The New York Air Brake Company

165   BROADWAY
 

New York, February 18, 1920
 

To The Stockholders:
 

There is presented herewith the Company's Statement for the
year 1919.

The policy of the Railway Administration, due to the uncertainty
of its tenure of office, has been to keep all purchases at the lowest pos¬
sible point, and the effect of such policy is reflected in the reduction of the
gross sales of the Company for the past year.

The contracts with the United States Government have only been
partially adjusted, but the matter is now in process, and it is expected that
full and complete adjustment will be made within the next few months.

All indications now seem to point to a restoration by Congress of
the Railways to their private ownership by the first of March, and the fact
that the Railways have already anticipated this restoration by placing orders
with us for supplies of cars and engines in large volume leads us to believe
that the coming year will be a banner one for your Company.

C. A. STARBUCK,

President