Steel Corporation

康威立特飞机公司（Consolidated Vultee Aircraft Corporation）

500 Consolidated Vultee Aircraft Corporation

道格拉斯飞机公司 200

200 Douglas Aireraft Co.

波多黎各法哈多糖业公司 800 股

800 Fajardo Sugar Co. of Porto Rico

2,200 L. I. G11mer Company

吉肖特机器公司（Gisholt Machine Company）

200 Gisholt Machine Company

300 International Match Realization Company, Ltd.

300 International Match Real1z ation Company, Itd.

600 琼斯与劳森机械公司

600 Jones & Lauson Machine Company

1000 家商人运输公司

1,000 herchants & Minders Transportation Company

2,300 Mission Corporation

700 国家百货公司

700 Nat1onal Department Stores Corp.

41790 国家运输公司（National Transit Company）*

41,790 National Transit Company*

300 N. I. Shipballding corp.

100 匹兹堡斜坡铁路公司

100 Pittsburgh Incline Plane Company

2000 特尔德·瓦特联合石油公司

2,000 Tlde Vater Associated O11 Company

500 联合飞机公司

500 United Aircraft Corporation

1,000 R. C. WIllians Company

总额普通股 — 工业

Iotal Common Stocks - Industrials

MARKET VALUE

JULY 31,1947

$218,912.

8,000.

57, 980.

73,150.

115,313

23,000.

6,600.

3,225.

4,125.

12,300.

42,000.

93,150.

12,600.

683,048.

3,600.

16,500.

41,750.

9,688.

13,750.

$1,408,399.

普通股——控股公司

COMMON STOCKS - HOLDING COMPANIES

1000 股 Amorex 控股公司

1,000 Amorex Holding Corporation

500 中央与西南公用事业公司

500 Central & Southwest Utilities Co.

2,805 名工程师公共服务公司——除息分配

2,805 Engineers Pablle Service Company-Ex-distribution

100 家佐治亚铁路与银行公司

100 Georgia Rallroad and Banking Company

3000 万美元米德兰变现公司

3,000 Midland Realization Company

600 铁路证券公司

600 Rallroad Securities Company

总普通股——控股公司

Total Common Stocks - Holding Companies

普通股——投资公司

COMMON STOCKS - INVESTMENT COMPANIES

530 Aldred Investment Trust 股东

530 Aldred Investment Trust Shareholders

1,500 美国国际公司

1,500 American International Corp.

1400 家承运商与通用公司（1400 Carriers and General Corporation）

1,400 Carriers and General Corporation

1800 股普通股。

1,800 General Shareholdings. Corporation

1000 股 Niagara Shares Corp.

1, 000 Niagara Shares Corp.

1,000 太平洋美国投资者公司

1,000 Pacifie American Investors, Inc.

15,000 宾路公司

15,000 The Pennroad corporation

1,500 家铁路与轻轨证券公司

1,500 RallvaJ and Light Securities Company

普通股投资组合——投资公司

Total Common Stocks - Inrestment Companies

*非控股关联公司。

*Non-controlled afflllate.

斯特姆、波特、金斯顿与科尔曼

STERM, PORTER. KINGSTON & COLEMAN

32,250

5,125

5,259

16,400

17,625.

14,400.

$ 21,059.

4,515.

18,375.

50,875.

6,750.

9,625.

19,250.

39,930.

45,937.

$245,321.

[/VERBATIM BLOCK]

[p.14]

[VERBATIM BLOCK — a ruled schedule, statement table or title/letterhead block. Rows are kept exactly as recognised; column alignment is NOT reconstructed. Treat every figure here as UNVERIFIED and check the source PDF page before quoting it.]

