6 - from year to year, either because of fluctuations in the work available or bad luck at the bidding table where it may for long periods of time be nosed out by its competition. It is not unusual to see the situation where the volume of an individual construction company goes down while the industry volume is sharply increasing. Just this year I know of two engineering and construction companies that are directly competitive, one having the greatest backlog of its history and the other worrying about its work load sinking to a very low figure. An analysis of the construction companies whose securities can be purchased publicly will point to the conclusion that the companies that have fared best are those companies who have either concentrated on a narrow construction specialty, or those who have attained such stature and size that they are well diversified both by types of work and geographical territory served, or those that have entered extensively into fields closely related to but not part of construction. Utah Construction & Mining Co. has followed the latter course, and here the trail has been most brightly blazed by Henry Kaiser, who used a construction company as the springboard to spectacular success in other fields. Stone & Webster is another successful example. However, the record of these companies speaks for itself and I am here in part tonight to talk about Utah Construction & Mining Co. and not its competitors. I do want to make the point that the success of the heavy construction man in straying from his originally chosen field seems to me to be attributable in large measure to certain qualities of management competence that have universal applicability. In the first place, the successful construction executive is a risk taker, and he is not afraid of taking risks. Secondly, he is a decision maker and from the time that he is a foreman until