shares outstanding today. Now it is held by over 6000 shareholders in 49 states, the District of Columbia, and 15 foreign countries. A year ago all 50 states were represented but our sole stockholder in North Dakota apparently has either moved his stock or his residence. It trades over the New York and Pacific Coast Stock Exchanges at levels near the all-time high of $62-7/8 reached earlier this month. Five years ago you could have bought it below $7. Even during the dog days in the stock market in 197 0 the stock performed relatively well. For a very brief time following the Penn Central crisis and some bad news out of Peru, the stock dipped to a low of $36-1/2 but rebounded quickly and set a series of new highs before the year was over. On the basis of the record I think it is safe to say that the company has performed well in recent years and those who own its shares have benefitted substantially. In its January issue Forbes compares the market performance of the shares of 647 companies and, although Utah was not on that list, its record would have placed it fifth, had it been included. How was this performance achieved? What were the programs and the policies that caused the company to change dramatically its earning power and its growth rate? To put the present in proper perspective we must take a look briefly at the past. For the first 50 years of its corporate existence Utah Construction, as the name implies, was engaged primarily in the performance of heavy engineering and construction work on a world-wide basis. Although one of the acknowledged leaders in this field of endeavor the management recognized that contract construction was not an easy way to wealth and that richer rewards were