Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1914-08-16
URGE j. S. INSURE
AMERICAN TRADE
Sixty Business Men Meet st Wash
ington and Suggest Plan to Re.
store Over Seas Commerce.
COMMITTEE OF TWELVE NAMED
Begins Drafting NH 20 Re Pre-
scented TO Congress and Pressed
for Passage EmbodyinE
Ideas,

resentatiNe business men OF the country
for the stoppaEe of American overseas
commerce because of the European war.
The proposal MAS made in definite form
after an all day conference presided over
by Secretary McAdoo OF the Treasury
department who called the meeting.
Practically all o. the largest banking and
shipping interests in the United states
were represented The conference APP
pointed committee Of twelve, headed
by Seth Low. president Of the National
Civic federation, to remain IN Washing
ton and advise with the governmental
departments and committees Of congress
during the framing OF legislation be-
lieved necessary to relieve conditions pro-
duced by the war abroad.
begins Drafting Bin.
The committee tonight began drafting
a bill to be presented to congress inlme-
diately and pressed for passage, with
view TO having a government insurance
bureau in operation as soon as possible
amer the pending measure modifying re-
strictions on American registration Of
foreign built ships goes into effect
in addition to Secretary McAdoo off
Gals who participated in the conference
were Secretaries Houston and Redfield,
all the members OF the Federal Reserve
board, Senator owen and Representative
Glass, chairmen oC the senate and house
banking committees, and Representative
Adamson, chairman Of the house inter-
state and foreign commerce committee.
Doors Are Closed.
To insure freedom OF discussion, the
conference was held behind closed doors
but the resolutions ad opted and some Of
Ir Of D..
made public in statement, issued to-
night by Secretary MaAdoo The state
uent declared to have been the com
sensus of opinion st the conference that
with enlarged registry of American
ships and action by the government sup
plementing what private companies might
do in connection with insurance, the
question of exports of ~ ain and cotton
and of foreign exchange would rapidly
solve themselves"
Many speakers, including j. =. Nor
gan, James j. Hill, and other fiuanciers
pointed out the facS ,hat Great Britain,
France and Belgium already had pro-
vided for government war insurance OF
their merchant shipping. Against this
action they said the United States would
be helpless, as no ships would pass un-
der the American flag with the passage
of the proposed registry Law unless their
owners were assured of insurance under
the Stars and Stripes. The result would
be foreign monopoly of sea transporta-
tcn, they predicted, and the fixing abroad
% the price at which American wheat
and cotton would De sold.
Early in the session showed opinion to
be unanimous among TIE business men
and the government officials present that
the problems to be faced divided them-
selves naturally into three heads:
Restoration Of market for fore gn eX-
change bills, the immediate acquisition
Of means of transportation for American
wheat and cotton to European markets
and the war risk insurance.
object of Committee.
In appointing inc following committee
the conference sought to provide the
government with expert advice in each
OF these branches
War Risk Insurance Hendon Chubb,
New York; J. Parker llirlin, New York;
T. IL. Outerbridgc, New YORK; +. q.
Crowell, Kansas city, Mo
Transportation-K A.. Farrell New
York: T. \. $ Franklin New York;
Robert Dollar. San francisco; Bernard
y. Baker Baltimore.
Foreign Exchaage--A J. IIomphill
New York. Festus !. Wade, st, Louis
Henry r. Ickclheimc~, New York. John
j. Arnold, Chicago
A member of the Federal Reserve board
to aid in the deliberations OF each of
these subcommittee WAS named by Sec
rotary McAdoo. as follows:
War Insurance-A. c. Miller; Transport
tation. r. A. Delano; foreign exchange,
Paul NJ. Warburg
The committee on war insurance be-
gan work tonight on the preparation OF
measure it will present to congress. The
discussion at the conference left no doubt
that the measure was to be purely an
emergency matter, and that the govern
ment was to receive premiums On any
insurance it might write.
AddreSsed by Wilson.
The conference interrupted its delibera-
tions in the afternoon to go in a body 20
the White House. President Wilson adj
dressed them briefly.
IF we get no other benefit out OF the
present trying circumstances in the world
at large" said the president we shall
at least got this benefit; VIC shall enjoy
n
members OF different parties, all our
Trejudices fallen away from us, comins
together as Americans for common ob
ject that is not touched with selfishness
or personal ambition of any sort surely
handsome results will come out of the
spirit in which conferences of this kind
are held.
Il believe you will discover those NJ
YOU who did not know 1t before, that
this government has means, somewhat
fully developed means, for assisting tn,
commercial and industrial operations OF
the country and that therefore it is worth
while to maintain the kind Of connection
which is here momentarly established
We have been face to face with very
critical circumstances. For my own part
feel that the period of apprehension has
passed and that the period OF steady
sensible concerted, constructive action
has come and that Ee are I'm the temper
20 bring that action about in the mos
effectual way. l am sure that all Of las
here wish 10 put ourselves at your dis
posal as ! am sure YOU would wish u
PUT yourselves at our disposal, TO work