ement which we make at the outset, that the coal trade of
the United States is in the hands of monopolists; and that competition,
where not killed, is almost impotent to keep down prices, is one which
merits earnest attention.

The United States possesses coal fields of enormous extent and richness.
The mineral is widely distributed, too, productive mines being now in
operation in 27 of the States and Territories. Anthracite coal, however,
which is by far the best adapted to domestic use, only occurs in a
limited area in the State of Pennsylvania; but here the deposit is of
phenomenal richness. The total area of the Pennsylvania anthracite field
is about 300,000 acres. Of this area nearly 200,000 acres is owned by
seven railway corporations. These companies, either directly or through
subsidiary companies controlled in the same interest, carry on mining
operations, carry the coal to market, and sell it. The following
figures[3] exhibit the receipts of each of these companies from sales of
coal from their mines during the year 1887:

+-----------------------------------------+-----------+------------+
| COMPANY. | TONS. | RECEIPTS. |
+-----------------------------------------+-----------+------------+
| Philadelphia and Reading R. R. Co. | 7,555,252 |$18,856,550 |
| Central R. R. Co. of N. J. | 4,852,859 | 12,132,146 |
| Lehigh Valley R. R. Co. | 5,784,450 | 14,461,125 |
| Del., Lackawanna, and Western R. R. Co. | 6,220,793 | 19,044,803 |
| Delaware and Hudson Canal Co. | 4,048,340 | 10,100,118 |
| Pennsylvania R. R. Co. | 3,818,143 | 8,820,718 |
| New York, Lake Erie, and Western R'y Co.| 2,363,290 | 6,846,342 |
| +-----------+------------+
| Total |34,643,127 |$90,261,805 |
+-----------------------------------------+-----------+------------+

[3] Compiled from "The Coal Trade," 1888, (H. E. Saward), and
"Poor's Manual of Railroads," and partially estimated.

Thus these seven corporations alone produced from their own mines,
carried to market, and sold, over 34,000,000 tons of coal during the
year, for which they received about $90,000,000. Of the magnitude of the
operations carried on by these great corporations we now have some idea.
Let us next inquire to what extent competition is allowed to act between
them t