PAGE 1 OF 12
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
____________________________________________
In the Matter of
NATIONAL FUEL GAS COMPANY SECOND
NATIONAL FUEL GAS DISTRIBUTION CORPORATION CERTIFICATE
NATIONAL FUEL GAS SUPPLY CORPORATION PURSUANT TO
PENN-YORK ENERGY CORPORATION RULE 24
SENECA RESOURCES CORPORATION
EMPIRE EXPLORATION, INC.
UTILITY CONSTRUCTORS, INC.
HIGHLAND LAND & MINERALS, INC.
LEIDY HUB, INC.
DATA-TRACK ACCOUNT SERVICES, INC.
NATIONAL FUEL RESOURCES, INC.
File No. 70-8297
(Public Utility Holding Company Act of 1935)
____________________________________________
THIS IS TO CERTIFY, pursuant to Rule 24, that certain
transactions proposed by National Fuel Gas Company ("National") and
its subsidiaries, National Fuel Gas Distribution Corporation
("Distribution Corporation"), National Fuel Gas Supply Corporation
("Supply Corporation"), Penn-York Energy Corporation ("Penn-York"),
Seneca Resources Corporation ("Seneca"), Empire Exploration, Inc.
("Empire"), Utility Constructors, Inc. ("UCI"), Highland Land &
Minerals, Inc. ("Highland"), Leidy Hub, Inc. ("Leidy"), Data-Track
Account Services, Inc. ("Data-Track") and National Fuel Resources,
Inc. ("NFR") in Form U-1, Application-Declaration, File No. 70-8297,
as amended, have been carried out in accordance with the terms and
conditions, and for the purposes as represented by said
Application-Declaration, and the Order of the Securities and Exchange
Commission ("Commission") (HCAR No. 35-25964 dated December 29, 1993)
with respect thereto.
Please note that, effective July 1, 1994, pursuant to an
Order of the Commission issued in File No. 70-8135, Penn-York was
merged into Supply Corporation and Supply Corporation is the
surviving entity (HCAR No. 35-25997 dated March 4, 1994). In
addition, effective July 1, 1994, pursuant to an Order of the
Commission issued in File No. 70-8385, Empire was merged into Seneca
and Seneca is the surviving corporation (HCAR No. 35-26036 dated
April 26, 1994). This certificate covers all borrowings by all
subsidiaries through June 30, 1994. Because of the referenced
mergers, the next quarterly certificate pursuant to Rule 24 in this
file will not include references to Penn-York and Empire.
PAGE 2 OF 12
- 2 -
During the quarter ended June 30, 1994 the following
borrowing transactions occurred:
1. Sales and resales of commercial paper for the quarter
are shown on the attached certificates of Merrill Lynch
Money Markets, Inc. and Chase Securities, Inc.
2. National increased its outstanding borrowings by
issuing and selling short-term notes in the following
amounts to Chase Manhattan Bank, N.A., or other banks
or financial institutions as listed in the
Application-Declaration on the dates and at the rates
indicated below. The proceeds from the sales of these
notes were either used by National for its own
corporate purposes or transferred by National to the
System Money Pool to be utilized by National's
subsidiaries. This schedule also reflects renewals at
different rates.
