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This article discusses various issues related to law and theories of overdue negotiable paper. There are three theories of overdue negotiable paper, no one of which has been consistently adopted by the common law. It is consequently difficult, if not impossible, to get either a correct perspective from which to view the cases or an absolute standard by which to measure their correctness. It appears to the article author to be impossible to follow the ordinary method and test the correctness of a case relating to overdue negotiable paper by the application. of the logical deduction and modification of the principles which, underlie the law of negotiable paper before maturity, because to do so would be to condemn almost every case to the limbo of legal error.

The article focuses on the decision of a U.S. court, given in the year 1966, in the lawsuit International Brotherhood of Pulp, Sulphite and Paper Mill Workers, Local 874 v. St. Regis Paper Co. The court decided that where the arbitrator's interpretation of the contract is not so wholly impermissible as to be arbitrary or capricious, his award will not be set aside.

Comments on State Farm proposal which permit automobile insurance rates to be determine in the marketplace subject to federal antitrust laws. Advantages and disadvantages of the regulation; Basis of the State farm proposal; Conditions under the McCarran Act.

A conference paper pertaining to the subject of anti-trust paradoxes is presented. According to the author, the purpose of antitrust laws is the restraint of competition for the purpose of obtaining unrestrained competition. He explores paradoxes and inconsistencies in laws supported by the U.S. Federal Trade Commission, namely the Sherman Act and the Robinson-Patman Act.

As it is currently evolving, the complex law of privacy is probably quite different from the perceived "right of privacy." This paper examines the law, and identifies the most vulnerable flanks of the marketing research profession. [ABSTRACT FROM AUTHOR]

This article focuses on the court ruling given in Beverly Cocktail Lounge Inc. v. Emerald Vending Machine Inc. case. Commencement of or service of notice of intention to arbitrate is no longer a special proceeding in New York and thus a party moving to stay arbitration cannot have an extension of time by relying upon Sec. 2103 CPLR permitting addition of three days where service of papers is made upon an attorney in a pending action. The court stated: "This provision was intended to change the prior law so that the arbitration would not take on the character of a judicial proceeding until the first application arising out of it is made to the court." In this case no such application was made; the other party merely served a notice of intention to arbitrate.

Focuses on a graduate course instituted by the American University's School of Business Administration in Washington, D.C., called a Seminar in Business Law. Study of the principal conflicts between law and business; Prerequisites for the course; Titles of some of the papers presented by students of the course.

The article presents authors' comments on various papers related to anti-trust policies in the U.S. by economists B.A. Adelman, Almarin Phillips and Donald Dewey. Adelman's paper is said to be concerned with correct definition of monopoly and market power and with consistent distinctions among the various kinds of integration that mergers produce. He points that without such definitions and distinctions, policy operates in an atmosphere of chaos. The papers by Phillips and Dewey offer more revolutionary doctrines along with their policy recommendations. Phillips recognizes that price and output in an oligopolistic market may differ quite widely from the results of pure monopoly, depending on the looseness of its structure, and restates this as an attribute of inter-firm organization. The boundary at the other end of the spectrum between excessively competitive and ordinarily competitive industries is however, unclear. Dewey's view of the function and purpose of cartels says that any known cartel has neither actually made any appreciable contribution to greater technical efficiency nor, certainly, has any such efficiency been reflected in cartel prices. The dominant motive in cartel formation is equity. The article does not agree with this theory.

This article presents information regarding engagement of aliens in occupations in the U.S. Throughout the U.S. there is today a consistent attitude among business-men and law-makers alike, that has for its announced purpose the refusal to aliens of the right to engage in certain, and many, occupations. These foreigners are being denied the opportunity to work, despite the fact that they were legally admitted to this country and with the fore-knowledge by the government, in most instances, that they would seek to earn their own living. In May of this year, when the index of employment showed a slight upturn, a very large factory in the Mid-West increased its force by too per cent, but refused to re-employ former workers who were still aliens. In thousands of cases, foreigners are being dismissed because of this "all American" policy. This program has failed however to often produce the compensating factor of employing Americans in the place of these discharged aliens, in altogether too many cases, the alien having been dismissed, none is taken on in his place and as a result there have been found two persons on the breadline in place of the former one.

