格雷厄姆-纽曼公司——致股东的信函及1949财年年度报告

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GRAHAM-NEWMAN CORPORATION

52 WALL STREET

NEW YORK 5. N. Y.

February 25, 1949

Io the Stockholders of Grabam-Newman Corporation:

Submitted berowith are financial statements of the Corporation covering the fiscal year ended January 31, 1949.

The appended balance sheet indicates & not asset value of $97.56 per share on January 31, 1949, compared mith $114.13 pos share on January 31, 1948.

In July 1948 a capital distribution was made consisting of all of the sbares of Government Emplogees Insurance Co. owned by the Corporation, which mere carried at a book cost equivalent to $21.21 per share of Graham-Newman Corp. stock. In addition, dividonds of $5.75 were paid during the year. of this amount $4.31 por sharo has been designated as Capital Gain dividends, 30 on 382 8 016 pursuant to Section 362 of the Internal Revenue Codo.

ine over-all not gain Ior the tiscal year, including th net increase in unrealized appreciation, amountea to ф•ло per Labor Be share share on the average number of shares outstanding. let roalized profits for the yeas, without reflocting the increase in unrealizod approciation, amounted to $6.07 per share.

If effect is given to the increase over book cost in tho quoted value of the Insurance Company shares at the date of their distribution in July 1948, the over-811 gain vould be $14.94 pox

In addition, stockholders who recolved and retained their sharo. Insurance company shares nave a further gain thereon based or their market price of $30.00 por share on January 30 per share of dividends recelved-amounting to no less than $28.80 their Graham-Newman Corp, stock.

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The resulta for the full Jear ended. January 31, 1949, te

stockholäers who held their Grabam-Newman Corp. and Insurance

• Company shares tbroughout the applicable period, may be summarized

Per share of

Graham-Newman Stock

Not asset value on January 31st, 1949

shown herewith $ 97.56

Addish dirsdonde pald in roar

Cash dividends pald in year 5.75

Market value on vanuary 31st, 194.

f stock of Government Employee:

Insurance Co. distributed in July

1948, plus stock dividend thereon

shares of Insurance Co. stock

at $30 per share) 54.00

Cash dividends paid in July 1948 and

January 1949 on the Insurance Co. shares 1.80

Total - $159.11

Net asset value on January 31st, 1948 114.13

Gain for the year $ 44.98

The indicated net asset value as of February 19, 1949 was

approximately $97.00 per share.

The financial statements have been reviewed by Messrs. Stern,

Porter Kingston and Coleman, independent publie accountants, whose

certificate is set forth herein.

he proxy statement for the annual meeting to be held April 11

1949 will be sent to stockholders or or about April 1, 1949

By Order of the Board of Directors,

Benj. Graham,

President

Jerome A reassent & Treasuror

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STERN, PORTER, KINGSTON & COLEMAN

CERTIFIED PUBLIC ACCOUNTANTS

551: Felth: ence, New Hook 17N. 11.

MURRAY HILL 2- BO75 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, 1949 and the related statementa of Profit and Loss and Changes of Net Assets for the fiscal year ended January 31, 1949, have revlewed the system of internal control and the accounting procedures of the company and, without making a detalled 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.

Pursuant to regulations of the Securities and Exchange Commission appllcable to regulated investment companies, the Balance Sheet herein gives effect to the evaluation of investments in securities at their quoted market values as at the date thereof.

In our opinion, the accompanying Balance Sheet and related statements of Profit and Loss and Changes of Net Assets, subject however to the notes appended thereto, present fairly the position of Graham- Newmen Corporation as at January 31, 1949 and the results of its opera. tions for the fiscal Jear then ended, in conformity with the accounting principles set forth hereinabove applied on a basis consistent with that of the preceding year.

