Word: coal
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Dates: during 1960-1969
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...three decades, until his retirement in 1960, John L. Lewis reigned as the uncrowned monarch of West Virginia, where coal is the fundament of kingdom. His heir as boss of the United Mine Workers is no seigneur. After six years in the job, W. A. ("Tony") Boyle is threatened by a rank-and-file revolt that would have been inconceivable in John L.'s day. The disaffection has seriously weakened Boyle's grip on the union, and could even cost...
...U.M.W.'s 140,000 members are vociferously and increasingly critical of the union's cooperation with the coal industry. Their partnership has made U.S. coal miners by far the best-paid in the world (average: $7,000 a year) and created an industry so highly mechanized that American coal is cheaper than the domestic product in most of Europe -even in Newcastle. Yet cooperation can go too far. In 1968, the union was found to be conspiring with the Consolidation Coal Co. to create a monopoly in the soft-coal industry and was ordered to pay half...
...that the administration called the police, they gave us the chance to have a taste of what outside society (might we call it the "real world"?) is like; we had a slight exposure to the suffering that black men, or coal miners, or striking factory workers, or draftees face every day. Rather than condemn the University administration, I think we should actually be grateful to them for giving us perhaps the most valid educational experience we could have had during all our years here. Barbara Brandt Research assistant, Graduate School of Design
...well produces, the depletion write-off continues, even if the original cost of exploration and drilling has been recaptured 19 times over-as typically occurs. Other treasures from the earth and seas rate lesser but equally arbitrary allowances: 23% for uranium, 15% for copper, silver and gold, 10% for coal, 5% for oysters, clams and clay for flower pots. The theory is reasonable: extraction depletes natural resources. But oilmen lately have made enormous discoveries in Alaska and elsewhere; the U.S. has enough proven oil reserves to last for 20 years...
Last week Riklis, 45, completed a major step in that direction. In a somewhat serpentine financial maneuver, Riklis last December had Rapid-American Corp., the keystone of his corporate complex, make a friendly tender offer designed to strengthen his holding in Glen Alden Corp. Glen Alden is a onetime coal company that Riklis has been using for acquisitions in such areas as Playtex underwear, B.V.D. shorts and, most recently, Schenley Industries. The company had been under the rather tenuous control (14%) of McCrory Corp., a retailing outfit that is 51%-owned by Rapid-American. Thus, by exchanging Rapid securities worth...