EXHIBIT No. 3
 

DECEMBER 31, 1934
 

LIABILITIES
Capital Stock:

Common Stock..................................................................................................................................................     S 39,995,385.00

Preferred Stock...................................................................................................................................................          5,242,938.75

Stock liability for conversion...............................................................................................................               11,626.25
 

Total Capital Stock........................................................................................................                                 $ 45,249,950.00

Funded Debt:

First Mortgage 4>^% bonds............................................................       867,148,000.00

Less pledged as collateral under the first Hen and
refunding mortgage and the adjustment income
mortgage......................................................................................................        66,204,000.00     S       944,000.00
 

First lien and refunding mortgage 5% bonds..................................................................        37,521,233.66

Adjustment income mortgage 5% bonds.............................................................................        33,102,000.00

Total funded debt............................................................................................................                                     71,567,233.66

Current Liabilities:

Audited accounts and wages payable.......................................................................................     S        161,150.46

Miscellaneous accounts payable......................................................................................................               11,102.71

Matured interest and dividends payable..............................................................................             120,248.85

Interest on adjustment income bonds, 2% declared February 14, 1935,

payable April 1, 1935...........................................................................................................................             662,040.00

Accrued interest and rents payable.............................................................................................             812,313.94

Other current liabilities............................................................................................................................                 1,067.33

Total current liabilities...............................................................................................                                       1,767,923.29

Deferred Liabilities:

Interest on adjustment income bonds, }^% deferred.............................................    S        165,510.00

Other deferred liabilities ....................................................................................................................                   832.00
 

Total deferred
 

Unadjusted Credits:

Tax liability.........................................................................................................................................................    S         25,973.28

Operating reserves........................................................................................................................................               39,976.48

Accrued depreciation—Road and equipment.....................................................................          4,359,210.55

Accrued depreciation—Miscellaneous physical property.......................................          5,190,091.30

Other unadjusted credits........................................................................................................................              47,659.89
 

Total unadjusted credits .
 

Corporate Surplus:

Funded debt retired through surplus .......................................................................................    $    1,040,500.00

Sinking fund reserve..........................................................................................................................          1,437,681.30

Miscellaneous fund reserves.....................................................................................................             539,325.00

Profit and loss—Balance.........................................................................................................................          3,853,793.85
 

Total corporate surplus................................................................................................                                       6,871,300.15
 

TOTAL...............................................................................................................                                 S135,233,7]4.04
 

NOTE: Contingent upon the outcome of a case now pending there is a possible tax liability of
approximately 3150,000.00 for Federal income taxes in addition to current accruals,
or a possible refund of approximately S100,000.00.