EXHIBIT No. 3

GENERAL BALANCE SHEET
 

ASSETS
Investments:

Road and equipment..........................................     $111,172,590.86

Deposits in lieu of mortgaged property sold......................              128,654.64

Maintenance funds............................................              187,862.09

Miscellaneous physical property................................         13,642,316.03

Investments in affiliated companies:

Stocks.......................................        $   2,000.00

Advances....................................            41,807.25

------------------               43,807.25

Other investments:

Stocks......................................       S      485.00

Bonds......................................          623,860.00

------------------624,345.00

Total investments...................................                                   $125,799,575.87

Current Assets:

Cash........................................................    $      855,418.96

Special deposits...............................................              168,633.42

Miscellaneous accounts receivable...............................             210,596.47

Material and supplies.........................................              439,436.16

Interest receivat)le............................................                17,518.82

Other current assets...........................................               35,272.90

Total current assets.................................                                        1,726,876.73

Deferred  Assets;

Insurance and other funds (Less $9,407,000.00 par value of Com¬
pany's bonds reacquired, per contra)..........................    $   3,794,742.21

Other deferred assets..........................................                 4,054.72

Total deferred assets................................                                        3,798,796.93

Unadjusted  Debits:

Rents and insurance premiums paid in advance...................    $        31,276.90

Other unadjusted debits.......................................               86,046.73

Total unadjusted debits.............................                                           117,323.63

Securities Issued or Assumed (per contra):

Unpledged..................................................     $           1,029.04

Pledged ....................................................        66,204,000.00
 

TOTAL...................................                                   $131,442,573.16