Notes to Consolidated Financial Statements (Dollars in thousands, except per share amounts.)

(8) Marketable Securities and Long-Term Investments Marketable securities consist of investments in fixed maturities and equity securities. The market value as of October 31, 1998 was $6,120 and approximated cost. The market value as of October 31, 1997 was $4,615, which included gross unrealized gains of $1,027. The Company realized net gains on the sales of securities of $2,727, $370 and $2,098 for the years ended October 31, 1998, 1997 and 1996, respectively. The cost of securities sold was determined by using the average cost method. The market value of long-term investments as of October 31, 1998 and 1997 was $68,014 and $57,345 which included gross unrealized gains of $2,573 and $1,877, and gross unrealized losses of $2,654 and $968, respectively. Amounts classified as long-term investments and invested in debt securities as of October 31, 1998 totaled $13,586 and are scheduled to mature as follows: $0 in less than one year; $7,583 in one through five years; $5,504 in five through ten years; and $499 in more than ten years. See Notes 5 and 6 which include details of the Company's long-term investments.

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