I AM grateful to you for giving me the opportunity to tell you something about the affairs of Utah Construction & Mining Co. THE TRANSITION OF THE '50s UTAH CONSTRUCTION & MINING CO. 100 Bush Street, San Francisco 4 Our company today stands in sharp contrast to what it was in 1949 when the headquarters' staff of 41 was comfortably housed in the Crocker Bank Building, serving some 150 reasonably satisfied stockholders, making a little better than $1,000,000 a year almost entirely out of the heavy construction business which had been the prime source of our livelihood for the preceding 50 years. Every one of our 8 private offices was still equipped with a spittoon which the old-timers could hit with reasonable accuracy. We had no private secretaries, published no annual reports, had no inquiries from brokers or investment bankers, less term debt than working capital, and few problems in employee communications that couldn't be solved by merely raising your voice. Perhaps we should have left well enough 1