EXHIBIT No. 3

HUDSON & MANHATTAN RAILROAD  COMPANY
PROFIT AND LOSS ACCOUNT, DECEMBER 31, 1926
 

Balance, Surplus December 31, 1925..........................................................                                      $3,225,381.80

Additions:

Surplus income for the year ended December 31, 1926, as per income

account   ......................................................................................                                        2,114,269.48

Balance transferred from Reserve for Contingencies........................                                        1,363,263.92

Net adjustments applicable to prior period..........................................                                            11,927.63
 

Deductions:
 

Total............................................................................................                                      $6,714,842.83
 

Dividends Nos. 7 and 8 on Preferred Capital Stock, payable August

16, 1926 and February 15, 1927..................................................             $262,081.14

Dividends Nos. 3 and 4 on Common Capital Stock, payable June 1,

1926 and December 1, 1926........................................................              999,775.15        $1,261,856.29
 

Balance, Surplus December 31, 1926..........................................................                                      $5,452,986.54