EXHIBIT No. 3
 

DECEMBER 31, 1944
 

LIABILITIES
Capital  Stock:

Common stock...............................................     $ 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 4A% Bonds.....................   $67,148,000.00

Less pledged as collateral under the First Lien and
Refunding Mortgage and the Adjustment In¬
come Mortgage per contra...................    66,204,000.00    $      944,000.00

First Lien and Refunding Mortgage 5% Bonds.....   $34,218,733.66

Less held in Deferred Assets ($4,758,000.00) and
Securities Issued or Assumed — Unpledged
($1,029.04) per contra........'...............      4,759,029.04       29,459,704.62

Adjustment Income Mortgage 5% Bonds..........   $28,585,000.00

Less held in Deferred Assets per contra..........      4,649,000.00        23,936,000.00

Total funded debt..................................                                 54,339,704.62

Current Liabilities:

Audited accounts and wages payable............................    $      127,833.35

Miscellaneous accounts payable.................................            104,490.07

Matured interest and dividends payable.........................            178,061.81

Interest on Adjustment Income Mortgage Bonds outstanding in
hands of the public, 2A% declared, February 23, 1945, payable

April 1, 1945................................................            598,400.00

Accrued interest and rents payable..............................            635,170.19

Other current liabihties........................................               2,628.47

Total current habihties..............................                                   1,646,583.89

Deferred Liabilities:
Interest on Adjustment Income Mortgage Bonds outstanding in hands

of the public, 22K% deferred................................     $   5,385,600.00

Other deferred habihties.......................................             15,868.79

Total deferred liabilities.............................                                   5,401,468.79

Unadjusted Credits;

Tax liability..................................................    $      324,714.72

Insurance and casualty reserves.................................            560,000.00

Maintenance reserves..........................................            187,862.09

Accrued depreciation—Road and equipment.....................         6,540,335.59

Accrued depreciation—Miscellaneous physical property............         7,569,226.91

Other unadjusted credits.......................................            117,538.55

Total unadjusted credits.............................                                 15,299,677.86

Corporate Surplus:

Funded debt retired through surplus............................    $   4,924,382.73

Miscellaneous fund reserves....................................           355,273.92

Profit and loss—Balance.......................................         4,225,531.35

Total corporate surplus..............................                                  9,505,188.00

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