The times. [volume] (Richmond, Va.) 1890-1903, 1896-08-20
THE BAR ASSOCIATION.
MANY DIsTINGUTSHED JURIsTs AT
THE OPENING SESSION.
President storey's Address Deals Mainly
with the Laws on Railroad Reorgsrt-
zation-O!hee Papers.

convention l4htt At wv 1tv-h NiAH
morning, brought out an audience oe
nearly two thousand persons, large
number Of whom were ladies'. Among
the first TO arrive were Lord Russell, So
Frank lockwood. Montague Cracken-
thorpe with "a number OF ladies In their
PARTY. Their entrance was the sisnai
Tor general ovation. When inc pres
.dent Mr. M0orneld Story, or Boston,
Mass. called the needing to order AZ
lO.40 o'clock. there was present on tho
platform Lord Russell and j. Randolph
Tucker. Edwar1 j. Phelps, Montague
Crackeuhorpe. VIM. Allen Butler, Hem
~ Hitchcock. Austen O.. FOX. Charles
Clanln Allen. Frances Rawle, James q.
Carter and Sir Frank lockwood.
The annual address OF President Storey
which required an hour and a half IA
delivering. was frequently appiauded.
THE PRESIDENT ADDRESS.
The address OK the president was upon
"Th0 most Noteworthy Changes III
Statute Law ON Points OF General In
terest Made iu the Several states ana by
Congress During the Preceding year, as
required by the Constitution
lie pointed out that the legislation IN
different states. thOughly widely sepa-
rated and representing both the Oldest
and the newest civilization, strongly
showed the essential unity OF this country
in dealing with the same problems lnat
confront an the states. He pointed ous
that while the past year has been marked
by much discomfort among the people,
that the laws show only profound peace
and general prosperity. Discomfort does
/ not affect legislation.
Another noticeable point is the rapid
growth of a deposition 10 assert the gem
crN interests OF the community dt tho
expense Os Individual freedom.
The underlying principle OF socialism,
that everything that a man owns no
holds for thu State Ii asserted more and
more frequently The statutes Of every
State contain laws that would haNk SEEM
ed uuWarIantable invasion Of private
rights not many years ago. Sucn Iegis-
laton Is the collateral inheritance TAX
the graduated income tax, the graduated
tax on the estates or deCesed persons
when adopted. and the character and NUM-
ber OF the uses for which money is now
raised 10y taxation.
RAILWAY REORGANIATION.
The most important and longest part
or the address ls devoted 10 railway re-
organization. is based upon statute
OF kentucky, Which for the first time
deals with this subject. and it D. cOn-
sidered step iu Ae right way. as DC
enables the courts fD protect the inter-
esls OF investors hy making every re-
organization of railway the subject Of
Judicial IuFns .Ieatlou. ana Tor securing
Tor every interest hearing. IAe au-
dress points 0lt that tne great railway
systems ot this country have been ulilt
Pop ana %. .ulipel with borrowed capital
aany oI me s.cui iIlrs iepie.enl invest
lt' pl NOR iNHn tntif la-e N"lN'
N.-'il.t n'".h "a' n.rh l'l 'iei i''",4
without payment olieu as bonus To
go with tue bonds. lu this way the
money oi rrrNllolf mas hefn lufr9lrl,
ana fna confIN. oi tne property retained
F lne aeotoi- tAe runway company,
. . . a
up by contracts between companies some
Nmas iu tle I1ru OF leases and some
umes oi tialnc t"sitehlenfs car lui.F
l,"~n ','~n .s..'o connect enI ,s,viIi~g
for the Protection of the properties thus
/ consolidated in case of "a failure % make
! the payments stipulated ln the agree
| mour hut the last three years have
| shown that these contracts cannot DE
! enforced in the cDurtsi and that for an
| practical purposes The creditor is at the
| mercy of the debtor and obliged tO ace
| cent substantially sueh terms as the
| debtor chooses ID offer.
! ppr,er,,-.r coNprwroN-s
| As matters now stand, counsel must
! advise tlt.l clients tuat they can draw
| uo instrument coli ibis character with the
/ least assurance that its provisions VIII
! De- respected.
IAe failure or the company Hnds tho
n,inas-ia uuit.o amy iullf prepared lor
! the emergency, Whlch they inevitably
/ have fDres.eu. while 10 finds the creditors
scattered. Ignorant frightened, and en-
lu.t unitddy io ",l ,n.
| "N nave seen tIe managers, Whha
sflufly denying Ip 90 the last moment