Law Commons^™

Negotiated Vs. Competitive Debt Financing, Ralph S. Peterson

Vanderbilt Law Review

The principle of competitive bidding for municipal, equipment trust, and terminal issues has been so thoroughly tested during war, boom and depression markets, that its advantages are no longer questioned. It was the extension of this principle, however, to public utility securities generally in 1941, and to additional classes of railroad debt securities in 1944 which again aroused organized opposition from the traditional utility and railroad bankers and gave rise to their solemn predictions of the dire consequences which would follow the adoption of competitive bidding for such securities.

It is not possible within the scope of this article to …

Federal Regulation And State Gambling Laws, Walter H. Moses

Vanderbilt Law Review

The statement that the detailed regulation of security exchanges and transactions conducted thereon which is embodied in the Securities Exchange Act of 1934 and the Securities Act of 1933 and the regulations promulgated by the Securities and Exchange Commission thereunder constitutes an encouragement to gambling in securities, no doubt quite properly places a heavy burden of proof on the person making it. This article has as its purpose a demonstration of the truth of such statement.

Editorial Board, Journal Staff

Vanderbilt Law Review

No abstract provided.

The Significance Of Capital Surplus To The Investor, Charles E. Crouch

Vanderbilt Law Review

The examination of the net worth section of a balance sheet reveals two major parts, namely, (1) the capital stock account and (2) the surplus account. The surplus account is the balancing account which equalizes the difference between the assets, liabilities and capitalization. In this manner the surplus account becomes a reservoir into which are poured increases in net worth and out of which are dipped decreases. Although every transaction of a business either directly or indirectly bears upon the surplus account, corporate accountants and directors have not given enough attention to the proper treatment and handling of this important …

The International Bank For Reconstruction And Development--A New Departure In International Finance, Robert L. Garner

Vanderbilt Law Review

Early in World War II, financial and economic experts of the Allied Nations concluded that if economic health was to return with the peace, the family of nations would have to forego the bad economic manners which had become commonplace between the wars. The conviction that a new and better economic household for the world had to be planned resulted in the United Nations Monetary and Financial Conference at Bretton Woods, New Hampshire, in July, 1944, in which representatives of 44 nations participated.

The Conference met to solve two major problems. The first of these grew out of the chaotic …

American Business And Risk Capital, Emil Schram

Vanderbilt Law Review

In the midst of a nation-wide business surge--in building, in steel, in automobiles and petroleum production and farming--our capital markets stand alone as the one "depressed area" in the national economy.

It is due to the failure of many of those who call the tune on our country's fiscal and credit policies to realize that they are sluicing off the top soil from a resource as definite and tangible as our farms; they are eroding something as measurable as our grazing lands; they are pumping off onto barren ground something as exhaustible as our oil wells.

I am speaking of …

The Sec And The Broker-Dealer, Louis Loss

Vanderbilt Law Review

A couple of weeks ago the Commission handed down an opinion in a broker-dealer revocation proceeding which is the latest in a series of cases over the past few years that have gradually blocked out the duties of a broker-dealer to his customer. That case gives me my theme today.

It happens that most of what I am about to say relates primarily to the over-the-counter market. I was a little disturbed about the propriety of talking about over-the-counter problems under the auspices of this organization. However, we are all interested, I take it, in the problems of the securities …

Some Current Thoughts On Corporate Capitalization, Chester Rohrlich

Vanderbilt Law Review

There is nothing new in the basic legal problems connected with the need of each new business to somehow or other raise the necessary funds with which to launch the enterprise. It is primarily because of the flexibility which the corporate form of doing business affords in pooling together for a common business purpose the funds of many persons with diverse financial needs and objectives, that the corporation has achieved the preeminent position which it occupies. But while the fundamental questions are old, new times, new decisions and new statutes serve to emphasize different phases and different facets of the …

Over-The-Counter Securities Markets, Guy L. Clinton

Vanderbilt Law Review

Following the 1929 collapse, much attention has been centered on the role of the security exchanges in our economy. Whether or not improper operation of the securities markets had caused the instability of the national economy was not clearly apparent. However, as many persons believed that such was the case, or that such operation was at least a major factor in the economic ills of the country, the "crash" and the resulting investigations provided the impetus for a reform program in the investment banking segment of our economy, and one phase of this program dealt with securities.