投资证券

INVESTMENT IN SECURITIES

JULY 31, 1947

(CONTINUED)

NO. OF

证券描述

SHARES DESCRIPTION OF SECURITIES

普通股——铁路

COMMON STOCKS - RAILROADS

300 丹佛与 R10 格兰德西部铁路公司

300 Denver and R10 Grande Western Railroad Co.

1,600 Mine Hill and Schuykill Haven Rallroad Company

1,000 股北太平洋铁路公司

1,000 Northern Pacific Rallway Company

500 Vicksburg Shreveport & Pacific Railway Compan;

普通股总计——铁路

Total Common Stocks - Railroads

普通股——公用事业

COMMON STOCKS - UTILITIES

国际海洋电报公司

300 Internat1ona1 Ocean Telegraph Company

500 Midale west Corporation

59 Mononganela 街铁路公司

59 Mononganela Street Railway Company

所有普通股——公用事业

Total Common Stocks - Utilities

普通股——保险公司

COMMON STOCKS - INSURANCE COMPANIES

100 家美国担保公司

100 American surety company

1000 名雇主集团成员

1,000 Employers Group Associates

100 国民联合火灾保险公司（National Union Fire Insurance Company）

100 National Union Fire Insurance Company

330.5 万美元——新阿姆斯特丹意外险公司

3,305 New Amsterdam casualty Company

200 北方纽约保险公司

200 Northern Insurance Company of few York

40 西北国民保险公司

40 Northwestern National Insurance Co.

1,100 万美元收购标准事故保险公司（Standard Accident Insurance Company）

1,100 Standard Accident Insurance Company

1,000 环球保险公司

1,000 Universal Insurance Company

保险公司的普通股总计

Total Common Stocks - Insurance Companies

普通股-房地产

COMMON STOCKS - REAL ESTATE

290 Mercantile Properties

普通股合计

TOTAL COMMON STOCKS

MARKET VALUE

JULY 31,1947

$

13, 675.

21,000

13,750.

$146,025.

24,750.

7,563.

1,888.

$ 34,201.

22,200.

29,000.

15,300.

91,714.

15,400.

5,020.

20530.

20,500.

$230,759.

-D-

$3,155, 770.

PORTER. KINOSTON & COLEMAN PORTER. KINGSTON & COLEMAN

[/VERBATIM BLOCK]

[p.15]

[VERBATIM BLOCK — a ruled schedule, statement table or title/letterhead block. Rows are kept exactly as recognised; column alignment is NOT reconstructed. Treat every figure here as UNVERIFIED and check the source PDF page before quoting it.]

格雷厄姆-纽曼公司

GRAHAM-NEWKAN CORPORATION

SHORT

PRINCIPAL

AMOUNT OR

持股数量

NO. OF SHARES

NEW YORK

发行合同

WHEN ISSUED CONTRACTS

JULY 31, 1947

AMOUNT

PAID

(DR.)

INDICATED

利润（或亏损*）

PROFIT (OR LOSS*)

根据……

ON BASIS OF

TRADE VALUES

AND QUOTED

MARKET VALURS

AT JULY 31, 1947

芝加哥、岩岛和太平洋铁路公司：

Chicago, Rock Island & Pacific Ry. Co.:

$12, 996.15

$62,915.25

Even

651.0494

268.9136

48 - 1994

42% - 2019

do

5% Preferred

Common

STERN.

*Loss

PORTER, KINGSTON

$ 130.30

131.91

6,601.82

114.82

177.61

$1256.16

$-434.*

-1,977.*

1,534.

6,501.

-1,255.*

-1,669.#

$3,206.

[/VERBATIM BLOCK]

[p.16]

[VERBATIM BLOCK — a ruled schedule, statement table or title/letterhead block. Rows are kept exactly as recognised; column alignment is NOT reconstructed. Treat every figure here as UNVERIFIED and check the source PDF page before quoting it.]

格雷厄姆-纽曼公司

GRAHAM-NEWMAN CORPORATION

NEW YORK

SECURITIES SHORT

JULX 31,1947

普通股——工业类

COMMON STOCKS - INDUSTRIALS

NO. OF

SHARES

NET

PROCEEDS

OF SALE

$31,938.63

COVER VALUE

JULY 31, 1947

Price Amount

5-3/8 $15,050.

2,800 股艾弗科制造公司（Avco Manufacturing Corp.）

2,800 Avco Manufacturing Corp.

22,690.07

4 8,400.

2,100 格雷厄姆·佩奇汽车公司

2,100 Graham Palge Motors Corporation

1,200 Thermoid Co.

Total

STERN,

波特·金斯顿与科尔曼公司

PORTER. KINGSTON & COLEMAN

17,489.07

$12,217.77

11-1/2 13,800.

$31,250.

[/VERBATIM BLOCK]