DATE AMOUNT RATE
4/4/94 $12,200,000 3.79%
4/5/94 4,700,000 3.77
4/6/94 8,600,000 3.70
4/7/94 6,800,000 3.62
4/11/94 9,700,000 3.64
4/12/94 15,700,000 3.56
4/13/94 10,100,000 3.52
4/14/94 11,200,000 3.68
4/14/94 10,000,000 3.80
4/15/94 7,500,000 3.80
4/15/94 11,200,000 3.70
4/15/94 5,500,000 3.68
4/18/94 13,100,000 3.68
4/19/94 3,500,000 3.93
4/20/94 5,700,000 3.81
4/21/94 8,400,000 3.87
4/22/94 4,900,000 3.81
4/25/94 9,000,000 3.94
4/25/94 15,000,000 4.05
4/25/94 15,000,000 3.96
4/25/94 10,000,000 3.93
4/25/94 10,000,000 3.90
4/26/94 4,700,000 3.88
4/28/94 8,400,000 4.02
4/29/94 9,300,000 4.26
4/29/94 10,000,000 4.06
5/2/94 10,400,000 3.94
PAGE 3 OF 12
- 3 -
5/2/94 10,000,000 4.11
5/3/94 4,500,000 4.02
5/4/94 500,000 3.95
5/5/94 5,800,000 3.95
5/9/94 6,600,000 4.20
5/10/94 8,600,000 4.00
5/11/94 3,700,000 3.85
5/12/94 13,200,000 3.85
5/13/94 11,400,000 3.90
5/16/94 10,000,000 4.47
5/16/94 14,100,000 4.13
5/17/94 10,400,000 4.40
5/18/94 7,400,000 4.40
5/19/94 5,100,000 4.40
5/20/94 8,800,000 4.35
5/23/94 7,600,000 4.41
5/23/94 15,000,000 4.41
5/24/94 5,300,000 4.42
5/25/94 18,600,000 4.38
5/25/94 15,000,000 4.33
5/26/94 3,700,000 4.43
5/27/94 9,300,000 4.47
5/31/94 6,300,000 4.50
5/31/94 10,000,000 4.41
6/1/94 20,000,000 4.53
6/1/94 5,400,000 4.54
6/2/94 10,000,000 4.38
6/2/94 9,900,000 4.40
6/3/94 20,000,000 4.40
6/3/94 10,000,000 4.38
6/3/94 8,300,000 4.39
6/6/94 7,100,000 4.38
6/7/94 2,400,000 4.32
6/8/94 8,300,000 4.18
6/9/94 4,700,000 4.25
6/10/94 8,000,000 4.37
6/10/94 10,000,000 4.41
6/13/94 7,500,000 4.40
6/14/94 5,900,000 4.40
6/15/94 2,900,000 4.40
6/15/94 10,000,000 4.41
6/15/94 10,000,000 4.51
6/16/94 900,000 4.40
6/17/94 7,900,000 4.32
6/20/94 10,000,000 4.51
6/20/94 8,900,000 4.25
6/21/94 7,700,000 4.38
6/21/94 10,000,000 4.47
PAGE 4 OF 12
- 4 -
6/22/94 8,700,000 4.30
6/22/94 10,000,000 4.43
6/23/94 10,300,000 4.35
6/24/94 10,000,000 4.66
6/24/94 11,700,000 4.53
6/27/94 6,100,000 4.40
6/28/94 2,900,000 4.40
6/29/94 11,900,000 4.53
6/30/94 11,200,000 4.55
National's credit facility with Manufacturers and Traders
Trust Company was increased from $26,000,000 to $35,000,000
on April 5, 1994. The credit facility with The Chase
Manhattan Bank, N.A. was increased from $100,000,000 to
$125,000,000 until April 30, 1995. Borrowings under such
facilities will be made in accordance with the
Application-Declaration and the Commission's Order.
3. Supply Corporation transferred the following amounts to
the System Money Pool on the dates and at the rates
indicated below. These amounts were either used to
decrease outstanding System borrowings and/or
commercial paper or utilized by National's other
subsidiaries.
None.
4. Supply Corporation borrowed the following amounts from
the System Money Pool on the dates and at the rates
indicated below.
DATE AMOUNT RATE
4/5/94 500,000 3.675
4/7/94 600,000 3.675
4/8/94 100,000 3.680
4/11/94 100,000 3.681
4/12/94 4,200,000 3.674
4/13/94 200,000 3.677
4/14/94 3,500,000 3.687
4/15/94 1,200,000 3.829
4/18/94 500,000 3.262
4/20/94 200,000 3.717
4/25/94 300,000 3.882
5/2/94 2,100,000 3.967
5/3/94 500,000 3.971
PAGE 5 OF 12
- 5 -
5/4/94 400,000 3.969
5/6/94 200,000 3.987
5/9/94 200,000 4.007
5/10/94 3,500,000 4.016
5/11/94 300,000 4.024
5/12/94 400,000 4.039
5/13/94 500,000 4.072
5/16/94 300,000 4.146
5/17/94 200,000 4.170
5/18/94 200,000 4.170
5/19/94 200,000 4.171
5/20/94 300,000 4.177
5/23/94 400,000 4.223
5/24/94 400,000 4.224
6/2/94 200,000 4.311
6/3/94 200,000 4.352
6/8/94 100,000 4.330
6/9/94 100,000 4.336
6/10/94 100,000 4.378
6/13/94 300,000 4.384
6/14/94 600,000 4.383
6/15/94 1,200,000 4.389
6/16/94 200,000 4.388
6/17/94 100,000 4.383
6/20/94 300,000 4.391
6/21/94 300,000 4.404
6/22/94 200,000 4.398
6/23/94 600,000 4.401
6/28/94 200,000 4.487
6/29/94 1,400,000 4.499
6/30/94 2,800,000 4.506
5. Distribution Corporation transferred the following
amounts to the System Money Pool on the dates and at
the rates indicated below. These amounts were either
used to decrease outstanding System borrowings and/or
commercial paper or utilized by National's other
subsidiaries.
