USA > Pennsylvania > Luzerne County > Wilkes-Barre > A history of Wilkes-Barre, Luzerne County, Pennsylvania : from its first beginnings to the present time, including chapters of newly-discovered early Wyoming Valley history, together with many biographical sketches and much genealogical material. Volume V > Part 9
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The Hazleton National Bank was founded in February. 1890, though it really might date its history back to May 23, 1871, when the Hazleton Savings Bank was organized and began business with a capital of $30,000. The National bank succeeded this savings bank of Hazleton by purchase in 1890, when it received its National charter, No. 4204. The original capital of the Hazleton National Bank was $100,000 and its first officers were A. S. Van
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Wickle, president; Frank Pardee, vice-president; A. M. Eby, cashier. Its paid-in capital in 1926 was $500,000 ; its surplus was $936,160, and its deposits totaled to more than five and a half millions of dollars. The officers at that time were: I. P. Pardee, president ; Frank and J. L. Pardee, vice-presidents, and B. E. Kunkle, cashier.
The Wyoming Valley Trust Company of Wilkes-Barre was organized in 1893, the first trust company, as latterly constituted, to be formed in Luzerne County.
The year 1893 was another of those of financial stringency in which even the very strong banks find themselves sorely strained to meet banking demands after one or two of the greatest have temporarily closed their doors. The failure of the great English banking house of Baring Brothers and Company, in 1890, shocked the world and started a period of depression. There has prob- ably never been such a money famine in the United States as that of 1893. The political strife over free silver had shaken confidence in the National prospects. The storage of silver as bullion by the United States Treasury had inflated the paper currency, and, after the Baring failure, Europe began to call in her loans and investments in this country. The closing of some banks started a scramble for coin, and in a few days the hoarding of money had swallowed up all our circulating medium. "No other civilized nation ever experienced such a currency famine"; but the country was to witness another such hoarding of metallic currency in 1907. Early in 1893, the United States Treasury was "scraping on bare bottom." Soon, "there was not a gold dollar in the Treasury," and the bank crashes followed. President Cleveland ended the unnatural inflation of currency by repealing the law which compelled the purchase of silver, and Mckinley, in 1896, pledged to sound money and a protective tariff, brought a more satisfactory state of mind into financial cir- cles, but the National banking system had suffered severely. The uncertainty of National politics of recent years had influenced several of the National banks to give up their Federal charters and reorganize under State laws.
In Pennsylvania the Trust Company Law seemed to promise better scope for banking business ; the trust companies came under the General Corpora- tion Act of 1874 and its supplement of 1889, and had certain privileges which were attractive, but nevertheless had to conform with certain adamant require- ments which were distinctly protective. Hence, the trust company form of banking promotion, or reorganization, became increasingly evident in Penn- sylvania between the two periods of National stringency-1893 and 1907. By the year 1903 the funds of the trust companies of Pennsylvania aggregated $513,234,862.
Represented in this total were those of the Luzerne County trust com- panies. The Wyoming Valley Trust Company had gone on steadily through the periods of stringency. After twenty years of operations its capital paid in and fully pledged for the performance of its trusts, was $350,000. In addition, it had a surplus of $665.000. The officers then (in 1913) were: Fred Theis, president ; John T. Lenahan, vice-president, and J. N. Thompson, treasurer. Mr. Theis is still president ; W. B. Schaeffer, G. W. Moore are vice-presidents, as well as treasurer and secretary, respectively. At the end of 1926 the condi- tion of the Wyoming Valley Trust Company was reported as follows: Capi- tal, $350,000; surplus, $1,525,970; deposits, $5,869,670.
The Kingston Deposit and Savings Bank has been merged in the Kingston Bank and Trust Company now functioning. The former was established in 1896. In 1912 the officers of the Deposit and Savings Bank were: T. L. Newell, president ; E. M. Rosser, vice-president, and E. J. Evans, cashier. Its capital was $100,000, with surplus of $200,000. Fifteen years later (1927), the Kingston Bank and Trust Company was officered by E. M. Rosser, president, and E. J. Evans, cashier, both of the old company. T. C. Edwards is vice-
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president and secretary. The condition of the Bank and Trust Company at the end of 1926 was reported as: Capital, $950,000 ; surplus, $486,000; deposits. $5,126,160. In August, 1927, the directors of the West Side Trust Company voted to merge with the Kingston Bank and Trust Company, the consolidation creating an institution with resources totaling to about $13,000,000.
