Evening star., 1917-09-19
ACCOUNTANTS BODY
ELEcTS|TS OFFICERS
W. Sanders Davies Choice for
President at Session of
Institute Today.
PAPERS READ BY MEMBERS

W. Sanders Davies was re,eleceed
president of the American INSTITUTE OF
Accountants at this mornings business
session of the convention Of the or.
the New Willard Hotel. Other officers
elected are George o. May of New York.
vice president, waldron H: Rand Of
Boston. wee president. and Adam Ross
of Philadelphia, treasurer.
Members Of the council Of the insti-
tute were elected for term OF five
years as follows: ..
]. s.'M. Goodloe of New York. W; f.
Of Baltimore. J. f. Masters of Boston.
Robert II. MONTGOMERY Of New York,
Carl H. Nau OF Cleveland and James S.
Matheson OF Duluth. Charles 5. Ne
Vile of Savannah. Ga. was elected
member OF the council to I'LL the IN
expired term two years. of Waldron
n. Rand. who was today elected
vice president of the institute.
Topics Discussed in Papers.
ton of Theoretical knowledge" and
Contact of Commercial Law and Ac-
counting" by Seymour Walton and B.
D. Kribben, respectively, were the prin-
cipal features of this afternoons ses-
sion, which was called to order at 2
o'clock.
In his paper. Mr.. Walton said. in
part: Law governs the universe In
which we live. Without knowledge.
more or less complete. of the laws that
tion all activities of the world would
cease A knowledge of many of these
laws is gained by experience, before
any actual law is formulated.
THE fact that many theories are
wrong and have to be abandoned is no
argument against the formulation OF
new theories. Because the first few
shots go wild is no reason for abandon
ing the method Of firing big guns by in
direct aiming. Eventually both method
and theory will score a hit and justify
the apparent waste of time and enort
that preceded it. The failure of the
first theory exactly to fill all the con-
ditions forms the basis on which new
theory Is made more nearly correct. un-
til one is reached that is completely
satisfactory"
Few Limitations in Commercial Law.
Commercial law has few limita-
tions, assisted Mr. Kribben in his pa
per. THE great expanse of human in
dustry and venture in commerce and
business undertakings. which are now
the subject matter of the examinations
of our profession. gives rise to ques-
tions of law of almost every kind and
nature.
"A study of the history of the common
law will explain many seeming anomalies
and matters which at first seem almost
the common law was rigorous in its forms.
methods and practices. 1t was this want
of f1exibilty on its part which at an
early date gave rise to the chancery courts.
One of its fundamental principles was that
redress for wrongs. when given, assumed
the form Of damages to be paid by the
defendant, for the breach of the contract
Of or the injury occurring to the plaintiff.
AS commerce increased, civilization grew,
this form Of redress grew proportionally
Inadequate, and at first the ecclesiastical
courts and later the chancery courts took
jurisdiction over such controversies in
which the common law was inadequate to
grant relief and which relief was yet Of
such nature and kind that it should in
good conscience be enforced.
Allegiance to Flag Pledged.
In a brief speech. Edward E. Gore of
Illinois pledged allegiance to the flag by
the institute. at the banquet given last
evening at the hotel. He called upon
each member of tho institute to make
every sacrifice for the eventual victory
of the allied cause. A musical program
also was given.
During yesterdays business session
5000 was pledged to the endowment
fund for the accountants library soon
to be established in New York city
George Q. May and partners of New
York pledged $4,000. and Elijah W
Sells and partners pledged $4,000
These were the two principal pledges.