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Articles 241 - 270 of 276
Full-Text Articles in Law
Public Utilities—Franchise Rates As Affected By The World War, Edwin C. Goddard
Public Utilities—Franchise Rates As Affected By The World War, Edwin C. Goddard
Articles
The economic convulsions due to the World War are abundantly reflected in the relations between the public and their public utilities operating under franchises fixing rates for service. The enormous rise in cost of labor and materials has, in many cases, so reduced the net income of such utilities as to make it a negative quantity at existing franchise rates. The utilities are crying to be saved from bankruptcy, but the unfortunate suspicion bred by past dealings of many such companies has made the public skeptical, and perhaps in many cases entirely unreasonable. In some cases plain selfishness may explain …
Public Utility Valuation - Cost Of Reproduction Theory And The World War, Edwin C. Goddard
Public Utility Valuation - Cost Of Reproduction Theory And The World War, Edwin C. Goddard
Articles
The very grave objections to the cost-of-reproduction theory of valuation of public utilities was pointed out at large in 15 MICH. L. REV. 205. The violent price changes following the World War have greatly increased the weight of these objections to calling anything a base which rests on such uncertainties and fluctuations as cost-of-reproduction. A base should be stable, but this has the stability Of a flying machine. There had been a rising curve of costs from 1893 to 1916, but since that date the rise has been almost vertical. The public utilities by- the thousands desire to take advantage …
Corporations, Shareholders' Right To Have A Dividend Declared And Paid Out Of Surplus, Horace Lafayette Wilgus
Corporations, Shareholders' Right To Have A Dividend Declared And Paid Out Of Surplus, Horace Lafayette Wilgus
Articles
In Dodge v. Ford Motor Co. (Mich. 1919), 170, N. W. 668, the questions were not new, and with one exception, the decision was not unusual, but the sums involved were enormos. The Motor Company was incorporated in 1903, under the general manufacturing incorporating act of Michigan (P. A. 232, 1903), for the manufacture and sale of automobiles, motors and devices incident to their construction and operation, with an authorized Capital Stock of $150,000-$100,000 then paid up, $49,000 in cash, $40,000 in letters patent issued and applied for, and $11,000 in machinery and contracts. In 1908 the stock was increased …
Public Utility Valuation - Going-Concern Value In Rate Making, Edwin C. Goddard
Public Utility Valuation - Going-Concern Value In Rate Making, Edwin C. Goddard
Articles
What is the effect of a city ordinance which proposes to a public utility company the terms on which it may dispose of its product to the users, but which is rejected by the company? As to a company not yet doing business it is clear that the ordinance when rejected becomes a mere legal nullity. It never was more than an offer that might ripen into a binding contract by acceptance. That it is by no means a nullity as to a utility actually operating in the city after the expiration of its franchise and as a mere tenant …
Interstate Commerce Commission - Intrastate Rates, Edwin C. Goddard
Interstate Commerce Commission - Intrastate Rates, Edwin C. Goddard
Articles
The marvelous possibilities for collision between State and Nation involved in our dual form of government are nowhere better or more often exhibited than in commerce regulation. We have long been learning the definition of the commerce which the constitution gives Congress power to regulate. It is only recently that we are finding how this power reaches over into purely intrastate business done by a carrier also engaged in interstate commerce. That nearly all rail carriers are now engaged in such business, even when their lines are wholly intrastate, has been often illustrated under the Second Employer's Liability Act. In …
Liability Of Corporations For Slander, Horace Lafayette Wilgus
Liability Of Corporations For Slander, Horace Lafayette Wilgus
Articles
S. entrusted by the president and general manager of a corporation with the business of obtaining a settlement from plaintiff for a mistakenly supposed shortage in his accounts with the corporation, falsely orally charged him with embezzlement. This charge was made to R., president of another corporation for which the plaintiff was working at the time, and as a step toward getting a settlement by the plaintiff. On the request for a directed verdict, by the defendant, the legal question was presented whether a corporation is liable for slander spoken by the agent of the corporation in the course of …
Partnership Entity And Tenancy In Partnership: The Struggle For A Definition, Joseph H. Drake
