The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1889-12-03

y. v. COuiilldIu, bOStOn deTdlu.
When cigars were ireached on the bill Of
fare. President Anderson raped for order
He said:
Gentlemen Of the Life Underwriters Asso-
citation Of Maine:
congratulate you upon the presence here
tonight OF the many distinguished gentle
men representing SO many financial institu,-
tions. And you, gentlemen, our guests, /
assure you that we have had no ultprior mo-
tives in bringing you here. l can even 60 so
far, L think, k,as to assure that there is not ev-
en- statement or a blank application in the
room room. 90 i;. not propose to bore you with re.
your permission / should like to bring few
Of its salient points to your notice.
The total assets of life insurance compan-
les In this country are S640,000,000. They
m have had outstanding obligations altogether
Of nearly three billions, nearly twice as
much as the national debt. They have paid
death losses of $520000,000. There are some
companies that do business of as much as
$4,000 per day. This, some may say, is an
et people SAY that the
mense business must exercise great influence
upon the banking business. Therefore we
have invited the bankers bere, and in your
behalf. gentlemen L extend them your warm
est welcome. [Applause]
President Anderson then called upon Mr..
John E. Dewitt, for few remarks. Mr.
Dewitt spoke as follows:
The theory of bank is that deposits Of
small and large sums into one common res
ervoir shall be made. said fund to be man
aged by men chosen for that purpose, and
loaned out through them to the business
community, and in that way contributing to
the building up of the prosperity Of the city
or town where the bank is situated.
The theory OF life insurance iS.the exact
OnD0Sltn Of this. Largo numhqrQ 0f
combine through the medium of life iRsur-
ance company for the purpose of paying
money into that common pool; not for the
benefit they can themselves receive in the
shape Of dividend, say, as in the case of
bank stock. or for the interest accruing as i'll
case OF savings bank deposits; but generally
Tor the benefit OF those who come after them
and who otherwise might be dependent upon
the community. The payment of money on
a life insurance policy from year to year,
not for the payers benefit, but for the good
OF bis benefciaries, Is an act that rebounds
greatly to the credit Of any human being
l am told that since the national bank act
was passed, more than % years ago, up to
the present time. there never has been a fall
ure OF a national bank in the State Of Maine
Probably this record Is almost without par
allel so far as the banks are concerneds The
last published reports of the savings banks
OF Maine Indicate as strong financial
standing and prosperous a condition as
tn0Se Oh the savings BANKS OF any State In
the Union.
While we have only one life insurance
company in Maine, may be allowed to say
that 1t has been in existence forty years ,and
Is here yet. You gentlemen of money may
wonder why the Maine Life Underwriters
Association exists-what is the object of it?
Why do we come together in this why? The
object of this association Is to bring about
that good feeling among the life insurance
fraternity that disarms all unfair aud i'm
proper competition, developing instead a
higher standard Of manhood in business in
tercourse. The first Underwriters Asso-
citation was established in Boston some eight
years ago. 1t has been the means of bring
ing about an era Of good fellowship, and elimi-
mating from the business In Boston unfair
competition that existed before that time
and the object of this association Is to accom-
plish the results in Maine. We recognize.
gentlemen, that to command your respect we
must respect ourselves and each other. and
build up the character and business OF life
insurance to such high level that IL will be
impossible for unserupulous and dishonest
men to make living in 1t. Lat us for mo-
ment look at the magnitude of the business.
Llie companies doing business in Maine had
IN force December 81, 1888, no less sum of
insurance than S2.557, ,952. .56390. The re-
serve, Tor sinking fund) already accumulated
10 meet the claims on this Insurance.
amounted to $5l4, ,664, ,028.07. OF this the citi-
zens OF Maine have little less than one per
cent, as shown by the following result OF an
examination have caused to be made during
last week into the probable amount invested