The tenth annual meeting of the American Association of University Instructors in Accounting was especially noteworthy because of the able papers given on the subject "Research Work in Universities." Inspired by these papers the present writer decided to ascertain approximately what graduate work in applied economics the American universities were doing. As there were no data available on this subject, a survey was started. This paper is the result of the survey conducted by the Association. The basic courses in commercial law are so fundamental that practically all graduate schools of business offer them. The commercial law courses are 8.4% of the total applied economic courses in non-urban schools and 6.2% in urban schools. This variation is due to the difference in the total number of courses offered in non-urban and urban schools as the number of commercial law courses offered is practically constant. The unusual number of commercial law courses offered at American University and Pennsylvania University is doubtless due to local conditions, the excellent standing of the graduate law school at the former and unusual complexities of the State law code at the latter. Business management ranks first or is tied for first among the applied economic groups in five out of the twenty-seven schools.

The article presents information on legal developments in marketing relative to the regulation of price competition. In reference to price discrimination, the case of Exquisite Form Brassiere Inc. v. Federal Trade Commission is presented. The legal system's findings involving Section 2 of the Robinson-Patman Act are reported. A second case involving the alleged conflict of state and federal law, State of Wisconsin v. Texaco Inc., is presented. A third case involving the Swanee Paper Corporation is presented and also centers on a contentious element of the Robinson-Patman Act.

The article presents U.S. commercial law case studies and examples of antitrust violations. Several cases are described, including U.S. v. West Virginia Pulp and Paper Co., U.S. v. New Orleans Chapter, Associated General Contractors of America Inc, and Long Island Moving & Storage Association v. Lefkowitz. Antitrust violations, commercial law, the statute of limitations and the Sherman Antitrust Act are covered.

In this paper three major points are made: (1) The continuing upward trend in conglomerate insurance mergers has both positive and negative aspects to it;1 (2) The McCarran-Ferguson Act, granting the insurance industry a fairly broad exemption from federal antitrust laws, is not an insuperable obstacle to antitrust litigation against conglomerate insurance mergers; and (3) While it is not apodictic that Section 7 of the Clayton Act can be used against conglomerate insurance mergers, a recent FTC decision—involving American General Insurance Company's 1969 acquisition of Fidelity and Deposit Company of Maryland—suggests that such acquisitions are not sui generis. The paper analyzes the amended Section 7 of the Clayton Act and the McCarran-Ferguson Act, and on the basis of statutory language, legislative history, economic analysis, and the available decisions undertakes to formulate criteria for evaluating the legality of a conglomerate acquisition by an insurance firm. [ABSTRACT FROM AUTHOR]

The article presents a summary of the papers presented at a round table conference on price control under "Fair Trade" legislation. Corwin D. Edwards in his paper expressed that except for the harassment and abuse, which may develop under minimum price laws, there is little reason to believe that, in their present form, they will do much either to harm the consumer or to help the groups, which have advocated them. There is danger, however, that when the principle of a minimum price has been well established the level of the price will be raised. These possibilities for the future, and the private perversion of the law at present, constitute the most serious dangers in this type of legislation. Reinhold P. Wolff, in his paper, was of the view that foreign experience with price maintenance cautions against overrating the issue. Fixed retail prices in Europe have neither raised general price levels nor to any considerable extent created price uniformity. The policy has not checked the growth of large-scale retailing; nor has it contributed much to spread of government intervention. It has only remotely contributed to the growth of fascist ideas in Central Europe. Equal sociological conditions are likely to produce economic problems in equal settings.

The article discusses the modification of banking and currency system legislation in the U.S. in 1932. Of the numerous measures which have been proposed for modifying banking and currency system since the debacle of 1929, only two will be dealt with in this note: the Reconstruction Finance Corporation Act and the Glass-Steagall Act. More important than either is the proposed Banking Act of 1932, introduced by Senator Carter Glass on January 21. This, largely the work of Senator Glass, is the result of the lengthy and valuable hearings on Senate Resolution 71. There has been some delay in proceeding with it, probably ascribable in part to the urgent conditions in January and February, but also to the hostility of certain interests opposed to some of its provisions. The Glass-Steagall Act, in so far as it is an announcement that technical rules of eligibility and acceptability are not to determine the volume of rediscounts or the banks to be accommodated, is a step in the right direction and is consistent with the recent practice of putting increased emphasis on the condition of the endorsing bank and the security offered. But in so far as Reserve Banks are thus informed or instructed that they are to take slow assets in large quantities, or bad assets in any quantities, the Act is a mistake.

This article presents information on public rules for private accounting in France in 1673 and 1807. As per the rules of Ordinance of 1673 some designated classes of `business men were required to "keep books." Public regulation, "on paper" at least, extended to the making of rules as to the books to be kept, forms to be observed in the making of entries, authentication by a public official as a means to the prevention of the crudest kind of falsifications, the making of periodic inventories, and the preservation of correspondence. The rules for authentication of the books of exchange dealers and bankers pear a little more strict than those for the authentication of the books of tradesmen and merchants. However as per the accounting rules of commercial code 1807 every business man was required to have a journal which presents day by day his accounts receivable and payable, the operations of his business, acceptances and endorsements of commercial paper, and in general everything which he receives and pays, under whatever head it may be.

