utah construction company summaries of income and retained earnings for the year ended october 31 1954 summary of income income gross profit from construction and mining operations $ 2,996,070 dividends received 342,410 gain on sale of property and equipment 92,667 other income 280,657 $ 3,711,804 expenses general and administrative expenses 1,762,519 interest 223,736 1,986,255 net income before provision for federal income taxes $ 1,725,549 provision for federal income taxes 610,000 net income for the year $ 1,115,549 summary of retained earnings balance october 31 1953 see note 14,876,518 add — net income for the year 1,115,549 15,992,067 deduct — dividends on capital stock — cash 90 per share $ 789,783 securities at cost market value 238,411 27,751 817,534 balance october 31 1954 8,244,925 restricted under bank loan agreement ' . 15,174,533 ntntlt for the fiscal years 1951 to 1953 inclusive the company consolidated its financial statements with those of two wholly-owned foreign subsidiaries finan u1 eial statements for the year ended october 81 1954 are those of utah construction company only and investments in formerly consolidated subsidiaries are shown at cost in the accompanying balance sheet the summary of consolidated retained earnings at the end of the preceding year october si 1953 in cluded the undistributed earnings of these two subsidiaries as follows consolidated balance october 81 1958 - tl5.941.6b9 deduct — undistributed earnings for the years 1951 1952 and 1953 of wholly-owned subsidiaries formerly consolidated 1,065.141 balance applicable to utah construction company at october 31 1953 as shown in the accompanying although the two subsidiaries formerly consolidated bad aggregate net earnings of 31,065,141 to october 31 1953 their operations for the fiscal year 1954 resulted in a net loss of s5j0.61s consolidated net income for the fiscal year ims 4 would have been reduced by this amount had the financial statements of these two subsidiaries been consolidated again with those of utah construction company however the company's share of earnings of all wholly-owned zo salt lake city's newest office structure the 12-story first security fourth south building is scheduled for completion in 1955 the first security bank of utah n.a employed utah construction company to perform all of the supervision procurement of materials and supplies and construction work for this new building which will be salt lake's newest and tallest office building utah construction company board of directors marriner s eccles chairman marriner a browning allen d christensen l s corey l t dee george s eccles w h harris e w littlefield shepard mitchell p l wattis officers marriner s eccles chairman of allen d christensen president and general manager e w littlefield vice president secretary and treasurer c s davis vice president frank m keller vice president george r putnam vice president executive committee marriner s eccles allen d christensen e w littlefield