As Coal’s Future Grows Murkier, Banks Pull Financing

Tens of thousands of miners were on strike and coal prices were skyrocketing in October 1902. Afraid of unrest, President Theodore Roosevelt sought the help of John Pierpont Morgan.

The powerful banker, who held great sway over the coal industry, brokered a deal with the miners that ended the strike.

“My dear sir,” the president wrote to Mr. Morgan. “Let me thank you for the service you have rendered the whole people.”

America’s coal industry is now facing another dark hour, but this time there are few financiers willing to save it.

By: MICHAEL CORKERY, The New York Times
Date: March 20, 2016

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