company that its liquidation was seriously considered in some quarters in the early 1940's. Indeed in 1945 the ranches were sold and this step provided funds for and justification for a partial liquidation in 1946 when 25% of the capital shares were retired for $2 million. Concurrently dissension among shareholders, which had existed since 1931 and must have handicapped management performance, was resolved. Management responsibilities were realigned and Board representation altered. The turnaround was underway. So in 1946 the company took the first steps toward new and better days. Its traditional construction activities were stepped up both on its own and in joint venture. The company went international with construction work outside the United States. Mostly in joint venture, it also entered the fields of commercial and industrial building and even mass residential housing. It began to promote projects where it could do the work and take its construction fees in the form of equity with the hope of selling out later at a profit taxable on a capital gains basis. Most important of all, the company took its first small steps into mining for its own account. In 1946 we started an iron ore mine near Cedar City and in 1950 a metallurgical coal mine in Arkansas. The coking coal went to C. F. & I.'s mill at Pueblo, Colorado. Much of the iron ore went to U. S. Steel at Provo but in the late 1940's we began to ship ore to the Japanese 3