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 Index to Periodicals The author favors federal incorporation, pro hibition of the formation of holding companies except under special conditions, limitation of capitalization to actual value of assets, and prohibition of interlocking directorates. Bowman. "Interlocking 11 Michigan Corporations." Law Review By 265 Harold (Feb.). M. "The time may not yet have come for broad, general laws forbidding intercorporate directo rates. For the next few years we seem destined to give most attention to deeds, to the acts that are hostile to our economic and social welfare. It is well that the emphasis is placed there. The energy that seems now behind it might be dissi pated, even destroyed, if it were sunk in the abstractions of mere organization. But we shall be fatuous beyond belief if in hammering at deeds we lose sight of these abstractions, for they embrace the real. There are even now certain corporation aggregations which menace the movement against destructive trade prac tices and agreements, chiefly because of the fact that they are dominated by common directors or common owners. . . . Interlocking man agement for that specific class of corporations will have to give way or the public policy itself will have to give way." "The Decision on the Union Pacific Merger." By Stuart Daggett. Quarterly Journal of Eco nomics, v. 27, p. 295 (Feb.). "In view of this very broad conception of the nature of competition in rates and service, it is curious that the Supreme Court failed to recog nize the existence of the 'financial' or 'diplomatic' competition which has been continuously in existence between the western groups of roads, a competition no whit less important than that upon which the Court laid stress. This took such forms as the threat of new construction, the readiness to divert traffic in one section to secure favors in another, or the purchase of huge blocks of a competitor's securities as a demon stration of financial strength. It is not to be supposed, of course, that this sort of struggle is limited to western lines. Great railroads are like great nations, in that open warfare is the crudest weapon which they employ." "Trust Regulation: The Solution, III. By Albert Fink. North American Review, v. 197, p. 350 (Mar.). "Unpopular as the suggestion will no doubt prove, and notwithstanding the deep suspicion with which it will be viewed, nevertheless the Sherman Anti-Trust Act should be forthwith repealed. As pointed out, it is wrong in prin ciple, unnecessary for the purpose for which it was invoked, and has brought about the very conditions which it was designed to hinder. It is without place in sound economics. Its net result is the waste of human energy, and by commanding the eternal warfare 'of each against all' the inevitable consequences of its operative effect is to destroy that which it was calculated to conserve. In its place should be enacted such a Federal Incorporation Law as will compel not

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only all the great industrials, but also all others who are engaged in interstate commerce, to abandon their state charters and accept in lieu thereof those offered by the national Govern ment." North Atlantic Fisheries Case. "The Final Outcome of the Fisheries Arbitration." By Chandler P. Anderson. American Journal of International Law, v. 7, p. 1 (Jan.). Much has been already written about this arbitration, but the particular merit of Mr. Anderson's article comes from the fact that it is reviewed and weighed as a completed transaction by the agent of the United States in the arbitra tion, Mr. Anderson having borne the duty of preparing and presenting the case for the United States and having had control of the proceed ings on the part of this Government, which was represented by six counsel in addition to the agent . "The importance of reaching a common basis of fact in the discussion of international dis putes before submitting such disputes to arbi tration is not always appreciated, and resort might be had more frequently with advantage to the hitherto somewhat neglected expedient of employing an impartial commission of in quiry for the purpose of securing an agreed statement of facts as a basis for reaching, if pos sible, - an adjustment by direct negotiation between the parties, rather than by arbitration." If both parties could have been in possession of all the facts in the Fisheries controversy, says Mr. Anderson, an agreement could quite prob ably have been reached by diplomatic negotia tion. See International Arbitration. Panama Canal Dispute. "Neutralization and Equal Terms." By Crammond Kennedy. American Journal of International Law, v. 7, p. 27 (Jan.). "Some recent writers have contended that it is 'unthinkable' that the United States should allow public vessels of a nation with whom it might be at war to pass through the canal, but taken literally that is just what the 'neutraliza tion' provided for in the Hay-Pauncefote treaty seems to mean." The article is one of the ablest that have appeared on the questions whether the effect of the Hay-Pauncefote treaty, impartially con strued, is equivalent to "neutralization" and if so in precisely what sense. Mr. Kennedy's readers may be tempted to regard the analogy between the Panama and Suez canals closer than they ever dreamed, and as something more than a mere general resemblance. "The Panama Canal and Treaty Rights." By D. Oswald Dykes. 24 Juridical Retiew 262 (Jan.). The two questions of the right of the United States to fortify the canal, and its duty to fix tolls on a basis of equality among the nations, are considered, both being answered in the affirma tive in an article which formulates no unorthodox conclusions.