On January 1, 2016, Metco, Inc., reported 276,000 shares of $3 par value common stock as being issued and outstanding. On March 15, 2016, Metco, Inc., purchased for its treasury 2,600 shares of its common stock at a price of $37.00 per share. On August 10, 2016, 840 of these treasury shares were sold for $48.50 per share. Metco's directors declared cash dividends of $0.70 per share during the second quarter and again during the fourth quarter, payable on June 30, 2016, and December 31, 2016, respectively. A 5% stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year