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 London Legal Letter.

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Hoag, and which Hoag has been declared title to the cow, now has the cow, and judicially liable to pay for, and has paid for, Breman has the pay which he collected on is now judicially held to belong to Breman, his judgment in Trover. It is easier to see who holds in his pocket the pay adjudged that the result is just than that the final to him for the cow in his Trover suit, and decision accords with legal principles. Fiat now takes another judgment for the value of justitia, mat coelum." the cow in replevin. At the end of the While no one will deny that such a fourth act, therefore, Hoag holds the cow random, roundabout and irregular course of and one judgment in replevin against proceedings should be condemned as pro Breman. Breman holds the pay he has ductive of confusion, and as destructive of received in his action of Trover, and one the outlines of clear-cut legal doctrines, all judgment in replevin against Hoag. must admit that, in the end, substantial right "V. Setting off the two judgments in and justice was attained, — the object and replevin against each other, Hoag, who at aim of the law, to which all else, if necessary, the beginning of the controversy had no should be subordinated. A. R. W.

LONDON LEGAL LETTER. London, Feb. 4, 1896. IT is not often that an act of legislation in the United States becomes a matter of personal concern to the peo ple of England, but for some years past the laws which have been passed by Congress to prevent the disposal of lands in the Territories to aliens, and the non-resident alien legislation in many of the States, have curiously affected financial operations in this country. So far as any harm has been done, or any embarrassment is felt, it is very probable that the harm and embarrassment are most keenly experienced on your side of the Atlantic. The fol lowing incident which has come to my knowledge within the past few days will illustrate the awkward working of the legislation to which I refer. In one of the Western Territories a concession was obtained by residents of the Territory from the United States Government to erect cer tain works which are greatly needed in the Territory, and which in the course of a very few years would unquestion ably add to the value of the soil and induce an influx of immigration which would treble or quadruple the popu lation of the district. In order to work this concession, a joint-stock company was formed under the laws of the Territory, but it was found to be impossible to sell, at home, the shares in sufficient quantity to raise the capital required to erect the works, or to borrow the money neces sary for that purpose. The Territory is a new one; its rich resources are poorly developed, and the people, affluent in everything but money, are not yet of the invest ing class. An agent was despatched to London to procure the necessary funds. He found upon his arrival that there were millions of pounds sterling here awaiting profitable investment. He disclosed his scheme, satisfied the finan cial agents that it was a safe and profitable one, and ob tained their assent to it. A company was formed under

the English Companies Act, to subscribe to all the shares of the American Company, and a prospectus calling for subscriptions was about to be issued, when the opinion of counsel was taken as to the powers of the proposed com pany to make an investment in the Territory in question. Pending this report arrangements were made for the entire capital required, and it was assumed that the whole matter would be successfully completed within a comparatively few days. Unfortunately, the opinion of counsel disclosed the fact that a law of the United States Congress, passed March 3, 1887, provides that «*. corporation or association, more than twenty per cent, of whose stock is owned by any per son or corporation not a citizen of the United States, shall acquire, hold, or own any real estate in any of the Terri tories of the United States. As the American corporation, whose shares it was proposed to take up, would be unable to carry on its business unless it might acquire land in the course of its business operations, and for their purposes, this act at once put a stop to further negotiations. It was then suggested that the English company acquire the American company's franchise, and carry on the business; but the first section of the act above quoted provides that it " shall be unlawful for any person or persons, not citizens of the United States, or who have not lawfully declared their intention to become citizens, or for any corporation not created by or under the laws of the United States, or of some State or Territory of the United States, to acquire, hold or own real estate in any of the territories." As the projectors of the English company could, there fore, neither as individuals nor as an incorporated company, invest their money in the American company, or buy its property, or loan it money, there was therefore nothing to be done, and they withdrew from the negotiation. As far