Aluminum Profits and Caribbean People

Abstract

When Arthur Vining Davis, long-time head of the Aluminum Company of America (Alcoa), died last year, he left behind $400 million. Of this, $1 million went to his secretary, about $100 million to the United States in taxes, and $300 million to two Arthur Vining Davis foundations. Income of the foundations—more than $13 million a year if the principal were simply banked—is to be used "for such charitable, scientific, literary, and educational purposes within the United States and its possessions as the trustees shall see fit." A princely legacy, bequeathed to uses of broadest latitude.

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