oppose those influences which would tear it down, and demand that if crimes have been committed the criminals be punished, and those who have violated their trust be deprived of their trusteeship. We urge and insist that we are not willing to support in the field misconduct in the home office. We oppose concealment or evasion, and demand such publicity as will lead to the correction of abuses wherever they may be found.

Mr. Cochran-That would come under new business. It seems to me that resolution had better be deferred until we have disposed of the business that has been arranged under our regular program, and then take up the resolutions under new business.

President Dolph-I understand that resolutions of every character require unanimous consent of the convention, to be considered and acted upon in the convention. Otherwise they should be referred to the executive committee.

Mr. Raleigh-Then in view of that fact I introduce that in the name of the St. Louis Life Underwriters' Association. As I understand your ruling, any matter introduced by one association and seconded by another must be voted upon.

President Dolph-The proper motion, as I understand it (if I am not correct I am ready to stand corrected by some one who know the rules better than I do) my understanding is that it requires the unanimous vote of this association to vote on this matter now.

Mr. Scott-It requires a two-thirds vote. Now, in order that we may just test the convention on it, I think myself we should not debate it. I think it is a matter which requires more thought than we could give it in just an hour or two. I think that the proper place for it would be, in accordance with a motion I make, that it be referred to the executive committee.

The motion was seconded and carried by a viva voce vote.

Mr. Hopkins-I move you that the executive committee take the matter in hand and report to the convention tomorrow on this resolution.

The motion was seconded.

Mr. Scott-I am not a member of the executive com

mittee. I do not think in the first place it has a meeting before tomorrow. In the second place I think that even though it had it would be physically impossible to consider this resolution and report it back tomorrow. I simply say that in explanation, even though the convention rule that they shall report tomorrow.

President Dolph-That is my impression-that we have no meeting today. Unless this convention orders the executive committee to meet specially, I think it would be physically impossible. If you are ready for the question I am ready to put it. The motion is that this be referred to the executive committee with instructions to report tomorrow. All in favor of this resolu

tion will say aye.

[Cries of "No, No."]

Treasurer Weeks-The motion was that the committee be requested to report tomorrow.

Mr. Baldwin-The matter, by vote of the convention, has already been referred to the executive committee, and therefore the first half of the motion that you have just put has already been carried, and the question before the house now is new and entirely separate, that the executive committee be requested to report tomorrow.

Mr. William C. Johnson, New York City-I move an amendment: That the matter be referred to the executive committee for consideration and report when the committee finds it convenient.

President Dolph-This question has been now disposed of, and the resolution has been referred to the executive committee; therefore, any amendment to that would be out of order. The question is on the request for the executive committee to report tomorrow. I am ready to put the question, that the executive committee be requested to report tomorrow.

Mr. Charles W. Scovel, Pittsburg Pa.-The amendment which I am glad to second is, that the committee be requested to consider and report, leaving out "tomorrow,' leaving it to their discretion.

President Dolph-The convention understands the amendment.

Mr. J. E. Meyers, Minneapolis Minn.-Does it mean to report to this convention or to some future convention?

This question comes up now. It comes up for this convention or to be pigeon-holed by the committee; and although I do not agree with the resolution as made, it certainly behooves us to my mind to say something on this question. You know the able editorial writers all over this country are telling us just exactly what we ought to do and what we ought not to do, and we might as well express ourselves. I do not like the motion to refor indefinitely. If the executive committee does not mean to report to this convention, they can leave it out. I do not want to support an amendment of that kind. If you amend the motion “to report to this convention at their discretion before they adjourn" I heartily endorse such motion.

