Document DKapzYJbakb67eLZ0KjDb56N

AM E RI CA\ BRAKE SHOE COMPANY ''EARS ENDED DECEMBER 5: :96I A,ND S6C Beginning of Year..................................................... Net earnings and (in 1961) special item . . . . TOTAL ..................................................... Cash dividends on common stock, $2.40 per share . End of Year................................................................ - j1 c:si 1961 1960 $ 39,674,592 6,364,705 46,039,297 3,914,920 S 42,124,377 $ 37.910.690 5,666.874 43.577.564 3.902.972 S 39.674,592 Accountants' Opinion THE BOARD OF DIRECTORS AND STOCKHOLDERS OF AMERICAN BR \K SHOE COMPANY: We ha\e examined the consolidated balance sheet of American Brake Shoe Company and us subsidiaries as of December 31. ly&l and 1960 and the related statements ot consolidated earnings, earnings retained in the business and source and disposition of funds for the respective sours then ended. Our examinations were 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. In our opinion, the accompanying consolidated Snancial statements present fairly the financial position of the Com pany and its subsidiaries at December 31. 1961 and 1961). and the results of their operations for the respective years then ended, in conformity with generally accepted accounting principles applied on a consistent basis. New York. February Id, 1962 lybrand, ross bros. & Montgomery 29 r- SCI 01842