Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1905-08-19
CONTROL
Now Proposed for all Kinds
Of Insurance.
President viii lndorse the Plan In
His Message to congress--senator
Dryden of New Jersey Says He viii
Introduce a Bill Providing Super
vision of Interstate Business.

Oyster Bay-Federal supervision of
insurance was the subject of a con.
ference at Sycamore Hill Wednesday,
so important that one of the partici-
pants, James M. Beck, formerly an
assistant attorney-general of the Unit
ed States and now special counsel OF
the Mutual Life Insurance company
Of New York, missing the regular train
from Long Island City to Oyster Bay,
chartered a special train from the
Long Island Railroad company in or
der to meet his engagement with the
President.
The parties to the conference were
the President, Senator Dryden of New
Jersey, president of the Prudential
Insurance company, and Mr.. Beck.
Sen. Dryden arrived here at 1920
p. m. He expected to be accompanied
to Oyster Bay by Mr.. Beck, but the
latter missed the ferry at East 34th
street, New York, by two minutes.
Proceeding to Long Island City on the
next boat, he made immediate ar
rangements with the Long Island rail
road officia' for a special train to
bring him to Oyster Bay.
In a few moments a locomotive and
passenger coach were in readiness
and he was whirled to Oyster Bay, ar
irving here Is minutes after the reg
ular train. He sprang into carriage
and was conveyed to Sycamore Hill
in time to join the Presidents lunch
con party, which consisted Of Ambas;
sador Hengelmuller of Austria-Hun-
gary, Senator Dryden, Charles H.
Keep, assistant secretary of the treas
ury, and Robert Bridges Of New York,
an author and magazine writer, who
Is friend of the President
The conference followed the lunch,
con. The President for considerable
time, but especially since the disclos-
ures made during the last few months
regarding the operations of the Equit-
able Life Assurance society, has mani
tested a deep interest in the problem
of national control of the insurance
business. In his message to congress
last December, President Roosevelt
said
"The business of insurance vitality
affects the great mass of the people
of the United States and is national,
not local, in its application. 1t in
wolves a multitude of transactions
among the people or the d1nrercnt
states and between American compa-
MES and foreign governments. l urge
that the congress carefully consider
whether the power of the bureau OF
corporations cannot constitutionally
be extended to cover interstate trans
actions in insurance"
Several months ago, at the Presl-
dents request, the subject of national
supervisory control of insurance was
investigated by Commissioner Car
field of the bureau of corporations
and the conclusion was reached that,
under existing federal laws, the in
surance business could not be super
yised by the bureau of corporations,
because, in the light of the constitu'
ton and in view Of certain decisions
of the federal courts, it was not re-
garded as interstate commerce.
At the last session of congress, Sen
ator Dryden, who is recognized as an
authority in life insurance, introduced
q bill in the senate providing in briei
for supervisory control OF interstate
insurance business by the bureau OF
corporations.
1t was along the lines of this meas
ure that the conference proceeded
The President is known to be in favor
of federal control Of the insurance
business, IL 1t can be brought about
constitutionally. Whether 1t can be
is the point yet to be determined
That the supreme court of the United
States eventually will be called upor
to pass on the question there is little
doubt.