CUSTOM DICTATES that I should at the outset assure you that I am honored and happy to be here, but honesty compels me to say"Honored I amHappy I am not." I hesitated for quite a while before accepting your kind invitation and for this I owe you an explanation. Three years ago I was persuaded that the time had come for Utah Construction & Mining Co. to tell its story to The Security Analysts and through them to the investing public. Accordingly, I agreed to speak here and a week later to give the same speech to your counterpart organization in New York. Following my appearance before you, the price of our stock advanced $4 the next day and was up $8 by the time I spoke in New York. I had discovered a whole new world, for I had been laboring under the archaic impression that management's job was to run the company efficiently and in the end all would turn out well. Then, to my amazement, a few words before your distinguished group, and our stockholders were some 16 million dollars richer, more than we had been able to do for them from earnings in what were then our two best years. Given this experience, it was even suggested that I should plan later engagements in Boston, Philadelphia, and Los Angeles. But, alas, the same speech in New York not only tumbled the price of our stock but sent the whole Dow Jones' averages into a slide from which they did not recover for some months. Confused by now, silencenot soundseemed golden and the stock and the Security Analysts 3