格雷厄姆-纽曼公司——致股东的信函及1951财年年度报告 · 本杰明·格雷厄姆

Graham-Newman Corporation 致股东信 / 年度报告（1951 财年）

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格雷厄姆-纽曼公司

GRAHAM-NEWMAN CORPORATION

120 WALL STREET

NEW YORK 5, N. Y.

股东年会通知

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

致格雷厄姆-纽曼公司全体股东：

To the Stockholders of Graham-Newman Corporation:

兹通知，格雷厄姆-纽曼公司（Graham-Newman Corporation）的股东年会将于 1951 年 4 月 9 日（星期一）下午 2:00 在纽约州纽约市华尔街 120 号公司办公室召开，会议目的如下：

NOTICE IS HEREBY GIVEN THAT the Annual Meeting of Stockholders of Graham-Newman corporation will be held at the cilice of the Corporation at 120 Wall Street, New York, N.Y., on Monday, april 9th, 1951, at 2:00 P.M., for the following purposes:

（1）选举七位董事，任期至股东大会

(1) To elect seven Directors to hold office until the Annual

译文：在他们当选后下一次举行的股东大会

Meeting of Stockholders next ensuing after their election

在他们的继任者选出并就职之前

and until their successors shall have been elected and

应有资格。

shall have qualified.

2. 我将考虑并就一项批准选举的提案进行表决

(2) Io consider and vote upon a proposal to ratify the selection

指定奥尔斯顿·斯特恩（Stern）、波特（Porter）、金斯顿（Kingston）和科尔曼（Coleman）先生为审计师。

ol Messrs. Stern, Porter, Kingston & Coleman as auditors of

根据上下文，“Corporation”通常指伯克希尔·哈撒韦，因此译为：该财年（指伯克希尔·哈撒韦的财年）结束后

the Corporation for the Corporation's fiscal year ending

January 31st, 1952.

（3）处理其他可能适当提交会议的事项

(3) Io transact such other business as may properly come before

任何一次会议或其一次或多次休会。

the meeting or any adjournment or adjournments thereof.

会上将向各位股东提交公司年报，包括截至 1951 年 1 月 31 日财年的财务报表，其格式与 1951 年 3 月 2 日寄送给公司股东的版本一致。股东无需就上述年报采取任何行动。公司会议记录簿（载有自上次股东大会以来所有董事会会议的记录）将在会议现场供查阅。

There will be laid before the meeting the Annual Report of the corporation, including financial statements for the fiscal year ending January 3ist, 1951, in the form in which it was mailed to the stockholders of the Corporation on March 2, 1951. Stockholders will not be called upon to take any action in connection with the said Annual Report. The minute book of the Corporation, containing the minutes of all meetings of the Board of Directors since the last Annual Meeting of Stockholders, will be available at the meeting for inspection.

公司的股票过户登记簿将不会关闭，但取而代之的是，1951 年 3 月 35 日（原文如此），特此将 1951 年 3 月 30 日确定为记录日期，用于确定有权获得会议通知并在会议上投票的股东。

The stock transfer books of the Corporation will not be closed, out In lieu thereof ness on March 35, 1951, stre re Dra does for he de tracaose of business on March 30, 1951, as the record date for the determination of Stockholders entitled to notice of, and to vote, at the meeting.

敬爱的股东：

凡是本人无法亲自出席年会的股东，请及时填写并签署随函附上的委托书，然后寄回。本委托书系受公司管理层委托而征集。

dach Stockholder who does not expect to attend in person i requeste promptly to date, fill in, sign and return the enclosed Forn of Proxy. This Proxy is solicited on behalf of the Management of the Company.

沃伦·巴菲特董事会主席

By Order of the Board of Directors,

EDWARD E. LAUFER,

秘书。纽约市，1951 年 3 月 30 日。

Secretary. New York, N.Y. March 30, 1951.

请尽快签署并寄回随函附上的委托书。随信已为您准备好写有地址并贴好邮票的回邮信封，方便您使用。

PLEASE SIGN AND RETURN THE ENCLOSED PROXY PROMPTLY. A SELF- ADDRESSED, STAMPED ENVELOPE IS ENCLOSED FOR YOUR CONVENIENCE.

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PROXY STATEMENT

股东大会

Annual Meeting of Stockholders

格雷厄姆-纽曼公司

GRAHAM-NEWMAN CORPORATION

股东大会定于 1951 年 4 月 9 日召开

Io be held April 9, 1951

本声明由格雷厄姆-纽曼公司（以下简称“公司”）管理层提交，用于征集将于 1951 年 4 月 9 日星期一下午 2:00 在公司位于纽约市华尔街 120 号的办公室召开的年度股东大会的代理投票权，会议目的载于随附的年度股东大会通知中。

This statement is furnished in connection with a solicitation by the management of Graham-Newman Corporation (hereinafter called the "Corporation") of proxies to be used at the Annual Meeting of Stockholders of the Corporation to be held at 2:00 P.M. on Monday, April 9, 1951, at the office of the Corporation at 120 Wall Street, in the city of New York, N.Y., for the purpose set forth in the accompanying Notice of Annual Meeting of Stockholders.

公司年报已于 1951 年 3 月 2 日邮寄给各位股东。该年报包含了截至 1 月 31 日财年的财务报表。本委托声明通过引用纳入该报表，不应视为委托征集材料的一部分。

An Annual Report of the Corporation was mailed to Stockholders on March 2nd, 1951. This report included financial statements for the ¡iscal year ended vanuary 31 rated this ded satement by reference and is not to be deemed to be a part of the proxy soliciting material.

1951 年 3 月 30 日营业结束时，公司发行在外的普通股股本共计 5,000 股。每股在 1951 年 3 月 30 日在册的股份享有一票表决权。

At the close of business on March 30, 1951, there were 5,000 shares of capital stock of the Corporation outstanding. Each of such shares held of record on March 30, 1951 is entitled to one vote.

如果随函附上的委托书已签署并寄回，则在未被行使之前，仍可随时撤销。

If the enclosed Form of Proxy is executed and returned, it may, nevertheless, be revoked at any time in so far as it has not been exercised.

A. 董事选举。

A. Election of Directors.

将有七位董事参与选举，每位董事的任期将持续至其当选后的下一届股东年会，直至其继任者经选举并正式就职。随信附上的委托书表格中，所列明的人士拟提名并投票支持选举以下人士，他们均为连任候选人。

Seven Directors are to be elected, each to hold office until the annual meeting of Stockholders next ensuing after his election and until his successor shall have been elected and shall have qualiiied. It 1s the intention of the persons named in the enclosed Form of Proxy to nominate and vote such proxy for the election of the following persons, all of whom are candidates for re-election:

本杰明·格雷厄姆、罗伯特·J·马罗尼、威廉·K·雅各布斯二世、杰罗姆·A·纽曼、伊莱亚斯·赖斯、戴维·I·多德

Benjamin Graham Robert J. Marony William K. Jacobs, JI. Jerome A. Newman Elias Reiss David I. Dodd

Sylvan E. Weil

若上述提名人选中有任何一位无法接受提名或当选，随函附上的委托书中所列人员意向投票选举其酌情决定的其他人士担任董事。

In the event of the inability of any of such nominees to accept nomination or election, it is the intention of the persons named in enclosed Form of Proxy to vote such proxy for the election of such other person as Director as they may in their discretion determine.

