buckets. By reason of its portability and adaptability to 
a wide range of uses it sprang into the favor of road building 
and ditching contractors and engineers. A large and 
profitable business was added to that already enjoyed in 
drills and pumps. Out of accumulated profits and surplus 
the company declared in January, 1924, a stock dividend and 
offered an additional amount of stock at par to stockholders. 
The total amount offered was immediately taken up. The 
said up capital stock at present is about $2,000,000. 
A good business has been enjoyed during recent years. 
The total annual business has increased considerably over 
1009, from 1916 to 1926. The main plant at Beaver Falls 
covers about nine acres and employs over 400 men, most of 
them skilled mechanics. It includes several modern ma- 
chine shops, gray iron and steel foundries, wood working de- 
partment, boiler shop and forges. Branch offices are main- 
tained in New York, Chicago and Joplin, Missouri. Ware- 
aouses and small manufacturing plants are conducted at 
Arlington, N. J., and Joplin, Missouri. Keystone Well 
Drills and Excavators are widely used throughout the 
United States and abroad. Forty-four years of fair-dealing 
nave won the confidence of coutractors and engineers 
throughout the world. 
Of the founders of the Company, but one man remains, 
James D. McAnlis, the revered president of the present 
board of directors, which includes also the following names: 
Robert Rex Downie, secretary and general manager; Charles 
T. Smith, treasurer; John Warren, vice president; and J.Vale 
Downie. sales manager. 
LADD WATER TUBE BOILER COMPANY 
The Ladd Water Tube Boiler Company was organized 
in 1910, under the name of The George T. Ladd Company, 
the firm name being changed in 1925, to Ladd Water Tube 
Boiler Company, becoming a subsidiary of the International 
Combustion Engineering Corporation of New York. The 
Ladd Company is a Delaware Corporation with a capital- 
ization of $7.631.,000., and has a large number of boilers in