The article presents information on the marketing implications of procedural and legal developments. In the case Berger Drug Co. v. Parle Davis & Co., a U.S. judge ruled that a defendant manufacturer in a private antitrust suit can cease to supply a distributor who brought an antitrust suit against it. In April 1960, regarding the case Saint Regis Paper Co. v. U.S., a U.S. Court of Appeals held that copies of census reports are confidential and may not be subpoenaed by the U.S. Federal Trade Commission. Eight months later another Court of Appeals ruled just the opposite. The conflict between courts has now been resolved by the U.S. Supreme Court which upholds the latter position.

The article presents information on legal developments in marketing relative to the regulation of monopolistic methods. The case of Crown Zellerbach Corporation v. Federal Trade Commission is detailed. Crown Zellerbach had been issued a divestment order regarding its ownership of the St. Helens Pulp and Paper Company. A discussion of the appeals process and the extended time period involved in moving the case through the U.S. courts is provided.

The article presents a list of books and papers related to law. Some of the papers are: "International Law and National Behavior," by Ahmed Sheik; "Conflicts Between Regional and International Work on Unification of Rules of Choice of Law," by Kurt H. Nadelmann; "Multinational Intercompany Agreements," by L.E. Miller; "European Commercial Law," by Berthold Goldman; "The Ombudsman in Finland," by Mikael Hiden; "An International Business Centre," by R.D. Hallam; "Foreign Exchange Controls"; "Nature and Extent of Executive Power to Espouse the International Claims of United States Nationals"; "Trade Secret Protection" "Hazards of Maritime Transit," by Thoinas A. Clingan; "The International Law of Pollution," by James Barros and Douglas M. Johnston; "International Relations and Future of Ocean Space," edited by Robert G. Wirsing; "International Legal Practice Restrictions on The Migrant Attorney," by John C. Hoppe and R. Snow and others.

In almost all German corporations it is at present customary to check up all accounting statements especially the annual balance sheet and profit and loss statement. This work is done by separate auditors or auditing companies. The law, however, does not as yet require an audit. According to the law at present the Supervisory Council as the controlling agent of the corporation is required to supervise all phases of the business including the examination of the financial statements and annual closing entries in order to report thereon at the general stockholders' meeting. The audit function is, therefore, in accordance with the present German law, included in the general control function of the Supervisory Council. The appointment of separate auditors is according to law necessary only in special cases. The Board of Directors in the cases under Section 266, is to allow the auditors to examine the books and papers of the company and also the cash, securities, and goods as well.

The article discusses the format for the "Journal of Marketing" in the post World War II period. The major departments of the journal are discussed and outlined. A comparison of issues from the pre and post World War II period is presented. An additional section was introduced in 1951 and entitled "Legislative and Judicial Developments in Marketing." The editors explain that this section is an attempt to cover this aspect of marketing systematically. The journal expanded in size significantly since World War II. The amount of advertising has tripled in size since the journal's first decade of existence.

The article discusses an investigation by the U.S. Department of Justice Antitrust Division into the practices of the fertilizer industry and its trade associations. In 1939, investigators from the Antitrust Division and the U.S Federal Bureau of Investigation entered the offices of the National Fertilizer Association in Washington D.C., as well as many other corporations part of the association. They were interested mainly in the potash, nitrogen, and the mixed fertilizer sectors of the industry. The author gives further information on some of the charges, including conspiracy to restrain trade through price fixing and international cartels. The outcome of the investigation is also discussed.

The article discusses the cost of consumer credit. Due to consumers' unfamiliarity with credit finance structures, there is a significant amount of confusion and misinformation regarding installment charges. An analysis of finance charges is presented. The critical terms, which determine how charges are calculated are 'constant ratio,' 'actuarial yield,' and 'direct ratio.' A common misconception is that bank charges are lower than finance company charges; they are nearly identical. Both those extending the lines of credit and the consumers using the credit are not adequately informed of their costs.

The article presents information on the marketing implications of unfair competition. In regard to advertising, the article discusses the dismissal of charges in regard to the First Buckingham Community, Inc. et al. as it pertains to the policy of racial discrimination in the renting of apartments. The jurisdiction of the Federal Trade Commission in light of the passage of the Civil Rights Act of 1968 is discussed. In regard to nonadvertising promotional methods, the article presents a discussion of the "Report on the District of Columbia Consumer Protection Program" which addresses unfair and deceptive practices to which low-income consumers were susceptible. The article states that public hearings associated with the report will inform future Federal Trade Commission actions.

