Price.Waterhouse & Co.

HAND BUIUJINO
BUF'KALO, N.Y,

March 24, 1931.
Mr. J. K. Carlisle, President,
The Power Corporation of New York,
New York, New York.

Dear Sir:

We have reviewed the reports of The Power
Corporation of New York and Its srL"bsidiaries for the
twelve months ending December 31, 1930 and, in our
opinion, the attached consolidated iDalanGe sheet and
relative income and earned surplus accounts have been
correctly prepared therefrom.

The books and accounts of The Power Corporation
of New York and its subsidiaries were examined by us for
the nine months ending September 30, 1930 and were
found to be well and accurately kept.

On the basis of the foregoing examinations, and
accepting the provisions for property retirements made
in lieu of depreciation provisions, we are of the
opinion that the attached consolidated balance sheet and
relative income and surplus accounts set forth the
financial position of The Power Corporation of New York
and its subsidiaries at December 31, 1930 and the
results of operations for the year ending on that date.

Yours very truly,
 

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