Partnership Entity And Tenancy In Partnership: The Struggle For A Definition, Joseph H. Drake
Articles
PARTNERSHIP is a legal entity formed by the association of two or more persons. This definition of a partnership as a person or entity represents what may be characterized as a generally accepted theory among American jurists at the time of its publication in 1893. But a later definition says: "A partnership is an association of two more persons." "A partner is co-owner with his partners of specific partnership property holding as a tenant in partnership." The second definition shows that the Commissioners on Uniform State Laws have rejected the entity theory and coined a new term to describe partnership …
Public Utility Valuation, Edwin C. Goddard
Public Utility Valuation, Edwin C. Goddard
Articles
EVERY consideration of valuation of a public utility, whether for the purpose of condemnation for purchase or as a basis for fixing rates or permitting the issue of stock or bonds, must start from Sinyth v. Ames, and the rule therein laid down by HARLAN, J., at page 546: "We hold, however, that the basis of all calculations as to the reasonableness of rates to be charged by a corporation maintaining a highway under legislative sanction must be the fair value of the property being used by it for the convenience of the public. And in order to ascertain that …
Interstate Commerce And State Control Over Foreign Corporations, Ralph W. Aigler
Interstate Commerce And State Control Over Foreign Corporations, Ralph W. Aigler
Articles
Since Bank of Augusta v. Earle, 13 Pet. 519, there seems to have been no real occasion to doubt the power of a state totally to exclude foreign corporations seeking to engage in intrastate business only. The power to exclude being absolute, there has been no question as to the right of the state to allow the entrance of the foreign corporation for such business upon terms, and the terms may be of any sort, reasonable or unreasonable, except that the corporation seeking to enter cannot as a condition precedent to such entry be required to surrender a right or …
Corporations And Express Trusts As Business Organizations, Horace Lafayette Wilgus
Corporations And Express Trusts As Business Organizations, Horace Lafayette Wilgus
Articles
PRESIDENT BUTLER of Columbia University is reported to have said in an address before the New York Chamber of Commerce in 1911, that "the limited liability corporation is the greatest single discovery of modem times, whether you judge it by its social, by its ethical, by its industrial, or, in the long run--after we understand it and know how to use it,--by its political, effects." 1
Some Unscheduled Liabilities Of Trust Companies, Henry M. Bates
Some Unscheduled Liabilities Of Trust Companies, Henry M. Bates
Articles
"The modern trust company, with its varied and highly developed functions, is a characteristic product of our present complex civilization... The trust company, as some one has said, has become the corporation's corporation, a sort of super-corporation.... The question then naturally arises, is there any law peculiar to trust companies?"
The Standard Oil Decision: The Rule Of Reason, Horace Lafayette Wilgus
The Standard Oil Decision: The Rule Of Reason, Horace Lafayette Wilgus
Articles
After twenty-one years the Sherman Anti Trust Act has been applied to the typical combination restraining interstate commerce, which that act was designed to prevent.
The Corporation Tax Decision, Ralph W. Aigler
The Corporation Tax Decision, Ralph W. Aigler
Articles
Seldom, if ever, in the history of the country has the Supreme Court been called upon within a comparatively short period of time to decide so many questions of widespread interest and vital importance as has been the case during the last year or two. Attempts on the part of the state and national governments to regulate and control corporations, which in recent years have come to exercise such a large and not always wholesome influence upon affairs generally, have been the occasion for the consideration by the court of many of the important cases recently presented. Among these are …
The Passing Of State Control Over Railway Rates, Edson R. Sunderland
The Passing Of State Control Over Railway Rates, Edson R. Sunderland
Articles
Congress has exclusive power to regulate interstate commerce, so far as it admits of a uniform system of regulation, and a failure on its part to regulate in a given case is tantamount to a declaration that such commerce shall remain free and unrestricted. Brown v. Houston, 114 U. S. 622; Leisy v. Hardin, 135 U. S. 100. The states are, in all such cases, without jurisdiction to regulate, irrespective of what Congress has or has not done.
