The sun., 1914-08-25
MERCHANT MARINE
BILL BEFORE HOUSE
Authorizes $ooooooo Corporation with Government as
Principal Stockholder-S3oooo 900 to Be Used for
Purchase of Ships for Foreign Trade of
the United States
LITTLE HOPE MEASURE WILL BE ADOPTED

ury OF the United States under the act OF
August g. 1909. the act OF February =,
1910. and the act of March 2, 1911, reiat-
ing to the Issue OF bonds for the construc-
ton OF the Panama Canal. to a total
amount not TO exceed 100000. 900 for the
purpose OF purchasing such vessels.
Section 4. That the Shipping Board Is
authorized TO transfer the vessel or ves-
sells purcha Sod as herein provided TO such
corporation and such corporation shall is-
sie to the United States in payment
thereof It's gold bonds bearing int rest
at not less than four per cent per annum
and upon such further terms and condi-
tions as may be prescribed by the Ship
ping Board, such bonds TO constitute
a first and paramount lien upon such ves-
sci o. vessels thus transferred and upon
all the property OF such corporation. pro-
vided that the amount Of bonds received
by he United States in payment OF such
vessels shall not be less. at the tn n par
value. than the total amount expended
~ the United states In the purchase Of
such vessels, and same may be sold by
the Secretary OF the Treasury in his dis
cretlon and with the approval OF the
l.. esident 10 reimburse the Treasury for
eNpenditur $ made In the purchase OF ves-
sells Such corporal on shall make suit
able provision for sinking fund and for
the depreciation charges under the rules
and regulations to be prescribed by such
Shipping Board
Entitled to L. y. Registry.
section g. That vess Is purchased by
such shipping BOARD and conveyed TO such
corporation as herein provided shall be
entitled TO registry under the laws OF the
United states and shall be de med ves-
sells OF the United States and entitled to
the benefits and yrlvi eyes pertaining to
such vessels, except such ssels shall en-
gage only IN trade with foreign countries
or with the Philippine Islands and tho
Islands OF Guam and Tutuia. Such ves-
sells shall be subject 10 the navigation laws
OF the United States exc, pit as herein pro-
vided.
Section .. That subject to the dlrec-
ton OF the President ,he Secretary OF the
Treasury. the Postmaster T. Cie neral and
if3c N,c. etdry OF Commerce are here by
constituted board TO be known as
the Sh piping board. with full power
10 vote the STOCK of the United States
in such corporation and to do all other
things necessary to protect the interests
OF the United States and 10 carry out the
purposes OF this act.
Section Z That with the approval OF
the President such Shipping Board may
at any time sell at its true value the
stock o! such corporation owned by the
United States.
Section y. That the United States shall
at any time have the right. upon giving
notice OF its Intention to the corporation
organized under this act, to take posses.
sion for Its purposes OF any vessels owned
by such corporation at a reasonable price
or rental.
section 3. That for the purpose of car
rying out the provisions Of this act there
| L. hereby appropriated out of any none,
In the Treasury Of the United States MOI
| otherwise appropriated the sum o.
| $40. 900. 900"
! The bill will be introduced in the Sen
| ate by senator Clarke of Arkansas
The House Rules Committee will NEE
tomorrow or Wednesday to report a spe.
! c!al rule for the consideration OF the bill
passed by the Senate last week provid
Ing that the Gvernment shall assume al
| marine war risks during the trouble 1,
| Europe. Opposition to the bill voiced b,
| Representative Mann OF Illinois md othe
Republican leaders forces the Democrat
Z resort to rule TO put the bin through
, The indications are that the debate OF
, measure Will be a lively one.