Investment Research Associates - Page 28

                                       - 116 -                                        
               Assets                                                                 
               Cash                     110,281                                       
               Pooled funds             38,250                                        
               Notes Receivable         2,070,128                                     
               Loans                                                                  
               Stockholders             292,260                                       
               Others                   1,592,983                                     
               Securities                                                             
               Short term               3,776,000                                     
               Marketable               564,827                                       
               Nonmarketable            192,700                                       
               Investment in sub.       83,000                                        
               Investment in pship.     1,640,284                                     
               Depreciable assets       11,286,020                                    
               Less accumulated dep. (7,636,902)                                      
               Other                    2,365                                         
               Total                    14,012,196                                    
               Liabilities                                                            
               Payables                                                               
               Short term               1,341,617                                     
               Long term                11,060,633                                    
               Deferred gain            1,969,973                                     
               Other                                                                  
               Total                    14,372,223                                    
               Net assets               (360,027)                                     
               Capital stock                                                          
               Preferred                                                              
               Common                        100                                      
               Capital surplus                                                        
               Retained earnings        (360,127)                                     

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