EXHIBIT No. 3

DECEMBER 31, 1935
 

LIABILITIES
Capital Stock:

Common Stock...................................................................................................................................................     $ 39,995,385.00

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

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

Total Capita! Stock........................................................................................................                                  S 45,249,950.00

Funded Debt:

First Mortgage 4K% bonds...............................................................      867,148,000.00

Less pledged as collateral under the first lien 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        165,727.89

Miscellaneous accounts payable......................................................................................................               10,574.85

Matured interest and dividends payable..............................................................................               86,064.31

Interest on adjustment income bonds, \}4% declared February 13, 1936,

payable April 1, 1936...........................................................................................................................             496,530.00

Accrued interest and rents payable.............................................................................................             804,244.22

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

Total current liabilities................................................................................................

Deferred Liabilities:

Interest on adjustment income bonds, 2% deferred .............................................    S       662,040.00

Other deferred liabilities...........................................................................................................................                   816.95
 

Total deferred liabilities...
 

Unadjusted Credits:

Tax liability.........................................................................................................................................................    $         34,279.20

Operating reserves..........................................................................................................................................               32,680.04

Accrued depreciation—Road and equipment.....................................................................          4,593,727.63

Accrued depreciation—Miscellaneous physical property.......................................          5,430,955.30

Other unadjusted credits......................................................................................................................               27,231.33
 

Total unadjusted credits.............................................................................................                                      10,118,873.50

Corporate Surplus:

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

Sinking fund reserve....................................................................................................................................          1,539,271.74

Miscellaneous fund reserves..................................................................................................................             539,392.77

Profit and loss—Balance...........................................................................................................................          3,263,265.18
 

Total corporate surplus...
 

TOTAL..............................................................................................................                                  $135,545,552.40
 

NOTE: Contingent upon the outcome of a case now pending there is a possible tax liability of
approximately SI50,000.00 for Federal income taxes in addition to current accruals,
or a possible refund of approximately 5100,000.00.