EXHIBIT No. 3

HUDSON & MANHATTAN RAILROAD COMPANY
PROFIT AND LOSS ACCOUNT, DECEMBER 31, 1923
 

Balance, Surplus December 31, 1922..........................................                                      $   183,917.78

Dividend No. 1 on Preferred Capital stock, declared July 12,
1923 paid August 15, 1923 to stockholders of record
August 1, 1923........-......................-......................................         $   131,005.94

Surplus for year ended December 31, 1923 as per income

account................._._..........__..........._......_..._.......___......_. _....._                                        1,356,354.93

Balance, Surplus December 31, 1923........................................         1,409,266.77      _____________

^1,540,272,71         $1,540,272.71