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B. 关于董事候选人的信息。

B. Information about Nominees for Election as Directors.

股票数量

Number of Shares

Graham-Newman

Served Corporation

普通股

Continu- Common Stock

ously Beneficially

作为直接持有的部分

as a Owned Directly

主要职务董事及/或间接担任

Principal Occupation Director and/or Indirectly

自 1951 年 3 月 5 日以来的姓名或工作单位。

Names or Employment Since on March 5, 1951.

本杰明·格雷厄姆任总裁。

Benjamin Graham President.

Graham-Newman Corp. 1936 （1）

Graham-Newman Corp. 1936 (1)

杰罗姆·A·纽曼副总裁兼

Jerome A. Newman Vice President and

Treasurer, Graham-

Newman Corporation 1936 （2） 207

Newman Corporation 1936 (2) 207

罗伯特·J·马罗尼顾问

Robert J. Marony Consultant for

Milwaukee

t. paul & Pacific RR（3）61

t. paul & Pacific RR (3) 61

1936

埃利亚斯·赖斯总裁

Elias Reiss President

Reiss Factors Corp. 1936 （4） 87

Reiss Factors Corp. 1936 (4) 87

wm.K.Jacobs, Ir. 财务顾问 1940 （5）无

wm. K. Jacobs, Ir. Financial Counsel 1940 (5) None

戴维·I·多德金融学教授，

David I. Dodd Professor of Finance,

Columbia University 1944 （6）

Columbia University 1944 (6)

西尔万·E·韦尔前成员

Sylvan E. Weil Former Member of

纽约证券交易所

New York Stock Exchange

Retired 1944 （7）

Retired 1944 (7)

B 夫人持有 12 股。192

(1) Mrs. Graham owns 12 shares. 192

（2）纽曼太太持有 159 股。

(2) Mrs. Newman owns 159 shares.

（3）玛丽女士持有 21 股。

(3) Mrs. Marony owns 21 shares. 1509

（4）通过一家由赖斯夫妇全资拥有的公司，

(4) Through a corporation wholly owned by Mr. and Mrs. Reiss,

赖斯夫人个人持有 16 股。

Mrs. Reiss, individually, owns 16 shares. 54525

（5）雅各布斯太太持有 50 股，同时是信托的唯一终身受益人，该信托拥有

(5) Mrs. Jacobs owns 50 shares and is a life tenant of a trust owning

60 股雅各布斯先生拥有或有实益权益的股票。

60 shares in which Mr. Jacobs has a contingent beneficial interest.

雅各布斯先生担任共同受托人的信托基金，以及一家慈善机构

Trust funds of which Mr. Jacobs is co-trustee, a charitable corpo-

考虑到他本人担任高管和董事的那些人，以及各类客户。

ration ol which he is an officer and director, and various client.

（包括韦尔夫人在内）合计持有超过 15% 的

(including Mrs. Weil) own in the aggregate in excess of 15% of

流通股。

the outstanding stock.

（6）B 夫人持有 56 股。

(6) Mrs. Dodd owns 56 shares.

（7）露丝·爱丽丝·N·韦尔夫人（西尔万·E·韦尔夫人）持有 150 股。

(7) Mrs. Ruth Alice N. Weil (Mrs. Sylvan E. Weil) owns 150 shares.

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薪酬及与董事的其他交易，

Remuneration and Other Iransactions with Directors,

C.

Name of

Individual

Benjamin Graham

Jerome A. Newman

候选人、高管及其他人员

Nominees, Officers and Others

Capacity Salaries

in which

财政年度

Remunera- Fiscal Year

结束于

tion was ended

Received Jan. 31, 1951

President, $25,000

Graham-Newmar

Corporation.

Vice President $25,000

and Ireasurer,

Graham-Newman

Corporation.

Pension

Retire-

ment and

类似的股票

Shares in Similar

Profits Payments

$55,214.85 （1） None

$55,214.85 (1) None

$55,214.85 （1） None

$55,214.85 (1) None

格雷厄姆-纽曼公司的其他董事或高管都没有。

No other Director or Officer of the Graham-Newman Corporation

收到的薪酬超过 2.5 万美元。在截至年底的财政年度

received remuneration in excess of $25,000. for the fiscal year ending

January 31, 1951.

所有曾担任董事或高管的人士，作为一个整体，

All persons, as a group, who were Directors or Officers of the

Corporation:

董事和高管薪酬

Salaries of Directors and Officers as such

$ 69,607.31

基于利润的额外薪酬

Additional compensation based on profits

（1）

(1)

110,429.70

$180,037.01 （2）

$180,037.01 (2)

,343.76 美元应于 1952 年 1 月 31 日之后支付。

,343.76 is payable after Janunry 31, 1952.

这 88 美元中

Of these amounts $88

超过我们之前收到的

more than that received in

所示总额为 23,242.30 美元。

Total amount shown is $23,242.30

上一财年。

the previous fiscal year.

（2）较上年增长 55,591.92 美元。

(2) Represents an increase of $55,591.92 over preceding year.

Do Selection of Independent Public Accountants（独立公共会计师的选聘）。

Do Selection of Independent Public Accountants.

根据 1940 年《投资公司法》，那些成员

Pursuant to the Investment Company Act of 1940, those members of

公司中非高级管理人员的董事会成员

the Board of Directors of the Corporation who are not Officers or em-

我们已指定 Stern 先生和 Porter 先生为代表。

thereof have selected Messrs. stern, Porter.

ployees

Kingston & Coleman

公共会计师来审计账目和

public accountants to audit the accounts and

作为一名独立会计师事务所

as the firm of independent

仅用于报告公司财务报表的或在……期间

to report on the financial statements of the Corporation for or during

这家公司一直是独立的

This firm has been the independent

1952 年 1 月 31 日财年结束。

the year ended January 31, 1952.

该公司自 1939 年 1 月 31 日以来的公共会计师。

public accountants for the Corporation since January 31, 1939-

这项遴选将在股东大会上提交批准或否决。

selection will be submitted for ratification or rejection at the Annual

Meeting.

E. Other Matters.

管理层目前并不知道还有其他事项需要提交给股东。

The management knows of no other matters which are to be brought

会议开始之前。

before the meeting.

，在会议开始前，应适当优先处理这些事项。

, properly come before the meet ters the intention of

主持人认定妥当提交至股东大会的提案，本公司有意

determined, properly come before the meeting, it is the intention of

the persons

在该投票代理书中，被指定为代表您行使投票权的代理人将按照

named in the enclosed Form of Proxy to vote such proxy in

依据他们对此类事项的判断。

accordance with their judgment on such matters.

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所有收到的代理投票委托书，将依照其中关于审计师选任及其他事项的指示与具体说明进行投票。

All proxies received will be voted in accordance with the instructions and specifications contained therein, as regards selection of auditors and other matters.

F: Expenses.

本公司为本次代理权征集所涉及的材料准备、整理及邮寄费用将由公司承担，预计不超过 10 万美元。

The cost of preparing, assembling and mailing material in connection with this solicitation of proxies will be borne by the Corporation, and will not exdeed $100.

