of other cities were spared further speeches by me. As a matter of fact, despite record earnings and dividends in the next three years, the price of the stock see-sawed downward and by October, 1962, was $23 below the $57 1/2 high when I spoke in New York. By then, either because the effects of the speech had worn off or because our earnings dipped, the price of the stock began to recover and now, adjusted for the two-for-one split, is about where it was when last we met three years ago. With this as a background you may realize why I cautiously considered your invitation for today. From my past experience I finally concluded that it was safe for me to speak in San Francisco, but the national interest, as well as my own, forbids a repeat engagement in New York. Utah has had an enviable record of earnings throughout its 63-year history, has paid dividends consistently and without interruption since 1931, and derived the major part of its earnings in the first half century from heavy construction. However, in the last decade the company has put its skills to additional uses, and has transformed the nature of the company to a combination of heavy construction, land development, and directly or through affiliates, the mining of iron ore, uranium, coal, and copper, and the ocean transportation of iron ore, petroleum, and other bulk commodities. 75% of our net worth has been accumulated in the last decade, dividends are almost 5 1/2 times the 1952 level, and earnings have grown at a 15% compounded rate in the last 10 years. Today mining provides the major part of Utah's profits and to a large extent these 4 profits are underwritten by long-term contracts. Over the last 5 years the balance of its gross in-come has come in nearly equal amounts from construction and land development. This transformation of the company is the result of a major policy decision made some years ago when we decided that we could more profitably employ our skills and experience acquired in heavy construction to the development and operation of equity situations in mining and land development and we have dedicated our efforts to that end, maintaining our heavy construction activities at earlier levels but concentrating our growth objectives in the more rewarding fields. In speaking to you today it is hard to know where to put the emphasis. Should I dwell on 1963, particularly so when our earnings for the first half are down and we do not expect the year to compare favorably with the earnings of the past several years? Should I emphasize the additional forward selling under certain key sales agreements in our mining activities that increase our total profits and lengthen the period that they are underwritten? Should I discuss in detail our various activities as a guide to you in appraising our company's future? It's difficult in the time available to cover all three adequately and yet all three are worthy of discussion. We do not anticipate that profits in 1963 will compare favorably with the past several years for a variety of reasons. 1. The principal factor will be lower earnings from uranium in 1963. We have entered into an interim agreement with the Atomic Energy Commission looking toward a revision of our sales contract which now runs until 1966. In anticipation of extending 5