Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-03-28
SENATE STRIKES OUT
POOLING AMENDMENT
Repasses Cotton Bill Regulating
Trading in Cotton Futures With
out That Feature.

After striking out the amendment le-
CALLING pooling the Senate today for the
second time passed the bill regulating
| trading in cotton futures.
The elimination of the pooling amend
| ment was the result Of a motion to re-
consider the bill passed yesterday. When
Senator Kenyon called up his motion for
reconsideration today he said he did not
want to jeopardize the passage of the
bill for which Senator Smith Of South
Carolina had labored for SO many years.
and upon Senator Smiths assurance that
the pooling amendment would go out OF
the bill in the House he was going to
withdraw his motion to reconsider.
Senator Borah insisted that the prom
Use about what the House would 90
was unusual and suggested that the
Senate itself strike out the amendments
Senator Smith of South Carolina, in
addressing the Senate, said he consid-
cred the amendment not pertinent TO
the body of the bill and. after confer
ence with those who urged the amend
ment, he was certain it would go out
of the bill in the House. Then. in re-
Spouse to suggestions for Immediate
change of the bill, Senator Smith him
to strike out the Objectionable amend
ment and then moved that the bill be
passed once more. This was done by
unanimous consent. Senator Smith of
Georgia, who introduced the amend
ment, offered no objection.
Legalized Trading in Futures.
The amendment in question declared
it to be legal for any number of men
or corporations to agree to purchase
lint cotton from an exchange engaged
in trading in futures and to further
stipulate that the same Is not to De
sold by or through a cotton exchange
which is engaged in selling futures.
Senator Kenyon stated the amendment,
| in his opinion, legalized pooling of cot
ton. and legalized what the Supreme
Court condemned as violative OF the
| Sherman antitrust law in the case OF
the United States against James A. Pat
| ten and others. Patten and associates
were charged with agreeing to pool cot
ton and to withhold it from the New
York Cotton Exchange In 1910, with a
view Of reaping s10,0oo,o0o Of profits
when the price OF cotton advanced as
Senator Kenyon. as an official OF the
Department Of Justice, had charge of
the indictment against Patten and others
Calls Patten a Benefactor.
The pooling amendment, introduced by
Senator Hoke Smith of Georgia, was
advocated by him to prevent such prose-
cutions as that Of Patten and associates,
/ who were indicted by the federal govern
ment on charges Of pooling cotton in 1910
with the purpose of Withholding it from
the market until they had reaped profits
of some $4,000, 900. Senator Smith de-
clared these men should have been re-
garded as benefactors instead Of crimi-
nails.
The passage of the bill closed long
contest led by Senator Smith of South
Carolina for legislation against practices
on cotton exchanges. denounced as in
furious to the cotton industry. Senator
Smith Of Georgia and Senator Ransdell
of Louisiana also introduced bills. The
three senators yesterday, after a two-day
debate. reached an agreement upon a
| compromise measure, and 1t passed with
out roll call.
Regulation of Delivery.
h.