您忠实的，

Very truly yours,

Ben Presadent.

March 30, 1951.

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格雷厄姆-纽曼公司

GRAHAM-NEWMAN CORPORATION

120 WALL STREET

NEW YORK 5, N. Y.

March 2,1951

致格雷厄姆-纽曼公司的股东：

To the Stockholders of Graham-Newman Corporation:

随函附上公司截至 1951 年 1 月 31 日财政年度的财务报表。

Submitted herewith are financial statements of the Corporation covering the fiscal Jear ended January 31,1951.

• 表格显示，1951 年 1 月 31 日的每股净资产为 81,232.48 美元，而 1980 年 1 月 31 日的每股净资产为 1,065.73 美元。

• sheet indicates a net asset value of 81 232.48 nor share on January 31,1951, compared with зі, 8 . о ага с а ту 31,198031, ора 1 шо $1,065.73 per share on January 31,1950.

根据 1950 年 4 月 10 日股东批准的方案，公司授权及已发行股份数从 5 万股缩减至 5000 股，具体方式为以一股

As approved by the stockholders on April 10,1950, the number of authorized and issued shares of the Corporation was reduced from 50,000 to 5,000, by the issuance of one

每股拆成十股。

share for ten old shares.

1951 年 2 月 21 日，董事会宣布从本财年盈利中派发每股 27.14 美元的末期股息，于 1951 年 3 月 29 日支付。适用于截至 1951 年 1 月 31 日财年盈利的已宣布股息总额为每股 147.14 美元；其中包括 1950 年 4 月、7 月和 10 月支付的每股 12.50 美元的季度股息，1950 年 12 月支付的每股 70.00 美元的股息，以及 1951 年 3 月 28 日支付的每股 27.14 美元的股息。

A final dividend of $27.14 per share out of the earnings for this fiscal year was declared on February 21,1951, payable on March 29,1951. The total amount of dividends declared applicable to the earnings for the fiscal year end-ea vanuary 31,195, aggregated $147.14 per share; consisting of the quarterly dividends of $12.50 per share paid in April, July and October 1950 and In January 1951, a dividend of $70.00 per share pald In December, 1950, and the dividend of $27.14 payable March 28,1951.

在每股 147.14 美元的总股息中，每股 127.28 美元根据《国内收入法典》第 362 条被指定为资本利得股息，每股 19.00 美元为普通收入。

Of the totál dividends of $147.14 per share, $127.28 er share has been designated as capital gain dividends pur-uant to Section 362 of the Internal Revenue Code, and $19.00 per share represents ordinary income.

未来，本公司将遵循在每年 3 月、6 月、9 月和 12 月定期宣布股息的做法。

In the future, the Corporation will follow the practice of taking regular dividend action In March, June, September and December.

本财年的整体收益，包括资产价值 28.9% 的增长（该增长基于财年初每股资产价值的 26.9%）。年内已实现净利润（未计入未实现增值的变动）为每股 128.34 美元。全年分配总额超过上述已实现净利润，原因如下：（a）每股 15.11 美元的净额代表高管薪酬准备金，该金额在实际支付前不可税前扣除；（b）每股 3.49 美元的净额代表年内应计与已收股息收入之间的调整。

The overall gain for the fiscal year, including the net 28.9% on in ast value or She dares at the eliming on th 26.9% on the asset value of the shares at the beelaning of the ¡iscal year. Net realized profits for the year, without reflecting the increase in unrealized appreciation, amounted to $128.34 per share. The total distributions made for the year exceed such net realized profit for the following reasons: (a) a net amount of $15.11 per share representing reserve for officers' compensation Is not tax deductible until paid; and (b) a net amount of $3.49 per share represents an adjustment between dividend income accrued and received durin" the year.

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1951 年 2 月 17 日的指示性资产价值约为每股 1257.00 美元。

The Indicated asset value on February 17,1951, was approximately $1257.00 per share.

财务报表已由独立公共会计师事务所 Stern、Porter、Kingston and Coleman 审阅，其审计证书附于本报告内。

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

1951 年 4 月 9 日召开的股东年会的委托书，将于 1951 年 4 月 1 日左右邮寄给各位股东。

The proxy statement for the annual meeting of stockholders which will be held on Apr11 9,1951 will be mailed to the stockholders on or about April 1,1951.

根据董事会的命令，

By order of the Board of Directors,

Benj. Graham,

President

Jerome A. Newman,

副董事长兼财务主管

Vice-President & Treasurer

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STERN, PORTER, KINGSTON & COLEMAN

注册会计师

CERTIFIED PUBLIC ACCOUNTANTS

551 菲尔思街，纽约 17，N. 9.

551 Filth trence, New York 17. N. 9.

MURRAY HILL 2 - 8075

致董事会及全体股东

Io the Board of Directors and Stockholders

格雷厄姆 - 纽曼公司的：

of Graham-Newman Corporation:

我们已审阅格雷厄姆-纽曼公司截至 1951 年 1 月 31 日的资产负债表，以及截至 1951 年 1 月 31 日财政年度的损益表和净资产变动表，并审查了公司的内部控制体系和会计程序。在未对交易进行详细审计的情况下，我们依据我们认为适当且符合当时公认审计准则的方法和范围，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-Newman Corporation as at January 31, 1951 and the related statements of Profit and Loss and Changes In Net Assets for the fiscal year ended January 31, 1951, have reviewed the system of Internal control and the accounting procedures of the company and, without making a de-talled 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.

我们认为，所附资产负债表及相关的损益表与净资产变动表，连同附注，公允地列示了格雷厄姆-纽曼公司截至 1951 年 1 月 31 日的财务状况及该年度经营成果，所采用的会计基础与上一年度一致，但财务报表附注 D 所述的变更除外，我们认可该项变更。

In our opinion, the accompanying Balance Sheet and related statements of Profit and Loss and Changes In Net Assets, subject however to the notes appended thereto, present fairly the position of Graham-Newman Corporation as at January 31, 1951 ard the results oI Its operations for the fiscal year then ended, applled, except for the change noted In Note D to the Financial Statements, which change we approve, on & basis consistent with that of the preceding year.

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Stern • Pota

Pora Rurata Cruma

• Kinota Clama

注册会计师

Certified PubING AccountantAN

New York, N. Y.

February 23, 1951.

