I v - The P&WV Hi-Line

31cFinancial statementsThere are annexed hereto the following financial statements:pageGeneral Balance Sheet as of Aug. 31, 1953 .••• Exhibit 1 32Condensed Income Statement 1938 to 1952,incl., and eight months of 1953 vs. 8months of 1952 ••••.••••• Exhibit 2Earned Surplus-unappropriated, Dec. 31,1938 to Aug. 31, 1953 •..••••. Exhibit 3Statement of Capitalization as of Aug. 31, 1953 Exhibit )~35Trend of debt, Fixed Charges and WorkingCapitalCash Flowv eo a a I) 0 0 ,., a 0 0 0 0 0 0 0 0Exhibit 5Exhibit 639h233The listed exhibits have been compiled from records of the Companyand have been certified by its General Auditor.The Condensed Income Statement (Exhibit 2) shows that a net losswas sustained in only two of the last fifteen years, namely 1938 and 19h6,both of which years were subnormal for business in general.cc·