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By way o f ' s h o w in g t h e p o s s i b i l i t i e s o f o u r d e p o s t and t h e r e f i n e d p r o d u e t fr o m i t , l e t us c o m p e r e ' them- w i t h o t h e r d e p o s i t s ip; th e U n i t e d S t a t e s and i n K u ro p e: Our d e p o s i t i s s i t u a t e on t h e e a s t s i d e o f t h e c o a s t r a n g e s o f m o u n t a i n s , p r a c t i c a l l y upon a t r a n s ­c o n t i n e n t a l l i n e o f r a i l r o a d , a n d from f o u r t o 700 'm i l e s n e a r e r t h e g r & a t c e n t e r s ' O f vise l a t h l tU k.'tfcan a r e o t h e r d e p o s i t s , o f the;-' U . S . , O t h e r U .8 . d e p o s i t s , c a n w i t h c a r e , p r o d u c e m a g n e s i t e t h a t a v e r a g e s fro m Ob t o 9 4 /»? me.gneeium c a r b o n a t e s , b u t th e m a j o r i t y o f them h a v e t o mine from e i g h t t o t e n t o n s o f r o c k t o g e t one t o n Off m a g n e s i t e m a t e r i a l , a n d many o f them h a v e d i f f i c u l t y i n - g e t t i n g i t up t o S 1%# t h e d c l i t e r i o u s mat • e r , i n most c a s e s > i> e in g s l i c e o r lim e in q u a n t i t i e s o f fro m 4 t o 10% i r r e g u l a r i t y o f t h e c o n s t i t u e n t p a r t s o f t h e i r , p r o d u c t i s s u c h , t h a t i t i s i n no s e n c e a s t a n d a r d i s e d pro l o o t , tl r e l i e d uoon f o r m a n u f a c t u r i n g p u r p o s e s ; F o r w h ic h r e a s o n 1 p o s s i b l e t o us® i t f u r a /Treat v a r i e t y o f p u r p o s e s t h a t a p r o d u c t c o u l d be uded f o r , u n l e s s i t s h a l l f i r s t h a v e been 11 c a n . be I t i s n o t standard# *! t r e a t e d hy t h e h i g h c o s t a c i d p r o c e s s e s , w h i c h makes tl it o f i t p r o h i b i t i v e You w i l l p e r h a p s r e c a l l , t h a t t h e m ost d e s i r a b l e m a g n e s i t e ; f o r many r e f r a c t o r y and o t h e r - p u r p o s e s , cosues from A u s t r i a , T h i s m a t e r i a l c o n t a i n s a p p r o x i m a t e l y 4% o f l im e ; b-1*, o f s i l i c a and 8 * o f i r o n , i.l O f w h ic h * ,a re u s u a l l y , p r i t t y u n i f o n a a l l y d i s t r i b u t e d t h r o u g h i t \ s h r i n k a g e rtT 9 |ic8 | t o a -v e ry o ^ J < ? e r a 1 ? l f d e g r e e * ity ^ lo o rlrie;r h e n 'rth s and h i g h g r a d e f i r e b r i c k ( t h e l n t - - t e r , b y t h e w a v , i r e s e l l i n g th e i r o n c o n t e n t p r e v e n ts i n t h e m a r k e t s a t p e r 1 .0 0 0 ) c a n n o t , h o w e v e r ,b e s u c c e s s f u l l y ^ u s e d f o r lo a k e in g t h e " u x a l i e a dements*' f o r m a k e in g a r t i f i c i a l tnarfocl and a g r e a t v a r i t y o f o t h e r p r o d u c t s , w i t h o u t f i r s t undergD»i'.?,r ,th a f o r e - s a i d a c i d t r e a t m e n t . W ith t h e r e f i n n i n g p r o c e s s we w i l l u s e , a f t e r - t h e s i l i c a has. b e e n rem oved we w i l l th e n h a v e a c h e m i c a l l y p u re m a g n e s i t e , b o t h ' :p' c a r b o is a t d s and s u l p h a t e s , f r e e fro m t h e d i s t u r b i n g e l e m e n t s o f s i l i c a and lim e o r - ' O t h e r ' i m p u r i t i e s , w h i c h u n d e r , d r « a c a n l i t i o a s can " a l g p - en d ed upon t o p ro d u c e u n if o r m r e s u l t s , and f u r t h e r s .men a n y p e r - 'e h a t a g e " o f i r o n may be r e q u i r e d i n t h e m a t e r i a l f o f m e e t i n g ' s p e c i f i c e -p u r p o s e s , th e " a s s e t ' p e r e e n t a g e d e s i r e d c a n b e a d d e d , b y m i x i n g i r o n , i n s o l u t i o n , w i t h t h e m a g n e s i t e , a f t e r t h e s i l i c a and l im e h a s b eeh rem oved and w h i l e t h e m a g n e s i t e i s s t i l l i n s o l u t i o n . i t h a s b e en d e m o n s t r a t e d - .. t h a t i t can be so t h o r o u g h l y m ix e d In t h i s m a n n e r,th fe s e v e r y cu b e' o f t h e