A number of persons uniting or joining their interests for the purpose of buying or selling and increasing or depressing the price of one or more securities, and who agrees to divide the loss or profit. It is probable that " pools " have a greater direct influence upon the stock market in general than any other single factor. A "clique" is much the same thing.1 (See " Clique.")
Also, an agreement among competitors fixing a monopolistic price, with a division of the territory, insuring practically complete monopoly in certain sections for each party to the agreement; an agreement among competitors so as to limit production, prevent competition by the control of both markets - that of the raw as well as the finished product - an agreed selling price for the output, and a division of the selling territory, while outwardly keeping up the appearance of active rivals. In a few words, a means to prevent competition, and a division of the business for mutual profit.
Another form of " pool " is an agreement between two or more railways as to a division of earnings, so that they can resist the temptations of the big shippers, and be insured a. fair share of the transportation business at stable rates, which will apply without partiality to all patrons.2
P. O. R. Express or freight payable to the transportation company on receipt of the goods by them. The opposite to "collect " Pork. The trading unit for pork is 250 barrels. The rate of commission charged on the Chicago Board of Trade for the purchase or sale, or for the purchase and sale of mess pork, in lots of 250 barrels, or multiples thereof, is 5 cents per barrel.
1 A recent decision in the suit of Franklin, Scott & Co., stock brokers, against certain others, participants in a "pool," obligates any member of a "pool " for the full liability of whatever the "pool's" losses may be, irrespective of whatever his interest in the "poo " may be.
² Johnson in his "American Railway Transportation " says, "The pools were agreements among railroads whereby their competitive traffic or the receipts from that traffic were divided among the companies according to stipulated ratios. Arrangements for the division of the business were called traffic pools, those for the distribution of the receipts money pools."
The usual " margin " required is $1 per barrel.
Port of --- Bonds. Two notable examples are issues by the Port of Portland, Oregon, and the Port of New Orleans, La. A description of the former will suffice. It embraces the city and much adjacent territory; has its own officials, and creates its own indebtedness, for which payment all the taxable property in this distinct municipality is held. The object for which it was created was for the purpose of obtaining suitable ways for navigation at Portland, and between that city and the sea.