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Stan Satur tugsta Coleman

PORTER, KINGSTON & COLEMAN

Certified Public Accountants

lew York, N. 1

'ebruary 18, 1949

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GRAHAM- NEWMAN

NEW

BALANCE

JANUARY 31,

(ON BASIS OF QUOTED MARKET VALUE

T

CASH IN BANKS

DUE FROM BROKERS

Tor Securities sold • 2,874.0

Other L66,279,9

NVESTMENTS IN SECURITIES (see Note A

INVEST 13, 076,002 ARTES (800 oto 4)

OTHER ASSETS

Interest Aocrued on Bonds

BTERN, PORTER. KINGSTON & COLEMAN

$ 86,243.81

169,153,95

5,248, 969.00

220.00

$5,498,586.76

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CORPORATION

YORK

SHEBT

1949

OF SECURITIES AS AT JANUARY 31,1949)

HIABILITIES AND CAPITAL

NOTES PAYABLE - BANK (secured) $ 450,000.00

SECURITIES SHORT (see note A

(Net proceeds of sales $131,496.61)

PROVISION FOR ADDITIONAL CONTINGENT COMPENSATION

OF OFFICERS (on Increase in unrealized

appreclation subsequent to January 31,1948)

NET ASSETS APPLICABIS TO OUTSTANDING CAPITAL STOCK

Capital stock:

Authorized, Issued and Outstanding-

50,000 sbares of no par value

Stated value $50.00 per share 2,500,000.00

Capital surplus 2,224, 719.88

Earned surplus

Total Capital stock and Surplus 7, 724, 719.88

Inrealized Appreciation of Investment.

after deducting provision for additiona.

contingent compensation of officers) 153,534.26

Total as above 44,878,254.14

equivalent to $97.56 per share

$5,498,586.76

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GRAHAM-NEWMAN CORPORATION

STATEMENT OF CHANGES IN NET ASSETS

APPLICABLE TO OUTSTANDING CAPITAL STOCK

FOR THE FISCAL YEAR ENDED JANUARY 31, 1949

NO. OF

SHARES

NET ASSETS AT JANUARY 31, 1948 $3,961,948.39 34, 715

ADD

Capital Stock Issued during year - for cash 1,528,500.00 15,285

5,490,448.39 50,000

Net Income for year:

Net Income, excluding gain or 1088 on

Investments, and before deducting

additlonal compensation of

officers $52,966.31

Realized Net Gain on Sales of

Investments 225,589.55

Total 278,555.86

Deduct-Additional compensation

of officers see Note B) 21,260.56

Provision for Federal

Income tax (see Note C)

Net Income for year 257,295.30

Increase In Unrealized Appreciation 162, 844.58

Deduct-Provision for additional

contingent compensation of

officers (see Note B) 32,568.92 130,275.66

TOTAL 5,878,019.35

DEDUCT

Distribution to Stockholders at

July 6,1948 of 37, 492-20/100

shares Government Employees

Insurance Company stock-at Cost 736,190.95

Dividends Paid:

Per No. of

Date Pa1d Share Share:

June 18,1948 $1.75 34,715 60, 751.25

Sept.17,1948 1.25 50,000 62,500.00

Dec. 17,1948 1.25 50,000 62,500.00

Jan. 28,1949 1.50 50,000 75,000.00

Total $5.75 260,751.25

Recapitalization Expense: 2,823.01

(see Note D)

999,765.21

NET ASSETS AT JANUARY 31, 1949 $4,878,254.14

(a) computed on basis of average number of shares outstanding

during year-42,357-1/2 shares.

(D) computud d puador of shares upon which dividends voro

(c) computed on number of shares upon which distribution of

overnment Employees Insurance Co. stock was mad

34,715 shares).

(a) computed on number of shares outstanding at close of

year (50,000 shares).

STERN, PORTER. KINGSTON & COLEMAN

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TATEMENT OF CHANGES IN NET ASSEI

PPLICABLE TO OUTSTANDING CAPITAL STOC

FOR THE FISCAL YEAR ENDED JANUARY 31, 1949

ANALYSIS OF CHANGES IN NET ASSETS

Net Asseta at Jenuary 31, 1948

AlCapital Stack dasued during your

(15,285 shares)

Net Income for year

provision for addltionsl

contingent compensation of officers

Total

educt

CAPITAL STOCK

STATED VALUE

IOIAL $50. PER SHARE

$3,961,948.39 $1,735, 750.

1,528,500.00 764,250.

257,295.30

230,275.66

5,878, 019.35 2,500,000.

BARNED UNREALIZED

CAPITAL APPRECIATION

_ SURPLUS SURPLUS

$ - $ 23,258.60

$2,202, 939.79

764,250.00

257,295.50

230,275.66

257,295.30 153,534.26

2,967,189.79

Doyle us on or Can is 70,20. 05

Dividonds Paid

736,190.95

257,295.30

260,751.25

Recapitalization Expense

3,455:35

_ 2,823.01

Not Assets at January 31, 1949

999, 765.21

$4,878,251.14 $2,500,000.