m a g n e s i t e t a k e s up i t s r e l a t i v e l y e q u a l p r o p o r t i o n o f t'n© i r o n , t h e r e b y p r o d u c e i n g a f u l l y s t a n d a r d i s e d p r o d u c t , t h e r e f o r e ; , e i t h e r ' ’ a s a m ire m a g n e s i t e o r ns a compound we w i l l h a v e a p r o d u c t , t'V it c m be r e l i e d upon t o p r o d u c e u n if o r m r e s u l t s i n m a n u f a c t u r i n g , a w on der­f u l ! a s s e t t , w h i c h c o u p l e d w i t h cheepnes® o f p r o d u c t i o n i s bound t o g i v e us t h e m a rk e t i$e h a v e t h e l a r g e s t m a s s i v e d e p o s i t i n t h e U n i t e d 3t a t e s , l t i s n e a r e r t h e g r e a t c a n t e r s o f u s e a a n y o t h e r ,a n d . t h e p r o d u c t can be r e f i n e d and p l a c e d upon th e m a r k e t a t a J e s s c o s t than i'rp « a n y , u n l e s s , p e r h a p s , i t may b e t h e W e l l i n g t o n h o p a i t v il n th e l a t t e r t h e y do f i n d e lest Wes o f c o m p a r a t i v e l y p u re m a t e r i a l , b u t o u r p r o d u c t w i l l h a v e t h e e d g e o v e r ifoiS){^ i n th e m a r k e t s , i n t h e m a t t e r o f r e a l ! U n ifo rm q u a l i t y , f o r w h ic h r e a s o n o u r p r o d u c t can'.'foe1 u s e d f o r iaapy purposes t h a t i s i m p o s s i b l e w i t h t h e W a s h in g to n - p r o d u c t . rou a r e p e r h a p s a w a r e , t h a t m a g n a H u m ,o r m e i i a l i t T o n l y -th re e f i f t h s t h e w e ig h t- aft a lu m in u m ,b u t h a s | - ghe-hi nr-' ha's > o f t h e t e n s l l && s t r e n g t h o f t h e b e s t g rad e' s t e e l , h e n c e i t i s t h e o o m iln g m a t e r i a l ' f o r a i r - c r a f t , l o n g d i s t a n c e e l e c t r i c a l t r a n s m i s s i o n , a n d a - m u l t i t u d e " o f o t h e r .p ro d u cts^ f.o e p r o c e s s f o r i t s m a n u f a c t u r e , w i l l b e l a r g e l y e i c c t r i e i l l . d e v e lo p m e n t' o f e l e c t r i c power on t h e C o lo r a d o --Iv o r i a n«it f a r d i s t a n t • C o n s i d e r i n g t h e enormous q u a n t i t y o f o u r m a t e r i a l , i n c o n ­n e c t i o n w i t h t h e f a c t , t h a t we h a v e p r a c t i c l o c a t e d w i t h i n a d i s t a n c e o f a fe w m i l e s f r r e d f o r i t s r e f i n e m e n t , may we n o t , w i t h r e a s o n , i e v e , and l o c a l i t y i s bound t o become t o t h e r a g r P i t s b u r g e i s t o t h e s t e e l i n d u s t r y , o f c o u r s e I sense. 11 a l 1 o f t h e mat © r i a l i t , t h a t w i l l r e q u i f b e l l re t h i s H I o $ i t - «vi t e ' in d u r . t r y , w.ftart I eiean th i s ’ in - 'r e l a t ifee terras u n d e r w h ic h we w i l l h a v e t h e u s e o f t h e r . e f i n i n g p r o c e s s a r e a s f o l l o w s : A f t e r th e o p e r a t i n g and, u p - k e e p e x p o h e e s . a r e . p a i d , a t t h e end. o f. e-iek m o n t h ,t h e company w i l l r e t a i n from th e a c t e a r n i n g s o f t h e b u s i n e s s , f o r i t s own u s e , th e s u e o f One u o i l a r (;;3l)•' p e r t o n f o r e a c h and e v e r y i o n o f raw m a t e r i a l t n a t g o e s from t h e 4 d e p o s i t ; t o t h e r e f i n e r y d u r i n g t i e - p r o c e e d in g .m onth, w e . e r e next-, to- ; .p ay t h e p r o c e s s p e o p le .45;:* and o f -:t.he' . r e m a i n o r o f t h e n e t p r o c e e d s and sv® k e e p t h e 5“*%' r e s i d u e * i t .|t?ny s e e * -we wil.l paying a. heavy royalty for the use off ' the-..process;:«hich/• w$life"-''., be true while s a r , p /riccs for the material continue, hut after the «rai> vL-'u eottditlaBe have ' become normal-, our comp® tors. vrilJ hot the* be the il. . deposits (fo r , they w ill then nearly, i f not nil, he |m *| to f>;o out of nbusiness) but the European product; then iJiat ti the qpiapanys net earnings w ill probaly not average more than Itr ||; ier ton. 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