Hudson & Manhattan Railroad Company                                                                              39th Annual Report

EXHIBIT 3

SURPLUS ACCOUNTS FOR THE YEAR ENDED DECEMBER 31, 1947

Earned Surplus, Appropriated:

Credit balance, January 1, 1947:

Funded debt retired through surplus.............................         $4,924,382.73

Insurance and casualty reserves established prior to September 1,1942              341,014.46

Reserve for doubtful accounts...................................                 26,823.25

Total.........................................................        $5,292,220.44

Changes for the year ended December 31, 1947........................                    —

Credit B.^lance, December 31, 1947. Exhibit 1......................................        $5,292,220.44

Earned Surplus, Unappropriated:

Credit balance, January 1, 1947.....................................         $4,572,261.12

Additions:

Miscellaneous credits...........................................                      308.75

Total........................'................................          $4,572,569.87

Deductions:

Deficit for the year ended December 31,1947, per income

account, Exhibit 2...............................    $949,038.77

Loss from sale of land formerly used as coal storage yard       34,371,37              983,410.14

Credit Balance, December 31, 1947, Exhibit 1......................................        $3,589,159.73