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11/04/2024

02/10/2023

Soon, however, equity amassed its own body of precedents and tended to rigidity. Equity, even in its more limited modern sense, is still distinguished by its original and animating principle that no wrong should be without an adequate remedy. Among the most notable achievements of equity were the trust and the injunction. Because the decree (final order) of an equity court operated as an order of the king, disobedience might be punished as contempt; in legal remedies, on the contrary, the plaintiff was limited to enforcing his (monetary) judgment. The fact that equity trials were decided without a jury was thought advantageous in complex cases. The coexistence of different systems of justice and delays in the courts of chancery came to present such great procedural difficulties that in England the Judicature Act was adopted (1873) to amalgamate law and equity.

In the United States amalgamation had begun with the New York procedure code (1848) drafted by David Dudley Field . Today only a few of the states have separate equity courts. Of the remaining states some divide actions and (to a lesser extent) remedies into legal and equitable, while the others have almost entirely abolished the distinction. Even in those states where law and equity remain unmerged, they are often handled by two sides of the same court, with relatively simple provisions for the transfer of a case that is brought on the wrong side.

02/10/2023

Equity principles of justice originally developed by the English chancellor. In Anglo-American jurisprudence equitable principles and remedies are distinguished from the older system that the common law courts evolved. One of the earliest functions of the king's chaplain (the chancellor) and of the chancery (the office that he headed) was to govern access to the royal courts by issuing on application the appropriate original writ. At first the chancellor had great discretion in framing writs, but in time he was limited to a few rigidly circumscribed forms, and in certain cases worthy claims could not be satisfied.

From this inadequacy arose the practice of appealing directly for aid to the chancellor as the "keeper of the king's conscience." By the early 16th cent. a fairly well-defined jurisdiction was exercised by the court of chancery in rivalry with the common law. In the 17th cent. it was definitely established that the court of chancery would decide any claim to jurisdiction that the courts of common law disputed. The early chancellors purported to dispense equity in its original sense of fair dealing, and they cut through the technicalities of common law to give just treatment. Some of their principles were derived from Roman law and from canon law.

21/08/2023

Such scrutiny of the end user wouldn’t be unusual if we were a consumer products company. P&G is known for following consumers around stores and observing them in their kitchens. But like most other B2B companies, Thomson historically had a much better understanding of its buyers than of its end users. We knew a fair amount about, say, financial services information managers, who were responsible for making purchasing decisions for an entire department, but little about the individual brokers or investment bankers who used our data, research, and other resources daily to make investment decisions for their clients.

21/08/2023

How does a business-to-business company find out exactly what end users do with its products? That was the question we wrestled with at the Thomson Corporation, because the people who buy from us are not the same people who actually use our products in their daily work. For Thomson, the answer has been to combine multiple methods of deep customer inquiry, from market surveys to observing users directly in their workplace. Those efforts have been part of a front-end customer strategy that has become the cornerstone of the company’s transformation. This strategy has included asking lawyers, accountants, financial analysts, investment managers, scientific researchers, and other professionals who use our products and services what they do on a minute-by-minute basis. Then we’ve systematically sought to deliver solutions that meet their needs during each of those hours. By doing so, we’ve learned how to help end users with their work in ways that might otherwise never have occurred to us.

14/04/2023

In order, therefore, to clear up this outstanding indebtedness and make everything shipshape again, it was decided that the city must issue a loan, say for two million dollars – no need to be exact about the amount. And this loan must take the shape of interest-bearing certificates of a par value of one hundred dollars, redeemable in six, twelve, or eighteen months, as the case may be. These certificates of loan were then ostensibly to be sold in the open market, a sinking-fund set aside for their redemption, and the money so obtained used to take up the long-outstanding warrants which were now such a subject of public comment.

It is obvious that this was merely a case of robbing Peter to pay Paul. There was no real clearing up of the outstanding debt. It was the intention of the schemers to make it possible for the financial politicians on the inside to reap the same old harvest by allowing the certificates to be sold to the right parties for ninety or less, setting up the claim that there was no market for them, the credit of the city being bad. To a certain extent this was true. The war was just over. Money was high. Investors could get more than six per cent elsewhere unless the loan was sold at ninety. But there were a few watchful politicians not in the administration, and some newspapers and non-political financiers who, because of the high strain of patriotism existing at the time, insisted that the loan should be sold at par. Therefore a clause to that effect had to be inserted in the enabling ordinance.

14/04/2023

There was just one drawback to all this. In order to get the full advantage of this condition the large banker holding them must be an “inside banker,” one close to the political forces of the city, for if he was not and needed money and he carried his warrants to the city treasurer, he would find that he could not get cash for them. But if he transferred them to some banker or note-broker who was close to the political force of the city, it was quite another matter. The treasury would find means to pay. Or, if so desired by the note-broker or banker – the right one – notes which were intended to be met in three months, and should have been settled at that time, were extended to run on years and years, drawing interest at six per cent even when the city had ample funds to meet them. Yet this meant, of course, an illegal interest drain on the city, but that was all right also. “No funds” could cover that. The general public did not know. It could not find out. The newspapers were not at all vigilant, being pro-political. There were no persistent, enthusiastic reformers who obtained any political credence. During the war, warrants outstanding in this manner arose in amount to much over two million dollars, all drawing six per cent interest, but then, of course, it began to get a little scandalous. Besides, at least some of the investors began to want their money back.

30/12/2022

Thereafter, in the course of time, Frank became a familiar figure in the commission district and on ‘change (the Produce Exchange), striking balances for his employer, picking up odd lots of things they needed, soliciting new customers, breaking gluts by disposing of odd lots in unexpected quarters. Indeed the Watermans were astonished at his facility in this respect. He had an uncanny faculty for getting appreciative hearings, making friends, being introduced into new realms. New life began to flow through the old channels of the Waterman company. Their customers were better satisfied. George was for sending him out into the rural districts to drum up trade, and this was eventually done.

30/12/2022

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