Word: coal
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Dates: during 1950-1959
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...harder than ever before on foreign policy during the absence of Foster Dulles. With Congress recessing and rushing out of Washington, the President scheduled a light week. He held his 155th press conference, ranged from summit talk to the possibility of using Texas cabbages to feed out-of-work coal miners in Kentucky and Pennsylvania ("I happen to be one of those people who likes cabbage in all its forms"). He welcomed a gathering of Governors calling at the White House to discuss proposed changes in unemployment-insurance laws. He chaired a meeting of the National Security Council. Then...
...unhappy exception in the generally flourishing economies of Western Europe is the coal glut; mountains of coal rise high alongside the smoking industrial chimneys. More than 14 million surplus tons clog Germany's Ruhr, and 20,000 miners have been laid off. Continued production at Belgium's notoriously uneconomic Borinage shafts (TIME, March 2) added to the stocks of 7,000,000 tons of coal already piled up in Belgium, so that, as one coal producer put it, "we literally have no more room anywhere to put the coal we produce which nobody will...
...glut is giving the six-nation European Coal and Steel Community the severest test of its six-year history. Eliminating frontiers and the barriers that go with them, the Community had progressed smoothly on a rising market. But coal's current slump provides a painful reminder that although barriers may technically be gone, barrier mentality is far from dead. The pressures of economic self-interest have begun to resist the supranational powers originally granted by treaty to the Community's nine-man High Authority...
...months, warning of a coming coal crisis, the High Authority urged member nations to cut back production. The Belgians largely ignored pleas to modernize their mines, close marginal producers. Germany's Ludwig Erhard resisted any imposition of production quotas. He preferred to slap domestic tariffs on imports from outside the area (including $4.76 a ton on U.S. coal) and higher taxes on other fuels to boost coal sales. Italy and Luxembourg want to continue buying cheaper U.S. coal, even if this is considered disloyal to surplus-ridden Community producers. The French hinted that they might not obey orders...
Secretary Anderson wants Congress to rewrite the laws as soon as possible to close the loophole before it gets any bigger. He will probably win his point. Aside from a few coal men and quarry operators, who argue that their crushing and washing operations are so basic that they should be included, most businessmen agree that the allowance could rapidly become too much of a good thing...