1961 July 26 from J. H. Pierce , 1961

1961 July 26 from J. H. Pierce to W. J. Toohey re: modification of Franklin Lease dated June 1, 1940 which was not available previously to Mr. Pierce and resulting in withdraw our letter of July 14, 1961. Economic conditions in anthracite region make arbitration mandatory to determine the exhaustion of merchantable coal – only the most favorable coal deposits permit underground mining and the Lehigh Valley can probably demonstrate that the bulk of the remaining coal at Franklin cannot be worked now and that adjacent mine are not being worked. Under arbitration one would have to investigate and determine if these conditions exist.