The Rhenish Westphalian coal syndicate is a classic example of a great interlocking trade combination. Capitalized at $571,000, it covered an enormous capitalization of individual members. The mines have votes in proportion to production, which in turn is limited for certain periods. Prices are fixed and coal is marketed for the syndicate as a unit, but other affairs are left to the companies. The syndicate as a whole is a member of a transporting and exporting combine, and disposes of its product through a combine of coal dealers. The several minor combines interlock and are practically merged in a larger organization, the Kohlen Kontor. Thus the combination had exceptional power to study the various problems of the industry, and became very powerful. It maintains a research department and an explosion testing gallery near Dortmund. In several countries German companies through the control of advertising contracts have been able to influence the editorial policy of the leading newspapers, even during the war. Over half of the German coal mined before and during the war was syndicate coal. All of the 600 other German cartels have not been as moderate in their action and regulations as the coal syndicate. When the coal syndicate, however, at one time, found it could not supply its German market with coal, it is reported to have bought inferior British coal for its customers, so that they would not themselves get good British coal and refuse to return to the German supply. Efforts were made by the cartel to absorb and control foreign coal trade, where political and financial reasons served to render this advisable, and therefore these efforts were out of all proportion to the intrinsic value of the trade. When it was planned to capture such a trade, the German-invented “dumping” system was used, coal being sold cheaper abroad than it could be sold or produced at home, the difference being met by export bonuses. This German dumping became so serious in some countries, as Canada, New Zealand and South Africa, that special import duties were imposed to counteract it. When desirable, the syndicate purchased collieries abroad, including even a South Yorkshire plant in England, the Heraclea collieries, in Turkey, and many mines in Australia. In _Great Britain_ is a powerful coal combine, the Cambria, closely allied with great shipping concerns. An important trade asset in this organization, like that in the German cartel, is a banking connection by which the combine can offer long-term credit. Coal syndicates are mentioned in Belgium. Some sort of central organization interested in coal is known in Italy, Russia, Austria-Hungary, Sweden, Greece, Argentina, Chile, and Ecuador. THE SITUATION IN FRANCE, ENGLAND, AND THE UNITED STATES