Banking was especially active during the first decade of this century. No less than nine new National banks were founded in Luzerne County, and in addition five State banks and trust companies were chartered. The National banks came into operation in the following order : Schickshinny First National Bank, charter No. 5573, in 1900; Freeland First National Bank, charter No. 6175, in 1902; Plymouth National Bank, charter No. 6881, in 1903; Nanticoke National Bank, charter No. 7406, in 1904; Dallas First National Bank, charter No. 8164, in 1906; Wyoming First National, charter No. 8517, in 1906; Avoca First National Bank, charter No. 8494, in 1907; Ashley First National Bank, charter No. 8655, in 1907; Luzerne National Bank, charter No. 8921, in 1907. The State banks organized were: The People's Savings and Trust Company of Hazleton, in 1905; the Wilkes-Barre South Side Bank and Trust Company, in 1906; the Dime Bank Title and Trust Company of Wilkes- Barre, in 1908; and the Citizens' Bank of Parsons, the Discount and Deposit Bank of Old Forge, and the West Side Bank of Pittston, in 1909. The growth of these fourteen institutions during the last fifteen years is shown by the following statistics :
Capital
Surplus
Profits
Shickshinny First National Bank:
1911-Jesse Beedle, president; E. W. Garrison, vice- president ; D. Z. Mensch, cashier ..... 1926-E. W. Garrison, president; R. W. Beedle, vice- president ; D. Z. Mensch, cashier.
$50,000
$25,000
125,000
125,000
$1,649,790
Freeland First National Bank :
1911-A. Oswald, president; G. S. Christian, vice- president ; J. G. Bell, cashier ...
75,000
15,000
1926-J. G. Saricks, president; S. S. Hess, vice-pres- ident ; G. S. Christian, cashier.
150,000
227,600
2,071,720
Plymouth National Bank:
1911-J. R. Powell, president; G. N. Postlethwaite, cashier : J. J. Moore, vice-president.
100,000
65,000
1926-Chas. Kuschke, president; C. L. Ashley, vice- president; W. H. Hayward, cashier
100,000
304,250
2,632,050
Nanticoke National Bank:
19II-A. A. Enke, president; A. Lape, vice-president ; E. M. Muir, cashier.
100,000
30,000
1926-D. S. Pensyl, president; E. J. Williams, vice- president ; R. R. Zarr, cashier.
100,000
321,060
3,078,170
Dallas First National Bank:
1911-George R. Wright, president; Reese D. Isaacs, vice-president ; F. Leavenworth, cashier ...
25,000
8,000
1926-Geo. R. Wright, president; D. P. Honeywell and C. A. Frantz, vice-presidents ; W. B. Jeter, cashier
50,000
30,810
539,460
Il'yoming First National Bank :
1911-W. J. Fowler, president: J. B. Schooley, vice- president ; Frank D. Cooper, cashier .
50,000
30,000
1926-W. J. Fowler, president; J. I. Shoemaker, vice- president ; Frank D. Cooper, cashier
50,000
215,000
1,540,000
Avoca First National Bank:
19II-Jno. F. Mclaughlin, president; Edward Laird, vice-president ; H. N. Weller, cashier .
50,000
25,000
1926-John F. Mclaughlin, president; J. Henderson, vice-president ; H. N. Weller, cashier Ashley First National Bank :
50,000
198,380
1,582,770
1911-W. B. Foss, president; W. A. Edgar, cashier .. 1926-The same officers
50,000
25,000
I 50,000
189,656
2,272,990
.
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Luserne National Bank :
1911-W. J. Parry, president ; Henry C. Johnson, vice- president; G. M. Harris, cashier.
50,000
20,000
1926-W. J. Parry, president; S. P. Frantz, vice- president ; W. W. Burleigh, cashier.