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A S E T S

银行里的现金

CASH IN BANKS

向券商存入的存款 212,206.12 美元

DEPOSITS WITH BROKERS $212, 206.12

应收经纪人证券购买款 28,426.13 美元

DUE FROM BROKERS FOR SECURITIES PURCHASED 28,426.13

证券投资——按市值计值（注 A）

INVESTMENTS IN SECURITIES-AT MARKET VALUE (Note A)

(Cost $5,391, 381.77)

OTHER ASSETS

Dividends receivable 3,825.01

Interest receivable 1,750.00

存款和其他应收款 2942.60

Deposits and sundry receivables 2,942.60

家具与固定装置 4,492.43

Purniture and fixtures 4,492.43

斯特恩、波希尔、金斯顿与科尔曼

STERN, POHIER, KINGSTON & COLAMAN

GRAHAM-NEWMAN

NEW

BALANCE

JANUARY 31,

$ 74,250.11

240,632.25

7,204, 634.00

13,010.04

$1,532,526.40

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CORPORATION

YORK

SHEET

1951

负债及资本

LIAB I LIIIES AND CAPITAL

应付票据——银行（有担保） 525,000.00 美元

NOTE PAYABLE - BANK (secured) $ 525,000.00

按照覆盖价值计算的证券空头头寸（附注 A）240，989.00

SECURITIES SHORT - AT COVER VALUE (Note A) 240,989.00

（销售净收入 222,145.85 美元）

(Net proceeds of sales $222,145.85)

由于券商的原因

DUE TO BROKERS

为借出证券存入的保证金 44,000 美元

Deposit to cover securities loaned $ 44,000.00

32, 440.00 和 76,440.00 两种价格买入的证券。

For securities purchased 32, 440.00 76,440.00

其他应付款与应计项目 11,883.43

SUNDRY PAYABLES AND ACCRUALS 11,883.43

致各高管（本杰明·格雷厄姆与杰罗姆·A·纽曼）

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

作为额外补偿（注释 B）161,585.78

for additional compensation (Note B) 161,585.78

其中——目前应付款项为 34,874.96

of which-payable currently 34,874.96

分期 126,710.82 美元，每年支付一次。

payable in annual installments 126,710.82

(1952 to 1955)

本段内容不存在，原文仅为“PROVISION FOR ADDITIONAL CONTINGENT COMPENSATION”，无上下文可参照翻译。若该短语独立存在且需翻译为财务报表科目或合同条款标题，可译为：

额外或有补偿准备

PROVISION FOR ADDITIONAL CONTINGENT COMPENSATION

关于高管（本杰明·格雷厄姆和杰罗姆·A. 纽曼）

OF OFFICERS (Benjamin Graham and Jerome A.Newman)

关于未实现增值的增长部分

On increase in unrealized appreciation of

1948 年 1 月 31 日之后的投资（附注 B）354,230.10

Investments subsequent to January 31,1948 (Note B) 354, 230.10

净资产适用于已发行股本 6,162,398.09

NET ASSETS APPLICABLE TO OUTSTANDING CAPITAL STOCK 6,162, 398.09

Capital Stock:

授权、已发行及流通在外的股票

Authorized, Issued and outstanding-

5000 股无面值股票

5,000 shares of no par value-

设定价值每股 500.00 美元，共 500,000.0 股。

stated value $500.00 per share ,500,000.0

Capital Surplus 2,180,500,3

Earned Surplus 41,718.80

总股本与盈余 4,722,219.11 美元

Total Capital Stock and Surplus 4,722, 219.11

投资未实现增值

unrealized appreciation of investments after

扣除相关附加准备的计提

deducting provision for related additional

高级管理人员的或有薪酬 1,440,178.98 美元

contingent compensation of officers 1,440,178.98

合计，如上所示 6,162,398.09 美元

Total, as above $6,162,398.09

（相当于每股 1232.48 美元）

(equivalent to $1,232.48 per share)

$1,532,526.40

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格雷厄姆-纽曼公司

GRAHAM-NEWMAN CORPORATION

NEW YORK

损益表

PROFIT AND LOSS STATEMENT

截至 1951 年 1 月 31 日的财年

FOR THE FISCAL YEAR ENDED JANUARY 31, 1951

损益表

STATEMENT OF INCOME AND EXPENSES

（扣除投资收益或亏损）

(excluding gain or loss on investments)

income

)1vidends

• $218,182.30

投资的利息收入

Interest on investments

Total

6,304.10

224,486.40

高管薪资：

Salaries of officers:

Benjamin Graham

other

Other:

Office salaries

$ 25,000.00

23,0000

23,0000

13,191.25

执行委员会费用

Executive committee fees

Directors' fees

租金和水电

Rent and light

8,850.00

3,225.00

电话和电报

Telephone and telegraph

Insurance

1, 385:38

税款（联邦所得税除外）

Taxes (other than Pederal income tax)

1, 580.85

法律与审计

Legal and auditing

Custodian fees

General expense

Depreciation

3,625.00

2,989.57

5,235.68

1,555.42

向已故高管遗孀支付的款项

Payment to widow of deceased officer

Total

Interest paid

131,500.00

4,650.80

总费用（不含额外

Total Expenses (exclusive of additional

高级管理人员的薪酬）

compensation of officers)

135, 855.41

营业收入，不包括投资收益或损失

Net Income, excluding gain or loss on Investments-

以及为联邦一级官员提供的规定

and prodedion for dederal 1 come faation of officers

88,630.99

股票投资出售已实现净收益

NET REALIZED GAIN ON SALE OF INVESTMENTS

Amount realized

Cost

2,566,555.09

1,903,037.58

663, 517.51

税前净利润（在扣除额外薪酬之前）

NET INCOME, before deducting additional compensation

高管薪酬及联邦所得税准备金

of officers and provision for Federal Income tax

Deduct

752, 148.50

Ada benna Compensation of orfloors (Notes,224.85

Benjamin Graham

Jerome A. Newman

55,214.85

110, 429.70

联邦所得税准备（见注释 C）

Provision for Federal income tax (Note C)

110,429.70

截至 1951 年 1 月 31 日的财年净收入

NET INCOME FOR THE FISCAL YEAR ENDED JANUARY 31, 1951

990,030.99

641,718.80

加：未实现增值增加（附注 04，378.09）

ADD- INCREASE IN UNREALIZED APPRECIATION (Note 04, 378.09

January 31, 1950

At January 31, 1951

1,794, 409.08

扣除——相关准备金

Deduct-Provision for related

高级管理人员额外薪酬

additional compensation of officers

198, 006.20

792, 024.79

ET INCOME FOR YEAR - Including Increase 1

年度净利润——含增长部分 1

ET INCOME FOR YEAR - Including Increase 1

unrealized appreciatior

$1,133,743.59

相当于（按 5,000 股新股计算）每股 286.75 美元

Equivalent to (on 5,000 shares new stock) to $286.75 per share

STERN. PORTER. KINGSTON & COLEMAN

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格雷厄姆-纽曼公司

GRAHAM-NEWMAN CORPORATION

NEW YORK

净资产变动表 3

STATEMENT OP CHANGES 3 IN NET ASSETS

截至 1951 年 1 月 31 日的财年

POR THE FISCAL YEAR ENDED JANUARY 31, 1951

1950 年 1 月 31 日的净资产

NET ASSETS AT JANUARY 31, 1950

ADD-

i he get saris on euge nation l ricero)

投资出售已实现净收益

Net Realized Gain on sales Of İnvestments

扣除——高管额外薪酬（附注 B）

Deduct-Additlonal compensation of officers (Note B)

年度净利润

Net Income tor year

未实现投资增值

in Unrealized Appreciation of Investments

减少——相关附加或有报酬的准备〔OCR 残损〕

in reduct-Prove on for related additional contingent compensatior

（注 B）中的高管人员

of officers (Note B)

TOTAL

扣除已支付股息

DEDUCT-DIVIDENDS PAID Per

股票数量

Share No. of shares

*12:30 55:000 share （x）

*12:30 55:000 share (x)

SU 12.50

70.00 : : :

12.50

1951 年 1 月 31 日的净资产

NET ASSETS AT JANUARY 31, 1951

$ 38,630.99

663,147,50

110,429.70

990, 030.99

198.006.20

62:50000

62, 500.00

350, 000.00

62,500.00

$5,328, 654.50

641,718.80

792,024.79

6,762, 398.09

600,000.00

$6,162,398.09

PER SHARE*

$1,065.73

128.34

258.41

1,352.48

120.00

$1,232.48

每股金额按 5000 股新发行在外股票计算。

per share amounts have been computed on basis of 5,000 shares new stock outstanding

at January 31, 1951

（X）资本重组前已发行的 5 万股老股

(X) 50,000 shares old stock outstanding prior to recapltalization.