DATE AMOUNT RATE
4/8/94 $3,700,000 3.74%
4/11/94 4,200,000 3.72
4/12/94 7,300,000 3.72
4/13/94 5,600,000 3.72
4/15/94 2,800,000 3.70
4/18/94 3,300,000 3.72
4/19/94 5,300,000 3.88
PAGE 6 OF 12
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4/21/94 3,900,000 3.89
4/22/94 3,000,000 3.88
4/26/94 3,200,000 3.89
4/27/94 1,600,000 3.89
5/4/94 2,900,000 3.99
5/5/94 4,300,000 4.02
5/6/94 5,000,000 4.08
5/9/94 3,800,000 4.23
5/10/94 5,700,000 4.38
5/11/94 4,500,000 4.39
5/12/94 4,300,000 4.37
5/13/94 600,000 4.37
5/16/94 2,300,000 4.36
5/17/94 3,800,000 4.37
5/18/94 3,400,000 4.37
5/19/94 1,800,000 4.35
5/23/94 1,200,000 4.31
5/24/94 3,900,000 4.32
5/26/94 2,500,000 4.32
6/1/94 5,200,000 4.36
6/2/94 4,900,000 4.37
6/3/94 1,100,000 4.37
6/6/94 2,900,000 4.38
6/7/94 4,300,000 4.34
6/8/94 3,800,000 4.33
6/9/94 3,100,000 4.32
6/10/94 2,300,000 4.30
6/13/94 1,200,000 4.30
6/14/94 1,000,000 4.32
6/16/94 1,800,000 4.34
6/17/94 1,200,000 4.35
6/22/94 4,400,000 4.36
6/27/94 500,000 4.37
6/28/94 2,800,000 4.42
6/29/94 900,000 4.44
6. Distribution Corporation borrowed the following amounts
from the System Money Pool on the dates and at the
rates indicated below:
DATE AMOUNT RATE
4/6/94 $ 5,000,000 3.668%
4/25/94 1,200,000 3.882
4/29/94 8,500,000 3.944
6/30/94 500,000 4.506
PAGE 7 OF 12
- 7 -
7. Penn-York transferred the following amounts to the
System Money Pool on the dates and at the rates
indicated below. These amounts were either used to
decrease outstanding system borrowings and/or
commercial paper or utilized by National's other
subsidiaries.
None.
8. Penn-York borrowed the following amounts from the
System Money Pool on the dates and at the rates
indicated below:
DATE AMOUNT RATE
4/5/94 100,000 3.675
4/6/94 200,000 3.668
4/7/94 100,000 3.675
4/12/94 100,000 3.674
4/27/94 2,500,000 3.873
4/28/94 100,000 3.909
5/2/94 200,000 3.967
5/3/94 100,000 3.971
5/4/94 100,000 3.969
5/18/94 100,000 4.170
5/24/94 200,000 4.224
5/27/94 1,300,000 4.258
6/2/94 100,000 4.311
6/7/94 100,000 4.343
6/15/94 100,000 4.389
6/24/94 1,400,000 4.489
6/29/94 100,000 4.499
6/30/94 200,000 4.506
9. National transferred the following amounts to the
System Money Pool on the dates and at the rates
indicated below. These amounts were either used to
decrease outstanding System borrowings and/or
commercial paper or utilized by National's other
subsidiaries.
DATE AMOUNT RATE
4/4/94 $2,600,000 3.95%
4/5/94 600,000 3.82
4/8/94 500,000 3.74
4/11/94 6,100,000 3.72
PAGE 8 OF 12
- 8 -
4/18/94 500,000 3.72
4/19/94 500,000 3.88
5/2/94 2,300,000 3.90
5/3/94 400,000 3.95
5/6/94 600,000 4.08
5/9/94 600,000 4.23
5/10/94 300,000 4.38
5/13/94 6,000,000 4.37
5/17/94 600,000 4.37
5/19/94 400,000 4.35
5/20/94 500,00 4.34
6/2/94 2,600,000 4.37
6/3/94 400,000 4.37
6/9/94 100,000 4.34
6/10/93 1,300,000 4.30
6/13/94 5,900,000 4.30
6/16/94 500,000 4.34
6/17/94 900,000 4.25
6/20/94 500,000 4.34
10. Seneca transferred the following amounts to the System
Money Pool on the dates and at the rates indicated
below. These amounts were either used to decrease
outstanding System borrowings and/or commercial paper
or utilized by National's other subsidiaries.
