New-York tribune., 1911-01-06
WANT CODE; Reject ONE
County Lawyers. Hearing Unter.
myer, Vote for Ethical Rulings.
PROPOSED PLAN GOES BACK
svmpathy for Justice Whitney S
Family on Anniversary of a
Reception in His Honor.

The New York County Lawyers Asso-
ciatlon met at the Hotel Astor last night
10 haar an address by Samuel Inter
mver. 10 meet Justice John J. Delany
and TO discuss the adoption of a code
of professional ethics. In the course or
the evening a resolution was adopted en-
towering the chairman. ex-Judge William
J. Wallace. 10 appoint a. committee of FIVE
which should draw up a set of resolutions
EXPRESSING the sorrow OF the association at
the death Of Justice Whitney, its apprecia-
ton OF his character and its sympathy In
the bereavement Of his family. Exactly a.
wear before, TO the day, the association had
given q reception for Justice Whitney on
the occasion OF his appointment 10 the su-
preme bench similar to the one given for
Justice Deiany last night.
After a spirited discussion, interspersed
with invective some OF which was hurled
by Julius Henry Cohen against name
sake Of his who had ridicued the proposed
code. the association voted in favor of the
adoption OF some code. but rejected the
particular one prepared by It's special com
mittee Much Of what Mr.. Untermyer had
said with regard TO the attitude OF lawyers,
particularly corporation lawyers was
hailed by the advocates OF the particular
code as proof of the need OF IT, The ma
jority, however, seemed 70 find It's proVl-
sions too general and obvious.
Some Needed Legislative Reforms in
Corporate Management vas the subject
Of Mr. J-ntermyer's address, and when he
got through the audience seemed convinced,
to Judge by its applause, that the reforms
were needed. Mr.. Untermyer held brief
for the minority stockholder and the in
dustrial policy holder, in which he scathins-
" denounced the holding company" de
vice tho aversion Of the courts 10 review
the business Judgment of directors, the re-
strctions Of 9 minority stock holder right
TO maintain an action in the interest Of
corporation, the arbitrary and uncon-
trolled power OF the Stock Exchange the
methods Of recognizing insolvent corpora
tions and the responsibility Of officers of
Industrial life insurance companies
In the last connection Mr.. Cntermyer
said the Armstrong law had accomplished
something in the way Of reform which
the companies are now combining ~
Of the incoming Legislature in this state"
with their old champion and spokes-
man AZ the helm in the Senate, as has
been threatened" he went on, and with
the energies Of the companies combined
for the assault under the euphonious name
of the Association OF Life Insurance Presi-
dents all the great work of reform IL In
peril"
The holding COMPANY, the speaker said,
had wrought more misery 70 the small.
innocent investor than all the other cor
porste wrongs combined" and he urged
that federal legislation be enacted to for
bid its existence in the case Of corpora
tions doing an interststs business The
power Of the Stock Exchange To strike
stocks from It's official list he wanted sub
iect 10 judicial review or the Stock En-
change itself he said;
1T exercises the most despotic. uncon-
trolled and irresponsible powers OF any
body on earth
As patterns for all the reforms sug
gested, Mr.. Untermyer pointed 10 tine Eng
lish laws governing corporations, which hf
said were "one hundred years ahead oi
| us in everything that pertains to justice
| simplicity and intelligence. he eHholtel
his fellow members Of the bar TO take a
| more prominent and influential part II
| moulding reform legislation, and with re
gard 10 discipline within the ranks he re-
| marked.
Some dav our profession will awaken tc
a proper sense of public duty and RESPONSE
| hility. when we will he ashamed TO leno
| our talents 20 the preparation Of these
! swindles Instead Of maintaining commit
tees on discipline and paid assistants ir
our own bar associations 10 hunt down the
unfortunate little fellows who have sur
rendered 70 temptations 10 commit wrong;
that are trifins as compared with the daily
activities Of some Of these advisers 10 great
corporations, we will then enter upon the
great work If purifying our ranks from
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