THE NEW YORK AIR  BRAKE  COMPANY      II
 

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New York, March 7. 1924.

WE HEREBY CERTIFY that we examined the books of
account and record pertaining to the Assets and Liabilities of
THE NEW YORK AIR BRAKE COMPANY, as at December
31,1923 and in our opinion, based upon our examination and
information submitted to us, the Annexed Balance Sheet shows
the financial condition of the Company and that the relative
income and profit and loss account for the year is correct.

ERNST & ERNST.