An Asbestos Trust.
Those interested, but not dealers in fireproofing goods will hardly be pleased to hear that an asbestos trust has been formed. Pennsylvania took the initiative and out of its four or five producing mines formed the Amalgamated Asbestos corporation, capitalised at $25,000,000. Canadian financiers have followed suit and joined in the underwriting of a $7,500,000 bond issue, secured by 3,346 acres and the several plants, agreements and contracts. It is claimed that the demand for asbestos has increased steadily, and today exceeds the supply, so that prices have increased in consequence. The official output in tons is thus given: 1901. 24,000; 1903, 31,000; 1906, 55,000; 1908, 68,000. Asbestos is a natural product, of which the Province of Quebec has a practical monopoly. Upwards of $21,000,000 worth of asbestos fibre has already been produced in Canada.