The  New York Air  Brake  Company
165 broadway
 

New York, Februai'y 21st, 1919.

To The Stookiioi.derr :

Enclosed you will plense flud the Company's statement for
the year 1918.

The fjross and net earnings wouhJ have been materially
larger except for the Influenza epidemic, which was very severe in
onr shops during the months of October, November and December,
there being as many as 2,100 men out at one time.

None of onr Government orders have yet l;)een settled, the
profits of which will appear in tlie earnings of 1919.

The sales of Air Brakes for the year 1918 wei'e the largest
in the Company's history, and the outlook is good for a very large
business in the year 1919.

The Company has been f|nite liberal in its distribution of
dividends anwmg its stockholders, having paid during (he last four
j-ears fofi.73 per share, amounting to $5,673,3(13.00

It \\ill be noted that the net earnings for the ])ast year are
more than sufficient to continue the payment of the dividend at the
rate of 20%. However, the Tioai-d of Directors has decided to pay at
this time a dividend at the rate of 10%, being of the opinion that
the past earnings and future prospects justify the belief that this
rate can be permanently maintained and still permit the Company
to continue to enlarge its working captial to enable it to take on
some special business now under consideration.

C. A. STABRTICK,

President.
 

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