Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-08-15
Proposals Made in Definite
Form by Business Men at
Washington Have Approval
of President,
PLANS RESTORATION
OF TRAFFIC ON SEAS
Chief Executive Declares Ad-
mlnIStration Has and Is Us
ing Means for Promotion Of
Commerce,

nv hoNhiNe AolhHNl SPECIAL INAtNb NiHNi
Washington. Aug. ii.-GoNcfnment
Insurance against war risks OF Ameri-
can register ships and their careoes.
was the solution offered today by six-
tv-two representative business men Of
the country for the stoppage OF Amer-
can oNer-seaA commerce because of
the European war.
The proposal was made IN definite
form after an all-day conference pre-
sided over by Secretary McAdoo. of
the treasury department. who cahed
the meeting Practically all of the
largest banking and shipping interests
n the United States were represented
The conference appointed COM
mittee OF twelve. headed by Seth Low
president of the National civic fcder-
alton. TO remain In Washington aud
advise with the governmental depart
ments and committees Of congress
during the framing of legislation be-
llevcd necessary TO relieve conditions
produced by the war abroad
Government Insurance Bureau.
The committee tonight began draft
ing "A bill TO be presented TO congress
Immediately and pressed for passage.
with view to having government
Insurance bureau in operation as soon
as possible after the pending measure
modifying restrictions on American
registration OF foreign-hult ships
goes into effect Ia addition to Secre-
tary McAdoo officials who particl-
pated in the conference were Secreta-
rics Houston and Redficld all the
members OF the federal reserve hoard,
senator owen and Representative
l'ilass chairmen of the senate and
house banking committees, and Rep
resentdtive Adamson, chairman of the
house interstate and foreign com-
merce committee.
Conference IL secret.
To Insure freedom Of discussion the
conference WAS held behind closed
doors, but the resolutions adopted and
some of the proceedings Of the CON
ference were made public In a state-
ment issued tonight by Secretary Me-
Adoo.
The statement declared II to have
been the consensus of opinion at the
conference that with enlarged regis
try of American ships and action by
the government supplementing what
private companies might DO Ia con-
nection with insurance, the question
of exports of grain and cotton and Of
foreign exchange would rapidly solve
tiitiflHfAN'7f
Follow other Nations.
Many speakers Including J. =. Nor
gan. James J. Him and other fnan-
eiers. pointed out the fact that Great
Britain France and Belgium already
had provided for government war in
surance Of their merchant shipping.
Against this action, they said. the
United States would be helpless. as
no ships would pass under the Ameri-
can flag with the passage of the pro-
posed registry law unless their own
ers We're assured of Insurance under
the stars ana stripes The result would
be foreign monopoly Of sea trans
portation. they predicted, and the fix
ing abroad of the price az which
American wheat and cotton would he
sold.
Following Is the conference resqlu-
tion on this poiut, which is the pivot
Of the plan of relief Offered;
Resolutions Adopted,
Resolved, that this conference urges
the United States government 10 es-
tablish a burcau Of war risk insurance,
to be administered under the direction
of a suitable government department.
by board of three or five members
which shall assume the risks Of war
on American vessels and American
eafgoes shipped or to be shipped
thereon, whenever in the Judgment OF
the board ii shall appear that Ameri-
IAN vessels or shippers on American
seese7s are unable. IN any particular
rade Ia compete on equal terms with
H. gcNs Is of shippers Of other na-
ionalities By reason Of the protection
iffered such other carriers or ship
lers by arrangements for war In
lemnity through their governments.
md that such board have power to fix
ates Of premium subject to change.
o each country or for each class Of
arso.'
Division of the Problem.
Early the session showed the opin-
IN 10 be unanimous among the bust
ess men and the government officials
resent that the problems to be faced
ivided themselves naturally into
lree heads:
Restoration OF d market for for
Ign exchange bill; the immediate ae-
uisitton Of means Of transportation
" American wheat and cottnn TO h.u-
bpean markets, and the war risk
lsurance
In appointing the following CONS
ittec the conference sought to pro-
de the government with expert adj
ee In each OF these branches
War risk insurance Chubh.
ew York; J. Parker kirlln. New
ork. H. II Outerbridge New York.
G. Crowell, Kansas City, Mo
Transportatien-~J A. Farrell, New
ork; y A. s Franklin. New York;
obert Dollar San Francisco; Ber-
ird y. Baker. Baltimore
Foreign exchange--A J. Hemp
II Now York, EeSrus / Wada ST
puis, Henry Il lckelheimer New
ork. John j Arnold Chicago
Aid From Reserve Beard.
4 member Of the federal reserve
,ard to aid in the deliberations OF