To What Extent Does The Privilege Against Self-Incrimination Protect A Witness Against Forced Production Of Documents, Herschiel S. Barnes, Charles K. Cosner

Vanderbilt Law Review

This comment is intended to be a companion piece to the Comment in Vanderbilt Law Review, Vol. I, No. 2, which discusses self-incrimination by means of physical disclosures. The preceding Comment gave a brief account of the privilege and pointed out that the Constitutions of the Federal Government and forty-six states have incorporated the common law privilege against self-incrimination. The two exceptions among the states, Iowa and New Jersey, have accepted the privilege, either by incorporation into their common law by judicial interpretation, or by statute. It is the purpose of this comment to discuss the possibility of the invocation …

Proposed Changes In The Presidential Election System, Estes Kefauver

Vanderbilt Law Review

A strong and real two-party system is the most intelligent, responsive and lasting way to operate a democracy. The party in power formulates the policy and program of the Government. The minority party criticizes and tries to improve that program. The present system of electing a president prevents the candidates of the political parties from being truly expressive of the members of the parties. It also results in the, heads of the parties taking positions which are out of harmony with a large segment of the party.

Constitutionality Of The Proposed Regional Plan For Professional Education Of The Southern Negro, Clyde L. Ball

Vanderbilt Law Review

It is the purpose of this comment to consider the constitutional questions involved in current plans for establishing in the South regional schools where Negroes may obtain a professional education. Politically and socially the problem of Negro education is dynamic and dynamitic, and no attempt will be made here to discuss or argue the points involved from a sociological point of view. Rather the purpose here is to consider the question from its narrow legal aspect; social considerations will be noticed only insofar as may be necessary to the discussion of the legal problems.

The Employment Security Program (With Special Reference To Tennessee Unemployment Insurance), E.J. Eberling

Vanderbilt Law Review

Employment security was one of the major programs for which provision was made in the Social Security Act of 1935. Under its terms a tax program was instituted which encouraged the states to enact unemployment insurance laws and expand their employment services. The Act imposed a federal tax on the payrolls of subject employers against which such employers were permitted to offset the major part of the taxes which they paid under state unemployment insurance laws. Since employers in states which did not enact appropriate insurance laws were liable for the full federal tax, the states acted speedily to set …

An Examination Of The Tennessee Law Of Administrative Procedure, George Street Boone

Vanderbilt Law Review

The problem of judicial review, which has been considered in some de-tail, seems a fertile field for reform. Without intending to deprecate the ability and conscientiousness of the judiciary of the state, the continued dominance of administrative procedure by this group will effectively prevent the development of an efficient body of administrative servants to discharge the ever increasing functions which are being delegated to them.

Cooperation and mutual respect between the judge and the administrator are the foundation stones upon which any satisfactory system must be con-structed. This requires considerable legislation and an awareness on the part of the judge …

Tennessee Judicial Highlights, Journal Staff

Vanderbilt Law Review

CASES OF CURRENT INTEREST AND IMPORTANCE PREVIOUSLY NOTED

Baker v. State, 184 Tenn. 503 (1947), 1 Vand. L. Rev. 127 (1947). Accessory after the fact--when is felony complete?

Black v. Black, 202 S. W. 2d 659 (Tenn. 1947), 20 Tenn. L. Rev. 201 (1948).' Effect of reciting an oral contract to sell land in an undelivered deed.

Churn v. State, 184 Tenn. 646 (1947), 20 Tenn. L. Rev. 195 (1948). Testimony of arresting officers.

Davis v. Beeler, 207 S. W. 2d 343 (Tenn. 1947), 1 Vand. L. Rev. 451 (1948). Prohibition of practice of naturopathy in Tennessee.

