right a chronological photographic r n consecutive days progress in the slip . the head hou background is the lallest structure of its construction during 1955 utah construction company directly or through joint ventures and subsidiary companies continued to perform a wide range of construction work in the united states and abroad construction per formed during the year included the building of dams power plants office buildings tunnels industrial plants mills atomic energy installations railroads commercial buildings contract mining and stripping grain elevators hospitals food processing plants military and naval installa tions public and private housing and harbor work since mid-1953 our backlog of uncompleted work on hand steadily declined until the end of the first quarter of 1955 because of this trend we began the year 1955 with a lower volume of uncompleted work on hand than your company had experienced for some time as a result construc tion volume in the first nine months of the fiscal year was relatively low while volume increased rapidly in the last quarter construction income did not increase commensurately because of the heavy-expenses ordinar ily experienced in getting new work under way as a result of these factors construction income declined below the levels of the preceding year this was also true in the case of our construction affiliates operating in the united states these companies are entirely concerned with residen tial construction and reported substantial profits in 1954 the large proj ects on which they were working were completed during that year their