ITEAN, MORTIA. KINOSTON & COLEMAN

$2,224, 729.88 $. -0- $153,534.26

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GRAHAM-NEWMAN CORPORATION

NEW YORK

NOTES TO PINANCIAL STATSMENIS

JANUARY 31, 1949

NOTE A - VALUE OF INVESTMENTS-UNREALIZED APPRECIATION OF INVESTMENTS

The unrealized appreciation of Investments at January 31, 1949 1s represented as follows:

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Value at Unrealized

_cost January 31,1949 Appreciat1og

Investments in Securities §5,076,072.4. $5,242,969. $166,896.57

Securities short 131,496,61 112,290 19,206,61

Net Socurities Position $4,944,575.82 $5,130,679. 186, 103.18

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The unrealized appreciation of Investments

at January 31, 1948 was 23,258,60 and the increase in unrealized appreciation at

the close of the year as compared with the

status at the close of the prior year was $162, 814.58

Ine Investment In Atlantic Gull & West Indies Steamship Lines Common stock has been valued per resolution of the board of directors at its quoted market value on the New York Stock Exchange as at the close oi the year, and on this basis shows an unrealized appreciation of $166,341.50, thus representing an amount slightly in excess of the increase in unrealized appreciation for the yoar and the greater part of the unrealized apprec-lation at the close thereof. The company and other persons associated with it in this transaction acquired an effective control of that company (A.G.N.I.) 1n December 1948 and there have recently been only occasional transactions in this security on the Exchange.

current values of Investments at January 31, 1949 are based on markeù quotations and are not intended as representations of the amounts which may actually be realizable upon sale of these securities.

NOTE B - COMPENSATION OF OFFICERS

Pursuant to a resolution of the directors approved by the stockholders at & special meeting held on February 21, 1949, the corporatior pays the President and Treasurer each a salary at the rate of $25,000.00 per annum from February 1, 1948 and as additional compensation to each, a sum equal to 10% of the over-all earnings from February 1, 1948 above a cumulative annual dividend of $4.00 per share, to the extent that the D&lance of such excess over-ll earnings shall have been paid in dividends. Any such additional compensation 1s payable in five equal annual amounts on or about each successive Janusry 31st, beginning January 31, 1949. directors have voted to accelerate the payment of the additional compensation for the current year. In the event of death of either officer or the election of a successor, additional compensation wIll be payable of a sum which, together with the total additional compensation previously paid, shall equal 10% of the excess of the over-all net earnings of the corpora-tlon from February 1, 1948 to the date of termination of office over an amount equal to $4.00 per share per annum on the average number of shares outstanding for such period.

STERN, PORTER. KINGSTON & COLEMAN

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NOTES TO FINANCIAL STATEMENTS

JANUARY 32, 1949

(CONTINUED)

NOTE & - TAX STATUS

The company 1s a "regulated investment company" under the Internal Rovenue Code, and as such is subject to Pederal Income tax at 25% f the excess of its net long term capital gain less its net short torr

over the smount ifstributed as diuidends which are designated by it as "capital gain dividends" , and st 38% oi the excess ol its other net Income over the amount of dividend distributions therefron. The Company has distributed as dividends the entire amount of its net Income for the current year, so that no provision for federal income tax for the year 1s required The Company Iikewise intends to follow the same practice in the future and no Federal Income taxes will be payable on the basis of the Internal Revenuo Code presently in force for any Jear in which this practice 1s followed. No provision has therefore been made for Federal income tax on unrealized appreciation of investments at Jenuary 31, 1949.

NOTE D - ISSUE OF ADDITIONAL STOCK

At June 16, 1948 the directors voted to increase the authorizer apital stock of the Company from 40,000 to 50,000 shares of no par valu and to offer the balance of the unissued stock to stockholders of record July 14, 1948 at $100.00 per share In the ratio of 44/100 of a share of new stock for each share then outstanding. The rigats to subscribe ex. pired August 9, 1948 and the entire number of authorized and unissued shares (15,285 shares) were subscribed Iot. Of the amount received, $50.00 per share, being the stated value per share of the capital stock, was credited to Capital stock account, and the balance of $50.00 per share was credited to Capital surplus.