Elliott v. Fuqua, …

The Tennessee Retailers' Sales Tax Act, Stanely D. Rose

Vanderbilt Law Review

The primary consideration in the adoption of a tax by a state is the constitutional framework into which it is to be fitted. Probable litigation is a factor of importance in the choice of a tax. If there are no complicating factors, a simple tax on sales seems to be one of the forms of excise tax most easily sustainable under the Tennessee Constitution. Indeed, Tennessee at an early date had a sales tax which apparently met with court approval.

The most inclusive authority upon which to base an excise tax in Tennessee is the clause which states that "the …

Cases Noted, Journal Staff

Vanderbilt Law Review

bankruptcy--unclaimed dividends--distribution to creditors who have not been paid in full

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constitutional law--prohibition of practice of naturopathy as a separate branch of the healing arts

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constitutional law--unAmerican activities committee held valid exercise of congressional power

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criminal law--evidence--admission of confession

Constitutionality Of Additional Assessments Necessitated By The Delinquency Of Some Land Owners In A Special Assessment District, Thomas A. Thomas

Vanderbilt Law Review

Most states have constitutional provisions requiring expressly or in effect, equality and uniformity of taxation. Under these constitutional requirements, it is usually held that the legislatures acting under their general taxing power, are not prohibited from making geographical classifications for purposes of taxation so long as they are reasonable and based upon a substantial distinction. However, the equality and uniformity provisions do require that all members of the same class be taxed alike. This limitation does not require meticulous adjustments to avoid incidental hardships upon some member of the same class, but requires only substantial uniformity. Since special assessments are …

Book Reviews, H. C. Nixon, L. Dale Coffman, George W. Stocking, Victor C. Heck, Constantine G. Belissary

Vanderbilt Law Review

TO SECURE THESE RIGHTS

The Report of the President's Committee on Civil Rights with An Introduction

by Charles S. Wilson, Committee Chairman.

New York: Simon and Schuster, 1947. Pp. xii, 178. $1.00..

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ROSCOE POUND

By Paul Sayre

Iowa City: College of Law Committee

State University of Iowa, 1948. Pp. 412. $4.50.

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A NATIONAL POLICY FOR THE OIL INDUSTRY

By Eugene V. Rostow

New Haven: Yale University Press, 1948. Pp. XVI, 173. $2.50.

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THE TRADE OF NATIONS

By Michael A. Heilperin

New York: Alfred A. Knopf, 1947. Pp. xix, 234. $3.00.

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AMERICA'S ECONOMIC SUPREMACY

By Brooks Adams …

Tva: A Democratic Method For The Development Of A Region's Resources, Gordon R. Clapp

Vanderbilt Law Review

The world is searching for better and more efficient ways to use natural resources without loss of individual freedom or the destruction or negation of the initiative and energies of individuals. The Tennessee Valley is demonstrating that this can be done; that the people--farmers, workers, businessmen and citizens generally-- can mobilize their energies around the use of a great river and the more productive development of the forests and the minerals and the soil. The people of this Valley have proved that as they do these things agriculture and industry thrive and diversify and the individual finds greater freedom of …

The Violation Of A Municipal Ordinance As A Crime, Stanley D. Rose

Vanderbilt Law Review

The county of Winnebago passed such an ordinance and McDonald was charged with a violation of it. McDonald demanded a jury, and Judge Schniege of the municipal court ordered it. Because no provision for a jury trial was in the ordinance, Keefe, the county district attorney, petitioned the circuit court for a writ of prohibition to prevent the enforcement of the municipal court's order for a jury trial. The circuit court denied the petition. On appeal, the supreme court reversed this denial. Judge Fairchild based his decision on the following chain of reasoning:

1. The power to define crimes is …

Taxpayer's Paradise In The Caribbean, Robert M. Baker, James E. Curry

Vanderbilt Law Review

A new industrial tax exemption statute became law in Puerto Rico on May 12, 1947. This island possession of the United States, located eight hours away from New York's LaGuardia field is already free of all federal income taxation. In the past, this favorable factor in its competition with mainland communities has been offset to a large extent by a very heavy local income tax. But industrialists who operate under the new exemption will be free of both federal and insular income taxes, as well as property and other local taxes.

Improper Accumulation Of Surplus, W.E. Norvell Jr.

