Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1905-08-17
TALKED INSURANCE.
President Roosevelt and Others HOlt
aX Important Conference.
THE QUESTION OF FEDERAL CONTROL
Congress. VIII BE Asked to Declare
Life Insurance Companies Sab
Ject to Laws Regulating Ia
terstate Commerce.

Oyster Bay, N. r., Aug. 17.--Federa
supervision Of insurance was Wednes
day afternoon the subject Of confer
ence at Sycamore Hill, so important
that one Of the participants, James M
Beck, formerly an assistant attorney
general Of the United States and now
special counsel for the Mutual Life In,
surance company Of New York, mis-
sing the regular train from Long Island
City to Oyster Bay, chartered special
i train, in order to meet his engagement
with the president,
/ The parties to, the conference were
the president, Senator Dryden Of New
Jersey, president of the Prudential In
surance company and Mr.. Beck.
Senator Dryden arrived at 1920
Wednesday afternoon. Mr.. Beck
reached here Is minutes later and in
time to Join the presidents luncheon
party which consisted of Ambassador
Hengelmuller, of Austria-Hungary,
Senator Dryden, Charles H. Keep, AS
sistant Secretary Of the Treasury, and
Robert Bridges of New York an author
and magazine writer who is personal
| friend Of the president.
The conference followed the lunch
con,
The president for a considerable time
but especially since the disclosures
made during the last few months, re-
garding the operations of the Eqita-
BILE Life Assurance Society, has mani
tested deep interest in the problem
Of national control Of the insurance
business. In his message to congress
last December he said:
1.-THE business of insurance vitality
affects the great mass of the people
of the United States and is national,
not local, in its application. It in
wolves a multitude Of transactions
among the people Of the different states
and between American companies and
foreign governments. | urge that the
congress carefully consider whether
the power of the bureau Of corpora
lions can not constitutiunally be ex-
tended to cover interstate transaction
In insurance"
Several months ago, at the presi-
dents request, the subject of national
supervisory control of insurance was
Investigated by Commissioner Garfield
of the bureau of corporations, when
the conclusion was reached that under
existing federal laws, the insurance
business could not be supervised by
the bureau Of corporations, because,
in the light of the constitution and
in view of certain decisions Of the
federal courts, it was not regarded as
interstate commerce.
At the last session of congress Sen
ator Dryden, who Is recognized as an
authority upon life insurance, intro
duced a bill in the senate providing |
in brief for supervisory control Of
Interstate insurance business by the
bureau Of corporations. 1t was along |
the lines of this measure that Wednes-
days conference proceeded. The pres
ident is known to be in favor of fed
eral control of the insurance business
If it can be brought about constitution
ally. Whether 1t can, is the point yet
co,,rt ~ Tho United stat.s eventuallv
viii bs co,Iod mar ~ noss a. M c,,es
t,on thoro i ,;t,Ia douht
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,.soo, u|susSI ', sn' 800 ~ $500 ,o'' -
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Dus'e1o % ~ ~ oI .~t1 We
Wy SaTiSiooiy' SonAiy' am
~y - 80 u suOn supsl Vio,on
~ ens hs1lonai sOserhmen1' because
- Woaic insure 70 Ae companies 40
lns business IN seYera OF many
D@CsS wei uenned ana weil oonsiu
ereo ~ Oh r'suiatloAs ana . oenAi'e
poaicV
MI. becA' 700 expressed inc Dehei
mat II me snp1ect were Drought fairly
before me supreme court ~ uecislon
would De In tavor Of iedera coATol
ne eaad:
called upon to mass hpon a federal
Il