2- employee communications that couldn't be solved by merely raising your voice. Perhaps we should have left well enough alone, but we didn't. In the next decade we complicated our lives by getting into the mining of iron ore, uranium, copper, and coal, as well as ocean shipping, land development and real estate, and hydraulic dredging. Our simple corporate structure became a complex of 26 subsidiaries, some 25 affiliated companies, and numerous joint ventures. We are concerned with operations in 15 countries on 6 continents and now have some 2500 stockholders in 47 states concerned about us. If sometimes we long for the relative simplicity of the good old days, we are consoled by the fact that the changes that we made have increased our profits some eight-fold, the price of our stock even more. Today Utah Construction & Mining Co. is both a holding company and an operating company. Its greatest source of gross profit presently and probably in some years to come is iron ore, derived from two operations. The first is the parent company's Iron Springs Mine near Cedar City, Utah, which produces about 700,000 tons annually, virtually all of which is now sold under a 10-year contract running until 1968 to the Columbia Geneva Division of United States Steel. This mine is a low-cost producer of good quality ore. The investment in the mine itself has long since been written off our books and the only remaining unamortized investment is in the undepreciated value of mining equipment and the cost of a small beneficiating facility presently being installed to give us better quality control and utilization of our reserves. The second source of iron ore earnings is from our 41-1/4% interest in Marcona Mining Company, which is owned jointly with Cyprus Mines Corporation.