Mr. Scovel-I should like to support the amendment of leaving the matter to the executive committee, which committee is distinctly representative of this body. It meets in private and can consult over wording, spirit, tone and everything in regard to such a resolution, as to which the utmost care should be exercised to be really representative of what this body ought to say, if anything, and for that reason I think it is eminently desirable to have it threshed out in the executive committee, and not let it come before this body until it has had their substantial endorsement. And if it be their wisdom that nothing can be agreed upon as substantially representative and politic and wise for us to say at this time, then I should be very glad if nothing be said. I may say personally that there is not a word in that resolution that I do not personally and constantly say. The exact language and policy of what this association should say is a very delicate question, and should be debated in a different body than this.

President Dolph-The question is on the amendment. The amendment is that this question be referred to the executive committee, and that they report. If the question is voted in the affirmative the executive committee will report when it thinks wise. All in favor of this amendment will signify by saying aye.

The motion was carried almost unanimously.

On motion the convention adjourned to meet Wednesday at 10 a. m.

SECOND DAY'S PROCEEDINGS.

MORNING SESSION.

The third session of the convention was called to order Wednesday at 10:05 by President Dolph.

President Dolph-I would like to report this morning that in accordance with your instructions yesterday I sent the following telegram to Mr. Darwin P. Kingsley, vice-president of the New York Life:

I am directed by the National Association of Life Underwriters to advise you by telegraph that it unanimously adopted a vote of thanks for your able and instructive paper. JOHN DOLPH, President.

At this particular period of time it is doubtful whether any body of men connected with the life insurance business occupy such a unique, and shall I say enviable position as the departmental examiners. All the ills and troubles of the business-real and imaginary-are to be remedied by this process. In fact the life insurance atmosphere has been full, even to the clouding point, of examinations and promised examinations since the opening of 1905-examinations by the officials and directors, by the state, by the legislature, by combined states, and perchance at a not distant date, we may say by the United States. And yet the examiner is a necessity. We need supervision, and hence we need honest, fearless, capable examiners. There are none better than the young man I am about to introduce. His work stamps him as a man peculiarly fitted for the position, the results of his labors are accepted as authoritative. Commencing as actuary and examiner of the Connecticut insurance department, his services are now eagerly sought by the various states throughout the United States.

Considering the time lost from business as a result of a serious accident, from which he has barely recovered, we are especially indebted to him for preparing, and coming here to deliver an address for us. Ladies and gentlemen, I have great pleasure in introducing Mr. S. Herbert Wolfe, consulting actuary of New York City, who will address us upon the subject "The Life Insurance Company from the Examiner's Viewpoint." [Applause.]

Mr. Wolfe-Mr. President and Gentlemen of the Convention: I am very grateful indeed to you for this very

friendly greeting. I have known a number of you for a great number of years, even greater than the number of years which have been given credit to me by the president, who, in introducing me, said I was a young man. But I am glad to meet all of you and not only renew old acquaintances but make new ones. I am appearing here against the professional advice of my physician, and I will therefore use it as an excuse for this paper having the meritorious fault, if I may so term it, of being very brief. I want, before I start, to rid myself of any charge of reading any paper or delivering an address or giving a talk. This is merely a chat between some gentlemen I

hope to call my friends now or at some future date. Of late years the business of life insurance has received a great deal of advertisement which, if gratuitous, is not exactly in the form which would be selected by those having the best interests of the institution at heart. Those ever youthful and versatile writers "Pro Bono Publico" and "Veritas" have been deluging the papers of their towns and villages with lengthy screeds attempting to prove the rascality of insurance managers in general, but succeeding only in demonstrating how colossal was the writer's ignorance of the subject.

Since the editorial writers of all the "yellow" journals have told with great glee of the various doings of the socalled insurance magnates, as though they were rolling around their tongues the most recent sweet morsel of society scandal, I feel that I may be permitted, without further apology, to tell a few truths about the institution with which we are associated.

I was going to ask the privilege of offering a few statements in defense, but upon second thought I became convinced that life insurance needs no defense or defender, for it is firmly established not only upon scientific grounds, but also upon an equally enduring and ethical basis, and is inevitably connected with the prosperity and history of this and other civilized nations.