None.
11. Seneca borrowed the following amounts from the System
Money Pool on the dates and at the rates indicated
below:
DATE AMOUNT RATE
4/6/94 100,000 3.668
4/13/94 100,000 3.677
4/15/94 500,000 3.829
4/20/94 100,000 3.717
4/28/94 200,000 3.909
4/29/94 $2,000,000 3.944
5/2/94 1,300,000 3.967
5/4/94 100,000 3.969
5/9/94 100,000 4.007
5/12/94 1,600,000 4.039
5/13/94 300,000 4.072
5/17/94 500,000 4.170
PAGE 9 OF 12
- 9 -
5/18/94 100,000 4.170
5/20/94 100,000 4.177
5/27/94 600,000 4.258
5/31/94 2,600,000 4.287
6/8/94 100,000 4.330
6/14/94 600,000 4.383
6/15/94 100,000 4.389
6/20/94 200,000 4.391
6/22/94 100,000 4.398
6/24/94 100,000 4.489
6/29/94 400,000 4.499
6/30/94 2,700,000 4.506
In accordance with the terms of the Application-
Declaration (Item 5) and the Order of the Commission in
this proceeding dated December 29, 1993 (HCAR
No. 35-25964), attached as Exhibit A is a copy of
Seneca's Income Statement for the Nine and Twelve
Months Ended June 30, 1994 and attached as Exhibit B is
a copy of Seneca's Balance Sheet at June 30, 1994.
12. Empire transferred the following amounts to the System
Money Pool on the dates and at the rates indicated
below. These amounts were either used to decrease
outstanding System borrowings and/or commercial paper
or utilized by National's other subsidiaries.
None.
13. Empire borrowed the following amounts from the System
Money Pool on the dates and at the rates indicated
below:
DATE AMOUNT RATE
4/6/94 $100,000 3.668%
4/21/94 400,000 3.753
4/28/94 300,000 3.909
14. UCI transferred the following amounts to the System
Money Pool on the dates and at the rates indicated
below. These amounts were either used to decrease
outstanding System borrowings and/or commercial paper
or utilized by National's other subsidiaries.
None.
PAGE 10 OF 12
- 10 -
15. UCI borrowed the following amounts from the System
Money Pool on the dates and at the rates indicated
below:
DATE AMOUNT RATE
5/9/94 $200,000 4.007%
5/25/94 200,000 4.240
5/27/94 200,000 4.258
6/10/94 300,000 4.378
6/16/94 100,000 4.388
6/30/94 100,000 4.506
16. Highland transferred the following amounts to the
System Money Pool on the dates and at the rates
indicated below. These amounts were either used to
decrease outstanding System borrowings and/or
commercial paper or utilized by National's other
subsidiaries.
DATE AMOUNT RATE
4/8/94 $ 200,000 3.74%
4/14/94 1,200,000 3.70
4/26/94 300,000 3.89
5/2/94 300,000 3.90
5/9/94 200,000 4.23
5/16/94 1,200,000 4.36
5/27/93 600,000 4.32
6/2/94 300,000 4.37
6/13/94 100,000 4.30
6/15/94 1,200,000 4.33
6/27/94 600,000 4.37
17. Highland borrowed the following amounts from the System
Money Pool on the dates and at the rates indicated
below:
None.
18. Leidy transferred the following amounts to the System
Money Pool on the dates and at the rates indicated
below. These amounts were either used to decrease
outstanding System borrowings and/or commercial paper
or utilized by National's other subsidiaries.
None.
PAGE 11 OF 12
- 11 -
19. Leidy borrowed the following amounts from the System
Money Pool on the dates and at the rates indicated
below:
None.
20. Data-Track transferred the following amounts to the
System Money Pool on the dates and at the rates
indicated below. These amounts were either used to
decrease outstanding System borrowings and/or
commercial paper or utilized by National's other
subsidiaries.
