the other short and very stout. The former said to the latter, "I have just been wondering how a man of your size could tell when to quit eating." The latter replied, "Why, that is easy enough! I

always adjust myself three inches from the table and eat on until I touch."

The theme assigned me to-night is "The Underwriters' Association and Its Influence." I know of no better way to illustrate the value of local associations than a brief reference to some of the results achieved by our own association. The Baltimore Life Underwriters' Association was organized with two objects in view. First-To cultivate friendly relations between competitors. Second

To promote the best interests of life insurance in every legitimate way. Our success in the first particular is acknowledged by all familiar with the facts. As to the benefit to life insurance we

Through the persistent efforts of our association during the past two years two irresponsible and illegal so-called life and annuity companies were completely annihilated, and the good people of Maryland protected from their nefarious operations.

Through its instrumentality in cooperation with our friend, the Hon. Olin Bryan, and the Commissioner of Insurance, the insurance laws of the state were revised and greatly strengthened against fraudulent insurance concerns.

Underwriters' Associations promote harmony and unity among agents, and furnish the press with much valuable information concerning life insurance. They have popularized life insurance. By bringing representatives of the different companies in close contact, they develop mutual respect and regard and thus remove many of the asperities of competition. They elevate and dignify the business, and cultivate a fraternal spirit which recognizes a worthy competitor as a brother, endeavoring to prosecute an honorable business, rather than an enemy to be despised and misrepresented. They have an uplifting effect over the whole range of life insurance. Life insurance has become an essential feature of our modern civilization. It is the most beneficent institution yet devised by man. It places within his reach the means of capitalizing a portion of his money value, when in health, to protect his family in case of premature death or in dependent old age. When we reflect that a large proportion of business men fail, and but a small proportion of those reaching sixty have a competency; that out of every one hundred risks taken at the age of thirty, eighteen will die in twenty years, at forty, twenty-five will die in the same time, and at fifty, forty-five will die; I ask then, recognizing these facts, is it

possible for men unassisted to protect their families from these vicissitudes. The records of life insurance answer this question more eloquently than any language I can command.

The total amount of life insurance in force at the close of 1902 in the United States was more than ten billions of dollars with assets of over two billions, whilst the combined capital, surplus, and undivided profits of the 4,666 National banks in the United States amounts to only one billion two hundred and thirty-two million, and all the gold money in the United States on June 30, 1903, was one billion two hundred and fifty-two million. In other words, the total insurance in force is eight times the capital, etc., of all our National banks, or the total gold money in the United States.

And yet we need not worry about there being enough left to go around. This reminds me of the old woman in Maine who had been poverty stricken all her life, and who had a great desire to see the Atlantic ocean before she bade farewell to earth. A friend presented her with an excursion ticket to the sea shore. When she beheld the vast expanse of waters extending farther than the eye could reach, she burst into tears. When her friend insisted on knowing the cause of her grief, she replied, "I cannot help crying, for it is the first thing I ever saw in all my life that there was enough of." According to the insurance press the amount of death losses and endowments paid out in 1902 was over two hundred and thirtytwo million dollars, and for the whole world it has been estimated that a million a day has been paid out during the past year.

The first service I performed for the company I represent was to pay a death loss of $10,000 to a young widow who had two little children. She remarked, "A portion of this money will be used to pay the debt on our home, and the balance to educate my children." As I left the room I realized that life insurance did for a man's family what he had hoped to do if his life had been spared.

From the above figures we see at a glance what a colossal structure has been erected. Who built it? Practically the solicitor, for if all the companies had been organized and he left out there would not, and could not, be one single successful life insurance company in the United States. This is true because of the very nature of the business. If a man's shoes wear out he must go and purchase a new pair, and so of all the necessities of life. Life insurance is unselfish, and the man can insure or not as he chooses. Then here comes the work of the solicitor. The man is the judge and the jury, and the solicitor the prosecuting attorney, upon whose character and ability, to a great degree, rests the protection of that man's family. The reputation of the company and the business of life insurance is greatly affected by his methods. I am pleading for the elevation of the standard of the solicitor.

This structure which has been erected is not yet perfect in its entirety. In its unparalleled rapidity of growth many evils have been incorporated, chief among them being what is known as rebating. This is a violation of the laws of almost every state in the Union,

hence a rebated policy is an illegal one. Rebating injures the company by increasing the expense of obtaining business. It injures the agent by dwarfing his moral sensibilities and compromising his manhood, and it injures the insured by increasing the average cost of his life insurance. Gentlemen, the laws are all right, but in order that they shall be enforced we must urge the companies we represent to unite with us in stamping out this iniquity. This reference to the companies calls to mind an incident which occurred in one of our schools. The professor had the boys assembled to say a parting word to them before vacation. He said, "Boys, I hope you will all have a good time and come back with a little more color in your cheeks, brighter eyes, and a little more brains." One of the lads quickly responded, "Same to you, professor."

The first step is to raise the standard of the solicitor, employing only trained agents of good character. A conscientious, high-toned, capable, and properly trained solicitor will raise the applicant to his standard of business methods; the weak, unscrupulous agent, having no power to elevate, will bring the business down to his own low level. Poor agents procure poor business. It is the man that makes the business, and not the business that makes the man. What is the difference between two banks, two trust companies, or two insurance companies? The difference is simply the integrity and ability of the men from top to bottom entrusted with the organization. Assessment insurance not having a scientific basis has been retired, except for a few fraternal orders. This is another obstacle which has been passed, which reminds me of an incident in the tropics. The captain of a boat becoming exhausted from constant work at the wheel, Pat volunteered to relieve him. He was instructed to steer directly for the North Star until daylight. Suddenly the boat was turned round and round by a whirlwind. When it subsided Pat perceived the North Star in the rear, and hurrying down to the captain exclaimed, "Faith, Cap., give me anither star quick, for I have passed thot one."

