The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-12
COTTON POOL NEED IS
PAST, SAY BANKERS
Secretary McAdoo Finds New
Workers Unwilling to Take
Part. Ii Is Said.
Trust FEATURE AGAIN Up

VT every evidence pointing to tine
probability Of the opening of the Cotton
Us. range within the next few days, bank
g. .li other business men who have been
..-.t loo touch with the cotton situation
.. the alleged crisis developed now
D.. lowe that every need for the Sl35000.-
u1o cotton pool has been obviated accord
ina tr statements made in Wall Street
yesterday. They believe that "a soon as
,. local exchange is open and trading
...Nr,u New York and Liverpool is once
..r 500 w motion England will come
f..I our markets as n heavy buyer OF cot
ton.
Tnc raising OF the $4,000, 900. which
VS. TO- bD subscribed by the other nom
..ou growing States outside of New
N... .- now believed to be a matter Of
,.H. aI'u secretary OF the Treasury Nc
..... TO- To now the requests of the Sec
....y " the Treasury for contributions
-w many OF the larger cities nave met
Gil so feeble response that "A few
,ll- 4.o the Secretary called up several
h....pr> here and endeavored to induce
t.cn' to agree to put up more than the
.u,.,d S5O.OOO.oOO. He found them un-
W I.u. 20 do So II is said.
81 George PaiSh, since mis- arrival in
tbs country stated that he believed Eng
lrl would be purchaser OF our cotton
A soon as the Liverpool and New York
EXCHANGES were opened and the price was
tlus stabilized. Not until then. when
En-lsh spuners and brokers' could feel
,hat they We're getting cotton at the
cheapest possible price, would they buy in
quantities. he said.
a good deal Of interest continues to be
man Tested IA the opinions OF some OF the
we'll known lawyers OF the country as to
wno her the pool is violation OF the
sherman act Richard Olney has said
that Il is not a violation. while A. T.
P1l-bury formerly Attorney General OF
Massachusetts,, holds that it appears to be
q direct violation OF the antitrust law.
Mr.. HI,isbury's opinion in part Is as fol-
l.ws:
The purpose Of the sherman act.
s.u tiy stated, is To- prevent restraint or
Monopoly of trade in articles which are
Ilr subjects OF interstate or foreign COM
lercr--Of which cotton is one of the
81 cr.t-aud especially to prevent the en-
iuc w.ut OF prices by such restraint or
monopoly. or in other words, to prevent
any Interference by any combination or
concerted action OF two or more persons
e. corporations with the operation OF COM
mon competitive conditions. especially IL
such Interference is calculated or intended
20 enhance the price to the consumer
Every such combination is unlawful and
void and every participant therein is
liable 20 a criminal penalty, and they may
%. liable Notwithstanding the scheme does
not result in any private profit to them
s..r,s
As the sherman act has now been held
in the standard on and Tobacco cases TO
forbid only undue which means unrea-
s1HtUlc. restraint of trade, &c, 1t may be
'htt this scheme. in view of the circum-
81 noes, would be he'd not to involve any
,casonahle restraint or monopoly but
tr' new construction of the act is not yet
sufficiently developed TO show what the
D.at VIII regard as reasonable or unreal
able Ia other cases"
Boston, Nov. 1.-THE National Shaw
rsf and the First National banks. the
l.-t-t in Boston. have both decided TO
ys,.ihe - the cotton pool. President
g. .ul Of the SnIWmut says:
'pgr subscription is conltiored upon
s'o',OJO,OO0 being raised in the non-pro-
uucHg cotton States. Owing to the duty
90 finance New Eng'and's purchases OF
cotton the total subscription to the fund
ir New England cannot be large com
pared with the subscriptions Of other Sec
tons OF the country"