2- seemed golden and the stock and the Security Analysts 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. In the interests of conserving time for more extended discussion of recent devlopments, a Financial Fact Book has been prepared and put at your places. From it you will learn that 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