Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1872-12-14

The Commercial Convention nj NJ. Louis.
ST. LOUIS, No, Dec. 1S.-In the commercial
convention, the committee on the Improvement
drivers and harborSreported resolutions memoir
alizlng congress to appropriate sufficient funds
10 pay outstanding bonds, issued by the author
lty OF congress, for the improvement of the
Louisville canal and hereafter to collect only such
tolls as would be sufficient 10 keep said canal in
repair; that the work of improving the MiSsiS-
sppi river at Des MoineS and Rock Island
rapids be completed as soon as possible, in ac-
cordance with the recommendations of the en-
gineers in charge, and urging congress to APP
proprlate sufficient sum for the purpose; rec
ommending congress to establish a system of
signals and lighthouses along navgabe rivers
similar to those now in use on the sea-
board, urging congress to continue the
improvement of the Tennessee river ac-
cording 10 the recommendation of the en-.
giheer OF the war department, asking congress
TO make appropriations for the construction of
the James sriver and kauawha canal; also, to
remove the snags from the Missouri river. and
otherwise protect its navigation
The committee TO whom was referred the pro-
priety oil consolidating the commercial couVen-
tloh with the national board OF trade, reported
adversely.
The convention then adopted general plan
tor permanent organization, and decided that
the next meeting be at Pitsburg on the first
Monday in next September
Inc plan for permanent organization of the
national commercial convention, as submitted
by Col. GroSyenor of st. Louis, provides for
the appointment of an executive committee of
onelfom each state, to see that matters layora-
bly acted upon by the convention are brought
before congress and state legislatures iuyesti-
gate subjects referred TO them, and prepare re-
ports Tor the Information Of the next convention
eSlaOlish means Tor the compilation of statistics
Tor the next convention, communicates with
other commercial bodies and business men
generally, urging co operation with the next
convention.
The committee to which was referred the sub
lect OF aid to railroads by state or local authori-
lles reported adversely to the endorsement of
local enterprises, nor were they prepared to rec
ommend general rules for aid The convention
was national in character, and this matter was
one for state considerations
Gen. Fisk of st. Louis from the committee on
transcontlncntal railroads, submitted a lengthy
report in favor of an additional railroad aero *
the continent, to secure the development of the
country portion iaYOTiIg the S5th and SOD
parallel lines after discussion, was struck ONT
and the report was adopted
Milo Sells OF St. Louis, from the committee on
hre and marine insurance, made long report.
which declares that the laws of the several
states should rigidly compel each insurance
company to hold It's capital and assets so invest
ed that, should day OF reverse come, all re-
sources may be made available in meeting its
obligations, and that fund should he created
oy the reservation OF all profits over ten per cent
on capital stock until such reserve EQUALS tho
technical reinsured fund No company should
be allowed to put more than one-twentjctb Of
ITS capital on any one risk, and risks shonld he
widely distributed, The report elected animated
discussion, but after one or two slight amend
ments was adopted
On motion of Benz. L. Crane, the president of
the convention was made OK otficio chairman
and Col. GrOsveuor secretary of the executive
committee.
MIR. Weems Of Georgia again presented his
| report in favor of the Atlantic and Great West
efn canal between the Tennessee and Coosa riy-
| e[S, with the parts eHpungcd which were object
| cd to yesterday, 1t was adopted,
The rules were suspended and the resolution
ny Mr. Elliot OF Indiana adopted, that railroads
as common carriers should receipt in full for all
property transported, and that the several states
should enforce the rule by appropriate leeisla-
ton.
The postal telegraph question then came mn
Inc majority report urges upon congress the
speedy acquisitionon equitable terms, of the tel
egraph franchises of the country, and the incor-
poratlon OF the same into the postal system The
minority report gives the credit TO private enter
prise OF periecting system Of rapid and intelIi-
gent communication throughout the country
and world, submits a resolution that il is mex
pedlent and unwiSc for the United States
government at the present time to take posses.
SION OF the telegraph lines and manage them as
a part OF the postal system of the country.
Alter spirited discussion the whole matter was
referred TO the executive committee TO lie re-
ported ON at the next convention.
Inc committee ON short weights, false pack
ing, etc, reported that congress should mass
sueh general laws as may be needed to enforce a
uniform system Of weights and measures
Alter the reference OF all untiniusLed busi-
ness TO the executive committee, the convention
adjourned to meet at pittsburg on the first Mon
day of next September