Crisis in the Coal Code

WHATEVER the outcome of the Industrial Recovery Act, it has currently injected the first hope and optimism into the coal industry for more than a decade. Compared with the recent drab years the results are impressive: Bituminous production for the first ten weeks, 78,000,000 tons, may be compared with 63,000,000 last year; anthracite, 14,600,000 tons and 9,600,000 tons for the same periods, respectively, bringing the heaviest payrolls in ten years with individual checks reminiscent of former boom times. Hurried calls for long deferred new equipment and replacements have stimulated foundry and machine works and the -invigorating effect on the railroads is indicated by the first actual car shortage in a decade. And even in the welter of confusion over code prices, this heavy tonnage has moved at the most profitable figure the coal man has realized for many years, though with the large volume on old contracts, profits were not as large as many think.\