MR. CHAIRMAN, LADIES AND GENTLEMEN: For the third time you have been kind enough to invite me to appear before you and to review with you the progress and the prospects of Utah Construction & Mining Co. For this opportunity I am grateful. If he is to maintain his self-confidence, a company president can only classify security analysts into two categories -- the unlightened and the true believers. My mission today is to convert more of you to the ranks of the faithful and to do so by infecting you with some of the sense of excitement that we in Utah's management feel about our company's prospects. I would hope to accomplish this purpose by charting Utah's progress with you -- where we were, where we are, and where we think we are going. EARNINGS TRENDS - 1900 - 1965 Let's dispose of the past briefly and promptly. For the first 46 years of its corporate existence Utah functioned almost entirely as a heavy engineering contractor and rancher, and the results of its efforts are pictured here in this chart of Utah's earnings from 1900 to 1945 stated as a 10-year moving average in order to eliminate wide yearly fluctuations and to bring out the trends more clearly. Starting with an initial capital of $24, 000 you will note that the company fared well in the first Z0 years of its existence but for most of this period, viewing it in retrospect, there is little in the trend lines that would cause you to