The Washington herald., 1918-01-18
US. LEADS ALL
In MINERALS
Early Predictions 'of Vast
Productions Have All
Been Paralized.

as he did, before a group of British
coal operatives, that the time was not
dIstane, perhaps twenty-five years,
or perhaps a little longer, when the
United States would be taking from
her coal beds a larger amount than
Great Britain did. His prediction
caused much amusement, for at that
time Great Britain was mining three
times as much coal as the United
States.
The prediction has been justified.
The United States Is now producing
many million tons more Of coal year
than Great Britain II 20 happens
that this time Great Britain Is under
stood to have a surplus of coal while
the United States, because Of extra
ordinary emergencies, has no surplus,
or II It has any. it Is found impos-
sfble to get It speedily to places where
it Is needed
In the early nineties Abram S.
Hewitt, when speaking before the
members of the Steel and Iron Insti-
tute of Great Britain. stated that in
the course of q few years the
United States would be producing
a considerably greater amount Of
steel and iron each year than Great
Britain. High an authority as Mr..
Hewitt was esteemed, even In Great
Britain, this prediction also caused
amusement.
Mr.. Hewitt lived long enough to
see il justified. II he were living
today he would be able to say to his
English friend that one American
corporation expects to produce In
the year 1918 more steel than the
entire output for the year OF Ger
many.
Charlie. N. sehwab's Prediction
Several years ago Charles NJ.
Schwab was quoted as having said
that by the year 1890 the United
States would be producing at least
4O,0O0,D00 tons of pig-iron a year.
Last year-three years earlier than
the date fixed by Mr. Schwab-the
production of pig-iron in the United
states was 3s.5OO. 900 tons. The pro-
duction should be equal to or sur
pass the estimate Of Mr.. Schwab by
the year 1920.
In the mid-years Of the past century
the brass manufacturers Of Connecu-
cut were accustomed to go to Balu-
more two or three times year Tor
the purpose of buying copper. Tne
chief copper smelling works OF the
United states were at that time To-
Gated near Baltimore.
The brass manufacturers entered IN
to an agreement which today would
be a violation of the law. They de-
cided among themselves what the price
should be which they would pay for
the copper and they held to that agree
ment and got the copper upon those
terms In that way they secured the
copper upon even terms for all.
Our production of copper was small
in those years. And even as late as
1890 our copper mines yielded only 30.
900 OOO pounds. Now we have reached
and far surpassed the record made
by any other nation as a copper pro-
dueer for in 1917 mines owned BY or
operated by Americans yielded 1882
10000 pounds, the value of which was
a little in excess of 500. 100000.
There are excellent reasons for sur
missing that this yield will be increased
although the increase may not come
entirely from American mines, out
will nevertheless reflect American cap
ftaL
The world will be compelled to come
tn the United States for copper after
the war is ended. Some of the eX-
perts are of the opinion that within
a few wears, or speedily after trans
portation has been perfected, Alaska
alone will be found yielding each year
200 900, 900 pounds of copper at least
Therefore in coal, in steel and pre-
,nrnabIy in pig-iron and also in cop
ner the United States has gained su-
premacy among the nations OF the
world in the production Of these min
erals.
A Lawyers Great Estate.
There continues to be much interest
ing discussion created by the onclai
announcement that the net estate OF
the late Joseph H. Choate, aggregates
a 10000. There probably was not
lawyer of New York City who was
not astonished when the publication
of the inventory of the estate was
made.
Mr.. Choate was estimated to have
accumulated about 100000. Many
wondered how he found it possible
TO maintain himself and his Embassy
at London for six years, in the style
he adopted without having made Sc
rious inroads on his principal. Now
they know. His income must have
been not far from 10000 q year, GER
tainly for the past fifteen or twenty
years.
Yet Mr.. Choate was not known as
speculator or even as an investor In
various securities. Now 1t appears
that he was one Of the wisest as well
as most secretive of investors al
though Il is possible that he may oc-
casfonally have received excellent ad-
vice.
Presumably he began years ago to
invest his income in securities and
was very discreet in every transac-
ton Of that kind. Almost all of the
, securities which the estate inven-
toried were of high and all Of them
of fairly good grade.
1t Is commonly said that this es-
tate of a little over 4.50O.000 Is the
largest ever left by an American law
yer who confined himself exclusively
to the practice Of his profession The
value of the estate is larger than
that Of the late John G. johnson.
OF Philadelphia, and that was thought
at the time of Mr.. Johnson's death
by one who devoted himself exclu-
sively to professional practice.
Mr.. Choate's estate was much larger
than that Of his partner, William
II. Evarts. and greater by s1,500,0o0
than the estate Of another partner.
the late Charles T, Southmayd.
Unlike Mr.. Choate, Mr.. Southmayd
invested his income in no other se-
curities than national and state bonds,
preferring this kind Of an investment
because he had no anxieties about
his money; he was satisfied with the
Z income, for he lived without any
,ostentstion and he was not called
upon to pay any taxes upon this
property.