150,000
135,550
1,073,530
Peoples Savings and Trust Company, Hasleton: 1911-A. W. Drake, president; C. C. Heller, vice- president; M. G. Shennan, treasurer ; H. Ole- wine, secretary 1926-A. W. Drake, president; G. W. Wilmot, vice- president ; M. G. Shennan, treasurer ; W. A. Deisroth, secretary
250,000
500,000
4.500,000
South Side Bank and Trust Company, of Wilkes-Barre:
19II-Geo. T. Dickover, president; Henry Schappert, vice-president ; Roger F. Williams, cashier .... 1926-G. T. Dickover, president ; Hy. Shappert, J. G. Schuler, vice-presidents ; R. S. Williams, treas- urer ; G. M. Reiley, secretary. Dime Bank, Title, and Trust Company, of Wilkes-Barre:
75,000
25,000
125,000
179,350
1,740,900
1911-(As Dime Deposit Bank), Charles F. Hess, president ; J. Frank Hart, vice-president; O. R. Wolfe, cashier
200,000
100,000
1926-Ross H. Lloyd, president; A. G. Isaacs, J. E. Griffin; Z. S. Robbins, vice-president.
400,000
684,000
3.039,390
Citizens Bank of Parsons:
1911-Frank J. Scouten, president ; Fred V. Chase, vice-president ; Vincent A. Shindel, cashier .... 1926-F. N. Chase, president; J. W. Wall, vice-pres- ident ; Jos. L. Golden, cashier .
50,000
3,700
1926-T. J. Stewart, president; Frank Berger, vice- president ; R. E. Siebecker, cashier.
50,000
127,000
1,149,440
W'est Side Bank, of Pittston:
19II-L. B. Hillard, president; T. B. Mitten, vice- president : B. W. Tennant, cashier ..
50,000
1,500
[926-R. S. Brenton, president; S. J. Howell, vice- president ; B. R. Sayes, cashier .
50,000
21,050
639,340
Since 1907 the State has been gaining ground on the Nation in the matter of banking promotions. Although the first seven years of the twentieth cen- tury saw the founding of nine National banks in Luzerne County, and only two State banks during the same period, the two decades since 1907 have seen only five additional National banks organized in the county, but during the same twenty years twenty-six new banking institutions of Luzerne County have elected to operate under State charter. The inference is that the banking laws of the Commonwealth have lost their one-time looseness and as now framed give the State a banking system as steady and well protected as that of the Nation. It is, of course, not possible to do without the National system, but the State system now amply supplements it, and for some phases of bank- ing is preferable.
The National banks incorporated since 1907 are: Edwardsville People's National Bank. in 1910: Pittston Liberty National Bank, in 1920; Nescopeck National Bank, in 1922; Mocanaqua First National Bank, in 1923; and King- ston First National Bank, in 1926.
The State banks of Luzerne County that have come into existence since 1910 are : The Heights Deposit Bank, of Wilkes-Barre, chartered in 1910; the Dime Bank of Pittston, and the Hanover Bank and Trust Company, in 1911 ; the Glen Lyon Bank, in 1912; the Pennsylvania Bank and Trust Company of Wilkes-Barre, in 1912; the Miners' Bank of West Hazleton, in 1913: the American Bank and Trust Company of Hazleton, in 1916; the Miners' Trust
50,000
121,540
952,180
Old Forge Discount and Deposit Bank :
1911-T. J. Stewart, president; Frank Berger, vice- president ; J. J. Rawson, cashier .
50,000
10,000
Capital Surplus
Profits
125,000
50,000
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Company of Nanticoke, in 1920: the West Side Trust Company of Kingston and the Union Savings Bank and Trust Company of Wilkes-Barre, in 1921 ; the Farmers' State Bank of Shickshinny. the Liberty State Bank and Trust Company of Wilkes-Barre, in 1922: the People's Saving and Trust Company of Nanticoke, Merchants' and Miners' State Bank of Luzerne, People's State Bank of Newtown, People's Savings and Trust Company of Duryea, the State Bank of Plains, the City Bank and Trust Company of Hazleton, the Miners' and Merchants' State Bank of Old Forge, and the Lincoln Deposit and Savings Bank of Wilkes-Barre, all incorporated in 1923; the North End State Bank of Wilkes-Barre, in 1926, and the Forty Fort State Bank, opened in 1927.
At the end of 1926 the condition of these banks was reported as follows:
NATIONAL BANKS.
Founded
1910-Edwardsville. People's National Bank; charter No. 9862; W. J. Trembath, president ; John H. Rice, vice-president; L. L. Reese, cashier : capital, $125,000 ; surplus, $225,000 ; deposits, $1,500,0000.