DATE AMOUNT RATE
4/21/94 $500,000 3.89
5/23/94 500,000 4.31
6/22/94 500,000 4.36
21. Data-Track borrowed the following amounts from the
System Money Pool on the dates and at the rates
indicated below:
None.
22. NFR transferred the following amounts to the System
Money Pool on the dates and at the rates indicated
below. These amounts were either used to decrease
outstanding System borrowings and/or commercial paper
or utilized by National's other subsidiaries.
DATE AMOUNT RATE
4/4/94 $1,000,000 3.95%
4/5/94 1,500,000 3.82
4/6/94 600,000 3.81
4/7/94 200,000 3.77
4/8/94 200,000 3.74
4/11/94 300,000 3.72
4/13/94 300,000 3.72
4/14/94 300,000 3.70
4/15/94 300,000 3.70
4/20/94 500,000 3.90
5/5/94 500,000 4.02
5/6/94 500,000 4.08
5/10/94 800,000 4.38
5/12/94 200,000 4.37
5/13/94 600,000 4.37
PAGE 12 OF 12
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5/16/94 900,000 4.36
5/17/94 500,000 4.35
5/20/94 400,000 4.34
5/23/94 100,000 4.31
6/1/94 300,000 4.36
6/2/94 200,000 4.37
6/6/94 800,000 4.38
6/9/94 200,000 4.32
6/18/94 300,000 4.30
6/13/94 800,000 4.30
6/17/94 500,000 4.35
6/20/94 400,000 4.34
6/22/94 100,000 4.36
23. NFR borrowed the following amounts from the System
Money Pool on the dates and at the rates indicated
below:
None.
Dated: August 11, 1994 NATIONAL FUEL GAS COMPANY
By:/s/ Gerald T. Wehrlin
Gerald T. Wehrlin
Controller
\JES\MONYPOOL\R24-2-94.WP
PAGE 1 OF 2
Money Markets Origination
Debt and Equity Markets Group
World Financial Center
North Tower
New York, New York 10281-1310
212 449 1000
MERRILL LYNCH
July 8, 1994
Ms. Donna Cambas
National Fuel Gas Company
30 Rockefeller Plaza
New York, NY 10112
Dear Donna:
This is to advise you that in connection with the distribution of
commercial paper of National Fuel Gas Company from April 1, 1994 to
June 30, 1994 all sales and resales were made only to those customers
included on the Confidential List retained by Merrill Lynch Money Markets
Inc. for National Fuel Gas Company's commercial paper program, and the
sales thereof were in accordance with the provisions of that program. A
summary of all trade activity for the quarter is attached.
Sincerely,
/s/ E. Stewart Johnson
E. Stewart Johnson
Enclosure
ESJ:gkr
PAGE 2 OF 2
PROGRAM ISSUANCE TRADE DETAIL - CP
04/01/94 - 06/30/94
Pgm Fx/F1 Trade Dt Sett Dt MTY DTM PAR Rate Proceeds
N1 06/24/94 06/24/94 09/23/94 91 10,000,000 4.720 9,880,689
TOTALS
______
Number of Trans: 1
Total Par 10,000,000
Total Proceeds 9,880,689
Dollar Weighted Averages
________________________
Days to Mty: 91.0
Rate: 4.720
Programs:
N1 NATIONAL FUEL GAS CO.
PAGE 1 OF 2
Chase Securities, Inc.
One Chase Manhattan Plaza
New York, New York 10081
CHASE
July 8, 1994
Ms. Donna Cambas
National Fuel Gas Company
30 Rockefeller Plaza - Suite 4545
New York, New York 10020
Dear Ms. Cambas:
This is to advise you that in connection with the distribution of
commercial paper for the National Fuel Gas Company from April 1, 1994 to
June 30, 1994 all sales and resales on your behalf by Chase Securities,
Inc. were made only to those customers included in the Confidential List
retained by the corporation of National Fuel Gas Company's commercial
paper program. The issuance of National Fuel Gas Company commercial paper
and sales thereof were made in accordance with the provisions of that
program. A summary of all trade activity for the quarter is attached.
Sincerely,
/s/ Anton J. Schubert
Anton J. Schubert
Vice President
cc: Mr. Ron Tanski
Enclosure
PAGE 2 OF 2
Chase Securities, Inc.
