Document qkm9qdMJG0vrBEQpXz9XrJa3K

statement of consolidated earnings retained in the business /EARS ENDEC DE3EMEER 31. 1960 AND 1953 AMERICAN BRA<E SHOE COMPANY 1960 1959 Beginning of Year.................................................................................... Net equity, January 1. 1959. in undistributed earnings of subsidiaries not previously consolidated (note 1)................................................... Net earnings for year . . .......................................... TOTAL................................................................................... S 37,910,690 S 33,839.259 5,666,874 43,577,564 266,769 7.681.383 41,787.411 Cash dividends on common stock, S2.40 per share End of Year............................................................. 3,902.972 S 39.674,592 3.876.721 S 37.910.690 accountants' opinion THE 30A.SU OF DIRECTORS AND STOCKHOLDERS OF AMERICAN BRAKE SHOE COMPANY: We have examined -.he consolidated balance sheet of American Brake Shoe Company and its subsidiaries as of December 31, I'tnn .md 1959. and the related consolidated statements of earnings, earnings retained in the business and source and disposition of funds tor 'he respect:\e years then ended. Our examinations were made in accordance with generally accepted auditing standards, and according!;, in cluded such tests of the accounting records and such other auditing procedures as \ve considered necessary in the circu-nM.muc in our opinion, the accompanying consolidated f.nancial statements present fairly the financial position of the Company and its -uh-idurics at December 31, 1960 and 1959 and the results of their operations for the respective years then ended, in conformity with genor.ilN Ac cepted accounting principles applied on a consistent basis. New York, January 31, 1961 lybrand, ross Bros, a xicmmuii ky 17 SCI 01803