1920-Pittston. Liberty National Bank; F. L. Pinola, president ; C. F. Donnelly, vice-presi- dent; F. A. Loro, vice-president and cashier. Capital, $250,000; surlpus, $134,760; deposits, $1,434,460.
1922-Nescopeck National Bank. Wilson Harter, president : C. M. Harter and E. S. Walker, vice-presidents ; William T. Hetter, cashier. Capital, $25,000; surplus. $16,000; deposits, $277.080.
1923-Mocanaqua First National Bank. S. M. Whitesell, president; John Bridal, vice-pres- ident ; W. D. Taylor, cashier. Capital, $25,000; surplus, $5,000; deposits, $250,000.
1926-Kingston First National Bank. O. R. Mullison, president ; E. G. Chapin, R. H. Scure- man, vice-presidents ; H. R. Hay, cashier. Capital, $100,000; surplus, $30,000; deposits, $150,000.
STATE BANKS.
1910-Wilkes-Barre. Heights Deposit Bank. J. H. Shea, president; John Repa, vice-presi- dent ; L. J. Moore, cashier. Capital, $50,000; surplus, $211,760: deposits, $1.642,520. 19II-Pittston. Dime Bank. Alexander Sloan, Sr., president: T. A. Gibbons, vice-president ; B. W. Tennant, cashier. Capital, $100,000; surplus, $257,050; deposits, $2,226, 110.
1911-Hanover Bank and Trust Company. Geo. Nicholson, president; W. S. Goff, vice-pres- ident ; D. R. Tredinnick, cashier. Capital, $250,000; surplus, $373.990; deposits, $1.500,580.
1912-Glen Lyon Bank. J. L. Myers, president ; W. B. Miller, Z. Sweitzer and W. C. Miller, vice-presidents : C. H. Seitz, cashier. Capital, $50,000; surplus, $69,120; deposits, $575,940.
1912-Wilkes-Barre. Pennsylvania Bank and Trust Company. A. V. Kosek, president : Mich- ael Bosak, A. S. Chuya, vice-presidents; J. M. Hiznay, cashier. Capital, $200,000; surplus, $314,740; deposits, $2,348,590.
1913-West Hazleton. Miners' Bank. J. H. Jones, president ; Daniel Sachse, vice-president ; Horace H. Price, cashier. Capital, $125,000; surplus, $152,630; deposits, $1.337,920.
1916-Hazleton. American Bank and Trust Company. John Shigo, president: J. G. Koch- ezynski and M. Yurkanin, vice-president and treasurer; A. G. Kotch, secretary. Cap- ital, $400,000 ; surplus, $552,540; deposits, $4,754,360.
1920-Nanticoke. Miners Trust Company. Emil Malinowski, president; John Karboski. John Malinowski, vice-presidents: H. S. Twarowski, treasurer; M. J. Cannon, secre- tary. Capital, $125,000; surplus, $223,470 ; deposits, $2,090,220.
1921-Kingston. West Side Trust Company. Donald O. Coughlin, president; F. P. Oliver, Charles F. Hess, vice-presidents; Harold Tippert, treasurer; W. H. Cocking, secre- tary. Capital, $450,000; surplus, $295,630; deposits, $1,885,350.
1921-Wilkes-Barre. Union Savings Bank and Trust Company. H. N. Rust, president : A. J. Sardoni, L. B. Jones and M. E. Moore, vice-presidents ; O. S. Parker, treasurer ; Neil Chrisman, secretary. Capital, $452,350; surplus, $348.730; deposits, $1,787.380.
1922-Shickshinny. Farmers State Bank. L. B. Davenport, president ; E. B. Koons, vice- president ; J. M. Bredbenner, cashier. Capital, $50,000: surplus, $10,000; deposits, $180,000.
1922-Wilkes-Barre. Liberty State Bank and Trust Company. T. F. Farrell, president; F. C. Wintermute, vice-president ; G. Yesko, treasurer ; J. J. Kocyan, secretary. Capital, $150,000; surplus, $119,200 ; deposits, $362,680.
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Founded
1923-Nanticoke. Peoples Savings and Trust Company. Wm. W. Smith, president; F. E. Davis, F. W. Quoos, vice-presidents; W. J. Morgan, cashier. Capital, $180,000; sur- plus, $30,790; deposits, $602,650.
