Word: coal
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Dates: during 1930-1939
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...anthracite (hard coal) industry is a $400,000,000 investment 99?% concentrated in Pennsylvania. It has been so long on the verge of ruin that last week there was no particular reason why Pennsylvania's Governor George Earle should bustle to Washington to ask Franklin Roosevelt to do something drastic...
...among anthracite firms which went into the courts were the $94,000,000 Philadelphia & Reading Coal & Iron Co. and the $10,000,000 Madeira, Hill & Co. The former, a protege of Philadelphia's Drexel interests, has been historically associated with the Reading Railroad. Incensed over Philadelphia & Reading's record of losing $24,000,000 in surplus since 1932, Federal Judge Oliver Booth Dickinson cracked: "There is something radically wrong with the Pennsylvania anthracite industry that it can run up ... inordinately high prices of coal to consumers. The tendency has been for management to take far more than...
Adviser William Jett Lauck, has been something less than successful. Unable for eight months to agree on recommendations, it finally issued a series of reports, most of which failed to make headlines though they did establish pretty thoroughly the basic troubles besetting hard coal. Among them...
Bootlegging. In Philadelphia & Reading's petition under the Bankruptcy Act it cited the loss by 'legging of 4,000,000 tons annually. But this highly publicized illicit trade is no longer what it was. Several States have legislated against bootleg coal, leaving Philadelphia almost the sole market; surface outcrops suitable for bootleg mining are approaching exhaustion. Bootlegging never accounted for more than 8% of the total anthracite output, probably employed only 20,000 men at its peak. Last week the Commission guessed that it now employs...
Other Fuels. In 1899 hard coal accounted for 22.1% of fuel-produced energy, oil and gas 7.9%. In 1935, anthra-city provided 7.9%, oil and gas 38.1%. Only lately have hard-coal men bestirred themselves to fight this trend. Anthracite Industries, Inc., supported by $1.000,000 contributed yearly by 70% of the industry, is now at work on improved furnaces, stokers, plastic cement from coal ashes, etc. Anthracite equipment dealers claim a 50% increase in sales in the first nine months of 1937 in 21 eastern cities against a 7% gain in oil burners...