TABLE 3.-Production, imports, exports, and home consumption of anthracite and bituminous coal, 1913-1923, in net tons

[Data on production, consumption, and stocks largely from U. S. Geological Survey reports; import and export figures from records of Bureau of Foreign and Domestic Commerce]

Plus sign

Figures for anthracite represent producers' stocks; for bituminous coal, consumers' stocks. denotes coal produced but added to stocks and not consumed; minus sign denotes coal consumed that was withdrawn from stocks carried over from preceding year. Anthracite data from Federal Trade Commission Cost Reports (Coal, No. 2, p. 27), and Hearings before Frelinghuysen Coal Committee, Senate Res. 126, 66th Cong., 1st sess., pt. 1, p. 308. These anthracite figures through 1918 represent coal years, since then, calendar years, and are in part estimates. Bituminous data from reports on consumers' stocks of bituminous coal, issued by United States Geological Survey, and article, "Is the coal shortage real or imaginary?" (Coal Age, Aug. 26, 1920, p. 429), by C. E. Lesher, formerly coal statistician, United States Geological Survey, and director of Statistical Division, United States Fuel Administration. Production plus imports and minus exports, plus or minus the decrease or increase, respectively, represented by the net change in coal stocks.

Fiscal year ended June 30.

No data available.

FIGURE 22.-Production of bituminous coal compared to consumption and export, 1916-1923. Bars rep resent production; dotted line, the sum of consumption and net exports. Consumption has fluctuated much less sharply than production, the differences being explained by the flow of coal in and out of consumers' storage

BITUMINOUS-COAL TRADE IN 1923

In the bituminous-coal fields 1923 was a year of truce in labor relations-a year of recovery after the upheaval of the great strike of 1922. The shortage created by that strike dominated the market for months and buoyed up demand above the level of current consumption. The comparatively high spot prices in the first six months and the heavy buying which continued throughout the year obscured the causes of instability latent in the industry. Yet by the end of the year signs were not lacking of the severe and unequal competition which was to become so dominant in 1924.

600

Bituminous

Coal

FIGURE 23.-Bituminous coal and anthracite produced, 1890-1923

Labor relations in 1923.-On January 1 the union bituminous mines were operating under the Cleveland agreement, by which the strike of 1922 had been ended and which was to run until March 31, 1923. By this agreement the union won its fight against a reduction of the wage scale. The peak rates of 1920 were retained, including the advance of $1.50 to daymen in the summer of that year, which carried the day scale to $7.50. Under these rates, as illustrated by the Indiana scale, which is roughly typical of the union fields, pick miners were receiving 77 per cent more than in 1912, machine loaders 104 per cent, and inside daymen 164 per cent.

Although some apprehension was felt among union employers as to their ability to pay the scale, no serious opposition to a renewal of the agreement arose. The United States Coal Commission, which

had been created in September, 1922, urged that the agreement be extended for another year, until it should have time to complete its studies and make its report, and after some discussion a contract was signed by representatives of Illinois, Indiana, and Ohio at New York on January 24 to run from April 1, 1923, to March 31, 1924, which continued the existing scale. Although Pittsburgh was not represented, the contract was believed to mark a return to the method of bargaining through the Central Competitive Field, which had been abandoned for other methods in July, 1920, and August, 1922; and Pittsburgh and the outlying districts quickly negotiated corresponding agreements.

The market. In thus renewing the scale with its $7.50 day rate, the union operators were influenced by the state of the market. For the moment nonunion and union wages and costs were on a parity, and the competition of nonunion coal was not oppressive. Demand was active, and prices, though declining, were still high. (See fig. 28.) The industries of the country were recovering from the great depression of 1921, and consumption was increasing. (See fig. 22 and Pl. VI.) In March, April, and May the production of pig iron established a new high record and the consumption of coal in the manufacture of coke was close to the war-time maximum of October, 1918. Added to purchases for current consumption was a heavy demand for storage. At the end of the strike of 1922 stocks had fallen to 22,000,000 tons. By January 1, 1923, they had risen to 36,000,000 tons, but this was far short of the level which consumers desired to maintain. Buying for storage continued heavy throughout the summer of 1923. Figures 25-27 show the steady flow of coal into storage. In consequence the usual summer decline in output did not appear, and the curve of production (fig. 24) shows remarkably little change from week to week. By July 1 stocks had risen to 46,000,000 tons, a level which would have been deemed sufficient in some other years, but buying for storage continued, partly because the recollection of the shortage of 1922 was still fresh in the minds of consumers, partly because as the expiration of the agreement drew near the possibility of another stoppage was sensed. By December 31 the very large reserve of 62,000,000 tons had been built up.

The total quantity of bituminous coal added to consumers' stocks in 1922 was thus 26,000,000 tons. The production for the year was 565,000,000 tons, or more than that of 1917 and second only to that of 1918 and 1920.

Transportation. The heavy production of 1923 was handled by the railroads with far less complaint of car shortage than in other years of large output. The after effects of the strike of the railway shopmen that broke out July 1, 1922, were apparent in the transportation service in the following winter, and car shortage and other forms of transportation disability were reported at many mines in January, February, and March. Thereafter the railroads handled the coal offered with remarkable facility and dispatch. The improvement over other years of heavy coal traffic was due to a number of causes. Coal-carrying facilities had been increased, and greater operating efficiency was obtained. Not the least factor was the offering of the coal traffic of 1923 to the railroads in reasonably even installments, instead of in extremes as low as 3,700,000 tons a week and as high as