The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-08-17
TALK OF INSURANCE.
An Important Conference Held at
Sycamore Hill.

Oyster Bay, N. Y, Aug. 17.-Federal
supervision of insurance was the SUBJ
ject of a conference at Sycamore Hill,
SO important that one of the partici-
parts, James M. Beck, formerly an as
sistant attorney general of the United
States and now special 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 presi-
dent.
The parties to the conference were
the president, Senator Dryden of New
Jersey, president of the Prudential In
suranee company, and Mr. Beck:
Mr.. Beck reached here 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 a personal
friend of the president The confer
ence followed the luncheon.
The president for a considerable
time, but especially since the disclos-
ures made during the last few months,
regarding the operations of the Equit-
able Life Assurance society, has mani
tested a deep interest in the problem
of national control of the insurance
business. In his message to congress
last December he said:
Roosevelt on Insurance.
The business of insurance vitality af-
fects the great mass of the people of
the United States and is national, not
local, in its application. It involves a
multitude of transactions among the
people of the different states and be-
tween American companies and for
eign government. urge that the con-
greSS carefully consider whether the
power of the bureau of corporations
cannot constitutionally be extended to
cover interstate transactions in insur
ance.
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
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 inter-
state commerce.
| AT the last session of congress Sena tor
Dryden, who is recognized as an auth
GRITTY upon life insurance. introduced a
bill in the senate providing in brief for
supervisory control of interstate insur-
ance business by the bureau of corpor-
atoms. 1t was along the lines of this
measure that today's conferences pro-
ceeded. The president is known to be
| In favor OF IeOeral cOnlrOI OF the 1nSur-
ance business, if it can be brought about
constitutionally. Whether it can be is
the point yet to be determined. That
the supreme court of the United States
eventually will be called upon to pass
on the question there is little doubt
Senator Dryden Talks.
At the conclusion of the conference
| Senator Dryden talked frankly
1--WE discussed the whole subject of
very satisfactory. Personally, 1 am
business said he. land our talk was
every satisfactory. Personally. am
heartily in favor of such supervision by
the national government, because 1t
would insure TO companies doing bust
ness in several or many states a well
| defined and well considered set of reg