part of 1909, the Catskill Cement Company, located near Catskill, N. Y., was purchased, and in 1917, the plant of the Thos. Millen Co. at Jamesville, N. Y. Still further units were acquired during the latter part of 1920, when three additional plants in the Middle West were purchased, namely, at LaSalle, Illinois, Bellevue, Michigan, and Ironton, Ohio. With the acquisition of these properties, the company now owns ten plants, strategically located with respect to distribution, and serving a territory extending from the Atlantic seaboard to the Mississippi. As stated in another paragraph, the original capitalization of the company was $500,000.00. At various times this was increased until the present capitalization is $25,000,000.00, consisting of 250,000 shares of stock of the par value of $100.00 each, divided into 230,000 shares of common and 20,000 shares of preferred. There is outstanding at the present time the entire preferred issue and 158,000 shares of the common. The officers are as follows: President, G. S. Brown, Easton, Pa.; Vice Presidents, F. G. McKelvy, Easton, Pa.; C. A. Irvin, Chicago; F. M. Coogan, Easton, Pa.; Secretary, R. S. Gerstell, Easton, Pa.; Treasurer, John J. Metthes, Easton, Pa.; Assistant Treasurer, F. G. Lyons, Easton, Pa.; Assistant Secretary and Assistant Treasurer, W. E. Viets, Chicago. The company maintains two general offices, the parent one being located at Easton. Pa. with a second at Chicago, TI. The total man-hours worked during the year of 1920, amounted to 6,033,489 hours. Using an average of 3,000 hours per man per year, we find that the average number of men employed at the plants amounted to 2,011. The total payroll for the same year amounted to $3,030,306.34. The Alpha Company manufactured during the year 1920, slightly in excess of 24,000,000 sacks of Portland Cement. This latter figure, however, does not begin to represent the true output of the works, which at full capacity could manufacture more than 32.000.000 sacks per year.