Vanderbilt Law Review

Section 102 of the Internal Revenue Code, as amended, levies an additional or surtax on corporations. Said Section 102 is entitled "Surtax on Corporations Improperly Accumulating Surplus." However, this title is slightly misleading, in that the purpose is the criterion. Section 102 (a) levies the said additional tax upon the net income of every corporation (other than a personal holding company or a foreign personal holding company).

To What Extent Does The Privilege Against Self-Incrimination Protect An Accused From Physical Disclosures, Mary E. Mann, Thomas A. Thomas

Vanderbilt Law Review

The Federal Government and forty-six states have incorporated within their constitutions the common law privilege against self-incrimination. Iowa and New Jersey, the two exceptions, have accepted the privilege, either by incorporation into their common law by judicial interpretation, or by statute. Originally, this universal acceptance was an outgrowth of the thumb-screw and rack days of the star chamber in England, and the protection from physical torture by officers of the law to extract confessions was deemed such a fundamental right' as to warrant constitutional safeguards. However, since its adoption in this country, authorities both in and outside of the legal …

Legal Realists, Legal Fundamentalists, Lawyer Schools, And Policy Science--Or How Not To Teach Law, Fred Rodell

Vanderbilt Law Review

Increasingly over the past years, there has cropped up in the law reviews a special kind of leading article. It does not deal with anything courts are doing or legislatures are doing or lawyers are doing; it does not even deal with what courts or legislatures or administrators or lawyers ought to be doing; instead, it deals with a subject of apparently endless and obviously narcissistic fascination to the law teachers who write the articles. It deals with the teaching of law. More precisely, these articles are concerned with how the law teachers who write the articles think other law …

Powers Of Chinese Courts, Chao-Lung Yang

Vanderbilt Law Review

The Chinese legal system has recently aroused the interest of not a few Western scholars. But little has been written about the powers of the Chinese courts. It has been said-and it is true-that the Chinese legal system belongs to the Continental type. It will, therefore, be interesting to see in what way it is different from the Anglo-American system. Generally speaking, opinions may differ as to the fundamental features which distinguish the Continental legal system from the Anglo-American. But it may perhaps b e said that such features lie more in the sphere of adjective law and legal technique …

A Note On Samuel Pufendorf, Anton-Hermann Chroust

Vanderbilt Law Review

The work of Samuel Pufendorf was certainly the outstanding influence on continental legal philosophy during the second half of the seventeenth and throughout the eighteenth centuries. From his work comes the supposedly authoritative notion that scientific natural law and, hence, true legal philosophy as such, began with Hugo Grotius. What he actually meant to say was that Hugo Grotius had secularized the natural law, that is, he had divorced it from moral theology and put it on a non-theological--and, we may surmise--on a non-ethical basis.

Federal Law Of Search And Seizure As An Incident To Lawful Arrest In The Light Of The Case Of Harris V. United States, C.D. Berry, N.C. Frost

Vanderbilt Law Review

The recent widely discussed case of Harris v. United States further complicates that already complex phase of search and seizure which relates to the extent to which officers may search as an incident to a lawful arrest. The Fourth Amendment to the Constitution provides: "The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon prob-able cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to he seized." It has …

Sanctions, Law And Public Order, George H. Dession

Vanderbilt Law Review

A more creative conception of criminal law, and a more scientific and policy-minded approach to the organization of research, instruction and con- sultation concerning the use of criminal and other negative sanctions, 'have long been in making in the minds of many working in the field, in many widely separated places. My purpose in this paper is briefly to describe the kind of program currently conceived-to these ends in the Yale School of Law. Stemming from a series of exploratory studies and seminars conducted over the past few, years in collaboration with members of the Departments of Anthropology, Psychiatry and …

How Far Will Multi-State Death Taxation Go--Curry V. Mccanless Revisited, Thomas A. Thomas

Vanderbilt Law Review

It is the purpose of this comment to show how the death tax laws today affect the estate of a person who dies in one state leaving tangible or intangible personalty in another state, and also to recall the laws as they existed in the not too remote past and to surmise what they will be tomorrow in the light of recent trends.