LADIES AND GENTLEMEN: I would like at the outset to thank you for the pleasure and privilege of appearing before the Houston Society of Financial Analysts. Although I visited many a Texas city between Texarkana and El Paso and have covered much of the rest of the world, this is my first visit to Houston. To my well traveled eye the evidence is abundantly clear that Houston has been getting along splendidly without me. Nor has Houston relied very heavily on Utah Construction & Mining Co. to bolster its fortunes, for our shareholder list shows only 74 enlightened souls from Texas. This is a condition that hopefully our meeting here today will change to our mutual benefit. I have or will provide you with copies of Utah Construction & Mining Co.'s 1969 Annual Report, a Financial Fact Book, and a copy of this address if you desire it once you have heard it. Hopefully the first two of these documents will provide you with whatever background of history and statistical information you require for your purposes. I propose to deal with the past very briefly and then only as a bench mark from which to measure our progress in recent years, and will concentrate my remarks on where we are now and where we are going rather than consume much time in describing to you where we came from. Suffice it to say that Utah was started at the turn of the century with capital of only $24, 000 and spent the first 50 years of its existence