1923-Luzerne. Merchants and Miners State Bank. R. Cobie, president; C. A. Hoff, vice- president ; J. M. Sheibley, cashier. Capital, $50,000; surplus, $15,570; deposits, $376,590.
1923-Newtown (Ashley P. O.). Peoples State Bank. T. A. Curley, president; Calvin M. Keller, vice-president; R. J. Lynott, cashier. Capital, $75,000; surplus, $15,000; deposits, $337,650.
1923-Duryea. Peoples Savings and Trust Company. Geo. Swantkowski, president; E. G. Watkins, J. H. Breymeier, A. J. Baker, vice-presidents; W. F. Barson, treasurer ; E. T. Daniels, secretary. Capital, $125,000; surplus, $41,190; deposits, $784,440.
1923-Plains State Bank. T. H. James, president; J. F. Kropp, vice-president; Butler O. Bowen, vice-president and cashier. Capital, $175,000; surplus, $71,000; deposits, $910,630.
1923-Hazleton. City Bank and Trust Company. H. Drosdick, president; J. H. Lahm, vice- president ; Z. Drosdick, secretary and treasurer. Capital, $125,000; surplus, $56,950; deposits, $1,055,510.
1923-Old Forge. Miners and Merchants State Bank. G. L. Timlin, president ; L. M. Potter, W. J. G. Salmon, vice-presidents ; Frank Lally, cashier. Capital, $62,500; surplus, $12,990; deposits, $273,060.
1923-Wilkes-Barre. Lincoln Deposit and Savings Bank. M. S. Frederick, president; John F. McGroarty and E. J. Brislin, vice-presidents; Geo. O. Mutter, cashier. Capital, $50,000; surplus, $10,000; deposits, $362,500.
1926-Wilkes-Barre. North End State Bank. D. J. Cray, president; G. A. Johnson, vice- president ; J. Petro, cashier. Capital, $50,000; surplus, $10,000; deposits, $224,570.
1927-Forty Fort State Bank. E. M. Rosser, president ; R. H. Garrahan, A. A. Killian, vice- presidents ; H. B. Glidden, cashier. Capital, $100,000; surplus, $25,000.
The financial stringencies of 1893 and 1907 seem insignificant when one brings under discussion the extraordinary measures taken by the Nation in 1917-19 to find the means with which to successfully wage the greatest of all the wars of history. The banks of the country virtually carried the First Lib- erty Loan themselves, and had leading part in steering the others, and with them the Nation, through to victory. When it is pointed out that the Nation was called upon to provide, during the few years of war and reconstruction, more than fifty billions of dollars-including Government loans to our allies- and that the four years of the Civil War did not call for more than two and a half billions, one realizes what a responsibility rested upon the financial advisers of the United States during the World War period. In no year pre- vious to 1917 did appropriations made by Congress exceed a billion dollars ; in 1918 the appropriations made by Congress exceeded eighteen billions ($18,144,861,745), and the appropriations of 1919 exceeded twenty-five bil- lions ($25.598,967,518). That these astounding, well-nigh incredible, appro- priations were made and met is not perhaps as surprising as that the National credit was maintained when the reaction came. The triumphant outcome has demonstrated the strength of American banking systems, also the ability of American bankers. Undoubtedly, the great stabilitating factor was the Fed- eral Reserve Bank, which was organized to meet the impending extraordinary financial burdens of the World War; but there were times during 1919, 1920, and 1921 when it seemed that even the strongest of strong systems would collapse, just as almost all European banking systems had. Few people realize how near America was in 1921 to a money panic-to a stringency more dis- astrous than any in history. As 1920 ended, the Federal Reserve Bank had in actual circulation Federal Reserve paper to the extent of three and one-third billion dollars. The lending resources of the banks had been taxed to the verge of danger. The Federal Reserve ratio stood at forty-five per cent., or within five per cent. of the danger line which the framers of the Federal Reserve Bank Act forbade banks to cross. The year 1921 opened ominously,
57
but, fortunately, the peak of inflation had been reached, and, by skillful manipulation of finances, the disaster which had been feared was averted. By the end of 1921, the Federal Reserve ratio was found to be appreciably above seventy per cent., with a billion dollars less of its paper money in circulation than in the beginning of that year. This great achievement was made possible only by the combined effort of all the responsible bankers of the country. Undoubtedly, Luzerne County bankers had part in this supreme financial effort which steadied the National credit, and safeguarded the abnormal investments of the public. There was scarcely one patriotic American family that had not pledged itself to the limit-the greater number of them far beyond the sane limit-during the Liberty Loan campaigns. Had the National credit even temporarily collapsed, the Government securities might have tot- tered to depths reached by those of European governments. The loss to the average investor would have been overwhelming. Instead, by the masterly handling of finance by great American bankers-those who make it their life- work to protect the savings of the hard working productive American citizens, the latter were enabled to carry on their industrial enterprises unembarrassed. The business man could not do without the banker, and the wage-earner would soon find his surplus disappearing through holes in his pocket had he not formed the habit of putting his money in the safe custody of one who makes it his business to safeguard it, e. g., his banker. Progressive Americans no longer hoard money in stockings. They know it is safer in the bank ; moreover, more productive. The time when money was permitted to lie idle has long since passed.
