格雷厄姆-纽曼公司——致股东的信函及1955财年年度报告

[p.1]

GRAHAM-NEWMAN CORPORATION

122 EAST 42ND STREET

NEW YORK 17, N. Y.

February 28th, 1955

To the Stockholders of Graham-Newman Corporation:

Submitted herewith are financial statements of the Corporation covering the fiscal year ended January 31st, 1955.

The appended balance sheet indicates a net asset value of $1,018.24 alter deduction of the dividend of $290.23 declared February 15th, 1955 payable March 10th, 1955. This dividend, although declared after the end of the fiscal year, Is payable solely from profits realized during the year covered by this report. The comparable net asset value on January 31st, 1954 after deducting the dividend paid March 5th, 1954 from earnings during the 1954 fiscal year was $1, 170.19.

The indicated net asset value on February Ilth, 1955 giving effect to the dividend payable March 10th, 1955, was approximately $1,038.

FISCAL YEAR RESULİS AND DIVIDENDS

The overall gain for the fiscal year, including the net decrease unrealized appreciation, was $175.78 per share or 15.0% on the adjusted asset value of the shares at the beginning of the fiscal year.

Net realized profits for the fiscal year (without reflecting the decrease in unrealized appreciation) amounted to $272.99 per share. total dividends palo and declared applicable to the realized "Capital rains" for the fiscal year aggregate $327.75. Such dividenas consist ol the quarterly dividends of $12.50 each paid in June, September and December 1954, and a dividend Of $290.23 declared February 15th, 1955 payable March 10th, 1955 to stockholders of record February 28th, 1955.

Total dividends Of $327.75 per share applicable to the fiscal year exceed the net realized profit for the fiscal year by $54.74 per share. This difference is accounted for as follows:

a. Excess of compensation accrued for year over compensation paid and allowable for tax purposes - $27.40 per share.

b. Deficit In ordinary income after deducting compensation paid - $27.34 per share. This amount may not be offset against Capital Gains Dividends otherwise payable.

The entire amount of the above dividends represents long term capital gains.

[p.2]

[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.]

CALENDAR YEAR DIVIDENDS

During the calendar year 1954 the total dividends paid amounted

of a dividend of $116.50 paid in March out of

to $154.00, consisting

net realized profits of the fiscal year ended January 3Ist, 1954 ano

dividends of $37.50 paid as stated above. All such dividends represent

Iong-term • capital gains.

he gaton and Soleen independent pulled counts, stere

porter, Kingston ana Coleman,

certificate is set forth herein.

W112 be he for Apral ith, nith, mill be aled to the schools shock

or about March 30th, 1955.

By Order of the Board of Directors,

Benjamin Graham,

Chairman of the Board

Jerome A. Newman,

President

BOARD OF DIRECTORS

David I. Doda

Benjamin Graham

William K. Jacobs, JI.

OFFICERS

Benjamin Graham, Chairman of the Board

Howard A. Newman, Vice-President,

Treasurer and Secretary

= 2 =

Robert J. Marony

Howard A. Newman

Jerome A. Newman

Jerome A. Newman, President

walter J. Schloss,

Assistant Secretary

[/VERBATIM BLOCK]

[p.3]

STERN. PORTER, KINGSTON & COLEMAN

CERTIFIED PUBLIC ACCOUNTANTS

if Mast 42 nd three, New York 36, N. B.

OXFORO 5 - 3660 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, 1955 and the related statements of Profit and Loss, and Changes In Net Assets for the fiscal year then ended, Our examination was made in accordance with generally accepted auditing standards, and accordingly Included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.

'The company has adopted the pollcy of charging against surplus and setting up as a liabllity at the close of the fiscal year the final dividend for the year, which although declared and payable subsequent to the close thereof may, under the provisions of the internal revenue code applicable to regulated Investment companies, be Included for tax purposes In the amount of dividends pald during the prior year.

In our opinion, the accompanying Balance Sheet and related statements of Profit and Loss and Changes In Net Assets, as supplemented by the notes appended thereto present fairly the financial position of Graham-Newman Corporation as at January 31, 1955 and the results of Its operations for the fiscal year then ended, in conformity with generally accepted accounting principles applled, except for the change noted in the preceding paragraph, in which change we concur, on a basis consistent with that of the preceding year,

Here.

outer Coman.

