Page:The Green Bag (1889–1914), Volume 20.pdf/73

 THE GREEN BAG MORTGAGES. " Clogging the Equity of Redemption," by N. S. Natesan, Allahabad Law Journal (V. iv, p. 301). NORTHERN SECURITIES DECISION. "The Present Status of the Northern Securities Decision," by David Walter Brown, Columbia Law Review (V. vii, p. 582). The Northern Securities decision and later ones interpreting it make the following propositions law under the Sherman Anti-Trust Act: "(i) Any restraint upon interstate trade and commerce, whether reasonable or not, is obnoxious to the act. • " (2) Any degree of monopoly in such trade or commerce, whether complete or not, is obnoxious to the act. "(3) The mere unification in a single ownership of control over several active competing agencies of such trade and com merce, of itself, and without any positive act of restraint upon competition, is obnoxious to the act. "When these principles are applied to busi ness, little room is left for that initative which was once the boast of the American. They tightly fetter the development of modern trade; whether wisely or unwisely is not here the question. Attention is directed only to the contrast between these principles and the freer conditions under which the United States grew. To the thoughtful student of American history, therefore, the decision in the Northern Securities Case seems to be the judicial declaration of a great change in the environment of American democracy. It seems to be the definite announcement that the period of development of a new land, during which the freest exercise of individual sagacity was needed and applauded, is over; that in its stead has come the period of con servation, of crowded competition between individuals upon a land already so occupied, that there is no longer room for the large exercise of individual powers; that the capaci ties of an individual are no longer to be measured by their results upon the develop ment of the land, but by the obstacles they seem to oppose to the well being of other men also in the land. According to most political philosophy, the earlier condition was that in which democracy might thrive, the latter that in which it has never yet existed long."

PATENT LAW. "Patent Law," by Ed mund Wetmore, Yale Law Journal (V. xvii, p. 101). A short general article on patent law, calling attention to the need of reducing the expense of infringement suits and of establishing a national court of patent appeal. PRACTICE. In the Saturday Evening Post of October 26 (V. clxxx, p. 12), is a very sensible and unusually specific account by an anonymous author of the financial problems a young lawyer faces while trying to build up a practice, entitled, " The Young Lawyer." A second article on lawyer's fees is to follow. PRACTICE. " Oral Argument," by Orrin N. Carter, Illinois Law Review (V. ii, p. 138). PRACTICE. " Preferences," by George I. Wooley, Bench and Bar (V. xi, p. 53). PRACTICE (Scotland). ."The Sheriff Courts' (Scotland) Act, 1907," byj. M. Lees, The Juridical Review (V. xix, p. 258). PROPERTY. " Vendor and Purchaser," Anon., Canadian Law Times (V. xxvii, p. 725). PROPERTY. " The Registration of Land Titles under the Torrens System," by W. F. Meier, Central Law Journal (V. Ixv, p. 449). PROPERTY. "Vested and Contingent Future Interests in Illinois," by Albert Martin Kales, Illinois Law Review (V. ii, p. 301). PROPERTY. (Execution of Power.) "Gifts of Life-rent under Powers of Appoint ment," by John S. Mackay, The Juridical Review (V. xix, p. 245). A discussion of the principle and of the Scotch cases where, funds having been placed in trust for a parent in life-rent and his children in fee with power in the parent to divide the fund among the children, the parent attempts to give a child a life-rent of a share and the fee to the child's issue. The gift of the fee to the issue is ultra vires clearly, because the issue are not objects of the power. The cases are conflicting as to whether the gift of life-rent is valid. On principle the author thinks it is valid, and that it is immaterial whether the fee has been validly appointed or left to go as in default of appointment or given to persons who are not objects of the power. PROPERTY (New York). "Powers of Sale as Affecting Restraints on Alienation," by Frederick Dwight, Columbia Law Review