One Chase Manhattan Plaza
New York, New York 10081
CHASE July 8, 1994
NATIONAL FUEL GAS COMPANY
Second Quarter Performance Report
PAR ISSUE MATURITY
AMOUNT DATE DATE RATE YIELD TERM TYPE
20,000,000 04/04/94 06/03/94 4.08 4.1075 60 Days Discounted
5,000,000 04/04/94 05/10/94 3.95 3.9657 36 Days Discounted
10,000,000 06/24/94 08/23/94 4.65 4.6863 60 Days Discounted
__________
35,000,000
/s/ Anton J. Schubert
Anton J. Schubert, Vice President
SEC FILE NO. 70-8297
RULE 24 - SECOND CERTIFICATE
EXHIBIT A
SENECA RESOURCES CORPORATION
INCOME STATEMENT
(INCLUDES 1986 FULL COST POOL ADJUSTMENT)
(Unaudited)
Nine Months Ended Twelve Months Ended
JUNE 1994 JUNE 1994
_____________ ________________
Operating Revenues $41,936,504 $52,549,139
------------- -------------
Operating Expenses:
Operation and Maintenance 11,526,439 15,309,887
Depletion, Depreciation & Amort. 14,935,122 19,006,316
Other Taxes 1,028,781 1,371,637
------------- -------------
27,490,342 35,687,840
------------- -------------
Operating Income 14,446,162 16,861,299
------------- -------------
Other Income 58,912 58,912
Other Deductions 4,015 6,678
------------- -------------
54,897 52,234
------------- -------------
Interest Income 68,128 69,307
Interest Expense 4,472,022 5,961,921
------------- -------------
(4,403,894) (5,892,614)
------------- -------------
Net Income Before
Income Taxes 10,097,165 11,020,919
------------- -------------
Income Taxes:
Federal (966,533) 286,053
Deferred 1,438,613 (401,879)
------------- -------------
472,060 (115,826)
------------- -------------
Net Income $9,625,105 $11,136,745
============= =============
SEC FILE NO. 70-8297
RULE 24 - SECOND CERTIFICATE
EXHIBIT B PAGE 1 OF 2
SENECA RESOURCES CORPORATION
INCLUDES 1986 FULL COST POOL ADJUSTMENT
BALANCE SHEET
AT JUNE 30, 1994
(Unaudited)
ASSETS Total
- ------ -------------
Current Assets
Cash $1,564,130
Accounts Receivable-
Intercompany 616,032
Other 6,064,745
Allowance for Uncollectible Accounts (80,152)
Notes Receivable-
Intercompany 0
Materials and Supplies 61,366
Prepayments 1,755,605
Other Current Assets 175,000
-------------
Total Current Assets 10,156,726
-------------
Property, Plant and Equipment 353,498,966
Less: Accumulated Depreciation, Depletion
and Amortization 132,610,073
-------------
Net Property, Plant and Equipment 220,888,893
-------------
Other Assets
Other Assets 74,882
Deferred Charges 760,819
Notes Receivable 36,300
Long Term Investments 0
-------------
Total Other Assets 872,001
-------------
Total Assets $231,917,620
=============
<PAGE>
SEC FILE NO. 70-8297
RULE 24 - SECOND CERTIFICATE
EXHIBIT B PAGE 2 OF 2
SENECA RESOURCES CORPORATION
INCLUDES 1986 FULL COST POOL ADJUSTMENT
BALANCE SHEET
AT JUNE 30, 1994
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY Total
- ------------------------------------ -------------
Current Liabilities:
Accounts Payable-
Intercompany ($54,783)
Other 3,395,020
Notes Payable-Intercompany 36,800,000
Accrued Liabilities 2,024,842
Federal Income Taxes (2,034,407)
Other Accrued Taxes 120,925
-------------
Total Current Liabilities 40,251,597
-------------
Other Liabilities:
Accumulated Deferred Income Taxes 35,454,655
Other Deferred Credits 2,804,097
-------------
Total Other Liabilities 38,258,752
-------------
Stockholders' Equity:
Common Stock-$5 Par Value
Authorized-100,000 Shares; Issued and
Outstanding-100,000 Shares 500,000
Paid in Capital 92,245,000
Earnings Reinvested in the Business
(Accumulated Deficit) (19,337,729)
-------------
73,407,271
Advances from Associated Companies 80,000,000
Long-Term Debt 0
-------------
Total Capitalization 153,407,271
-------------
Total Liabilities and Stockholders Equity $231,917,620
=============