PORTER, KINGSTON & COLEMAN

Certifled Public Accountants New York, N. Y. February 15, 1955,

[p.4]

[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.]

13381 S

CASH

U. S. TREASURY BILLS

DEPOSITS WITH BROKERS

INVESTMENTS IN SECURITIES-AI MARKET VALUE (Note A)

(Cost $3,854, 374. 64)

OTHER ASSETS

Dividends receivable $3,027.50

Interest accrued on bonds 2,894.42

Deposits and sundry receivables 5,159.93

Furniture and fixtures 6,985.09

GRAHAM-NEWMAN

NEW

BALANCE

JANUARY 31,

$ 958,599.98

1,246, 681.00

493,128.66

5,058,053.00

18,066.94

$1,774,529,58

[/VERBATIM BLOCK]

[p.5]

[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.]

CORPORATION

YORK

SHEEI

1955

LIABILIIIES AND CAPIIAL

FINAL DIVIDEND FOR FISCAL YEAR ENDED JANUARY 31, 1955 $1,451,150.00

(declared February 15,1955 and payable March 10,1955)

SECURITIES SHORI-AT COVER VALUE (Note A) 450,138.00

(net proceeds of sales $426,174,64)

SUNDRY PAYABLES AND ACCRUALS 19,111.51

DUE TO OFFICERS 531,658.10

for additional compensation-on basis of realized

net income for the five fiscal years ended January 31,1955

of which payable within one year $ 154,232,80

balance payable in Installments (1956-1959) 377,425.30

PROVISION FOR ADDITIONAL CONTINGENT COMPENSATION

OF OFFICERS 231,291.28

on increase in unrealized appreciation of

Investments subsequent to January 31, 1948 (Note B)

NEI ASSETS APPLICABLE TO OUTSTANDING CAPITAL STOCK 5,091,180.69

Capital Stock:

Authorized, Issued and outstanding-

5,000 shares of no par value-

stated value $500,00 per share 2,500,000,00

Capital Surplus 1,642,756.97

Earned Surplus

Total Capital Stock and Surplus 4,142, 756.97

Unrealized appreciation of Investments-after

deducting provision for related additional

contingent compensation of officers (Note A) 948,423.72

rotal, as above $5,091,180.69

(equivalent to $1,018,24 per share.

$Z.774,529.5B

[/VERBATIM BLOCK]

[p.6]

[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.]

GRAHAM-NEWMAN CORPORATION

NEW YORK

PROFIT AND LOSS STATEMENT

FOR THE FISCAL YEAR ENDED JANUARY 31, 1955

STATEMENT, OF INCOME AND EXPENSES

(excluding gain or loss on investments)

Income

Dividends

Less-Dividends paid on short securities

Interest on investments

Other income

Total

Expenses

Salaries of officers:

Benjamin Graham

Jerome A. Newman (1 46 B) do

Howard A. Newman do

Other

Other:

Office salaries

Executive committee fees

Directors' fees

Rent and light

Taxes (other than Federal taxes , on income)

Legal and auditing

Custodian fees

General expense

Depreclation (furniture and fixtures)

Total expenses (exclusive of additional

compensation of officers)

Net Income (excluding gain or loss on investments-

before deducting additional compensation of

Ollicers and provision for Federal taxes on Income)

NET REALIZED GAIN ON INVESTMENTS-Amount realized

Cost

NET INCOME-before deducting additional compensation

$134,300.19

3,210.00 $

25,000.00

25,000.00

18,000.00

11, 766.67

12,344.17

10,000.00

200.00

5,528.15

14,045.47

7,368.76

2,480.68

9,706.05

1,702.61

3,824,577.87

2,175,759.32

131, 090.19

19,257.89

150.00

150, 498.08

143,142.56

7,355.52

1,648,818.55

1,656,174.07

of officers and provision for Federal taxes on income

DEDUCT-

Addltional compensation of officers (Note B):

Benjamin Graham $145,617.41

Jerome A. Newman 145,617.41

provision for Federal taxes on income (Note C)

NET INCOME FOR YEAR

DEDUCT-DECREASE IN UNREALIZED APPRECIATION (Note A)

At January 31, 1955 1,179,715.00

At January 31, 1904 1,787,305.00

Less-Reduction in related additional

contingent compensation of officers

(Note B)

"OVER ALL". NET INCOME FOR YEAR

(Equivalent to $175.77 per share)

291,234.82

None

(607,590.00)

(121,518.00)

291,234.82

1,364,939.25

(486,072.00)

$ 878,861.25

[/VERBATIM BLOCK]

[p.7]

[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.]