Assessment insurance reminds me of the two Irishmen who saw a turtle in the road which had been beheaded. Mike, examining the turtle, remarked, "Why, an' sure the cratur' is dead, for his head is off." Pat, noticing his tail still wriggling, replied, "Well, Mike, if he is dead to be sure he don't realize it."

From 1893-5, inclusive, more than 600 banking institutions, with assets of over two hundred millions, were compelled to close their doors, whilst not a single life insurance company felt this monetary stringency, but during this general paralysis of business paid out to its policyholders over three hundred millions of dollars. And now, during the great depression in values of securities, if we were to examine a man's assets we would find his insurance policies the only securities that have not depreciated, but stand at par and cannot be replaced at cost. "Rich to-day and poor to-morrow" is an old adage, but still holds true.

Mr. President and gentlemen, I ask who is the chief beneficiary

of all this protection? "Enter into the secret chambers of man's imagery and you will find that the altar upon which all his business efforts in life are to be offered is-Woman."

The Toastmaster-Gentlemen, the program will be slightly changed, as I am desirous of presenting to you a favorite son of Maryland. As an ex-president of your association, I am pleased to say he also is an ex-president of the Sons of the Revolution, but omitting the "ex" in the next application, he is the president of the Fidelity and Deposit Company of Baltimore. I have the pleasure of introducing, gentlemen, the Hon. Edwin Warfield of Baltimore as the next speaker. [Applause.]

Hon. Edwin Warfield-Mr. Toastmaster: I don't know what to call you. I have been in the habit of saying "fellow citizens" and "fellow Democrats."

The Toastmaster-That will do.

Mr. Warfield-I just left an immense room, filled with earnest men, and I addressed them as "fellow Democrats." I will address you, however, as "fellow countrymen." [Applause.] Maryland is

a grand old commonwealth. The United States of America is the greatest nation in the world. [Applause.] We are all Americans. Therefore I have the right to call you fellow countrymen. I have been attending a fair to-day. I suppose some of you have attended a country fair. I think I have shaken hands with ten thousand people. I had a good time. I enjoyed it very much. When I was asked by the members of your association in Baltimore to be present tonight, I told them that I would be here at ten o'clock. I supposed at that time that you would all be through speaking and eating. I did not expect to see as many men as I see here to-night. This is really the most compact banquet that I have ever attended in Baltimore city. [Applause.] We have the Merchants' and Manufacturers' banquet held here annually in this room, but I have never seen it as thoroughly filled as it is to-night. My secretary told me when he met me at the depot just two hours ago that my theme would be, "Reflect and Consider." Now, I assure you I have had very little time to reflect and consider in the last two or three days. [Laughter.] It does not need much reflection, however, to know or learn the privileges of life insurance. I have not been compelled to think about my family much during the last two weeks, because I have felt that if the strenuous life that I am now leading resulted in the shuffling off of this mortal coil, my family would be protected because of life insurance. [Applause.] Well, I am indebted to the agents of the life insurance companies for that protection. The

gentleman who has just taken his seat, and who talked to you so intelligently and so eloquently, caused me to take a pretty good block in his company. I knew that he was a very persuasive and a very forceful man, but I did not realize that he had as much eloquence as he has, but he has the facts and the figures at his fingers' ends.

Now, my friends, you won't expect a speech from me. I leave in the course of an hour for the mountains of Maryland. It will take me from the beautiful villas up to the hills and carry me all around the state, and I am having a pretty active time. You are all a good looking set of men.

A Voice-We know it.

A Voice-The same to you.

Mr. Warfield-I never saw a representative of a live life insurance company that was not, not only good looking, but a good talker, and a bright intelligent man.

A Voice Thank you.

Mr. Warfield-I will wager almost anything that we have not had in Baltimore city for many years a gathering of as intelligent, as bright and as good looking men as we have here to-night.

A Voice-You are rubbing that in a little too hard, aren't you? Mr. Warfield-Well, they are always welcome in my office. You have not received the card of an executive special. [Laughter and applause.] That is the fellow I want to see, because I always learn something from him. I have always made it a rule never to turn an executive special away. Because, you know, I have learned by contact, and I know that the chief executive of great life insurance companies always has around him, as his cabinet, specials that are bright fellows, and know exactly how to reach the man they want to catch. I believe in life insurance. I believe that you are benefactors and I want to thank the special agents who have come to me, like my friend Taylor and like my friend to the left, the president of the Maryland Life Insurance Company-I want to thank them for coming in to me and telling me I needed life insurance. I have one hundred thousand dollars of life insurance, and the only regret that I have is that I did not begin to insure myself earlier. [Applause.]

The Toastmaster-You ain't too old yet. [Laughter.]

Mr. Warfield-If any body had told me when I was teaching a public school in Howard County that I would ever have my life insured for a hundred thousand dollars, I would have thought he was

crazy.

A Voice-You weren't worth as much then. [Laughter.]

Mr. Warfield-Now, you are a jolly, good set of fellows, and I would a great deal rather stay here with you than go up in this train to the mountains of Western Maryland and talk to them about the blessings of Democracy. Now, I did not expect to see more than about a dozen of you, so that I have been rather overcome by all of you. I thought I would come in here and find you all in a good