NOTE E - SUPPLEMENTARY INFORMATION

The aggregate dollar amount of purchases and gales of Investment securitles, other than Government securitles, made during the year were

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88 follows:

Cost of Proceeds

Purchases from sales

Bon 221 2084 7, 22846 0 2a7 31,19%5) *2,353.594.08 22,373,08.93

Total for the year $4,251,228.47 $2,259,030.65

BTERM, PORTIA, KINGSTON & COLEMAN

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GRAFAM-NEWMAN CORPORATION

NEW YORK

INVESTMENTS IN SECURITIES

JANUARY 31, 1949

SUMMARY

QUOTED

MARKET VALUE

AI JANUARY 31,1949

INVESTRENT COMPANIES

Preferred Stocks

Common Stocks

HOLDING COMPANIES

Preferred Stocks

Common Stocks

OTHER SECURITES

Bonds

Railroads

Utilities

Real Estate

Preferred Stocks

Utilities

$

235,083:

447,356.

174,342.

342, 865.

391,663.

1,500.

203,240.

20510

Insurance Companies

Industrials

Common Stocks

Railroads

Utilities

Banks

154, 830.

22,750.

198,520.

50,625.

289,661.

Insurance Companies

Industrials

STERN, POMTER. KINGSTON & COLEMAN

2,677,813.

$5,242, 969.

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GRAHAM-NEWMAN CORPORATION

NEW YORK

INVESTMENTS IN SECURITIES

JANUARY 31, 1949

NO. OF QUOTED

SHARES DESCRIPTION OF SECURITIES MARKET VALUE AT

JANUARY 31e1949

INVESTMENT COMPANIES Amount

Preferred Stocks

825 Ra 12 CumuLate Convert 9100.

Preferred $ 35,063.

Common Stocke

Aldred Investment Trust

1,000 American Research & Development

Corporation

1,500 American International Corporation 22,050

Carriers and General Corporation

Niagara Share Corporation

7,000 Pacific American Investors, Inc.

18,000 The Pennroad Corporation 137,250.

2,500 Tri-Continental Corporation 16,875.

$248,741.

HOLDING COMPANIES

Preferred Stocks

Alleghany Corporation Cumulativ

onvertible $2.50 Prior Preferre

American & Foreign Power Co.

$6.00 Cumulative Preferred

& Foreign Power Co.

Cumulative Preferred

Bond & share Co.

$6.00 Preferred (stubs)

Electric Pover & Light Corp.

$6.00 Cumulative Preferred

Federal Light & Traction Co.

$6.00 Cumulative Preferred

International Hydro-Electric System

$3.50 Cumulative Convertible

Preferred

1,700 Standard Power & Light Corporation

$7.00 Cumulative Preferred 199,750.

$147,356.

STERN. PORTER. KINGSTON & COLEMAN

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INVESTMENTS IN SECURITIES

JANUARY 31, 1949

NO. OF QUOTED

SHARES DESCRIPIION OF SECURITIES MARKET VALUE AT

JANUARY 31,1949

HOLDING COMPANIES (Continued)

Common stocks

Amerex Holding Corporation $ 74,250.

3,405 Engineers Publlo Service Company-

ex-distributions

5,000 General Tin Investments, Itd.-

5,000 edito, coptone 164.-

130 Georgia Railroad & Banking Company

2,000 Marine Midland Corporation

3,000 Midland Realization Company

4,500 Midland Utilities Company

500 Mission Corporation

166-2/3 Mission Development Company

North American Company

2,000 Transamerica Corporation

$174,342.

OTHER SECURITIES - BONDS

Face

Amount

Railroads

$ 75,000. Boston Terminal. Co. Ist

Registered 32% 2/1/1947

50,000. Central Railroad Co. of New

Jersey-First Mortgage

5% 7/1/1987 (C/D)

96,000. Chicago, Terre Haute and South-

eastern Railway co.

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

100,000.

185,000. Northwestern Terminal Rallway

Company First Mortgage Income

5% i/1/1977

63,000. R1o Grande & Western Rallway Co.

First Consolidated Mortgag

Series A 4% 4/1/1949(stubs.