GRAHAM-NEWMAN CORPORATION

NEW YORK

STATEMENT OF CHANGES IN NET ASSETS

FOR THE FISCAL YEAR ENDED JANUARY 31, 1955

NET ASSETS AT JANUARY 31, 1954 $6, 433, 463,44

ess-Final dividend for the fiscal yea

ended January 31, 195‹

declared February 17, 1954 582,500.00

$5,850,963.44

NET INCOME FOR YEAR

let Income, excluding gain or loss on

investments (before deducting addi-

tional compensation of officers) 7,355.52

Net realized gain on sales of investments 1,648,818.55

Total 1,656,174.07

Deduct-Additional compensation of

officers (Note B) 291,234.82

Net Income for year 1,364,939.25

DEDUCT - Decrease In unrealized appreciation

of Investments (607,590.00)

Less-Reduction in related additional

contingent compensation of officers (121,518.00)

(Note B) (486,072.00) - (97.21)

TOTAL 6,729,830.69

DEDUCT-DIVIDENDS DECLARED*

Date Date Paid Per

Declared (or payable) Share

May 17,1954 June 4,1954 $ 12.50 62,500.00

Sept. 8,1954 Sept. 24,1954 12.50 62,500.00

Dec. 15,1954 Dec. 22,1954 12.50 62,500.00

Feb. 15,1955 March 10,1955 290.23 1451,150.00

1,638,650.00

BALANCE-NET ASSETS AT JANUARY 31, 1955 $5,091,180.69*$1,018.24

*D1vidends declared includes the final dividend for the year,

declared February 15, 1955 and payable March 10, 1955

($1,451,150) and Net Assets at January 31, 1955 represent

the net assets at that date after deducting this dividend.

[/VERBATIM BLOCK]

[p.8]

[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.]

GRAHAM-NEWMAN CORPORATION

NEW YORK

ANALYSIS OF CHANGES IN NET ASSETS

FOR THE FISCAL YEAR ENDED JANUARX 31, 1955

CAPITAL

TOTAL STOCK

CAPITAL

SURPLUS

EARNED

SURPLUS

UNREALIZED

APPRECIATION

(Net)*

NET ASSETS AT JAN.31,1954

before deducting

final dividend

401,386.80.1,434,495.72

$6,433,463.44 2,500, 000 2,097, 580.92 $

for year

Deduct-Final dividend

lor fiscal year ended

Jan. 31, 1954; declared

Feb.17,1954 and paid

March 5,1954

ADD-Net Income

l'or year

LESS-Decrease in

unrealized apprecia-

tion (net)*

DEDUCT-Dividends

582, 500.00

5,850,963.44

1,364,939.25

(486,072.00)

6,729,830.69

181,113.20*

1,916,467.72

1,916,467.72

401,386.80

1,364,939.25

1,364,939.25

(486,072.00)

948,423.72

273,710.75* 1,364,939.25

declared

(exclusive of final

dividend for the

fiscal year ended

Jan. 31,1954, and

including the final

dividend for the

current year declared

1,638, 650.00

Feb.15,1955 and payable

March 10, 1955)

BALANCE-NET ASSETS

AT JAN.31,1955

(after deducting final

$_948,423.72

dividend for year) $5,091,180.69 2,500,000 1,642,756.97 $

of dividends declared

over balance

*Excess

Earned

Surplus.

[/VERBATIM BLOCK]

[p.9]

GRAHAM-NEWMAN CORPORATION

NEW YORK

NOTES TO FINANCIAL STATEMENTS

'JANUARY 31, 1955

NOTE A - VALUATION OF INVESTMENTS-UNREALIZED APPRECIATION OF INVESTMENTS

Investments have been evaluated at their quoted market values as at January 31, 1955. These valuations are not, however, intended as representations of the amounts which may be actually realizable upon sale of the securities.

