shareholders who held 100 shares or more. This was easily solved by splitting the stock 2 for 1 and making all the 50 share shareholders into 100 share shareholders. We became a substantial and reasonably successful land developer, some of the land being made by dredging or earth moving. Very importantly, we accumulated a mineral sales backlog of long-term contracts having a value of over $6 billion with escalation clauses giving us protection against cost increases. It was this feature that distinguished our earnings from those of other mining companies. Our earnings had a quality that was unique. They were unusually predictable and unusually assured. What was the result of all this activity? I think that it is fair to say that it turned out reasonably well. Earnings per share in 1976 were 54 times the 1951 level. Total earnings in the 26-year period were $733 million and averaged more than the company earned in the entire first 51 years. Dividends increased every year for 26 years and went up almost 75 fold on a per share basis. Share prices went from around 50 to a high of $74 in 1975 and then retreated as the stock market began to share our concerns about political developments in Peru 6