净资产变动分析

ANALYSIS OF CHANGES IN NET ASSETS

Capital

Total Stock

1950 年 1 月 31 日净资产 532.86545 万美元

NET ASSETS AI JANUARY 31, 1950 $5,328, 654.50

Capital

Surplus

Earned

Surplus

nrealize

preciation(

$2,500,000 $2,280,500.31

年份调整前收入 641,718.80

Al let Income for year 641,718.80

Increas to unton for reited ador to cor

高管或有报酬 792,024.79 美元

tingent compensation of officers 792,024.79

TOTAL 6, 762, 398.09 2,500,000

扣除——已支付股息 600,000.00 美元

DEDUCT - Dividends Paid 600,000.00

截至 1951 年 1 月 31 日，资产负债表上的净资产为 616.239809 万美元，而保额则为 250 万美元。

BALANCE-NET ASSETS AT JANUARY 31, 1951 $6,162,398.09 $2,500,000

2,180, 500.31

$2,180,500.31

$641, 718.80

641, 718.80

500, 000.00

. $ 41,718.80

$ 648, 154.19

792.024.79

1,440, 178.98

$2,440,278.98

（x）那些金额也被记入了磅数，从而也影响了附加的评分。

(x) the amounts down in the pound tore the adance onalized cores too.

of officers.

斯特姆，波特姆，金斯顿与科尔曼。

STERM, PORTEM. KINGSTON & COLEMAM

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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 STATEMENTS

JANUARY 31, 1951

注 A——投资价值——未实现投资收益

NOTE A - VALUE OF INVESTMENTS-UNREALIZED APPRECIATION OF INVESTMENTS

投资已按其市场报价进行评估，截止日期为

Investments have been evaluated at their quoted market values as at

January 31, 1951.

1951 年 1 月 31 日，未实现投资的增值为 1 美元。

The unrealized appreclation of investments at January 31, 1951 1.

如下所示：

represented as follows:

未实现价值

Value at Unrealized

成本 1951 年 1 月 31 日增值

Cost Jan. 31,1951 Appreciation

投资证券 5,391,381.71 美元 37,204,634 美元 1,813,252.23 美元

Investments in securities $5,391,381. 71 37,204,634. $1,813,252.23

Securities short 222, 145.85(8) 240,989. （b）

Securities short 222, 145.85(8) 240,989. (b)

有价证券净头寸 526.923592 万美元 696.3645 万美元 179.440908 万美元

Net securitles position $5,269,235.92 $6,963,645. 1,794,409.08

（a）销售收入（b）覆盖价值

(a) proceeds of sales (b) cover value

截至 1950 年 1 月 31 日，未实现的增值为

The unrealized appreciation at January 31, 1950 was

当年未实现增值增加了 990,030.99 美元。

and the increase in unrealized appreciation for the year was $ 990,030.99

对 Atlantic Gulf & West Indies Steamship Lines（AGWI）的投资

The investment in Atlantic Gulf & West Indies Steamship Lines (AGWI)

普通股已按其纽约市场的报价市值估值。

common stock has been valued at its quoted market value on the New York

pro it sen years andied apestation is tooted hized appreciation at that〔OCR 残损〕

pro it sen years andied apestation is tooted hized appreciation at that

今年资本增值。

preciation during the current year.

具体表述如下：

represented as follows:

总增长

Increase in Total

Unrealized Appreciation

сменното during rear - at Jan. 3le 1951

AGWI 普通股 424,763.00 美元 932,697.50 美元

AGWI Conmon Stock $424,763.00 $ 932, 697.50

Other Securities 565, 267.99 862.711.58

Total 299, 030-9 $1,794,409.08

杰罗姆·A·纽曼凭借……取得了对 AGWI 的有效控制权。

Effective control of AGWI was acquired by Jerome A. Newman, by virtue of the

他拥有对这只股票的控制权，或者有能力影响多数流通股。

control by him or pover to influence a majority of the outstanding stock of

那家公司，还包括格雷厄姆-纽曼公司（Graham-Newman Corporation）持有的股份。

that company, including the holdings of Graham-Newman corporation.

我们最近在 AGWI 普通股上只有偶尔的交易。

nave recently been only occasional transactions in AGWI common stock on the

纽约证券交易所。

New York Stock Exchange.

按术语表，公司名、人名要统一。此段无对应术语，保留英文。数字 $21,904,000 按规则换算为 2190.4 万美元。

当前投资价值（截至 1951 年 1 月 31 日）基于

Current values of investments at January 31, 1951 are based upon

市场报价，并不旨在代表这些金额。

market quotations, and are not intended as representations of the amounts

而这些收益在实际出售这些证券时才能真正实现。

which may ectually be realizable upon sale of these securitles.

注 B — 高管薪酬

NOTE B - COMPENSATION OF OFFICERS

总裁和财务官的薪水标准为

The President and Treasurer each receive a salary at the rate of

25,000 美元。每年 25,000 美元，外加按年度计算的额外报酬。

$25,000. $25,000, per annum and additional compensation, computed upon an annual

净利润实现部分的 10%（减去未实现净额的部分）

of 10% of the of the net realized income (less the net unreal-

折旧费用，按等额标准计算

¡zed depreciation, over an amount equivalent

资本结构调整前已发行的原有股份——此类增加——

the old stock outstanding prior to the change in capitalizationles - such add-

对每家公司而言，额外薪酬均以其股息收入超出部分的 122% 为上限。

itional compensation as to each being limited to 122% of the excess of div-

实际上，股息总金额相当于每股 10.00 美元（这数字真是１ｓ付－）。

Idends actually pald over an amount equal to $10.00 per shares rna 1s pay-

从 2 月 1 日起，这笔额外补偿将开始累计计算。

The additional compensation is cumulative from February 1,

在交易结束后的 60 天内，分五次等额年度付款支付。

able in five equal annual Installments within 60 days of the close of the

斯特恩、波特、金斯顿与科尔曼公司

STERN, PORTER, KINGSTON & COLEMAN

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财务报表附注

NOTES TO FINANCIAL STATEMENTS

JANUARY 31, 1951

(CONTINUED)

注 B——高管薪酬（续）相应年份。若任何一位高管在任期内去世或……

NOTE B - COMPENSATION OF OFFICERS (Continued) respective years. In the event of death of either cfficer or the termina-

在其任期结束后，若股票未实现增值超过每股每季度 10 美元（或老股票相应折算），则需向该高管或其后人额外支付等于 1948 年 1 月 31 日后未实现增值部分 10% 的薪酬，前提是此前计算额外薪酬时未计入该数额。

of his tenure of office, additional compensation w1l11 be payable to such officer, or to his estate, in an amount equal to 10% of the Increase In unrealized appreciation subsequent to January 31, 1948, less an amount equal to $10.00 per share per quarter on the stock (or the equivalent thereof on the old stock), to the extent that such amounts had not previously been taken into consideration in computing add- Itional compensation.

