Waterbury evening Democrat., 1905-08-17
INSURANCE CONTROL
Federal Supervision Discussed
 at Oyster Bay.
SENATOR DRYDEN IN FAVOR OF IT
VIII Introduce Hill to That End In Next Congress and Supreme Court Will Re Asked to Pass on
 Its ConstitutiOnality.

OYSTER BAY, x. l., Aug. 17.-Fed,
 eral supervision of insurance was the subject of conference at Sagamore
 Hill, so important that one of the par ticipants, James NJ. 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 order to meeta his engagement with the presi- dent
 The parties to the conference were the president, Senator Dryden of New Jersey, president of the Prudential h. surance company. and Mr. Beck, who arrived at Sagamore Hill in time to join the presidents luncheon party, which consisted of Ambassador Hen gelmuller of Austria Hungary, Senator Dryden, Charles H. Keep, assistant secretary of the treasury. 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 disclo- sures made during the last few months regarding the operations of the EQuita- ble Life Assurance society. has mani fested a deep interest in the problem of national control of the insurance business.
 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. and the conclusion was reached that, under ex- isting federal laws, the insurance busi- ness 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 com merce
 The president is known to be in fa- vor of federal control if it can be brought about constitutlonally. That the supreme court of the United States eventually will be called upon to pass on the question there is little doubt.
 At the conclusion of the conference Senator Dryden talked frankly.
 We discussed the whole subject of federal supervision of the insurance business said he. ''and our. talk was very satisfactory. Personally I am heartily in favor of such supervision by the national government. because it would insure to companies doing business in several or in many states a well defined and well considered set of regulations and a definite policy.
 'I introduced in the senate at the last session a measure providing for supervisory control of interstate in surance by the bureau of corporations did so because I wanted to call out suggestions and to sound public opin- ion on the subject. I had the bill re- ferred to the Judiciary committee In order that 1t might be passed upon in its incipency by the most able lawyers in the senate. I expect to reintroduce the measure early in the next congress. perhaps in slightly different form. The principle of the new measure, however. will be the same as that of the first bill
 My opinion is that a very large ma jority of insurance companies will fla vor national supervision Under ex- isting agreements we are obliged tO conform to different laws and regula- tions in practically every state. The laws and regulations are being changed and different insurance departments place different interpreta- tlons on the same laws. What insur- ance companies want is a uniform. harmonious and continuing policy. and that we believe is to he had only through national supervision"
 Mir. Beck also talked freely regarding the subject of the conference. As lawyer he expressed the belief that if the subject were brought before the supreme court its decision would be in favor of federal control.
 otherwise" said he. we would not be wasting our time and energy in try ing to secure the enactment of legisla- ton by congress on the subject"