seeking, in the eloquent and intelligent manner that they have made themselves heard here to-night. If such was the case, I would be a better-off man than I am to-day. This is one of the peculiarities about what they have said. Warfield failed to leave his address. He says he has a hundred thousand dollars' worth of insurance. I will tell you where he lives, where you will find him daily. He says he likes to see you often. "Come in, I will learn something," and evidently he has been giving you something. You will find that genial, elegant and intelligent gentleman on the corner of Fayette and Charles Streets, where I think he will remain for the next four years. [Laughter.] Especially in view of the fact that you gentlemen cannot register and vote the Democratic ticket. However, I want to say this, if he is your governor, he will make a most excellent one. The gentleman from Washington tells you he likes to see you. Again, he has never told you where to find him. There is, however, a register of government officials, printed at the expense of the government, for the people, and I suggest, gentlemen, that you look it up. You will find him, and to-day he is in a mood for insurance. [Applause.] As I say, this is embarrassing, gentlemen, my attempting to talk, after the oratory and the eloquence you have heard here to-night, but I do not want to leave my friend, Doctor Huckel, under any bad impression, rather false impression. He tells you of the harmony of the life underwriters of this country. Doctor, there is harmony, absolute harmony, and without the spirits that make men usually gay at this hour of the night. But if you want a demonstration of harmony, just you send the word around, or let it be known that you want ten thousand dollars' worth of insurance, and all the magnificent harmony of which the poet Luxon spoke, you will see manifest, all that brotherly love that we heard so much talk about here to-night. [Applause.] Oh, it is sweet, it is lovely! And another astonishing thing is the fondness one has for the insurance people. Now, we must be frank. They speak of us as being so truthful. That is true. Absolutely truthful, as we see it. I think of how much our business is like that of the Christian preacher. Very much so; next to the preacher of the gospel comes the life insurance man. How similar the methods. Why, I remember-and I am not old [laughter]—I am not old, and I say that for the benefit of the ladies. I remember the plain, unostentatious place of worship in my little country home that I used to go to. It was sincerity there as it is now, but the church and the Christian religion had to advance; it had to go forward, and new methods were employed, better churches, more commodious, decorated windows and cushioned pews. Well, I remember in my home there was not an organ permitted there, but now you have beautiful organs, after a finished pattern, paid musicians and magnificent orators, all for the purpose of inviting into the house of God the men and women of this life. So it is with us. We say all sorts of things now to allure you into a life insurance policy. They gild their policies with gold as an inducement for men to buy them, but don't go to market with the

gold. Yes, gentlemen, this business of ours is one of character, of confidence and of candor. Its character manifests itself in every home where a life insurance policy is possessed. Its candor is in its contract and its confidence is manifest-was manifest here to-night by Mr. Warfield when he said he had policies, but never read one of them over. However, gentlemen, the policies he has in my company he need never read over. So it is, and with this simple reflection I will say that with a depressed market, under the conditions in this country, that the whole world becomes apprehensive. The only thing to-day in the makeup of this nation financially, the only thing that any man, woman or child can place its confidence in, the only thing to-day that means one hundred cents on the dollar, is the life insurance policy, in any old company he shall buy in in the United States. [Applause.] Whether steel stocks are wiped off the face of the earth or not, whether national banks are a security or not, whether railroad stocks go down or not, it matters not. There is one thing that remains, that gives one hundred cents on the dollar, and that is the contract that you are issuing and that you are sending broadcast throughout this country to-day.

But I am going to close now, as I believe they have selected for me "how to succeed." I want to correct another misapprehension. I am afraid that we need a little training on a line that has not been suggested here to-night, and I thought of it during the brilliant oration of the talented minister who has just taken his seat. There is an inside to the character of the insurance man that I have never seen developed at any of these meetings. There is a disappointment in life, and the saddest disappointment in life pertains to the life insurance man, and that is, after years or months of work he secures a twenty thousand dollar application; it is sent to the home office and he receives a letter, "We regret exceedingly the application of John Smith has been declined." That disappointment is severe. It is cutting; it is discouraging. Men that we see about us here tonight, I say to these gentlemen here, that they have added more to the wealth of this country and to the elimination possibly of the poverty of this country, than all other financial institutions in this country. The life insurance company, the life insurance representatives here, and they are all represented here, every one of them, have done more, made more money and to-day represent larger capital and larger interests than five times this body of men in any other enterprise in the United States. As I have said, their work, their energy, their accomplishments mean just one hundred cents on the dollar now or for a generation to come. [Applause.]

The Toastmaster-The next feature of this function will be the pleasurable one of an introduction to you of the president-elect, and the president in fact, of the National body. [Applause.]

Mr. President, you are assuming a duty perhaps a trifle less trammeled than I found myself upon my installation a year ago this time. The Commonwealth of Indiana had an honored citizen, Hon. William Holman, now deceased. He went to Congress from that state, and

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while many people regarded him as "the great objector," he was also better known as the watchdog of the treasury.' I was not so fortunate. I will quote to you an extract from an address delivered as I stood upon the platform, surrounded by my vice-presidents, one of whom gave me this caution. "I want to place myself here on record to stand right next to the new president. It is my purpose to sustain him and work with him and back him up in every good thing pertaining to the profession in which we are so earnestly engaged. I will oppose him on every proposition I do not believe is right. You can depend upon me to that extent." Mr. President, I am going to add briefly to that another suggestion. It has been recalled to me by a very short story of a man who advertised for a coachman, and among the numerous applicants there were many kinds. Dropping into his office while he was examining those applicants, I heard him question one of the men looking for the job, a colored man. "Where were you last employed?" 'Atlanta, Georgia, sir." "How long were you there?" "Three months." "Where were you before that?" "Savannah, Georgia, sir." "How long were you there?" "Two months." "Where were you before that?" "Charleston, South Carolina, sir." "How long were you there?" "Four months My friend turning to him said, "I wonder if you ever heard the story, 'The rolling stone gathers no moss. Whereupon the applicant said, "The rolling stone gathers no moss, but it gets a heap of polish." [Laughter.]

