| OCR Text |
Show the san manuel copper corporation plant at san manuel arizona is a 58,000,000 joint venture by utah construction company as sponsor with the stearns-roger manufacturing company scheduled for completion in 1956 the contract includes designing engineering and construction of complete mining and refining installations including surface facilities refinery and railroads left setting a gyratory crusher in place the earnings were principally contributed from companies engaged in foreign mining and in foreign construction results from the hous ing companies were also a factor but varied widely with those com panies engaged in owning or operating housing projects being particu larly hard pressed to make a good showing dividends of 342,410 were received from affiliated companies and are included in the parent company income for 1954 no dividends were paid by subsidiary companies over-all earnings adding the parent company net profits to our share of the earnings of other companies results in a total of 3,961,208 for 1954 or 4.51 a share compared to a 1953 total of 2,961,018 or 3.37 a share investment in other companies as of october 31 1954 utah construction company had invested 7,822,590 in the capital stocks and receivables of other companies this investment was distributed as follows wholly owned subsidiaries 4,186,810 permanente cement company stock .... 253,029 other affiliated companies 3,382,751 total 7,822,590 the wholly owned subsidiaries earned approximately 460,000 in 1954 compared to 137,000 in the preceding year no dividends were paid during the year since any surplus funds of these companies are first applied to the repayment of advances from the parent company of the 4,186,810 invested in subsidiary companies 745,198 is in vested in capital stocks and 3,441,612 is represented by advances from the parent company during 1954 utah construction company reduced its holdings of permanente cement company by 12,425 shares which were dis trestle on the ore transportation railroad between mine and smelter areas driving piling for |
