The daily morning journal and courier., 1907-12-07
INSURANCE RETIREMENT
A TALK BY CLEVELAND
Ex- President Addresses An nual Meeting of Heads
 of Concerns.

As a beginning of the annual meeting of the Association of Life Insurance Presidents in the Hotel Belmont, an informal session was held at Il o'clock in the morning. The regular proceed ings began in the afternoon with an address by the chairman, Grover Cleve- land.
 Tt is a, source of great satisfaction to me that I am permitted to extend a greeting to those who, at the request of the Association of Life Insurance Presidents, have assembled on this oc- casion for the discussion of topics which vitally concern a cause which all of us in some degree represent said Mir. Cleveland.
 eThe subject of life insurance in the United States presents features of de- velopment and evolution which consti- tute it one of the greatest wonders or our national advancement-whether we consider the radical and speedy change in our peoples appreciation of it's bene- ficial mission, or the commanding place 1t has suddenly gained in American business and finance. We are in the habit, believe, of regarding the last seventy years as the period within which has been exhibited this great growth and expansion of American life insurance.
 T have no idea that my recollection of things that belonged to the days of youth and young manhood is excep- tional, but I easily remember the time when life insurance was rather looked upon as an attempted interference with the plans and purposes of the Divine Arbiter of human affairs, in whose keeping were the issues of life and death. And yet even from such soil as this, time and better thought have caused to grow a wholesome, sane sen timent concerning the supreme beneti- cence of life insurance.
 .sThus it happened that the mass of the plain and common people or the land who have life insurance in mind, or at least those who think at ~all well of 1t, love to dwell upon it as a strong defender against the havoc of death and compassionate bene- factor against the deprivations of pitt less want. Whether you will or not, these are the relationships in which your companies stand to your fellow countrvmen: and these relationships, closely interwoven, constitute a pow erful cable binding life insurance to the immovable rock of popular conn., dence.
 you who manage life insurance companies cannot afford. to risk weak ness in single one of its threaus This disintegration through breaches of good faith, through broken prom ises or through delusive misrepresen- tation, means loss of strength Whicf no actuarial mystery or managerla calculation can repair. Nor can you with any pretense of conscientious sus ceDtibilitv. overlook the fact that, as .a.55reet conseduence of this popula
 Snception of life insurance and Q your responsible connection with 1t management, your fellow citizens whose. confidence you have invited l.sve put upon you trust, made sa cred by the pathos of it's purposes ant more unacceptable in morals and goo' conscience than any that the law cal create.
 T have referred to the, rapidity witt which, ip it's stuoendous growth, th eaet5~ If life insurance ia reached a point of commenting i'm
 3,6sp ,I the field of Americal finance. Tn returning to this referene give close statistics, hut shall con rive give close statistics, but shall con fe.,+ ,s9-seoIf With statements happen t. have on hand, showing that during tn
 h. feen Januaryf. 1855, an January Il, 1905, thes outstanding aggre gate insurance in American compan1e increased ono hundred and eighteei fold and that life insurance assets arno1inting in 1843 to one million dol Iars. Increased to nine hundred million in 1892. and were valued at nearly thre billions of dollars in the year 1906.
 This presentation inevitably sug pests the necessity of such care an mana nagament of these assets as will re suit in their security and proper invest nlent. to the end that such returns ma be derived therefrom as the rlgnis ar, interests of policyholders demand. ie unfortunate that this business pnas of life insurance management is no ae well and as universally understoO as it's more sentimental elements. illustrates constant watchfulness kee Knowledge of financial currents, wis foresight and disinterested fatthtuines It means steady, careful work, Ire from all show of glitter, and yet witl' ont 1t. every sentimental flower of If insurance would quickly fade and II structure of safety and defnse Woul fall of fits own weight