注 C - 税务状况

NOTE C. - TAX STATUS

该公司在《国内收入法典》下属于“受监管投资公司”，因此其联邦所得税税率为净长期资本利得（减去净短期资本亏损）超出部分的 25%。

The company i1s a "regulated investment company" under the Internal Revenue Code, and as such is subject to Federal income tex at 25% of the excess of Its net long term capital gain (less its net short term capital

资本利得分红，以及就其其他净收入超过股息分配部分——对 2.5 万美元以下的那部分未分配净收入按 23% 征税，超出部分按 42% 征税。由于公司仅对当期应支付的额外高管薪酬进行税前扣除（见附注 B），公司纳税申报表上显示的净收入将大幅超过当年实际支付的股息金额。不过，根据《国内收入法典》，公司有权用当年宣告的首笔股息来抵减这一金额。公司在以往年度支付的股息金额，已使公司不再产生应税所得，并且公司打算在未来继续沿用这一做法。

capital gain dividends , and, in respect of the excess of its other net income over the amount of the dividend distributions therefrom - at 23% of such undistributed net income up to $25,000, and 42% of the excess over that amount. By reason of the fact that deduction 1s taken on the company's tax return of additional compensation to officers only to the extent that such additional compensation is currently payable (see Note B) the net income to be shown on the company's tax return will be substentially In excess of the amount of dividends paid during the year. The company has however the right under the Internal Revenue Code to offset against this amount the first dividend to be declared during the current year. any has in prior years paid dividends in an amount which resulted in leaving no corporate taxable income, and intends to follow this practice in the

因此，未计提联邦所得税准备金。

No provision for Federal Income taxes has therefore been made

针对本年度净收入或 1951 年 1 月 31 日未实现增值部分。

in respect of the net income for the current year or in respect of unrealized appreciation at January 31, 1951.

注释 D - 股息收入

NOTE D - INCOME FROM DIVIDENDS

按照公司目前的会计惯例，股息收入在相关股票除息日计入收益。在上一个财年（截至 1950 年 1 月 31 日），报告的股息收入中还包括了大约 1.8 万美元的股息，这些股息实际上是在该财年收到的，但按照公司现行的除息基准会计做法，本应计入上一年的收入。

Under the company's present accounting practice dividends received are taken into income as of the dates upon which the related stocks are quoted ex-dividend. In the prior fiscal year (ended January 31; 1950) the amount reported as income from dividends included also dividends of epprox-imately $18,000. which were actually received during that year but which, upon the ex-dividend basis representing the company's present eccounting prectice, would have been Included as income for the preceding year.

注 E - 资本结构变动

NOTE E - CHANGE IN CAPITALIZATION

根据董事会于 1950 年 3 月 15 日通过并经股东在 1950 年 4 月 10 日年度股东大会上批准的决议，公司章程的授权股本由每股无面值的 5 万股，

Pursuant to resolution of the board of directors adopted March 15 1950 and approved by the stockholders at their annual meeting April 10, 1950 the authorized capital stock of the company was changed from 50,000 shares of no per value, with a stated value

每股价格 50.00 美元，调整为 5,000 股无面值股票，设定有账面价值。

of $50.00 per share to 5,000 shares of no par value, with & stated value

每股 500 美元

of $500.00 per share

每 10 股旧股票可换取 1 股新股票。旧股票换新股票的操作已于 1 日生效。

1 share of new stock for each 10 shares of old stock. the nee 00 nest for to change for old stock un able at 1st ons

为新股零散股权的收购与转售做出了相应安排。

Suitable provisions were made for the acquisition and re-sale of fractionel shares of the new stock.

STERN, PORTER, COLEMAN

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财务报表附注

NOTES TO FINANCIAL STATEMENTS

JANUARY 31, 1951

(CONTINUED)

附注 E——补充信息

NOTE E - SUPPLEMENTARY INFORMATION

证券是唯一刺破联邦的……

securities ore the one ones punctures federat

当年的情况如下：

the year were as follows:

证券购买成本 2,590,045.5

Cost of securities purchased 2, 590, 045.5

证券销售收入：27.41676 亿美元

Proceeds of sales of securitie: 2,741, 676.0

斯特恩·波特·金斯顿与科尔曼公司

STERN. PORTER, KINGSTON & COLEMAN

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格雷厄姆-纽曼公司（Graham-Newman Corporation）

GRAHAM-NEWMAN CORPORATION

NEW YORK

证券投资

INVESTMENTS IN SECURITIES

JANUARY 31, 1951

SUMMARY

市值

MARKET VALUE AT

JANUARY 31, 1951

INVESTMENT COMPANIES

Common Stocks

HOLDING COMPANIES

Preferred Stocks

Common Stocks

OTHER SECURITIES

Bonds

Rallroads

Utilities

Preferred Stocks

Utilities

Industrial

ommon Stocks

laiiroade

Utilities

Banks

$ 26,000

422,750

227,084

284,923

46,314

57,987

505,988

909,950

136,973

25,000

Insurance companies

Industrial

TOTAL

斯腾、波特、金斯顿与科尔曼

STERN, PORTER. KINGSTON & COLEMAN

104,997

7, 456, 668

$1,204,634

[/VERBATIM BLOCK]

[p.17]

[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

INVESTMENTS IN SECURITIES

JANUARY 31, 1951

NO. OF MARKET VALUE AT

股票证券说明 1951 年 1 月 31 日

SHARES DESCRIPTION OF SECURITIES JANUARY 31,1951

INVESTMENT COMPANIES

Common Stocks

1000 股美国研究与发展公司（American Research & Development）

1,000 American Research & Development

Corporation

HOLDING COMPANIES

100° 美国与外洋电力公司（American & Foreign Power Co. Inc.）

100° American. & Foreign Power Co. Inc.

$6.00 Cumulative Preferred

3300 25,000 股电力债券与股份公司（Electric Bond & Share Co.） 6.00 美元

3300 25,000 Electric Bond & Share Co. $6.00

Preferred (stubs)

Common Stocks

工程师公共服务

ingineers Public Servi

ompany (stubs

5,000 股通用锡业投资有限公司（General Tin Investments, Ltd.）

5,000 General Tin Investments, Ltd.-

美国存托凭证

American Certificates for

6o0 Ordinary Capital

6o0 Ordinary Capital

佐治亚铁路与银行公司（Georgia Railroad & Banking Company）

Georgia Railroad & Banking Company

2000 股海洋米德兰公司（Marine Midland Corporation）

2,000 Marine Midland Corporation

1 万家中西部公司 (Middle West Corporation)

10,000 Middle West Corporation

2500 18,500 太平洋美国投资者公司

2500 18,500 Pacific American Investors,

Transamerica Corporation

其他证券——债券

OTHER SECURITIES - BONDS

Face

Amount

Railroads

波士顿终点站公司：

Boston Terminal Company:

