financial statements auditors opinion 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 1965 and 1964 and the related state ments 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 accounting records and such other auditing procedures as we con sidered necessary in the circumstances we did not examine the financial statements of affiliated companies see note ( to the con solidated 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 and earned surplus present fairly the financial position of utah construction & mining co and sub sidiaries as of october 31 1965 and 1964 and the results of their operations for each of the years then ended in conformiiy with generally accepted accounting principles applied on a consistent basis during the two years arthur andersen & co san francisco california december 9 1965 •'. .