Mr. President, you are now in office, and I take great pleasure in introducing you to your constituency. [Applause.]

President Ward-Mr. Toastmaster and Fellow Workers: As I was shown to my place at the table to-night, I saw that the outgoing and incoming presidents were seated face to face with the gentlemen of the insurance press, forming, as they do at their table, a "newspaper row." Before the dinner was over, both Mr. Farley and I found that we were to be made aware of their presence. We had not been here long before the shears, the paste-pot, and even the blue pencil were brought out for the moulding of the actions of our toastmaster and for the future remarks of myself. One of our newspaper friends, whom I respect and honor, one of our most zealous ones, was so earnest in his solicitude for me, as to lean over the table and tell me what I should say when I addressed you. It reminded me of a motto that I saw yesterday. "You cannot keep a good man down; think of Jonah." [Laughter.] This good friend of mine told me to say something to the ladies, but, instead of saying something to the ladies, I am going to give to the insurance press men a toast to the ladies, and follow it with a warning. The toast is this:

Here's to the ladies!

They're the gladdest of the glad

When they're glad.

They're the saddest of the sad

When they're sad.

And now for the warning-Gentlemen of the insurance press, be careful what you say about the ladies.

We have heard something here to-night about politics in Maryland. Politics in Maryland! Why, gentlemen, I wish you would come out to Ohio. I wish you would come to Cleveland. In Cleveland, you know perhaps, we have as residents the Republican candidate for governor; the Republican candidate for United States. senator; the Democratic candidate for governor, and the Democratic candidate for United States senator; all good friends, but after each other politically as hard as they can be. Tom Johnson, our modern Brutus in politics, is seeking to enact the tragedy of ancient Rome by driving his knife deep into the political side of our Cæsar, Mark Hanna. Brutus goes across the country roads of Ohio in his red devil automobile, seeking whom he may stampede; while Cæsar goes about on special trolley cars, telling the good people of Ohio to pay no attentention to Brutus. Gentlemen, in Maryland I don't believe you know what politics are; at least the Ohio kind.

I think it is worth the trip to Baltimore to hear the speeches to which we have listened to-night. We shall go home feeling better, stronger, more able to do the work which we are to do. Gentlemen, there is not a human being alive to whom we have to apologize for the business we represent. We only need to see to it that we do not have to apologize for ourselves. [Applause.]

One of the things which has handicapped us in the past, has been a lack of educational facilities for our peculiar calling. The lawyerand the doctor have had their schools for special training, but we, in the past, have had to pick up our special knowledge as best we could. Had it not been for educational literature furnished by our friends of the insurance press, some of us, in entering the business, would have become discouraged long ago. To-day the companies are taking up the matter of special instruction; some colleges are introducing life insurance courses; and we have in Cleveland to-day what I hope is the beginning of a chain of life insurance schools. All these things tend to uplift and elevate our business. Gentlemen, the scheme of life insurance works if the agent does. Now, let us go home and work; and let us work in the way in which we should work if we would live up to the things which have been said to us to-night. The Toastmaster-The hour is late and the ceremony is about over. If the orchestra is here--the orchestra is not here-I was going to suggest they might close the function by "Auld Lang Syne." In the absence of the orchestra I would propose that the gentlemen rise and sing a stanza of "Auld Lang Syne."

The banquet was brought to a close by the guests singing "Auld Lang Syne."

CONSTITUTION AND BY-LAWS

OF THE

National Association of Life Underwriters.

ADOPTED JUNE 18, 1890.

REVISED ON FOLLOWING DATES: SEPT. 22, 1892, SEPT. 8, 1893, SEPT. 16, 1897, JULY 14, 1899, SEPT. 12, 1901, OCT. 15, 1902, OCT. 15, 1903.

CONSTITUTION.

ARTICLE I.-NAME.

This organization shall be called the National Association of Life Underwriters.

ARTICLE II.-OBJECT.

The object of this association shall be to advance the best interest of the cause of true life insurance throughout the country.

ARTICLE III.-MEETINGS.

The association shall meet annually, each local association being entitled to five delegates and one additional delegate for every ten active members in excess of twenty-five.

In case of vacancies in any delegation, such vacancies may be filled by substitution, provided at least one delegate is present who is a member of the association which he represents and in which such vacancies occur, and such member or members shall have power to fill vacancies in such delegations.

The presence of delegates from one-half of the associations composing the National Association shall constitute a quorum for the transaction of any business at any meeting.

ARTICLE IV.-OFFICERS.

The officers of this association shall consist of a president, three vicepresidents, secretary and treasurer, and there shall also be an executive committee, consisting of one member from each local association in good standing. Each officer shall be elected by ballot, to hold office for one year, or until his successor is elected. At the next election to fill the vacancies in the executive committee (the National Association now