$294 M First Mortgage 32% 2/1/1947

6 M First Mortgage 4% 7/1/1950

丹佛与里奥格兰德西部铁路公司：

Denver & Rio Grande Western Railroad:

402m $250 M 5% 8/1/1955 (stubs,

402m $250 M 5% 8/1/1955 (stubs,

443 M % 4/1/1978 (stubs

Utilities

10 万美元芝加哥城市铁路公司第一

$100 K Chicago City Railway Company First

Mortgage 5% 2/1/1927 (stubs)

芝加哥快速交通公司：

Chicago Rapid Transit Company:

89 美元优先及偿债抵押债券

$ 89 ฿ First and Refunding Mortgage

311 M

1131 美元 # 大都会西侧高架铁路

$1,131 # Metropolitan West Side Elevated

铁路公司（芝加哥）延展部

Railway Co. (Chicago) Extensior

Mortgage 4% 7/1/1938 (stubs

Forward

斯特恩、波特、金斯顿与科尔曼会计师事务所

STEPN. PORTER. KINGSTON & COLEMAN

[/VERBATIM BLOCK]

[p.18]

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证券投资

INVESTMENTS IN SECURITIES

JANUARY 31, 1951

市场价值为

MARKET VALUE AT

证券说明

DESCRIPTION OF SECURITIES

JANUARY 31,1951

其他证券——债券（续）

OTHER SECURITIES-BONDS (Continued)

Face

Amount

公共事业（续）——远期合同 38,861 美元

Ut1l1t1es (continued) - Forward $ 38,861

145 亿美元西北高架铁路公司

$145 M Northwestern Elevated Railroad

公司第一抵押

ompany first Mortgag

% 9/1/1941 (stubs

126 M 联合高架铁路公司（Union Elevated Railroad Company）

$126 M Union Elevated Railroad Company

First Mortgage 5% 10/1/1945

(stubs)

$ 46,314

NO.Of

Shares

其他证券——优先股

OTHER SECURITIES-PREPERRED STOCKS

Utilities

Federal Light & Traction 公司

Federal Light & Traction Compans

$6.00 Cumulative Preferred

1 万股 Market Street Railway Company 6% 债券

10,000 Market Street Railway Company 6%

前优先股累计（X） 47,500 股

Cumulative Prior Preferred (X) 47,500

$ 57,987

Industrial

美国羊毛公司（American Woolen Co., Inc），每股 4.0 美元

American woolen co., Inc, $4.0

+200 'umulative Convertibl

Preferred

Autocar Company:

5% 参考系列 - 系列 4t1b2e

5% referred-Seroes -Serdese4t1b2e)

5% Convertible Preferred

Series B

% Cumulative Convertible

referred-Serles (

1,200 股阿沃公司 25 美元累计可转换优先股

1,200 Avo. 25 cumitarive Convertbie

Preferred

300 股克鲁特·皮博迪公司（Cluett Peabody & Co.）4% 累计

300 Cluett Peabody & Co. 4% Cumu-

可转换第二

lative Convertible Seconc

Preferred

2500 2,500 爱迪生 011 公司优先股 250,000

2500 2,500 Edison 011 Company Preferred 250,000

Gar Wood Industries, Inc. 427

Gar wood Industries, Inc. 427

Cumulative Convertibl

通用电缆公司 4

¡enera, cable corporation 4

Cumulative Convertibl

美国默里公司

Murray Corporation of Americ

1% Cumulative Preferrec

托马斯·G·普朗特公司占 79 股。

+/00 Thomas G. Plant Corporation 79

I need to translate the provided text, which appears to be a fragment. Based on the context of a shareholder letter or financial document, "Cumulative First Preferre 3,000" likely refers to a financial security. I'll interpret it as "Cumulative First Preferred 3,000." Following the instruction to translate financial terms into Chinese with proper number formatting, "3,000" becomes "3000 股" in Chinese context (shares), but since it's a single sentence and ambiguous, I'll treat it as a security name. The translation should be literal, preserving the original structure. Given the instruction to output only the translation for this one paragraph, I'll proceed.

Output:

累计首选优先股 3000 股

Cumulative First Preferre 3,000

Forward $420,788

STERN, PORTER. KINGSTON & COLEMAN

[/VERBATIM BLOCK]

[p.19]

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证券投资

INVESTMENTS IN SECURITIES

JANUARY 31, 1951

股票数量及市值

NO. OF MARKET VALUE AT

1951 年 1 月 31 日证券描述

SHARES DESCRIPTION OF SECURITIES JANUARY 31,1951

其他证券——优先股（续）

OTHER SECURITIES-PREFERRED STOCKS (Continued)

工业（续）——远期

Industrial (continued) - Forward

00 联合航空公司

00 United Air line‹

+

lumulative Convertibl

Preferred

400 美国皮革公司

400 United States Leather Company

+4== $3.00 Class A Convertible

Preferred

其他证券——普通股

OTHER SECURITIES-COMMON STOCKS

Ra1lroads

4000 蒙哥马利与伊利铁路公司

4,000 Montgomery & Erie Railway Company

5%——由伊利担保

5*o-guaranceea by Erie

¡allroad Company) （X）

¡allroad Company) (X)

-2497 22,600 北太平洋铁路公司

-2497 22,600 Northern Pacific Rallway Company

以下是该段落的译文：

西南铁路公司 1000 股

1,000 Southwestern Rallroad Company

Utilities

7000 波士顿高架铁路公司

7,000 Boston Elevated Railway Company

350 万美元东部公用事业联合公司

3,500 Eastern Utilities Associates-

Convertible

300 International Ocean Telegraph 公司

300 International Ocean Telegraph

Company

2000 股普吉特海湾电灯公司（Puget Sound Power & Light Company）

2,000 Puget Sound Power & Light Company

400 美国公共事业公司

400 United Public Utilities

corporation

$136,973

Banks

5000 股大陆银行信托公司（Continental Bank & Trust）

5,000 Continental Bank & Trust

Company (N.Y.) $ 25,000

Insurance Companies

美国担保公司

American Surety Company

800 员工团险联合体

800 Employers Group Associates

308 标准意外保险 1,000 股

308 1,000 Standard Accident Insurance

Company

725 通用保险公司

725 Universal Insurance Company

$104,997

斯特恩、波特、金斯顿与科尔曼

STERN. PORTER, KINGSTON & COLEMAN

[/VERBATIM BLOCK]

[p.20]

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证券投资

INVESTMENTS IN SECURITIES

JANUARY 31, 1951

序号或市场价值在

NO. OR MARKET VALUE AT

股份证券描述 1951 年 1 月 31 日

SHARES DESCRIPTION OF SECURITIES JANUARY 31,1951

其他证券——普通股（续）

OTHER SECURITIES-COMMON STOCKS (Continued)

Industrials

→200

亚当帽子商店公司，股票代码

Adam Hat Stores, Inc. $

500 联合基德公司

500 Allied Kid Company

3,550 美国拱门公司（特拉华州！

3,550 American Arch Company (Delaware!

3,550

美国拱门公司，新索里斯！

American Arch Company, New Soris!