What Is Interstate Commerce?, Horace Lafayette Wilgus
What Is Interstate Commerce?, Horace Lafayette Wilgus
Articles
In the case of International Text-book Company v. Pigg, Advance Sheets May 1, 1910 (30 Sup. Ct. 481) the Supreme Court of the United States, decided April 4, 1910, that a "corporation engaged in imparting instruction by correspondence, whose business involves the solicitation of students in other states by local agents, who are to collect and forward to the home office the tuition fees, and the systematic intercourse between the corporation and its scholars and agents, wherever situated, and the transportation of the needful books, apparatus, and papers," is engaged in interstate commerce, and a state statute which makes the …
Corporation Liens On Stock, Edson R. Sunderland
Corporation Liens On Stock, Edson R. Sunderland
Articles
At common law a corporation had no lien upon its stock for assessments unpaid or for debts due it from its shareholders.6 There are therefore but four possible methods by which liens could be created in favor of the corporation upon the stock which it issues, (i) by statute, (2) by charter, (3) by by-law, (4) by contract.
Purchase Of Shares Of Corporation By A Director From A Shareholder, Horace Lafayette Wilgus
Purchase Of Shares Of Corporation By A Director From A Shareholder, Horace Lafayette Wilgus
Articles
It is generally laid down in the encyclopedias and text books, and affirmed in many court opinions that "the doctrine that officers and directors [of corporations] are trustees of the stockholders, applies only in respect to their acts relating to the property or business of the corporation. It does not extend to their private dealings with stockholders or others, though in such dealings they take advantage of knowledge gained through their official position."1 Much of this doctrine is based upon the language of Chief Justice SHAW in Smith v. Hurd2 decided in 1847. He said: "There is no legal privity, …
State Regulations Affecting Interstate Commerce, Horace Lafayette Wilgus
State Regulations Affecting Interstate Commerce, Horace Lafayette Wilgus
Articles
The line between regulations of intrastate and interstate commerce is difficult to draw and hard to maintain. This is well illustrated in the recent case of St. Louis Southwestern Railway Company v. Arkansas, decided by the Supreme Court of the United States April 4, 1910, Advance Sheets, May I, 1910, p. 476, 30 Sup.Ct. 476.
The Constitutionality Of The Federal Corporation Tax, Ralph W. Aigler
The Constitutionality Of The Federal Corporation Tax, Ralph W. Aigler
Articles
During the special session of Congress held the past summer there was enacted as an amendment to the new Tariff Law what is generally known as the Federal Corporation Tax.1 At the time of its consideration in Congress and since its enactment there has been considerable discussion regarding the constitutionality of the measure, and no little doubt has been expressed as to its validity.
Interstate Commerce And State Control Of Foreign Corporations, Ralph W. Aigler
Interstate Commerce And State Control Of Foreign Corporations, Ralph W. Aigler
Articles
Corporations are the creatures of their parent state and outside the borders of the state creating them they have no existence except such as is granted them by comity. Bank of Augusta v. Earle, 13 Pet. 519; Lafayette Ins. Co. v. French, 18 How. 404; Paul v. Virginia, 8 Wall. 168; Ducat v. Chicago, 10 Wall. 410; Liverpool Ins. Co. v. Massachusetts, 10 Wall, 566; Home Ins. Co. v. Morse, 20 Wall. 445; Horn Silver Mining Co. v. New York, 143 U. S. 305; Waters-Pierce Oil Co. v. Texas, 177 U. S. 28; Security Mut. L. I. Co. v. Prewitt, …
Liability Of Water Companies For Losses By Fire In Actions Of Tort, Ralph W. Aigler
Liability Of Water Companies For Losses By Fire In Actions Of Tort, Ralph W. Aigler
Articles
In Fisher v. Greensboro Water Supply Company, 128 N. C. 375, it was held that the defendant water company was liable in damages in an action of tort for negligent failure to furnish sufficient water pressure in the mains of the city, by reason of which negligence the plaintiff's house was burned. The only duty on the part of the defendant to furnish water grew out of a contract made by the company with the city and the fact that the defendant had entered upon the business of supplying water pursuant to such contract.
Right Of Joint Adventurers Holding All The Stock Of A Corporation To A Dissolution And Accounting In Equity, Horace Lafayette Wilgus
Right Of Joint Adventurers Holding All The Stock Of A Corporation To A Dissolution And Accounting In Equity, Horace Lafayette Wilgus
Articles
The case of Jackson v. Hooper, in the New Jersey Court of Errors and Appeals, decided February 28, 1910, by Judge DILL, (42 N. Y. Law Journal, March 8, 1910), overruling Vice Chancellor HOWELL, of the Court of Chancery (74 AtL. 130) presents interesting and unusual points in corporation and partnership law, and the jurisdiction of courts of equity over corporate affairs.