The unrealized appreciation at January 31, 1955 1s represented as follows:

Ledger Value Value at

(Cost-or Proceeds) Jan. 31,1955 Appreciation Investments in securities $3,854,374.64 $5,058,055 $1,205,678.36 Securities short (a) -(426,174.64) (450,138) Net. securities position $3,428,200.00 $4,607,915 Unrealized appreclation at January 31, 1955 1,179,715.0

(a) Securities short are stated at amount realized

on sale, cover value, and Indicated loss.

The unrealized appreciation of investments at the beginning of the year, the decrease therein for the year, and the balance at the close thereof, together with the related additional contingent compensation of officers (see Note B) and the balance applicable to the outstanding capital stock in respect of each of these items, were as follows:

[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.]

Lona.

Contingent applicable to

Total Compensation Capital Stock

At January 31, 1954 $1,787,305.00 $352, 809.28 $1,434,495.72

Decrease for year (607,590.00) (121,518.00)

At January 31, 1955 $1,179,715.00 $231,291.28 $

NOTE B - COMPENSATION OF OFFICERS

[/VERBATIM BLOCK]

The Chairman of the Board and the President receive salaries of $25,000 per annum each, and the Treasurer a salary of $18,000 per annum. In addltion thereto, additional compensation 1s payable to them as a group of 20% of the excess of the realized net income in each year as determined at the close thereof (less the net unrealized depreciation, if any, in the value of the investments at the year end which had accrued January 31, 1948) - over an amount equivalent to $40.00 per share per annum ($10.00 per share per quarter) on the outstanding capital stock. amount of such additional compensation subsequent to January 31, 1948 is however limited to 25% of the excess of the dividends pald during this perioa over an amount equivalent to $40.00 per share per annum on the presently outstanding capital stock (or the eulvalent on the old stock outstanding prior to recapitalization in 1950). the purpose of comput" Ing this limitation, the first dividend paid in any fiscal year (which under the provisions of the Internal Revenue Code may be Included for tax purposes in the amount of dividends paid during the prior year) is con-

as having been paid during such prior year. the additional compensation 1s payable in five equal annual installments within sixty days of the close of the respective fiscal years, but payment of deferred installments may be accelerated at the discretion of the directors. In the event

[p.10]

NOTES TO FINANCIAL STATEMENTS

JANUARY 31, 1955

(CONTINUED)

NOTE B - COMPENSATION OF OFFICERS (continued)

of the death of any officer who is entitled to additional compensation, or upon the termination of his tenure of office, the additional compensation lue him is to be determined upon the basis of the value of investments (Including unrealized appreciation or depreciation) as at the date of such event.

NOTE C - TAX STATUS

The Corporation has elected to betaxed as a "regulated Investment company" under the Internal Revenue Code, and as such will be liable to Federal taxes on income on such amount only as is represented by its undistributed net long term capital gains (less its net short term capital loss If any) and Its undistributed net income from other sources. The Corporation has in the past, and intends in the future, to distribute as dividends each year, or within the time limit provided by the terms of the internal revenue code, an amount which will absorb the total net income in each of the anove caventles which te reportable for rederal income tax purpo pro-and in this event will not be liable for Federal taxes on income. vision has therefore been made for such taxes either in respect of the realized net income for the current period or in respect of unrealized appreciation at the close thereof.

NOTE D - SUPPLEMENTARY INFORMATION

The aggregate dollar amounts of purchases and sales of investment securities, other than United States Government obligations, made during the year were as follows:

Cost of Securities purchased $2,534,626.76

Proceeds of sales of securities 4,041,155.31

[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.]

GRAHAM-NEWMAN CORPORATION

NEW YORK

INVESTMENTS IN SECURITIES

JANUARY 31, 1955

SUMMARY

MARKET VALUE

AI JAN.31, 1955

HOLDING COMPANIES

Preferred Stock

Common Stock

OTHER SECURITIES

Bonds

Railroads

Utilities

Industrial

Preferred Stocks

Utilities

Industrial

Common Stocks

Railroads

Utilities

Banks

Industrial

TOTAL

$ 12,975

44,615

593,162

22,000

67,096

21,575

607,490

469,700

113,808

43,750

3,061,882

$5,058,053

[/VERBATIM BLOCK]

[p.12]

[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.]

