Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1905-08-19
INSURANCE CONTROL.
FEDERAL SUPERVISION pascossED
an OYSTER hay.
WIN Introduce mn Ina Nexs Congress
and sapreme Court 60 Pass om
ITS con, s,tatienaiity.

OYSTER RAY, N. Y, Aug. IT. Fed
eral supervision of insurance was the
subject OF conference at Sycamore
Hill, SO important that one of the par
Elephants, 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 special train from the Long
Island Railroad company 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
surance company, and Mr.. Beck, who
arrived at Sycamore Hill in time to
join the presidents luncheon party.
which consisted of Ambassador Hen
gclmuller of Austria Hungary, Senator
Dryden. Charles II. Keep, assistant
secretary of the treasury, and Robert
Bridges of New York, an author and
magazine writer, who IL friend Of the
president.
The conference followed the lunch
con. The president for considerable
time, but especially since the discIo-
sures made during the last few months
regarding the operations OF the Equita-
BILE Life Assurance society, has mani
tested a deep interest In the problem
of national control of the insurance
business.
Several months ago, Mt 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-
listing federal laws, the insurance BUSH
ness could not be supervised by the
bureau OF corporations, because In the
light Of the constitution and In view or
certain decisions of the federal courts
II was not regarded as interstate com
merce.
The president Is known to be In IA
vor or federal control In It
brought about constitufionaliy That
the supreme court or the United States
eventually will be called upon to pass
on the question there Is little doubt.
At the conclusion or the conference
Senator Dryden talked frankly.
1--WE discussed the whole subject OF
federal supervision Of the insurance
business said he, "and our talk was
very satisfactory. Personally / ana
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
II 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 / wanted to call out
suggestions and to sound public opin-
ion on the subject. l had the bill re-
ferred to the judiciary committee In
order that it might be passed upon In
its incipiency by the most able lawyers
In the senate. ! 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 q
the first bill. 49,
my opinion is that very large ma
jority Of insurance companies yill IA
vor national supervision. Under exc
listing agreements we are obliged to
conform to different laws and regula-
tons In practically every state The
laws and regulations are being changed
continually, and different insurance
departments place different interpreta-
tons on the same laws. What insur-
ance companies want is uniform,
harmonious and continuing policy, and
that we believe Is to be had only
through national supervision"
Mr. Beck also talked freely regarding
the subject Of the conference. AS q
lawyer he expressed the belief that IL
the subject were brought before the
supreme court its decision would be in
favor of federal control.
Otherwise" said he, 1--WE would not
be wasting our time and energy In try
ing to secure the enactment of legisla-