PUDER&PUDER                                                                                                                                     342 madison avenue

NEW   YORK    17.   N.  y.
CERTIFIED    PUBLIC    ACCOUNTANTS                                                                                                                                                                          ——

MEMBERS   OF AMERICAN   INSTITUTE OF   ACCOUNTANTS                                                                                                                                                         LOS   ANGELES.   CALIF.
 

ACCOUNTANTS' CERTIFICATE

Board of Directors,

Hudson & Maxiiatt.ax Railroad Company,

30 Church Street,

Xew York, New \ ork.

Gextle.men :

We have examined the general balance sheet of the Hudson &: Manhat¬
tan Railroad Company as of December 31, 1947 and the statements of Income
and surplus for the year then ended, have reviewed the system of internal
control and the accounting procedures of the Company and, without making
a detailed audit of the transactions, have examined or tested accounting records
of the Company and other supporting evidence, by methods and to the extent
we deemed appropriate. Our examination was made in accordance with
generally accepted auditing standards, and included all procedures which
we considered necessar}' in the circumstances.

The accounts of the Company and the accompanying financial statements
have been classified in accordance with the uniform system of accounts pre¬
scribed for electric railways by the Interstate Commerce Commission.

In our opinion, the accompanying general balance sheet and related
statements of income and surplus present fairly the position of the Hudson &
Manhattan Railroad Company at December 31, 1947, and the results of its
operations for the year then ended, in conformity with principles of accounting
prescribed bv the Interstate Commerce Commission for electric railways
applied on a basis consistent with that of the preceding year.

Puder & Puder
New York, February 24, 1948.