The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-08-20
EARNED IN LEGAL LORE.
AMERICAS LAWYERS LEAGUE
IN CONVENTION.

,,.o,ine Of the Bar AssOciation-LOrd
chief Justice Russell Is Early on
=. EfeId with His Friends From
r,otand-An Able Address by the
Incident on the Changes in the
,,.s Of the states During the
year-Business transactions of the
Association.
e.-s-oza Aug. 1s.-The opening session
.f.ba nineteenth annual convention OF the
,,,sri,sn Bar Association in convention
An ar 1880 o'clock this morning brought
.,. a., audience Of nearly 1000 persons,
,.-qe number OF whom were ladies. Among
49, first 10 arrive were Lord Russell, Sir
frank Lockwood, Montague Crackea-
,,orne and the ladies of the English party.
Their entrance was a signal for a gener-
o,s ovation. When the president, Mr..
vorsaeld Story Of Boston, Mass, called
the meeting to order, at 1910 o'clock.
there we're present on the platform Lofd
Russell. J. Randolph Tucker, Edward ].
Pbelds. Montague Crackenthorpe, William
Allen Butler, Henry Hitchcock, Austen
G. Fox, Charles Clahin, Allen Francis
Rawle. James c. Carter and Sir Frank
Lockwood
The annual sddress Of President Story,
which required an hour and half in de-
livery, was frequently applauded. The
following is a synopsis Of It:
The address of the president was upon
'The Most Noteworthy Changes in State
Law on Points of General Interest Made
in the Several States and by Congress
During the Preceding Year." as required
by the constitution. He pointed out that
the legislation in different states. though
widely separated, and representing both
the Oldest and the newest civilization.
strongly showed the essential unity OF
this country in dealing with same prob
lens that confront all the states.
He pointed out that while the past year
has been marked by much discomfort
among the people, that the laws show
only profound peace and general prosper
ity. The discomfort does not affect legis-
latiOn.
Another noticeable point is the Rapid
growth of a disposition to assert the gen
eral interest of the community at the eX-
pense Of individual freedom" The under
lying principle of socialism, that every
thing that a man owns he holds for the
state, is asserted more and more frequent
v
laws that would have seemed unwarrant-
able invasions of private rights not many
years ago. Such legislation is the collat-
eral inheritance tax, the graduated income
tax, the graduated tax on the estates of
deceased persons, and the character and
number of uses for which money is now
raised by taxation.
The most important and longest part of
the address is devoted to railway re-or-
ganization, is based upon a statute of
kentucky which for the first time at
tempts to deal with this subject, and which
the address considers as a step in the
right direction, as it enables the courts
20 protect the interests of investors by
making every reorganization of a railway
the subject of judicial investigation, and
securing for every interest a hearing.
The address points out that the great
railway systems of this country have been
built up and equipped with borrowed CAPT
tai. Many of the securities represent in
vestment of more than their face value
Capital stock has been frequently issued
without payment. In this way the money
OF creditors has been invested and con-
trol OF the property retained by the debtor
the railway company. Great systems Of
railroads have been built up by contracts
between companies, some times in the
form Of leases and sometimes of traffic
agreements, carefully drawn by astute
counsel and providing for the protection
Of properties thus consolidated in case OF
failure to make the payments stipu-
lated in the agreement. But the last
three years have shown that these con-
tracts cannot be enforced in the courts
mat the right they are intended to Sc
cure are not recognized, and that for all
practical purposes, creditor is at the
mercy OF the debtor and obliged to ac-
cept substantially such terms as the
n nnFea
stahd counsel must advise their clients
lnat they can draw no instrument of this
character with the least assurance that
us provisions will be respected
Inc ueIault Of a railway company finds
lhe managers united, and fully prepared
tor the emergency which they inevitably
nave foreseen, while it finds the credit
us scattered, ignorant, frightened and en-
-ieIy uhready to act. We have seen the
managers. while stoutly denying up to the
.asl moment that any such step was con-
eemplated, or that the property was in
any way embarrassed, secretly prepare a
pli IN equity, and without notice to any
Jne interested. file it in a court of the
80 '',eeu @ states, asking for the appointment
VI IecelVers. AS matter of fact. in
lusye. nave Oeei cOl
me managers of an insoIvent COMPANY
IT, No. control of both sides of litigation
@ --e oilIs have alleged that the company
t,SSHiIot meet its obligations, and that thus
, ne system will be dismembered. and the
ia9o!t eIt company suffer. Upon this al
+b5",Ioh the company asks the court. In
c-e interest of the debtor to deprive the
,rullofs OF their rights, or at least to re.
NJ .oIu lhe creditors from exercising them
s .g representative of debtor ask to pre.
=, We LOT property to which confessedI, 4,
r-,. S ehutled, and that creditors be de-
r. 80 Ssl OF that to which they are entitled
.Vlissulse the naked effrontery of this
tb5s.'oh' the bills have generally alleged
tb@ ,he public interest will suffer from
ros,. Iisln ts y tegration of the system, but il
tbis oe aouoted if there is any ground fol-
es,ot Cllalm. 1t certainly has never beer
t,,,tto,'sned after argument for no oppor.
is for - ngate it has been given. If fl
tbat me tne interest of every one concerned
N. tdliroads should be run, there is m.
from, D@llser that the public will suffer
NJ an an interruption of service.
an a.. storey asserts that with scarcely
has ptlon, whenever a great raiIwa y
t5e pasSed into the control of the courf
thror-,gL1 1.g1ItoEs have first learned the fact
er' newspapers. He holds that What,
ros,,e else may be selected the former
madlassFs of the property should not he
-'aue receivers. nv Oe