$342,865.

STERN, PORTER, KINGSTON & COLEMAN

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INVESTMENTS IN SECURITIES

JANUARY 31, 1949

QUOTED

MARKET VALUE AT

FACE AMOUNI DESCRIPIION OF SECURITTES

JANUARY 31-2949

OTHER SECURILIES - BONDS (Continued)

Utilities

$100,000. Chicago City Rallway Company

70,000 CB1CG/) 1SE00 37 9379527

C/D StubB

$ 11,125.

359,000. Chicago Rapid Transit Company:

34,000.

21,000.

series

(stubs)

P58% 7/1/1u4d1(8 Mortgage

rederal Street and Pleasan

Talley Passenger Rall

way Co.:

Consolidated Mortgage

5% 5/1/1942

Consolidated Mortgage

5$ 5/1/1942 Stamped

12,116.

14,000.

Metropolitan West Side Elevated

1,131, 000.

145,000.

Rallway Co. (Chicago):

Extension Mortgage

4% 7/1/1938 (stubs)

First Mortgage

4$ 8/1/1938 (stubs)

52,309.

Northwestero Elevated Rallway

Company:

'Irst Mortgag

5% 9/1/194. (stubs)

'irst MortgagE

5$ 9/1/1941 (C/D) (stubs

8,156.

Second Avenue Tractton Co.:

9,000.

56,000.

2,000.

150,000.

Irst Mortgag

$ 12/1/193

*15% 1201/1934 (c/2)

First Mortgage

5% 12/1/1934-Stamped(C/D)

First and Coll.5%

48,910.

172,190.

southat and Gil: 10//18)

107,000.

Stamped

Union Elevated Rallroad Company

126,000.

Tatut Mortgage 5% 10/1/1945

7,087.

West End Traction Co.:

13,000.

36,000.

General Mortgage 5% 1/1/1938

General Mortgage 59 11/1938

Stamped (C/D)

STERN, FONTER. KINGSTON & COLEMAN

35,770.

$391,663.

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INVESTMENTS IN SECURITIES

JANUARY 31, 1949

NO. OF

SHARES OR QUOTED

FACE AMOUNT DESCRIPTION OF SECURITIES MARKET VALUE AI

JANUARY 31,7949

OTHER SECURITIES - BONDS (Continued) Amount

Real Estate

,500 units schuic ,500 unite scavico Company Incorporate

• 7/1/1963 Scr1T $

$10,000. Sunnyside Properties, Inc.

6% Cumulative Income Notes

10/1/1950 - Registered

$ 2,500.

OTHER SECURITIES - PREFERRED STOCKS

Utilities

8,600 Market Street Rallway Company

Cumulative Prior Preferred 6% 146,200.

New England Public Service Company:

685 $6.00 Prior Lien Cumulative

Preferred Contingent Certif1-

for additional amount

due (stubs)

1,120 $7.00 Prior Lien Cumulative

Preferred Contingent Cert1f1-

cat= for additional amount

due (stubs)

500 Vicksburg, Shreveport and Pacific

Rallway Company 5% Common

guaranteed by Illinois Central

Railroad Company 14,500.

$203,240.

Insurance Compenies

400 U.S. Casualty Company $.45

Cumulative Convertible Parti-

cipating Preferred $1,000.

Industriale

Autocar Company:

609 Cumulative Convertible

Preferred Series A - 5%

291 Convertible Preferred

Series B - 5%

100 Cumulative Convertible

Preferred series 0 - 59

1,200 Avco Manufacturing Corporation

$2.25 Cumulative Convertible

Preferred

300 Cluett Peabody and Co. 4%

Cumulative Convertible

2nd Preferrea 24,900.

Forward $ 87,850.

STERN, PORTER, KINGSTON & COLEMAN

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INVESTMENTS IN SECURITIES

JANUARY 31, 1949

nO. OF QUOTED

SEARES DESCRIPTION OF SECURITTES MARKET VALUE AT

JANUARY 31.1949

OTHER SECURITIES - PREPERRED STOCKS (Continued) ARount

Industrials (Continued)

(Forward) $ 87,850.

300 Franklin 81mon & Company, Incor-

porated 42% Cumulative

Conrertible Preferred

1,100 Gar wood Industries, Inc.

