of stockholders had grown to several hundred, driven upward by-time and the natural urge of Mormon families to multiply. The stock traded in limited volume but the few shares that changed hands in 1949 were at prices 50% above those prevailing in 1945. Unfortunately these sales were still made at around 60% of book value. Looking back on it now, the situation at the end of the first 50 years was inherently dangerous, for it would have been easy for complacency to prevail. Things were improving. The company had been consistently profitable and had paid dividends for the past 19 years. The stockholders had proved their patience over a half a century. The company was in sound financial condition, having a net worth of almost $10 million and very moderate indebtedness. The company had a proud history and a good reputation. However, in its first 50 years it had averaged a growth rate in earnings of only 5% and fortunately those who directed the affairs of the company recognized that changes had to be made, for this simply wasn't good enough. Things have been going better for us lately. Our earnings for 1969 were approximately equal to the total amount earned by the company in the first 50 years of its existence. 1969 represented the fifth straight year in which earnings set a new high and on a per share basis the 1969 earnings were twice those of 1966, almost 4 times those of 1963, and some 20 times those of 1949. Well over 90% of these earnings were derived from profit centers that did not exist 20 -3-