New York, March 16, 1926.

Mr. Oren Root,

President.
Dear Sir:

I submit herewith a Condensed Balance Sheet of the
Hudson & Manhattan Railroad Company, as at December 31,
1925, an Income Account and a Profit & Loss Statement
for the year ended that date, which I certify are in accord
with the books and correctly set forth respectively, the financial
condition of the company at December 31, 1925, and the
results of its operations for the year.
 

Very truly yours,
 

T. N. Willins,

Comptroller.