44% Cumulative Convertible

Preferred 31,900.

00 General Cable Corp. 4% Cumulati:

onvertible 2nd Preferre

100 Mansfleld Tire & Rubber Company

$1.20 Cumulative Convertible

Preferred

Murray Corporation of Americ:

1% Cumulative Preferred 10,425.

260 Inernold co. $2. 50 Cumulative

Convertible Preferred 9,555.

$154,830.

OTHER SECURITIES - COMMON SROCKS

Re11roeda

1,400 Northern Pac1f1o Ballway Company $ 22,750.

It1l1ties

1,450 Boston Elevated Rallway Company

6,200 Federal Water & Gas Corporation 30 50:

1,400 111DO1& POWeI COuDan

300 nternational Ocean Telegrap

сотрапу

11,000 Iongrion. Bridge Company

700 Monongabela Street Railway Compans 18,550

196 Pittsburgh Incline Plane Company* 23,520.

1,000 Portiand General Electric Company 22,750.

400 United Public Utilities Corporatior

$198,520.

Banke

5,000 Continental Bank & Trust Company $ 50,625.

InsUrance Companies

American Surety Company 49,600.

1,100 Employers Group Associates 37,812.

4,755 Nev Amsterdam Casualty Company 147,405.

900 Standard Accident Insurance Company 29,475.

1,025 Universal Insurance Company 25,369.

$289,661.

*See Page for footnote.

STENN, PORTER. KINGSTON & COLEMAN

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INVESTMENTS IN SECURITIES

JANUARY 31, 1949

NO. OF

SHARES DESCRIPTION OF SECURITIES MARKET VALUE AT

JANUARI 31,1949

OTHER SECURITIES - COMMON STOCKS (Continued)

Industrials

4,600 A.D.F. Company

5,000 American-Hawaiian Steamship

Company

23,763 Atlantic Gulf & West Indie:

Steamship Lines*

12,600 Brewster Aeronautical Corporation

3,700 Buda Company

3,000 Companie Manufactures del

Patrero 5. A.

5,000 Consolidated Liquidating

Corporation

1,000 Diamond I. Motor Car Company

7,000 Equitable Office Bullding

Corporation

1,000 Fairchild Engine &

Airplane Corporation

10,500 ajardo Sugar Company of Porto Rla

1,200 ranklin Rallway Supply Compan

300 Hercules Motors Corporation

2,000 Hunt Foods,

999 Jones & Lamson Machine Company

1,000 Lee Rubber & Iire Corporation

500 Mandel Brothers, Incorporated

1,400 катрана на по ротате.

1,500 Maryland Dry Dock Company

1,550 Merchants & Miners Transport Company

1,500 Mohawk Rubber Company

3,100 National Department Store:

Corporation

44,790 Tational Iransit Pumy

• Machine Company'

745 New Britain Machine Company

3,300 New York Merchandise Co., Inc.

300 Rice-Stix Dry Goods Company

110 Shuron optical Company, Inc.

1,000 Stewart Warner Corporation

Taylor-Wharton Iron & Steel Co.

600 Todd Shipyards Corporation

4,079 Utica Knitting Company*

1,000 White Motor Company

1,100 R.C. Williams & Company, Inc.

500 Yale & Towne Manufacturing Company

*Represents Investment in a non-controlled afflllate, as defined

An Intestate on one At of 50 derested

Of one who owns 5% or more of its outstanding

(a) Includes dividend receivable.

STERN, PORTER, KINOBTON & COLEMAN

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GRAHAM-NEWMAN CORPORATION

NO. OF

NEW YORK

SECURITIRS SHORT

JANUARY 31, 1949

COVER VALUE,

JANUARY 31,1949

Amount

DESCRIPIION OF SECURITIES

SHARES

PREPERRED STOCKS - RAILROADS

New York, New Haven & Hartford

1,000

$ 31,625.

R.R. Co. 5% Series A

COMMON STOCKS - RATLROADS

Jersey 31,750.

Central Railroad Co. of New

1,000

COMMON SIOCKS - INDUSTRIALS

18,900.

2,800 Avco Manufacturing Corporation

4,600 Gar Wood Industries,

27,025

2,990

100-70/100 Utah Fuel Co. When Issuer

$112,290.

STERN. PORTER, KINGSTON & COLEMAN

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