1954

              1954
Utah Construction Company had so expanded and diversified its activi-
ties during this period that it appears timely to review briefly the prin-
cipal phases of the Company's business.   In general, the parent company
was both an operating company and a holding company.   It carried on a
diversified construction operation in the United States and its possessions.
It was also engaged in open-pit mining of iron ore and coal while conducting
exploratory work in a number of other mineral fields.   In addition to
working capital, these activities required the substantial investment in
equipment and other fixed assets carried on the parent company's books.
Besides these assets, the Company at the close of its 1954 fiscal year
had invested its funds in:
Six wholly-owned subsidiaries (two of which were minor in importance)
engaged in foreign construction or mining activities.
Thirty-four active affiliated companies and four affiliated companies
then in liquidation.   Of the active companies, one was in foreign heavy
construction, three were concerned with mining, selling and the trans-
porting of Peruvian iron ore, twenty-nine were in the business of
constructing, owning or operating housing projects, and the last was on
investment in the Permanente Cement Company of which Utah in 1954
owned 4,4% of the total stock outstanding.    During this year Utah
reduced its holdings of Permanente Cement Company by 12,425 shares
which were distributed as a dividend to its stockholders.
Besides its investment in securities above, the Company purchased for
resale and development approximately 6, 000 acres of land in the San
Francisco Bay area under purchase contracts.   These properties would
soon be the source of future construction work,
Allen D. Christensen was elected President at the Annual Stockholders'
Meeting in January, 1954.   He succeeded Mr. Lester S. Corey who
retired from active management after more than 53 years of faithful service. 
During 1954 Utah and its affiliated companies directly or through joint
venture were operating in Alaska, Canada, Mexico, Panama, Colombia,
Peru, Haiti, Korea, Guam and Australia.   The services performed included
engineering contracts, consulting activities on mining operations, resid-
ential and non-residential buildings, highways and heavy construction work.