The Bridgeport times and evening farmer., 1918-07-06
VAST QUANTITIES OF IRON ORE
 LANDS OFFERED TO THE US.
 BY WILLIAM R. H|NSDALE

Etghty-S1x thousand acres Of iron ore lands in the State>of Virginia, the intrinsic value of which, it is estimat- ed by experts, exceeds $4OO, 900, in exchange for $20,o00,00O in Liberty Bonds of the next issue is the propo- sition that has been made to Secre- tary McAdoo by William R. Hinsdale, consulting engineer and metallurgist of national reputation whose home is in Orange and who has offices in New ark and in New York.
 The property is part of the estate of the Hon. Peter McLaren, a life Sem ator in te Canadian Parliament, who, it is explained, desires it's acceptance by the United States Government at a fraction of its present and prospec- tive value rather than let it pass into private ownership. The property has been owned by MT McLaren for more than thirty years.
 In the communication sent last week to Secretary McAdoo in behalf of Sen ator McLaren, MT. Hinsdale says: T herewith submit the following propo sal for the purchase of $20.000,000 in anticipation of the Fourth Liberty Loan Bonds, payment to be made for them in full by the transfer of title to 86,000 acres of iron ore lands in the State of Virginia, and also to give g. substantial bonus to the people of the United States The present intrinsic value of the bonus will exceed $400,- 900, ,Oo0."
 MT. Hinsdale then describes the property as a tract of 135 square miles containing more than 400, 900, 900 tons Of iron ore immediately available for the manufacture of the very best quail ity of steel for all requirements of the government.
 A Government Need.
 He directs the attention of the Sec retary to the fact that at the present time the United States Government owns no iron ore and Is now in a sad plight for lack of it.
 With a little personal effort on your part, MT Secretary" MT. Hins- dale writes, t'in speeding up Congress with it's passage of the bill for the purchase of this property and allot- ment of the bonds, much may yet be done to save the country from pend ing disaster through it's lack of iron ore and steer
 In a supplementary statement MT. Hinsdale declares that government ownership of the McLaren property and it's proper use would have saved one-half of the present cost of ship building for our merchant marine and scrap unless we take advantage of navy and that it would have enabled us to furnish all the steel required by Japan.
 Charles M. Schwab is quoted as saying recently at a dinner at Harris burg that at the rate the iron ore sup ply in the Lake regions is being drawn upon, commercial ores will be approximately exhausted within a less period than ten years, and that foreign ore must be relied upon for manufacture
 Accompanying the communication to Secretary McAdoo is an official sur vey and maps of the property, a re- port of the state geologist of Virginia and analysis by a number of experts giving their conclusions as to the qual- ity and quantity of the iron ore and kindred substances on the property
 UIiearned Increment.
 Md. Schwab is further quoted as ex- pressing the opinion that the unearn- ed increment of value of such iron ores in twenty-five years will be near CT five times the present estimate.
 In discussing his proposal to the government, MT. Hinsdale declares that five blast furnaces of $50 tons daily capacity each, with the appur- tenances required, could be completed within one year, ready for operation. These five blast furnaces, he observes, in three years operation would pay the cost of the property and their own cost, the cost of the new Navy Depart ment Building, estimated at s4,Ooo.- GOO, and by reason of the very con servative estimate of tonnage will still leave a credit account of more than $400, 900, 900.
 In an interview with the Ledger the other day, MT Hinsdale said it was prophesied in May, 1917, that " a real famine in American pig-iron is he lieved to be at hand, with the result that already high prices will go sky- rocketing in earnest. It is predicted by competent authority that No. 2 foundry iron, now considered high at $33, will go to S65 and even $75 with in six months. The same authoritv predicts that standard low phos. now averaging s54 a ton will go to s125 -A-s-ls- z1-aa.s