REPORT OF THE EXECUTIVE COMMITTEE 233 
We have reported as above on the appended financial statements (Exhibits A 
and B). The accompanying schedules, though not considered necessary for a 
fair presentation of the financial position and results of operation, are pre- 
sented mainly for supplementary analysis purposes. While our examination 
was made primarily for the purpose of formulating our opinion on the current 
year’s basic financial statements, the additional data have been subjected to the 
same audit procedures and, in our opinion, are stated fairly in all material 
respects when considered in conjunction with the financial statements taken 
as a whole. 
PEAT, MARWICK, MITCHELL & Co. 
Respectfully submitted. 
Rosert V. FLEMING 
CLARENCE CANNON 
Cary P. Haskins 
Executive Committee. 