This paper develops an economic theory of replacement investment that can provide a basis for specifying an econometric model of investment behavior. The long-run and short-run effects of changes in the interest rate and in tax laws are examined. The paper also investigates several reasons why the common assumption of a technologically constant rate of replacement is incorrect even as an asymptotic limit. [ABSTRACT FROM AUTHOR]

The article discusses the Rhode Island admiralty documents and papers. In 1703, Massachusetts, New Hampshire, and Rhode Island were constituted one district, and the Rhode Island court was held by a deputy appointed by the judge in Boston. The Vice Admiralty papers start in 1727, run with tantalizing gaps to 1772, and are most complete for 1740-52. After 1752, the papers are extremely fragmentary. With the Revolution and the establishment of a state court of admiralty, the records begin again, and for the period 1776-83 they are substantially complete. In a sense, therefore, the Rhode Island papers complement those of New York, since the latter, in the Vice Admiralty period, are most full for 1754-74, and in the state court run from 1784 to 1788.

The relations between the central bank and the State have been newly defined in central bank laws passed since the end of the war. However, there exists no comparative study of the postwar central bank legislation, no bird's eye view of the new institutional set-up, no comprehensive interpretation of the changing relationships between the central banks and the State. This broadly is what I shall try to do in this paper. [ABSTRACT FROM AUTHOR]

That housing is an important practical problem needs no argument. If practical problems are to be dealt with intelligently they obviously require the foundation of sound knowledge. The knowledge required to deal intelligently with housing includes not merely what all of the social sciences have to give but also the technical knowledge which architecture, engineering, art, law, administration, business and other professions can offer. Housing is a social activity. As such, sociology has something to learn from it and it constitutes a subject matter for sociological study. Sociology also presumably has some knowledge to bring to housing problems. It is the purpose of this paper to indicate what this two-fold interest of sociology in housing is as a giver and a receiver of knowledge. Sociology is clearly not the only discipline bearing upon housing and, conversely, what housers can legitimately ask of sociologists will only give them a partial answer to their problems. This discipline is concerned with what is true of man by virtue of the fact that he leads a group life.

A study was conducted in 1967 to determine the effect of the Minnesota Dairy Industry Unfair Trade Practices Act on the conduct and performance of selected Minnesota fluid milk market. In this paper, the results are presented to illustrate this effect and its implications for the administration, interpretation and enactment of unfair trade practice laws. It was concluded from the study that the law discourages competition or encourages cooperation among firms in oligopolistically competitive markets which results in less than desirable market performance. This paper suggests that there is a need for further investigation into the effect of unfair trade practice laws. Given the limited scope of the 1967 study, the implications are presented only as testable hypotheses.

Presents a discussion on a paper related to scope of business law in Chicago, Illinois. Association of typical business law curriculum with typical law school curriculum; Nature of business law; Usability of the paper for a first course in business law.

This paper compares several insurance experience variables under two major types of rating laws for five kinds of insurance in eleven states. Two major purposes of the article are to attempt to validate insurer opinions about rate regulation in these states and to help fill an empirical gap in the literature on the subject. For comparative purposes, the rating laws were classified as either (1) can use before filing, or (2) cannot use before filing. Although rate levels appear to have been more adequate in the CU states, it is dangerous to generalize as to the degree to which this would be true if more states were included in this category. Differences among individual states within the CNU group were considerably greater than those between the averages for the two groups of states. Thus it appears that the administration of the rating laws and other factors may be more significant than the type of law, per se. Nonetheless, the CU states generally had lower percentages of assigned risk premiums, less market penetration for major bureau affiliates, but greater overall market concentration and receptiveness to product innovation. With the trend to more liberal rating laws, the regulator's prime concern may be the prevention of monopolies. [ABSTRACT FROM AUTHOR]

There has been a gradual but continual decline of interest in surplus lines regulation since enthusiasm peaked in the early 1960's. The current environment could easily lead one to believe that states have modified and amended their state surplus lines laws so that they are now effective regulators of surplus lines activity. It is, however, the contention of this paper that such is not the case. The vast majority of states do not have complete and comprehensive surplus lines laws and most states make little effort to enforce the laws that they do have for controlling this insurance activity. The most devastating criticism of surplus lines laws, however, is that they are generally impractical, unreasonable, inconsistent, and inequitable. In such an environment of ineffective regulation, one must therefore conclude that the majority of surplus lines insurance activity existing in this country goes uncontrolled, unregulated, and untaxed. [ABSTRACT FROM AUTHOR]