The Montgomery advertiser., 1905-07-22
PRESIDENT TO URGE
 INSURANCE REFORMS
CONGRESS WILL BE ASKED TO PRO-
 VIDE FEDERAL SUPERVISION.
Leaders of Bar Aid Work-Mr. Roose- welt Favors Regulation Measure Similar to National Bank Law.
Walter wellman's New York Special 4o Chinana Racord- Harald

Walter Wellman's New York Special to Chicago Record Herald.
 Federal supervision of life insurance is pretty sure to be an issue before congress next winter. President Roosevelt is firmly convinced of the de- sirability of the reform. and is pre-
 pared to do everything in his power to bring 1t about. It Is a most dif1- cult task, as everyone knows that has given the subject attention. But Pres ident Roosevelts theory is that the
 effort should not be given up on ac- count of the obstacles in the way. He
 tells those who advise him that not
 withstanding the difficulties a deter
 mined and sincere effort should be
 made to overcome them.
 At the instance of President Roose-
 welt several of the best lawyers in the
 country are now studying the problem
 of federal control. Among these are
 Attorney General Moody. former At
 torney General and now Senator Knox
 of Pennsylvania. and Elihu Root, who
 today took the oath of Secretary of State and who is perhaps as well in
 formed as any man concerning the le-
 gal and constitutional status of insur- aDce companies. Other men in and out of Congress arc studying the same
 problem, and 1t Is not impossible a
 way out may be found.
 
 This is not a new idea with Presi-
 dent Roosevelt. He had taken 1t up
 before the recent revelations as to the Equitable and other life insurance
 companies and focused popular atten-
 tion upon the question. Federal super
 vision of life insurance Is an inherent
 and very important part of President Roosevelt's general plan for national
 control of all corporations which af-
 feet the economic and social life of
 the nation at large. Long ago he fore saw that not only common carriers
 should be brought within his general plan, but also the great concerns which have in force such vast sums of in- surance and which thereby obtain such intimate and vital relation to the well fare of the masses.
 It is true that the President has
 watched with as keen interest as any citizen the recent revelations. He has carefully read The Record-Heraid's s investigations of the insurance in
 general and the metropolitan companies in particular He has been impressed as we all have been, with the need of better supervision than the State governments afford and he is deter-
 mined to press federal supervision with all his power.
 In his message to Congress last year
 the President said: The business of insurance vitally affects the great mass
 of the people of the United States and Is national and not local in It's appli- cation. It involves multitude of transactions among the people of tho different States and between American companies and foreign governments. urge the Congress to carefully consid- CT whether the power of the bureau of corporations cannot constitutionally be extended to cover interstate trans actions in insurance.
 Congress did nothing. Senator Dry den of New Jersey, president of the Prudential of Newark, one of the great industrial insurance concerns, intro duced a bill providing for federal su- pervision. but nothing came of It.
 MT. Garfield of the bureau of corpora tions presented q report on the subject which reused some discussion. but no definite action followed.