The financial position of the Company at  the beginning and at

the close of the year 1927 based upon Balance Sheets  prepared
by the auditors at both dates is set forth below in condensed com¬
parative form.

December       December      Increase

31, 1927          31, 1926        Hecrease

Current Assets ...................     $2,640,776,75   $2,633,939,06   $ 6,837.69

Current Liabilities ................          117,830.03       123,768.59      3.938.a6

Net CuRKENT Assets.........      2,522,946.72    2,510170.47     12,776,25

Other Assets .....................           14,230.90          9,717.05      4,513.85

Permanent Assets—Less : Deprecia¬
tion..............................     473,71208       512,815,54    39,103.46

Mines,   Real   Estate   and   Conces¬
sions—Less: Depletion of Mines. .          920,01424       957,540.07    37,525.83
Deterred Charges  ................         239,306,32       140,438.57     98,867,75

$4,170,210,26   $4,130,681.70   $39,528,56

Represented by:

Reserves—Insurance ............     S    84,886.81   $    74,246,07   $10,640.74

Reserve—Dividends Payable   ...          100,000,00       100,000,00       .......

Reserve—Property Replacement. .             1,019,72         ........       1,019,72

Capital Stock  ..................       2,000,000.00    2,000,00000       .......

Surplus ........................      1,984,303,73     1,956,435,63     27,868,10

$4,170,210.26   $4,130,681,70   $39,528.56

Ratio of Current Assets to Current

Liabilities ......................        22.41 to 1        21.28 to 1        1.13 to 1
 

Dividends Paid
 

April, 1927 ....................................    $100,000,00

July, 1927  .....................................      100,000,00

October, 1927 ..................................      100,000.00

January, 1928 ..................................      100,000.00
 

$400,000,00