16- have made possible a greater reservoir from which to draw future profits. The lengthening out of the contracts for uranium and our domestic iron ore have underwritten future profits for a longer period of time. The rate of progress in our Navajo coal project has exceeded our expectations, and we hold high hopes for further earnings from this and other coal deposits. When and if some of our mineral deposits now under development are brought into operation, these could substantially improve our earnings from mining. We are fortunate that all of our mining properties are relatively low-cost producers and in an excellent position to sustain themselves under competitive circumstances. Except for Iron Springs we have abundant reserves that go far beyond any present sales commitments. Our land development projects are strategically located in areas of rapid growth and have been acquired at costs well below existing market prices. We have largely paid the price for experience in the land development field and have kept this cost modest by avoiding some of the excesses have developed a small but skillful organization that is well prepared to take advantage of opportunities in the future as it has in the past. In the face of a sick construction industry we have been able to sustain our construction operations without incurring a financial drain on the other branches of our business. While the construction industry is a sick cat right now, sicker cats than this have gotten well, and we have the experience, the reputation, the capital, and the organization that should place us in an