So today we find the Utah Construction & Mining Co. is a diversified company engaged directly or through affiliated companies in the mining of iron ore, uranium, steam coal, coking coal, and copper; in ocean transportation of bulk cargoes; in land development; and in heavy engineering construction both domestically and overseas. A few charts may help us quantify the magnitude of the changes that have taken place. 1. The first chart shows the impact on company earnings. In the first 50 years when the company was primarily engaged in heavy construction the earnings never reached the $2 million level, and the 1949 earnings of $1. 2 million were below those recorded as early as 1912. However, as the company diversified into other fields the earnings level moved sharply upward, dipping and pausing at times along the way, but setting new highs in 1967 with annual earnings of $1.6. 5 million and earnings this year running ahead of last year, (hitting $9. 3 in the first six months,) 15% over the comparable period a year ago. 2. The second chart puts the more recent figures on a per share basis for earnings and dividends. Earnings per share have increased from $0.60 in 1952 to $3. 85 for the year 1967 and $2.17 for the first six months this year. Dividends have been increased every year for 17 years and we expect this trend to continue. In 1967 we paid $1. 30, consisting of two quarterly payments of 25, two of 30, and a year-end extra of 20. In 1968 the first two payments were at 30 and last quarter the rate was increased to 35. -4-