New-York tribune., 1905-08-17
FAVOR FEDERAL CONTROL.
CONFER on INSURANCE.
p,ce;deuf RO0seUelf Talks 7cith Sen
otor Drydep and J. ". Beck.
rFr TELEGRAPH TO THE rRIHrNE-


~ Sycamore Hiu this afternoon between
II ..ssrt Roosevelt. senator Dryden, OF New
-. r~eeident Of the Prudential Life Insur-
- ~,,,nary ~ Newark and James NJ. Beck.
/ -, Assistant Attorney General of the
- s.stes and now special counsel Of the
Il - rife Insurance Company OF New-York.
Il -,,o- DRYDEN arrived here 1920 ..
: .-.rres 10 he accompanied 10 oyster Bay
l : ~ Beck but the latter missed the boat at
rs, s4th-st New-1ork. by two minutes Pro-
\ .sine 10 Long Island City on the next boat. he
4 .ss immediate arrangements with the Long
i -,srs Railroad officials for special train 10
4 90 HIM 10 oyster BAY. In a few minutes n
! ,o,,rotive and passenger coach were ready, and
- was whirled 10 oyster Bay. arriving here
s...en minutes after the regular train. He
s,-sag into carriage and was conveyed 10
ssraruore Hil IN time 10 join the Presidents
,BBebeon party. which consisted Of Baron Won
\ BenceInuuer. the Austro- Hungarian Anlbassa-
l DOR Senator Dryden. Charles H Keep, Assist
Ar Secretary Of the Treasury and Robert
Bridges of Nev-York.
While no announcement was made Of the con-
i eusions Of the conference, II any were reached.
there is authority for the statement that PTesi-
l cent Roosevelt VIII discuss the question OF in
srrance in his forthcoming message TO Congress
u the light Of the developments Of the last six
merit % legislation providing for federal super
Il vision n insurance there is no doubt
SENATOR DRYDEN FAvoRs THE PLAN
AFTER the conference Senator DRYDEN talked
frankly.
eve discussed the Whole subject Of federal
supervision OF the insurance business" he said
"snd our talk was very satisfactory Personally.
ar heartily in favor OF such supervision by the
national government because il would insure
90 companies doing business in several or in
many States well defined and we'll considered
80 of regulations ana q definite policy I in
tr0ducCd in The Senate al the last session
measure providing for superN isory control Of
Interstate insurance by the Bureau Of Corpora
uons did 50 because wanted 10 call out
suggestions and To sound public opinion on the
subject ] had the bin referred 10 the judiciary
committee i'm order thar it might be passed upon
| in ltS lncipieucy ny tho ablest lawyers in the
Senate expect o." relntrodUce the measure
'sr.F ln tho next Congress. perhaps i'm slightly
| dfsraut form The principle Of the new meas
u-s however VIII nc tie same IS that Of the
f-. h1l
4 1v opinion is thar a ve.- .-rve majority II
i1s--aroe companies vilI fa-Cr national super-
J TF0r Ind0r existing arrangements We are
Iei -0 conform ~ differenr laws and regula-
loHs u practically every state The laws and
fg-.lr.0as ave being changed continuaIy. and
lrerea' insurance departments place different
4 ;r-rT'0,atIons ou the same laws What insur-
aal- companies vaHt is a uniform Harmonious
saa eol-iru-llg p1c.. and 1ha1. believe is 10
/ BE- faa only through national supervision.
l -Ile only question That is worrying US is an
I'D le..s7r NJ fHe United States Supreme Court
r'ni--ed 5a 1SjS. in the case OF Paul agt yir-
Eris Ry tha- decision tho Supreme Court held
/ asr rar Insurance business was not Interstate
i orl.1rno and could not be controlled as such.
ll later de- isious. however. notably the lottery
cases. trc supreme Court has recognized Tin.
aoaaer scope 81 federal law. and II Congress
rassas bII placing the business under The
s11e1ls0. of the Department Of Commerce and
La0or ] believe that the highest tribunal ia The
hnd vii. declare il constitutional I believe as
think great many other Insurance men 90.
inat our business would be conducted much more
smoothly II re had d single law TO operate under
'IHi Is a. present the case where Ne have
I+fhsps fifty or more II the government were
&c ,ake over the supervision Of the business we
would nave one general law 10 operate under in
I ~ parts of the Union. and after tho Supreme
9lrr Lad passed on il we would know ius-
where Ne stood and where we are 10 stand for
a. tge 20 come"
A. Beck expressed practically The same seuts-
is1ts as senator DRYDEN He feared tba- tn
| Serious
Eac-e 10 national control but hoped thar the
supreme Court would sec is way clear 10 srs-
tan ,ae Dryden l1l or some similar measure II
snacfed into law.
| The supreme Court" said Mr.. Beck has
'fter been called upou.to decide the constitu-
ality ~ law 90 Congress bearing on this
fuolect. All The decisions rendered thus rar
-2te beer Oh State laws which attempted TO
regulate the insurance business. A number Of
Foreign .7uutries have already taken up the
Question ~ life insurance regulation. Germany
Ass taken The control OF the business away from
u- States 7, me empire and lodged il with the
GENERAL govorEment- The same Tlau has been
followed r Australia under the latest colonial
so.erir-eIr J understand that plan meets
| WIN the hearty approval Of the most prominent
insurance Ueu OF this country. and ! feel sure
uai they viii use their best efforts 10 see IL
successfully carried out"
THE PRESIDENTS ATTITUDE.
Tire President for considerable time but
ESPECIALLY since the disclosures of the last few
months regarding the operations % the Equi-
a-le -Afs Assurance Society. has manifested
"a mlsrest ia tie problem OF national control
'anoe I'm his message 10 Congress last
-'-Hoer he said.
| r-e-, a-Ness of tnsuTanre vitaIy affects the
| 49,. 4. lars ~ the people Of the United States
- p national nor Iocsl y, 5,e .,,-,l-r.s.io, +.
gA,,t. . multitude of transactions among the
| AM me different States and between
g-pc ~ con psties and foreign governments
-aA me Congress carefully consider
tors 1+e power Of the Bureau Of Cornora-
oore- tr-'.loi constiiutionally be extended 10
''frslate transactions IN insurance
months ago ar the Presidents re-
a. SUBJECT u national supervision Of in