The Montgomery advertiser., 1905-08-17
TALKED OF INSURANCE
PRESIDENT FAvORS FEDERAL
 CONTROL OF COMPANIES.
Held Long Conference With Senator Dryden and James M. Beck of Mutual and Discussed Its
 Constitutionality.

Oyster Bay, N Y, Aug. 16.-Federal supervision of life insurance was the subject of a conference at Sagamore Hill this afternon so important one of the participants, James M Beck. formerly an assistant attorney general of the United States and now speclaI counsel for the Mutual Life Insurance Company of New York. missing the regular train from Long Island City to oyster Bay, chartered a special 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 MT Beck. The President for considerable time but especially since the disclosures made during the last few months regarding the operations of the Equitable Life Assurance Society has manifested deep interest in the problem of nation- al control of the insurance business.
 Severel months ago at the Presi- dents request the subject of national supervisory control of insurance was investigated by Commissioner Gar field of the bureau of corporations and the conclusion was reached that un- der existing federal laws, the fnsu- rance business could not be supervised by the bureau of corporations, be- cause in the light of the constitution and in view of certain decisions Of the federal courts. 1t was not regarded as interstate commerce
 At the last session of congress Sem ator Dryden who is recognized as an authority on life insurance introduced a bill in the senate providing In brief for supervisory control of the inter- state insurance business by the bureau of corporations. It was along the lines of this measure that today's confer D~Aa tQ known to be in favor of federal con- trol of the business If it can be brought about constitutionally. Wheth- CT it can be is the point yet to be de- termined. That the supreme court of the United States eventually will be called upon to pass on the question, there is little doubt. :.*-==
 Senator Dryden's Views.
 At the conclusion of the conference Senator Dryden talked frankly.
 We discussed the subject of federal supervision of the insurance business. he said. and our talk was very sat- isfactory. Personally I am heartily In favor of such supervision by the na- tional government becuase 1t would in sure the companies doing business in several, or in many States well de- fined set of regulations and definitely policy. ..
 'I introduced in the Senate at the last session a measure providing for super yisory control of interstate insurance by the bureau of corporation. l did so because I wanted to call out sugges- tions and sound public opinion on the subject I expect to reintroduce the bill early in the nxt Congress, perhaps in slightly differnet form. The prin- ciple of the new measure, however. will be the same as that of the first bill. My opinion is that a very large majority of insurance companies will favor national supervision, Under existing arrange ments we are obliged to conform to different laws and regulations in prac- ticaIly every State. The laws and reg uIations are being changed continually and different insurance departments place different interpretations on the same laws"
 MT. Beck expressed the belief that if the subject were brought fairly before the Supreme Court its decision would be in favor of Federal control. While no