We were able to supply the entire American demand and prices fell from eighty to fifty dollars per ton as a consequence.
While testing the ores of Virginia we found that these were being quietly purchased by Europeans for ferro-manganese, the owners of the mine being led to believe that they were used for other purposes.

Our Mr.Phipps at once set about purchasing that mine.

He obtained an option from the owners, who had neither capital nor skill to work it efficiently.

A high price was paid to them for their interests, and (with one of them, Mr.Davis, a very able young man) we became the owners, but not until a thorough investigation of the mine had proved that there was enough of manganese ore in sight to repay us.

All this was done with speed; not a day was lost when the discovery was made.
And here lies the great advantage of a partnership over a corporation.
The president of the latter would have had to consult a board of directors and wait several weeks and perhaps months for their decision.