as raw products materials which have progressed through 
other stages of manufacture in the coal tar and oil industry, 
and the hydro-electricity used is practically all labor, since 
it represents the harnessing of water. 
Coal, limestone and water power are not found in 
proximity to the bauxite. In America the bauxite is carried 
400 miles to the plant which refines it. The resulting 
alumina is transported from 600 to 1200 miles to the point 
where hydro-electricity is available. 
Beginning in 1888, with an investment of $20,000, in a 
plant 20 feet by 100 feet in size, with a daily capacity of a 
few pounds of aluminum and employing five persons, the 
Aluminum Company of America has grown into a corpora- 
tion with an investment of $200,000,000 in more than 20 
plants, having a capacity of 170,000,000 pounds a year, and 
employing 20,000 people. Its payrolls aggregate $24,000,000 
a year, and its taxes, municipal, State and Federal, are 
$3,200,000 a year. The company was recapitalized and re- 
‘ncorporated in July, 1925. For the ten years ending 
December 31, 1926, the net income of the company after 
taxes and depreciation available for interest has averaged 
ver $12,000,000 per annum and for the last three years such 
aet income has been, respectively: 1924—$13,425,266.69; 
1925—$22,891,505.40; and 1926—$19,747,068.85. 
The company has acquired a large water power on the 
Sanguenay River, in the Province of Quebec, and has con- 
structed there a large almuinum producing plant, which is 
now in operation. The company and its subsidiaries own 
and operate plants at East St. Louis, Ill, Niagara Falls, 
N.Y.; Massena, N. Y.; Edgewater, N. J.; New Kensington, 
near Pittsburgh; Shawinigan Falls, Quebec; Toronto, On- 
cario; Badin, N. C., and Alcoa, Tenn. Ample deposits of 
oauxite are owned in Arkansas, British Guiana, Dutch 
Guiana, and other foreign countries. 
The offices of the Aluminum Company of America are 
in the Henry W. Oliver building, Pittsburgh. Arthur V. 
Davis is president; the vice presidents are Roy A. Hunt, 
R. E. Withers, E. S. Fickes, Edward K. Davis, C. H. Moritz, 
W. P. King and G. R. Gibbons. G. R. Gibbons is secretary 
and R. E. Withers is treasurer.