OCR

1957 No additional lands were acquired for development and resale during 1957. However, Utah took over the 50% interest of its partner in the original 340 acre industrial development in South San Francisco and was then the sole owner and developer. South Shore of Alameda During the year the filling of 374 acres of hydraulic dredging was completed under contract with a California Reclamation District within whose boundaries our property was situated. The project was financed by a public bond issue which was purchased by the parent company. Two subsidiary companies were formed. Sixty-six acres of commercial land were transferred to South Shore Center, Inc., and 308 acres of residential land to the South Shore Land Co. South San Francisco Industrial Property During 1956 and 1957 approximately 1,100,000 yards of fill were placed by shovel and truck, making 150 acres of formerly submarginal land available for sale and use. Mining The Iron Hill iron ore deposit in British Columbia, operated by a wholly-owned subsidiary, was exhausted during the year and shipments were therefore terminated. During 1957 Utah had: 60% interest in Lucky Mc 25% interest in Pima Mining Company 41. 25% interest in Marcona Mining Company Personnel Mr. Guy V. Sperry was elected as Vice President and Chief Engineer, and Mr. John M. Horrigan as Secretary. A Mr. M. C. Strittmatter was appointed as Director of the Department of Personnel Relations.