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THE NE^¥ YORK AIR BRAKE C(X

--.---" "^* "^" "Tes BROADWAY

New York, February 14, 1910.
 

To the Stockholders:-

In presenting to you the Company's report of the
operations of the past year, we desire to call your attention
to the fact that praetieally all of the profits have been made
in the past four months, as during the first eight months of
the year the business was very light, owing to the fact that
railroads were unable to finance their requirements, and hence
had no recourse but to suspend their orders for equipment.

The change in conditions came about late in the summer,
and since then our business has steadily grown, and we now
have unfilled orders aggregating over a million and a quarter
dollars, so that we have reason to believe that the year 1910
will be a very prosperous one for the Company.

The Company has expended a large amount of money in
putting its machinery in good repair, all of which has been
charged off.

During the past year the Company has made many improve¬
ments in its brake apparatus, necessitated by the increased
trainload and larger motive power to operate same, on which it
has taken important and valuable patents, both in this country
and in Europe.

C. A. STARBUCK,

Pres i dent.