EXHIBIT No. 3

AS OF DECEMBER 31, 1933
 

LIABILITIES

Common capital stock and scrip___________...............________________          $39,995,385.00

Preferred capital stock and scrip_____..........................____________.........              5,242,938.75

Stocks held to redeem outstanding securities of predecessor companies—                   11,626.25
 

$45,249,950.00
 

First lien and refunding mortgage 5% bonds___..........________________          $37,521,233.66

Adjustment income mortgage 5% bonds____________________________            33,102,000.00

First mortgage 4^% bonds______________________________________                944,000.00
 

71,567,233.66

Operating reserves _____________________________________________                                             527,947.49

Workiiig Liabilities

Accrued interest, rents and taxes, not yet due................________________             $ 817,858.25

Accounts payable.................................-.......................__.....________________                241,851.54

Matured interest payable__________________________................................                  59,476.29

Interest on adjustment income bonds, 2J^% declared February 8, 1934,

payable April 2, 1934.........................................._____________________                827,550.00

Preferred dividends payable........................................___________________                  10,641.76

Common dividends payable................................._______________________                  25,857.29
 

Corporate Surplus:

Funded debt retired through income and surplus________..........___            $1,040,500.00

Profit and Loss—Balance.....___................._______________________              5,334,675.22
 

6,375,175.22
TOTAL LIABILITIES___________„_________________—                                    $125,703,541.50
 

NOTE: Contingent upon the outcome of a case now pending there is a possible tax liability of
approximately $150,000.00 for Federal income taxes in addition to current accruals,
or a possible refund of approximately $100,000.00.