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United States v. Coffee Exchange, 263 U.S. 611 (1924)

United States v. Coffee & Sugar Exchange, Inc.

No. 331

Argued November 16, 1923

Decided January 28, 1924

263 U.S. 611


1. Sales of a commodity, upon an exchange, under contracts calling for actual delivery in the future but which in practice are cleared by the processes called "matching" and "ringing," serve useful

Page 263 U. S. 612

and legitimate purpose, and are legal when not abused for illegal ends. P. 263 U. S. 619.

2. The fact that the facilities of such an exchange, and the influence of the prices there prevailing upon sales elsewhere, may have been used by persons, not identified, in a criminal conspiracy to cause a rise of market prices is no basis for a suit under the Anti-Trust Law to enjoin the further operation of the exchange itself and its attendant clearing house, or for a mandatory injunction to reframe their rules. P. 263 U. S. 620.

3. Provision of rules and regulations for the conduct of such exchanges to prevent future abuse by others of their lawful functions is a legislative, and not a judicial, office. P. 263 U. S. 621.


Appeal from a decree of the district court dismissing a suit for an injunction under the Anti-Trust Law.

Page 263 U. S. 615

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