Valuing Property And Franchises Of Public Service Corporations For Fixing Rates, Horace Lafayette Wilgus
Valuing Property And Franchises Of Public Service Corporations For Fixing Rates, Horace Lafayette Wilgus
Articles
The Supreme Court of the United States has recently decided two important cases relating to the proper valuation of the property of public service corporations for the purpose of fixing rates to be charged for their services. These are Knoxille v. Knoxville Water Company, 211 U. S.--. 29 S. C. 148, and Willcox Y. Consolidated Gas Co.. -- U. S. --. 29 S. C. 192,a both decided January 4, 1909.
The Investigation Of Corporate Monopolies, Edson R. Sunderland
The Investigation Of Corporate Monopolies, Edson R. Sunderland
Articles
The Supreme Court of the United States has recently given a clear and brief statement of its views respecting the right of a corporation officer to refuse to testify on the ground that his testimony may subject the corporation to a criminal prosecution. Hale v. Henkel, 26 Sup. Ct. Rep. 370. Hale was summoned before a grand jury in a proceeding under the Sherman anti-trust act, and upon being interrogated respecting certain transactions of the MacAndrews & Forbes Co., of which he was Secretary and Treasurer, refused to answer, on the ground that the Federal immunity law was not broad …
Liability Of Water Companies For Fire Losses, Edson R. Sunderland
Liability Of Water Companies For Fire Losses, Edson R. Sunderland
Articles
In two recent articles published'in this Review, the question of the liability of water companies for fire losses was somewhat exhaustively discussed. The majority of the actions wherein it has been sought to hold water companies liable for fire losses suffered by private property owners, have been brought for breach of contract. In a few cases the theory adopted was that the water company owed a duty to all property owners, by reason of the public character of its service; and the fact that it was under contract with the city to furnish an adequate water supply and pressure for …
Federal License Or National Incorporation, Horace Lafayette Wilgus
Federal License Or National Incorporation, Horace Lafayette Wilgus
Articles
The message of President Roosevelt and the Report of Mr. Garfield as Commissioner of Corporations, if we are not mistaken, have done, or will do, more than all the discussion of the past several years to clear the vision of the people as to what is necessary and possible to do in the way of meeting and overcoming our industrial and commercial corporation difficulties.
Need Of A National Incorporation Law, Horace Lafayette Wilgus
Need Of A National Incorporation Law, Horace Lafayette Wilgus
Articles
When the report of the Committee on Uniformity of legislation was submitted to the last American Bar Association, and consideration of the legal problems growing out of modem commercial combinations, was urged as a matter proper for discussion and action by that association, it was gravely argued by distinguished lawyers present that there was no legal problem to be solved. The Committee on Commercial Law, however, thought otherwise and said:- "The American people look to the American Bar for leadership on this question. Some one must lead. If not the lawyer, then it will be the demagogue."
A Proposed National Incorporation Law, Horace Lafayette Wilgus
A Proposed National Incorporation Law, Horace Lafayette Wilgus
Articles
In an article in the February number of this magazine1 the writer discussed the need of a national incorporation law. The following is proposed as such; its object is to set forth what, perhaps, may be possible under such a law; what some will think necessary or desirable; what some will think unnecessary and undesirable; and what others will undoubtedly think is all wrong, if not vicious. Whatever view is taken the writer's purpose will be accomplished if consideration and discussion of the proper details of such a law, are provoked. There are two classes who desire a national incorporation …
The Northern Securities Decision, Horace Lafayette Wilgus
The Northern Securities Decision, Horace Lafayette Wilgus
Articles
March 14 the Supreme Court of the United States decided one of the most important cases that has been before it for a number of years. The litigation referred to is the Northern Securities case. The question involved was whether the control of the Great Northern and Northern Pacific railway companies through the ownership of the majority of the stock of each of those companies by the Securities company violated the national anti-trust act. The majority of the Supreme Court held it did, but four of the judges dissented.
Need Of A National Incorporation Law, Horace Lafayette Wilgus
Need Of A National Incorporation Law, Horace Lafayette Wilgus
Articles
When the report of the Committee on Uniformity of Iegislation was submitted to the last American Bar Association, and consideration of the legal problems growing out of modem commercial combinations, was urged as a matter proper for discussion and action by that association, it was gravely argued by distinguished lawyers present that there was no legal problem to be solved.