financial statements £ arthur andersen & co san francisco 8 to the board of directors utah construction & mining co we have examined the consolidated balance sheets of utah con struction & mining co a delaware corporation and sub sidiaries as of october 31,1 964 and 1 963 and the related statements of income and earned surplus for each of the years then ended our examination was made in accordance with generally accepted auditing standards and accordingly included such tests of the accoun " records and such other auditing procedures as we considered ne sary in the circumstances in our opinion the accompanying consolidated balance sheets statements of income and earned surplus present fairly the finan position of utah construction & mining co and subsidiaries . . . october 31 1964 and 1963 and the results of their operations for each of the years then ended in conformity with generally accepted accounting principles applied on a consistent basis during the two years san francisco califoj december 10 1964 lejl view from cabin of utah's dredge franciscan while working in long beach ciilifon right utah's new computer installation in san francisco head office