Law Commons^™

Empirical Insight And Some Thoughts On Future(S) Investigation: Comments On Mark West's 'Private Ordering At The World's First Futures Exchange', A.W. Brian Simpson

Michigan Law Review

Some considerable number of years ago, when I was in Chicago, I had a plan to undertake a general study of the origins of futures markets. They fascinated me for a variety of reasons, one being their bizarre nature: traders meeting together, usually in some form of ring, in order to sell, on a huge scale, quantities of commodities which they neither possess, nor intend to possess, to other traders, who have not the least wish to receive such commodities, and nowhere to put them if they did. At first sight it appears a weird perversion of the institution of …

Taxation - Federal Income Tax - Treatment Of Gains From Commodity Futures Transactions Of Manufacturing Consumer, Neil Flanagin S.Ed.

Michigan Law Review

Taxpayer, a manufacturer of products made from corn, purchased and sold corn futures contracts as a part of its regular buying program in order to protect itself against a possible shortage of raw materials. Taxpayer contended that the gains realized on these transactions should receive capital asset treatment. The Tax Court and the court of appeals held that the gains constituted ordinary income. On appeal, held, affirmed. The transactions, though not true hedges, were entered into for business purposes and as an integral part of taxpayer's operations. Consequently, they should be treated the same as hedges, and the gains …

Rationale Of Valuation Of Foreign Money Obligations, Charles Evan

Michigan Law Review

What then should a creditor of a foreign money obligation collect where there was a delay in payment? When are damages for depreciation of foreign money recoverable? As of what time and in what currency are they to be computed? How is the value of a foreign money obligation to be measured where no damages may be had? The answers to these and other incidental questions require a thorough analysis of certain features peculiar to the law of money.

It is the purpose of this article to clarify these problems, to sum up the primary principles by which they are …

Trade Regulation-State Fair Trade Acts And Supplementary Federal Legislation, Earl R. Boonstra

Michigan Law Review

The state Fair Trade Acts and the federal Miller-Tydings Act were enacted for the avowed purpose of exempting vertical price fixing contracts from the federal and state anti-trust laws. This legislation followed several court decisions which had declared resale price maintenance agreements unlawful trade restraints. The first Fair Trade Act was enacted by California in 1931, and by 1941 all but four jurisdictions had passed similar legislation. In 1936, the United States Supreme Court upheld the constitutionality of the California and Illinois acts on the broadest of grounds; and while the Miller-Tydings Act has not been passed upon, its constitutionality …

Constitutional Law - Interstate Commerce - State Regulation Of Exports Of Intoxicating Liquor, Michigan Law Review

Michigan Law Review

On being refused a license, a carrier operating under the provisions of the Federal Motor Carrier Act sought to enjoin public officials of Kentucky from enforcing the penal and contraband portions of the Kentucky Liquor Law, which required a license from the state as a prerequisite to the right to transport liquor. Plaintiff claimed that the state act was a violation of its rights under the commerce clause in that the requirement of the license placed an unconstitutional burden on its right to transport liquor in interstate commerce. On appeal from a federal three-judge court's ruling sustaining a motion to …