auditor's report ahthue andersen & co to the board of directors utah construction & mining co we have examined the consolidated balance sheets of utah construction & mining co a delaware corporation and subsidiaries as of october 31 1962 and 1961 and the related statements of income and earned surplus for the two years then ended our examination was made in ac cordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances in our opinion the accompanying con solidated balance sheets and statements of income and earned surplus present fairly the financial position of utah construction & mining co and subsidiaries as of october 31 1962 and 1961 and the results of their operations for the two years then ended in conformity with generally accepted ac counting principles applied on a consistent basis during the two years financial statements 40 j 40 j : of 4 &; & *& & fr san francisco california december 7 1962