Luzerne County has three clearing houses as a necessary part of the bank- ing system. All bank traffic-cheques, drafts, and so forth, handled in the interchange of the circulating mediums of commerce-in the Hazleton district pass through the Hazleton Clearing House to or from the banks of that part of Luzerne County. In 1926 the Hazleton Clearing House was headed by : M. G. Shennan, chairman; Alvan Markle, Jr., president ; B. E. Kunkle, vice- president : M. Yurkanin, secretary, and George H. Martin, manager. The Pittston district is a clearing house zone, the Pittston Clearing House in 1926 having the following officers: T. A. Gibbons, president; A. C. Shoemaker, vice-president ; F. A. Loro, treasurer ; William Wicks, secretary. The Wilkes- Barre Clearing House, necessarily the largest in Luzerne County, is governed by: William S. McLean, chairman ; George O. Motter, secretary, and C. M. Austin. manager. The bank clearings of Wilkes-Barre totaled to $208,000,000 in 1925.
CHAPTER LII. THE ANTHRACITE COAL INDUSTRY IN ITS MODERN DEVELOPMENT.
So much has been written in earlier chapters-particularly, in Chapters XL, XLIV, XLVII and XLVIII, which are devoted mainly to the history of anthracite coal mining-that this chapter, on the same subject, must neces- sarily be more technical and statistical than historical. It is, of course, an historical review, or at least, the historical background must be shown, but only to illustrate subsequent development and to compare early mining condi- tions with modern.
The leading mineral industry of the United States is coal mining. Penn- sylvania, thirty-second among the states in size and second in population, takes first place in the value of mineral products and in the number of persons employed in the industry. Almost all the anthracite coal produced in America is mined in Pennsylvania, and all the anthracite of Pennsylvania is contained in an area of about 500 square miles of ten eastern counties of that State. Of these ten counties, the richest in mineral wealth is Schuylkill. Next comes Luzerne, which is really the heart of the anthracite coal region of America ; and it is in the Wyoming region that one must delve for the bases of anthracite mining industry, also for the last word as to its modern development. It was from the Wyoming Valley that the pioneer operators, Abijah Smith & Co., shipped fifty-five tons of "stone" coal, in 1807. It was they who did what earlier miners had failed to do. Difficulties in marketing the product only made the brothers Smith more determined to find markets. They were the first to depend for their livelihoods upon anthracite coal mining, and though they did not reap the full monetary reward that should have been theirs, the despised industry they sponsored grew to such proportions that, a century or so later, it was producing coal to the extent of almost one hundred million tons in a year (output of anthracite coal in 1917 was 99,611,811 tons of 2,000 pounds- according to the report of the U. S. Geological Survey). The mining of coal represented, in 1919, the labor of 147,372 mine workers; it was made possible by mining plants which had cost $433,868,039, the equipment including 245 coal breakers for the 374 mines operated. Truly, the primitive mining of one hundred and twenty years ago, and the difficulties of subsequent years have led to wonderful industrial achievements-to an industry that yields the means of life to at least 500,000 persons and provides the warmth that keeps Ameri- cans comfortable in their homes at times when zero conditions prevail outside.
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