at the left — standing at the edge of lake merrttt in oakland california is st paul's towers a 24-story senior citizen apartment complex financial statements auditors opinion to the shareholders and board of directors utah construction & mining co : we have examined the consolidated balance sheets of utah con struction & mining co a delaware corporation and subsidiaries as of october 31 1966 and 1965 and the related statements of income earned surplus and funds for each of the years then ended our examina tion was made in accordance 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 we did not examine the financial statements of affiliated companies see note 1 to the consolidated financial statements but were furnished with reports of other public accountants thereon in our opinion based upon our examination and the reports of other public accountants the accompanying consolidated balance sheets and statements of income earned surplus and funds present fairly the financial position of utah construction & mining co and subsidiaries as of october 31 1966 and 1965 and the results of their operations and the source and application of funds for each of the years then ended in conformity with generally accepted accounting principles applied on a consistent basis during the two years arthur andersen & co december 8 1966