High prices of mine operators_.

XI

Mine operators' prices and profits after the 1923 strike.

XII

Variations in costs for different collieries---

XIII

XIV

XIV

XIV

XV

XVI

XVII

XVIII

Premium anthracite in 1923___.

High prices paid by wholesalers..

Gross profits of wholesalers----

Speculative sales by wholesalers__.

The anthracite combination___.

Efforts to dissolve the anthracite combination_-

Conclusions and recommendations___.

CHAPTER I.-PREMIUM PRICES

Sec. 1. Origin and scope of the inquiry-

2. Methods of distribution

Wholesale agencies.

Retail dealers___.

3. Premium anthracite and price control_

Premiums in 1922 and 1923__.

Pennsylvania Commission's "fair" mine prices---

Regulation through control of transportation__.

4. Mine prices and mine--operators' profits..

New York market quotations--.

Mine prices reported by the operators--.

Estimated costs and profits of operators.

High production costs and prices_---

Variations in cost for different collieries..

5. Gross profit of wholesalers on anthracite---

Variations in the amount of gross profit.

Average amounts of gross profit__.

Purchase prices at the mine..

Speculative sales among wholesalers-----

1123456

8

10

10

13

14

16

18

19

19

24

27

29

CHAPTER II.-EFFORTS TO DISSOLVE THE ANTHRACITE COMBINATION

Sec. 1. Development of the anthracite combination.

2. Principal anthracite companies in 1906-

3. Basis of judicial proceedings---.

4. Proceedings by the Interstate Commerce Commission__

5. The first Reading case--

6. The commodities clause cases-

7. The second Reading case-.

8. Dissolution of the Reading combination___.

9. The Lehigh Valley dissolution___

10. Status of the railroad companies following the commodities clause

and antitrust decisions..

11. Control of coal lands_

CHAPTER III. CONCLUSIONS AND RECOMMENDATIONS

Sec. 1. Question of governmental regulation---

2. Conclusions and recommendations____.

IV

CONTENTS

LIST OF TEXT TABLES

1. List of producing companies with the prices per ton, f. o. b. mine for

domestic sizes of anthracite approved by the Pennsylvania fuel

commission and the Federal fuel distributor prior to January 1,

1923___

2. Spot prices f. o. b. mines for railroad company and independent com-

pany anthracite at New York tidewater on specified dates, January,

1923-April, 1924----

3. Monthly high, low, and average prices received per gross ton f. o. b.

mine for domestic and pea sizes of anthracite reported by 14 inde-

pendent and 4 railroad companies, October-December, 1923--

4. Production costs, realizations, and gross profits per gross ton for 14

independent and 4 railroad companies reporting for all sizes of

white ash anthracite for the first quarter of the calendar year 1923,

and estimated costs and gross profits for the last quarter of 1923_-.

5. Variations in the costs of mining anthracite at different collieries of

the same company for companies reporting costs for five or more

collieries each, for the period December 1, 1917, to May 31, 1918_-.

6. Percentages of total number of carloads of premium anthracite re-

ported by wholesalers as sold at specified ranges of gross profit by

two-week periods, September 15, 1923, to January 26, 1924_-

7. Percentages of total reported tonnages of domestic and pea and of

steam sizes of anthracite which were handled by wholesalers on

specified amounts of gross profit per ton by two-week periods, Sep-

tember 22, 1923-January 26, 1924_.

8. Average gross profit per ton realized on premium domestic and pea

sizes of anthracite and on all steam sizes handled by certain whole-

salers, for the weeks ending August 4, 1923, to January 26, 1924__

9. Average gross profit per ton realized by wholesalers on premium

anthracite of domestic and pea sizes and on steam sizes, by months,

from August, 1923, to January, 1924_.

10. High and low amounts of gross profit per ton reported by whole-

salers for premium domestic and pea sizes and for steam sizes

of anthracite, by weeks, August 4, 1923, to January 26, 1924_.

11. Gross profit, cost, and net profit, per ton for wholesalers handling

anthracite and bituminous coal, 1913-1922-

12. Percentages of premium anthracite of egg, stove, and nut sizes re-

ported by wholesalers that were purchased from producers at

prices falling within specified ranges, by weeks, August, 1923–

January, 1924__.

13. Percentages of reported tonnage of anthracite passing through the

hands of one, two, or more wholesalers, by weeks, August 4,

1923-January 26, 1924.

14. Years of life of coal in ground controlled by companies whose books

were examined.

CHARTS

1. F. o. b. mine prices for company and independent anthracite on speci-

fied dates, January, 1923, to April, 1924.

Page

6

11

14

15

18

20

22

24

25

26

27

28

30

51

223

facing

12

2. Wholesaler's gross profit on anthracite_

3. Average gross profit per ton realized by wholesalers on premium

anthracite

21

23

APPENDIX TABLES

1. Spot prices f. o. b. mine for railroad company and independent com-

pany anthracite of steam sizes at New York tidewater on specified

dates, January, 1923-April, 1924___.

59

2. Monthly average selling price per gross ton (2,240 pounds) of anthra-

cite at tidewater, New York Harbor, January, 1890, to April, 1924__

59

.EXHIBITS

1. Opinion of the United States Supreme Court in United States v.

Delaware, Lackawanna & Western R. R. Co----

67

2. Opinion of the United States Supreme Court in United States v.

Reading Co. (first Reading case).

3. Opinion of the United States Supreme Court in United States v.

Reading Co. (second Reading case) --

ACKNOWLEDGMENT

For the general direction and supervision of this inquiry the commission acknowledges the services of Mr. Francis Walker, chief economist, and of Mr. William H. England, assistant chief economist.

For the conduct of the inquiry and the preparation of this volume the commission acknowledges especially the services of Messrs. J. W. Adams and W. B. Horne.