Page Eight # # # # # labor, has caused our progress in the tunnel to be far below expectations. We have already recorded substantial losses and more are yet to come. We cannot at this time forecast the magnitude with any degree of accuracy but all the evidence in hand causes me to continue to be pessimistic about the prospects. Only Thursday we learned that one of the turbines in the APS generating plant at Navajo was cracked and that the unit would be out of production for a number of months, and this will, of course, reduce the profits in our coal operations. Many things can happen between now and the end of our fiscal year, but from all we know now we must on balance continue to remain optimistic about 1966 as a year of continued progress. As shareholders you may be interested to know that our stock is now held in 49 of the 50 states, only Alaska giving us the cold shoulder. In 1956 the company had only 250 shareholders. The number has continued to grow and at the end of the year stood at approximately 3900, ,%nd the information available to us has indicated an ever broadening and more active market for the shares in the Over-The-Counter market. I shall be pleased to try to answer any questions that any of you may have.