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OUR FINANCIAL POSITION
as reflected in our balance sheet at the end of 1962

QUICK ASSETS - 1962

$56,689,363...Cash and special deposits
$17,298,154...Due from agents, conductors and others
$17,361,225...Material and supplies on hand
$91,348,742...Total quick assets, readily convertible into cash

CURRENT LIABILITIES - 1962

$ 3,765,143...Employes' pay checks outstanding
$13,821,975...Taxes not yet due
$ 2,860,850...Bond interest due and paid January 1
$27,048,446...Other current liabilities
$47,496,414...Total current liabilities

"WORKING CAPITAL"

The excess of quick assets over current liabilities

1962...$43,852,328
1961...$38,736,729

GREAT NORTHERN'S INVESTMENTS:

Road, equipment and other property, less depreciation

1962...$659,951,413
1961...$667,175,004

48.59% of Chicago, Burlington & Quincy R.R. Co. stock

1962...$109,245,456
1961...$109,245,456

50% of Spokane, Portland and Seattle Ry. Co. stock and bonds

1962...$39,148,500
1961...$39,148,500

Special funds

1962...$2,351,610
1961...$2,480,263

Other stocks, bonds, etc.

1962...$25,483,015
1961...$21,086,402

Deferred and unadjusted items

1962...$14,547,449
1961...$15,860,975

Total investments

1962...$850,727,443
1961...$854,996,600

GREAT NORTHERN'S OTHER OBLIGATIONS:

To investors for bonds and notes outstanding

1962...$234,890,536
1961...$242,399,130

To all others

1962...17,733,597
1961...18,412,925

Total owed in addition to current liabilities

1962...$252,624,133
1961...$260,812,055

NET WORTH:

"Working Capital" plus "Investments" minus "Other Obligations"

1962...$641,955,638
1961...$632,921,274

CAPITAL STOCK

1962...$267,893,846
1961...$267,992,656

BALANCE, largely retained income invested in the property

1962...$372,857,113
1961...$363,069,348