adversely affected by losses reported by certain joint ven tures on the st lawrence seaway project in which our company was a participant the mining activities of the parent company in domestic iron and coal mining operations were conducted at record levels for the first three quarters of the fiscal year in utah and arkansas respectively until the steel industry was shut down in early july 1959 despite the fact that no shipments of iron ore or coal were made to steel mills in the last quarter excellent earnings were achieved for the year the land development program made a very sub stantial addition to 1959 parent company earnings major contributors to this result were the continuance of a satis factory tempo of residential land sales at the moraga cali fornia project and the gratifying demand by industrial customers for acreage in the company-owned and devel oped south san francisco industrial park subsidiary and affiliated companies during fiscal 1959 the parent c distributed earnings of subsidia upany's share of the un ' and affiliated companies in which it has investments amounted to 2,853,596 after an allowance for dividends paid and for income taxes pay able upon the distribution of the remaining earnings to the parent this is equivalent to 1.59 for each share of stock of utah construction & mining co outstanding at the year-end and compares with 1,411,826 or 0.79 a share earned for the previous year on the same basis of comparison the record-breaking achievement recorded this year is mainly attributable to the efficient and successful results attained by our 60 owned affiliate lucky me uranium corporation which mines and mills uranium near riverton wyoming the results of foreign iron min ing and shipping operations carried on through affiliated companies were considerably lower than the previous year as a result of the continuing depression in the international shipping market coupled with the generally low operating rate of the world steel industry during the first half of our fiscal year subsidiaries engaged in foreign construction activities were operated in the aggregate on a profitable basis in 1959 overall results combining the earnings of the parent company and its share of the undistributed earnings of subsidiaries and affiliated companies as reported above reflects an overall profit showing for the year just ended of 7,191,565 or 4.02 for each share of parent company stock then out standing this compares with 3,319,544 or 1.86 per share for the previous year overall 1959 operations exceeded the former overall company record of 5,421,955 or 3.04 a share reported for fiscal 1957 all three major categories of the company's operations contributed to this sharp improvement in earnings dividends cash dividends paid from 1959 earnings were the highest in the company's history amounting to 2,229,951 or 1.25 per share this compares to a cash payment in fiscal 1958 of 712,210 which when added to the cash equivalent of three dividends in stock of permanente cement company also distributed equaled 1.18 per share financial condition and shareholders equity of the 26 million of long-term line of credit available to the company at the year end as provided by a loan agree ment drawn in 1958 with a group of major u s banking institutions 21 million had been taken down this credit is available in declining total amounts through octo ber 1963 net working capital at october 31 1959 was 6,733,196 as compared with 6,908,834 for the previous year it is the management's opinion that working capital in combination with unused lines of credit available is fully adequate to meet the planned requirements of the com pany and its subsidiaries additionally a substantial in coming cash flow is anticipated from a number of projects maturing in 1960 which cash can be applied to reduction the year in brief parent company ; net earnings after taxes per share depreciation and depletion fiscal y6ars ending oct 31 1959 1958 . $ 4,337,969 $ 1,907,718 2.43 1.07 2,008,183 2,215,355 dividends : cash cash per share stock permanente cement co at cost at market . equivalent cash per share . . . income taxes net working capital shareholders equity per share shares outstanding overall earnings utah and its share of subsidiaries and affiliates per share of utah utah's share of non-cash charges of subsidiaries affiliates 7,191,565 s,s19,su 4.02 1.86 1,012,000 1,063,000 3,234,000 1,657,000