Mr. Chairman and members of the Los Angeles Society of Financial Analysts: I am delighted to be with you today and to discuss the affairs of Utah Construction & Mining Co. I thought you'd never ask. I first started appearing before societies of security analysts in I960 and in the past II years I have spoken in Boston, Chicago, Houston, Salt Lake City, and Austin, and done repeat performances in New York and San Francisco. Now at long last I am in Los Angeles and your kind invitation to appear here today is keenly appreciated. While over the years I have varied the tune and tempo of my remarks, an analysis of my past speeches would contain the common theme that Utah Construction &: Mining Co. was a small but growing company with glowing prospects that was unlisted, unknown and unappreciated. Today we are listed, better known, and we certainly have appreciated. Our stock today is selling around $68 1/2. Twenty years ago you could have bought it for $1, ten years ago for $8, five years ago for $10 and at the low of the market last year at $36 1/2. These are not the only changes that have taken place in our company. In 1951 the Executive Committee split 2-2 on the question of whether the company should mail its first annual report to all its shareholders. To some of us this seemed a reasonable thing to do since the company had been in existence for 52 years. The matter was finally compromised on the basis that I could write such a report, provided it didn't say anything. Our attitude is different now and we follow the policy of disclosing all that we feel we properly can in the best interests of our shareholders. We do so because we believe that, only if this information is broadly disseminated to the shareholders and to the investing public, can we expect our shares to be properly priced in the marketplace and we have no desire to see them sell at either inflated or depressed prices. You will find at your places a packet containing our latest annual report, our report for the first quarter of 1971, copies of press releases issued during the fiscal year, and a financial and statistical handbook that contains in very considerable detail the statistical and financial information about our company and its operations over the last 20 year period. Hopefully this will provide you with whatever detailed or statistical information that time prevents me from discussing here. Copies of this speech will be available to those desiring them at the door as you leave. In the remainder of my remarks I would like to discuss briefly with you what the company was, how it has transformed into what it is, and to give you some concept of what we hope it will be by outlining for you the broad philosophy of management that guides our efforts. For the first half century of our existence we were The Utah Construction Company engaged primarily in heavy engineering