GRAHAM-NEWMAN CORPORATION

NEW YORK

INVESTMENTS IN SECURITIES

JANUARY 31, 1955

No. of shares

MARKET VALUE

Face amount JAN. 31,1955

HOIDING COMPANIES

Preferred Stocks

100 Alleghany Corp. $4.00 Convertible

Prior Preferred

Common Stocks

3,405 Engineers Public Service

Company (stubs)

7,700 First Railroad & Banking

Company of Georgia

OTHER SECURITIES-BONDS

Railroads

Chicago, Terre Haute & Southeastern

Railroad Co. Income Mortgage

2-3/4% 1/1/1994

195 M. International Great Northern Railroad

Company Adjustment Mortgage

Series A 6% 1952

313 M. Missouri Pacific Railroad

52% Series A 5/1/49

31 M. Missouri Pacific Railroad

51% Secured Serial 12/1/1956

New York, New Haven & Hartford

Railroad Co. Certificates of

Beneficial Interest

Utilities

25 M. Brazilian Traction Light & Power Co.

Ltd. Series E Convertible

Collateral Irust 42% 9/1/71

Industrial

25 M. Perkin Elmer Corporation 5% Subordinated

Convertible Income 3/1/1967

7M. Walworth Co. 3-1/4%-1976

*Evaluated on basis of realizable value of sales contracts

of when Issued securities receivable in proposed

reorganization.

#Evaluated on basis of market value of stock receivable

upon conversion.

[/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.]

INVESTMENTS IN SECURITIES

JANUARY 31, 1955

Number

of MARKET VALUE

Shares JAN. 31,1955

OTHER SECURITIES-PREFERRED STOCKS

Utilities

2,200 Central States Electric Corporation

7% Cumulative Preferred (stubs)

10,000 Market Street Railway Company 6%

Cumulative Prior Preferred (x)

Industrial

1,000 A C F Industries Inc. 5% Cumulative

Preferred

1,000 American Airlines 32% Cumulative

Convertible Preferred

197 American Bosch Arma Corp. 52% Cumu-

lative Convertible Second

Preferred

400 Avco Manufacturing Corporation $2.25

Cumulative Convertible Preferred

1,000 Brown Co. $5.00 Cumulative Convertible

First Preferred

200 Burlington Mills 42% Second Preferred

400 Crucible Steel Company of America. 5%

Cumulative Convertible Preferred

500 Fedders Quigan Corporation Series A

5% Cumulative Convertible Preferred

200 Gar Wood Industries, Inc. 42%

Cumulative Convertible Finst

Preferred

800 Granite City Steel Co. 52% Cumulative

Convertible Preferred

300 Hamilton watch Co. 4% Cumulative

Convertible Preferred

200 McCord Corporation $2.50 Convertible

Preferred

600 National Container Corp. $1.25

Cumulative Convertible Preferred

100 Olin Mathieson Chemical Corporation

44% Convertible Preferred-1951

800 Thermoid Company $2.50 Cumulative

Convertible Preferred

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

defined In Investment Company Act of 1940, under which

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

of its outstanding voting securities.

[/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.]

No. of

INVESTMENTS IN SECURITIES

JANUARY 31, 1955

MARKET VALUE

shares

JAN. 31,1955

OTHER SECURITIES -COMMON STOCKS

Railroads

Cleveland & Pittsburgh Railroad Co.:

$3.50 Regular Guaranteed

$ 29,700

$2.00 Special Guaranteed Betterment.

17,600

10,500 Illinois Terminal Railroad Co.

152,250

200 Mahoning Coal Railroad Co.

112,000

200 Northern Central Railway Co.

17,550

240 Vermont & Massachusetts Railroad Co.

25,800

1,600 Western Pacific Railroad Company

Utilities

114,800

$469,700

2-154 Brooklyn & Richmond Ferry co.

tola & stock Telegraph Compan

81,500

international Ocean Telegrapt

Company

Banks

32,100

$113,808

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

Industrials

$ 43,750

2,500 A.C.F. Brill Motors Corp.

