The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-08-15
URGE GOVERNMENT
To INSURE SHIPS
AGAINST WAR RISKS
CONFERENCE OF BANKERS, BUSI-
NESS MEN AND FEDERAL Off
GALS IN WASHINGTON.

washington Aug. IA conference
of many of the most important bank
ers and business men of the country
with federal officials. which President
wilson characterized as proof that the
antagonism between the government
and business 10 at an end. was held
at the treasury department today, in
an effort to reach solution of the
tie-up of American commerce, which
has resulted from the European war.
The conference, after a long discus
sion. decided that the problem resolved
itself into three parasitic restoration
of the market for foreign bills OF ex
change. the providing of means for
transporting the grain and cotton crops
and merchandise abroad. and the pro-
viding of war insurance for ships
which may be induced to enter Amer
ican registry.
with little debate, a resolution was
adopted. urging that the government.
In the present emergency, to under
take the insurance OF ships and their
cargoes against war risks. The gov
ernments of France, Great Britain and
Belgium already have assumed this
responsibility for the vessels under
their flag President Wilson did not
deem Il wise to commit himself to the
proposition. It was said that he had
1t under serious consideration and the
belief among officials Is that fav-
orable expression from him will come
within a few days
1t was the idea OF the conferences
that the government esta blish
bureau Of war insurance TO consist of
I Ave men appointed by the presiden.
! to handle the business OF war IN
surance until the present emergency
/ Is over. A second legislative act
1 which the conference decided 20 urge
rs a vital necessity TO the establish
ment OF adequate merchant marine
/ s a thorough revision OF the naviga-
/ ton laws.
! II was the concensus or the opinion
/ that the present law constitutes a
! hodge podge which, II unchanged, will
subject American registered ships to
! immediate determinations compared
with foreign ships competing with
I them for American trade. A com
m!ttee. headed by Seth Low, of the
New York cham Der Of commerce. and
made up OF twelve distinguished bank
ers and business men was appointed
with instructions TO proceed with the
drafting of bill covering the mat
ter. and submit II TO CONGRESS quickly
The same committee was instructed
to formulate the best obtainable sug~
gestions In regard TO securing ships
for the transportation Of our produce
and merchandise 10 Europe.
A resolution expressing the sense
OF the conference as TO the needed
legislative enactments urged the fed
eral reserve board. which organized
yesterday. TO give special attention TO
the pressing need for the re-establish-
ment Of the bills OF exchange market.
Members Of the federal reserves
were detailed by Chairman McAdoo
to confer with the low committee on
the various aspects OF the problem
before IL
The committee OF twelve lost no
time in getting 10 work They began
their sessions tonight and will remain
in Washington until the initial steps
have been taken toward legisla ton.
The committee devoted itself tonight
to drafting a war insurance bill.
Although no commitment was made
by the administration TO the proposed
establishment OF war insurance
bureau, there was strong BELIEF
among those who talked with officials
tina. a favorable attitude would be
adopted. In a statement issued py
Secretary McAdoo tonight there was
seen a leaning toward it, Such an
undertaking Of war insurance would
be temporary" 1t was said, and purely
to meet the pending emergency and
should be conducted upon a business
basis. the government to receive the
premiums for the insurance issued.
The personnel OF the conference was
the most distinguished OF any ever
held here II included prominent
bankers and business men from all
parts OF the country.