Business: Gloom in the Valley

In its Panther Valley mines in eastern Pennsylvania, the Lehigh Navigation Coal Co. was in trouble. Last year it lost $3,400,000; this year the losses increased because of rising costs and a dwindling market. On May 3 the company, coalmining subsidiary of Lehigh Coal & Navigation and fourth biggest U.S. hard-coal producer, shut down the mines, threw 4,000 miners out of work. Later it offered to reopen the mines if the United Mine Workers' locals would agree to "work harder, produce more." Since there are almost no other jobs in the valley, five...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!