29,062

1,500 Allied Kid Company

30,000

American Hawaiian Steamship Company

6,800

438,600

Atlantic Gulf & West Indies

23,763

Steamship Lines (x)

500 B.S.F. Co.

500 Barker Bros.

493,082

9,750

8,188

Brockway Motor Co.

350 Brunswick

2,000 Butler Brow.

Balke Collender Co.

11,700

7,481

50,000

Carman & Co. Inc.

2,500

16,250

Chamberlin Co. Of America

2,500

15,312

Cleveland Worsted Mills Company

1,150

107,525

c. G. Conn Lta.

1,500

10,125

Consolidated Cigar Corporation

5,000

5,880

Consolidated Liquidating Corporation

1,200 coro, Inc.

3,125

16,350

Crowley Milner & Co.

1,500

2,000

11,625

Crompton & Knowles Loom works

33,000

20,800

Davenport Hosiery Mills, Inc.

1,300

900 Demlein Corp.

19,125

39,200

Diamond I. Motor Car Co.

2,800

Dictograph Products Co., Inc.

1,000

6,125

Easy Washing Machine Corporation

4,000

58,500

General cigar co.

10,400

General Realty & Utilities Corp.

12,162

$1,463,367.

(x) Represents Investment in a non-controlled affillate as

defined in Investment Company Act of 1940, under whict

an issuer is an

an issuer is an affiliate of one who owns

affiliate of one who owns 5% or more

of Its outstanding voting securities.

[/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.]

No. of

shares

INVESTMENTS IN SECURITIES

JANUARY 31, 1955

MARKET VALUE

OTHER SECURITIES-COMMON STOCKS (Continued)

Industrials (continued)

JAN. 31,1955

Forward

$1,463,367

Greif Bros. vooperage Class A

1,300

32,988

Gruen watch Company

1,400

20,650

Hart, Schafiner & Marx

16,062

Hercules Motors Corporation

17,325

International Packers Itd.

1,000

15,875

Jenkins Brothers (Non-voting)

3,450

i. sa Kither Rubber Congany

1,800

4,050

I. B. Kleinert Rubber Company

200 vandel Bros.,

6,262

1,375

Marshall -Neils Company

6,975

Miami Copper Co.

35,550

Millers Falls Co.

5,995

vonterey 011 company

2,200

76,175

Mohawk Rubber Co.

1,900

21,787

Moore Handley Hardware Co.

2,000

13,750

Motor Products Corp.

13,050

Inc.

Nathan Straus-Duparquet,

4,368

25,662

National Department Stores

1,300

Corporation

24,050

New York Merchandise Co.,

2,300

40,000 Philadelphia

Inc. 24,150

Reading Coal & Iron Co. 550,000

Pressed Metals Co.Of America, Inc.

2,500

5,075

33,750

Publicker Industries, Inc.

58,362

Reo Holding Corp.

7,600

213,750

Rockwood & Co.

1,500

137,250

Reliable Stores Corporation

23,500

Reliance Manufacturing

2,500

500 Sargent & Co.

co. 34,375

7,125

Schenley Industries, Inc.

19,800

Inc.

Shuron Optical Company,

8,855

Singer Manufacturing Co.

1,000 Spiegel, Inc.

4,100

11,625

Timely Clothes, Inc.

1,450

16,065

Todd Shipyards Corporation

89,900

Iyer Rubber Company

1,350

17,212

Willys Overland Motors,

Inc. (stubs) 1,665

$3,061,882

[/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.]

GRAHAM-NEWMAN CORPORATION

NEW YORK

SECURITIES SHORT

JANUARY 31, 1955

No. of

COVER VALUE

shares

JAN. 31, 1955

COMMON STOCKS-INDUSTRIALS

1,600 Alleghany Corp.

4, 800 American Airlines

709 American Bosch Arma Corp.

7,000 Brown co.

1,298-16/100 Crucible Steel Company

of America

2,028 Fedders Quigan Corporation

800 Gar Wood Industries, Inc.

4,200 Granite City Steel Co.

1,000 National Container Corp.

200 Olin Mathieson Chemical Corp.

$ 12,800

112,800

13,117

109,375

45,110

24,336

5,400

100,800

15,250

11,150

$450,138

[/VERBATIM BLOCK]