Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-08-08
Conference Of Foreign Ex-
change Bankers and Ship
ping interests Called for
Next Week at Washington.
SENATE FAILS TO ACT
ON REGISTRY BILL
John Barrett Is Urging That
Opportunity to Build Up
Commerce With Latin AM
erica Be Utilized.
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Washington. Aug 7. - Confronted
with the problem Of disposlng Of the
country's enormous grain and cotton
crops, the administration today made
plans for a conference in Washing
ton next week OF representatives of
the leading shipping interests and for
eign exchange bankers.
The bankers have oeen asked to
come TO Washington to formulate
plans for resumption OF the interna-
tional exchange market and restore
the use Of International bills of ex-
change. The shipping men will be
asked to move American grain and
cotton to the European markets
heretofore.
Must Have ships.
In announcing the conference call
Secretary McAdoo said:
ut is OF vital Importance to the
country that two things be done as
quickly as possible First. provide
ships to move our grain and cotton
crops to European markets; the sec
ond. restore through the bankers the
market for foreign bills of exchange.
"Grain is a very pressing problem
at the moment, because the crops
have been largely harvested and the
movement is already we'll under way.
The cotton movement is not so ad-
vanced and will not be for few
weeks. 1t is my purpose to invite a
conference on the subjects of cotton
to be held at an early date Of which
announcement will be made later.
These are important questions for the
American people, and every possible
effort will be made by the admins
tration to cooperate in the movement
of these great crops
Senate Delays Action.
The senate again failed to pass the
amendment to the Panama canal act
admitting to American register for
eign-built ships less than five years
old. Some opposition developed. SEN
ators Simmons and Williams, demo-
Gratis attacked the plan rs dangerous
and inadequate to meet the situation.
Senator Newlands introduced an
amendment to the bill. renewing an
effort made several years ago which
would authorize the government TO
provide for construction in private or
government yards of thirty vessels to
be used as auxiliary ships to the navy,
or for Use in commercial .or navy mail
lines as might hereafter be provided
The proposed ships would not exceed
in aggregate cost SS0.000.000, not
more than six ships to be built in any
one year. 1000, 900 70 be expended in
the current year.
Freight on Naval Vessels.
Secretary Daniels expressed the
hope today that freight might be car
ried to Europe on naval vessels. Con-
gress has granted the necessary au-
thority for handling mail and light
freight, but the secretary said per-
mission to use colliers for carrying
cotton and grain would help the sit
uation
"Just now" Mr.. Daniels said. there
is need for large ships to carry cot
ton and wheat to Europe. If con-
gress will authorize It, the navy can
at once give help We could, within
a few days, use four large GOLFERS for
carrying heavy freight. Each would
have an average capacity of $4,000
bales of cottonio or 100000 bushels Of
wheat BY October /, we could com
mission two more, of carrying ca
pacity of $4,000 bales of cotton or
$1,000 bushels OF wheat. II con
gress would authorize additional ships
for commercial service 1t would not
only meet the present emergency. but
increase. the carrying capacity of
American bottoms and provide auxil- |
aries to the navy vessels in war time
To Build Up Trade.
Acting Secretary sweet, OF the de-
partment of commerce. tonight tele-
graphed collectors Of customs for in
as to the number of Off
,ers holding proper licenses for ocean
steamers now out of employment and
lvailable for service to Europe. Asia. I
Africa, South America and Australia.
John Barrett, director general Of
he Pan-Ameriean union. Is urging /
Americans to cooperate in the ef-
'ort to build up the nations South
American trade. He said tremen
lous opportunity now offers to gain
he gratitude OF South American
Countries