The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-08-15
Representative Bushes S
Men Make Proposal in
Definite Form.
IMPORTANT CONFERENCE
Is HELD AT WASHINGTON
Action Necessary to Relieve Con-
ditions Produced by Foreign
Conflict.
BRIEF ADDRESS BY PRESIDENT
Committee Appointed to Advise With
Congress During Framing Of
Legislation.

WASHINGTON. August 14.-Goyern-
merit insurance against war risks OF
American registered ships ard their
carrocs was the solution offered to-
day by sixty-two representative bust
ness men for the stoppage of Amer
lean orersea commerce because Of the
European war
The proposal Was made in definite
form after an all day conference pre-
sided over by Secretary OF the Treasury
NcAdoo who called the meeting
virtually all the largest banking and
shipping interests in the United States
were represented IRE conference an
pointed coinmitte, OF twelve. headed
by Seth Low. president cf the National
civic Federation, to rcmain IN Wash
inEion. and advise with the govern
mental departments ard committees of
Congress during the framing OF leris-
Iatton believed necessary to relieve
conditions produced BY the war abroad
The committee tonight began draft
ing bill 10 he presented TO Congress
immediately and pressed for passage,
with view 10 having a government
insurance bureau in operation as soon
as possible after the pending measure
modifying restrictions upon American
regulation of foreign built ships goes
into effect.
GOVERNMENT OFFICIALS
ATTEND CONFERENCE
In addition 10 Secretary McAdoo. Of
icials who participated in the con-
terence were Secretaries Houston and
IeGfeld. all the members of the Fed
eral Reserve Board: Senator Owen and
Representative Glass. chairmcn OF the
Senate and House Banking Commit
tce3. aud Representative Adamson
chairman Of the House Interstate and
Foreign Commerce Committee.
n of
conference was held behind closed
doors but resolutions adopted and some
OF the proceedings were made public in
statement tonight by Secretary Nc
Adoo. The statement declared IL to
nave been the consensus or opinion
that with enlarged registry Of Amer
lean ships and action by the govern
ment supplcmentinG what private com
aanics might do in connection with in
surance. the question OF exports OF
grain and cotton and OF foreign cx-
charge would rapidly solve them
selves"
J. r Morgan. James j: Hill and other
hnanciers declared no ships would pass
under the American flag with the pas
sage OF the proposed registry law. un-
less their owners were assured OF In
surance under the Stars and Stripes
The result would be q foreign monop-
oily OF sea transportation, they predict
GU, atiu the bAlHS dDTOau OF the price
at which American wheat and cotton
would be sold.
CONFERENCE RESOLUTION
PIVOT OF RELIEF PLAN
The conference resolution on this
point which is the pivot OF the relief
plan offered. reads:
Resolved. That this conference urge
the United states government TO estab-
lish a bureau of war risk insurance 10
be administered under the direction OF
suitable government depa artmcnt
which shall assure the risk OF war on
American vessels and American cargoes
shipped or to be shipped thereon when
ever il shall appear that American yes
sells OF shippers or American vessels
are unable 10 compete on equal terms
with vessels or shippers OF o;her ma
tionalities by reason of the protection
offered such other carriers or shippers
hy arrangements for war indemnity
through their governments"
Early discussion showed opinion TO
be unanimous that problems to he
faced divided themselves naturally into
three heads:
Restoration of market for foreign
exchange bills the immediate acqui-
sition of means Of trans portation for
American wheat and cotton to Euro
pean markets, and the war risk insur-
ance.
appointed by the conference began
work tonight on the preparation OF
measure TO present TO Congress.
Discussion at the conference left 10
doubt that the measure was to be
purely an emergency matter. and the
government was TO receive premium
on any insurance 4 might write
PRESIDENT WILSON
MAKES BRIEF ADDRESS
The conference III the afternoon went
in q body to the White House. Prcsi-
dent Wilson addressed them briefly.
"lf we got no other benefit out OF
tho pI cscnt trying circumstances in the
world at large" said the President. I'VE
shall at least get this benefit: we shall
enjoy period when we meet each
other not as members OF different par
tics. but as Americans meeting for
common object.
Il believe YOU will discover that this
government has means for assisting
,Oonrinued on Second PaEe.)