美国五金公司（American Hardware Corporation）：

American Hardware Corporatio:

5000 股美国夏威夷轮船公司股票

5,000 American Hawalian Steamship

Company

2,500 美元美国消防泡沫公司（American La France Foamite）

+2 5 2 2,500 American La France Foamite

corporation

-300 美国洗衣机械公司

+300 American Laundry Machinery

Company

2376.3 万美元大西洋海湾与西印度群岛公司

23,763 Atlantic Gulf & West Indies

Steamship Lines （X） 2,061,440

Steamship Lines (X) 2,061,440

SIS 2900 – 1,800 台鲍德温-莱马-汉密尔顿机车

sis 2900 1,800 Baldwin-Lima-Hamilton

Corporation

12,600 Brewster Aeronautical

Corporation

190- 1,000 股 Brunswicke Balke Collander 公司

190- 1,000 Brunswicke Balke Collander Co.

4,000 Buda Company

60" 2,100 Bunte Brothers

60" 2,100 Bunte Brothers

1250 股克利夫兰精纺毛纺公司（Cleveland Worsted Mills Company）

1,250 Cleveland Worsted Mills Company

5,000 Consolidated Liquidating

Corporation

+70

4,700 德维比斯公司（De Vilbiss Company）

4,700 De Vilbiss Company

190: 达蒙德 I 型汽车公司 1,700

= 190: 1,700 Dlamond I. Motor Car Co.

i. 300 500 Easy Washing Machine Corporation

i. 300 500 Easy Washing Machine Corporation-

Class B

2,300 Edison 011 Company

5700 栋公平办公大楼

5,700 Equitable Office Bullding

Corporation

11,500 拉贾多糖业公司

11,500 rajardo Sugar Company

600 福斯特惠勒公司

600 Foster Wheeler Corporation

1200 富兰克林铁路供应公司

1,200 Franklin Rallway Supply Company

-мир", 20 世纪 700 吉肖特机器公司

-мір", 20.. 700 Gisholt Machine Company

300 Grinnell Corporation

200

200

800 Harnischfeger Corporation

600 赫拉克勒斯汽车公司

600 Hercules Motors Corporatior

1000 豪氏度量衡公司

1,000 Howe Scale Company

500 股詹金斯兄弟公司（无投票权）

500 Jenkins Brothers. (non-voting)

350 1,300 琼斯-拉姆森机床公司

350 1,300 Jones & Lamson Machine Co.

Forward $3,313,279

斯滕、波特、金斯顿与科尔曼

STERN, PORTER, KINGSTON & COLEMAN

[/VERBATIM BLOCK]

[p.21]

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证券投资

INVESTMENTS IN SECURITIES

JANUARY 31, 1951

NO. OF

股票证券描述市场价值

SHARES DESCRIPTION OF SECURITIES MARKET VALUE AT

JANUARY 31,1951

其他证券——普通股（续）

OTHER SECURITIES-COMMON STOCKS (Continued)

工业（续）—— 前瞻

Industrials (continued) - Forward

400 $3,313,279

卡尼与特雷克公司

Kearney & Trecker Corporation

+i5° 2,500

Inc.

300 51B. 克莱内特橡胶公司 J.B. 克莱内特

300 51B. Kleinert Rubber Company J.B.Kleinert

2,700 Lamson Corporation

+1 1,500 劳伦斯波特兰水泥公司

+1 1,500 Lawrence Portland Cement Company

400 李橡胶与轮胎公司

400 Lee Rubber & Tire Corporation

1,000 Lit Brothers

200 卢肯斯钢铁公司

200 Lukens Steel Company

waitre

1500 曼德尔兄弟公司

1,500 Mandel Bros., Inc.

1400 曼哈顿衬衫公司

1,400 Manhattan Shirt Company

250 马歇尔-威尔斯公司

250 Marshall-Wells Company

1900 马里兰干船坞公司

1,900 Maryland Drydock Compan

2000 家梅钦特斯与矿工运输公司

2,000 Merchants & Miners Transporta-

tion Company

1200 股迈阿密铜业公司（Miami Copper Co.）

1,200 Miami Copper Co.

=.:. 2,000

莫霍克橡胶公司

Mohawk Rubber Company

400 蒙哥马利沃德公司

400 Montgomery ward & Co., Inc.

2,000 Namm's Incorporated

1300 万美元——Nathan Straus-Duparquet

1,300 Nathan Straus-Duparquet,

国民百货公司（National Department Stores）

Nat1onal Department Storeine.

2,800

Corporation

6,000

500 伊芙·布里坦机器公司

500 ew Britain Machine Compan

4500 纽约商品公司

4,500 ew York Merchandise Co., Inc

纽约造船公司：

New York Shipbuilding Corporation:

3,000 Participating

1,000 Founders

800 奈尔斯-贝门特-庞德公司

800 Niles-Bement-Pond Company

1,800 Pullman, InC.

2,300 年，派伦尼制造公司

2,300 Pyrene Manufacturing Company

1600 双真丝袜业公司

1,600 Real Silk Hoslery Mills

500 可靠商店公司

500 Reliable Stores Corporatior

900 赖斯-斯蒂克斯公司

900 Rice-Stix, Inc.

321 舒隆光学公司，

321 Shuron Optical company,

Inc.

1,000 Thor Corporation

Inc.

600 Tond Snipothes 公司

600 Tond Snipothes corporation

第 350 页泰尔橡胶公司

350 Tyer Rubber Company

300 美国工业

300 United States Industrial

40a Kating Company （x）

40a Kating Company (x)

4595 尤蒂卡针织公司（Utica Knitting Company）

4,595 Utica Knitting Company (X

怀特汽车公司

100 White Motor Company

900 R.C. 威廉姆斯公司

900 R.C.Will1ams & Company, Inc.

TOTAL

$4,456,668

（X）表示对非控股关联企业的投资。

(X) Represents investment In a non-controlled affillate as defined

1940 年投资公司法，发行机构依据该法——

nvestment Company Act of 1940, under which an 1ssuer -

关联方，即持有其已发行有表决权 5% 或以上的

frillate of one who owns 5% or more of its outstanding votin

securities.

BTERN，PORTER。KINGSTON & COLEMAN

BTERN, PORTER. KINGSTON & COLEMAN

[/VERBATIM BLOCK]

[p.22]

[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.]

NO. OF

SHARES

格雷厄姆-纽曼公司

GRAHAM-NEWMAN CORPORATION

NEW YORK

SECURITIES SHORT

JANUARY 31, 1951

COVER VALUE

JANUARY 31,1951

PREFERRED STOCKS

Holding Companies

COMMON STOCKS

Ra11roads

-/50 1,500

Industrials

3,800

1,700

1,200

American & Foreign Power Co.Inc.

$7.00 Cumulative Second

Preferred-Series A

纽约、纽黑文与哈特福德铁路公司

New York, New Haven &

哈特福德铁路公司

Hartford Railroad Co.

美利坚羊毛公司

merican Woolen Co., Inc

Ivco 制造公司

Ivco Manufacturing Corpora

tion

加伍德工业公司（Gar Wood Industries, Inc.）

Gar Wood Industries, Inc.

联合航空、美国皮革公司

United Air Lines, United States leather Compans

$ 62,000

34,687

17,200

31,350

4,050

47,388

27,300

400 - 犹他燃料公司 7/10

400-7/10 Utah Fuel Co.-

When Issued

LEMAN

17,014

240,98

[/VERBATIM BLOCK]