Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-01-06
.F|NANC|ERS FEAR
LOSS OF MONOPOLY
Alexander Points to Banking In
terests as Chief Opponents of
Ship-Purchase Bill
HE ACCUSES NEWSPAPERS
Says Their Vision Is Affected by
Advertising Revenues From
Steamship Companies.
HE ACCUSES NEWSPAPERS

BOSTON. MASS. January 5-Thc adj
visibility of government purchase OF
ships as proposed In Il bill pending I'm
congress was debated at a "mcrchant
Warinc" dinner OF the Chumbcr of Com
mercc tonight Congressman Joshua
w. Alexander, of Missouri, sponsor for
the bin. characterized it AZ the Magma
Charta OF American Shipping"
Congressman r. w Saunders. OF Vir-
Snia. objected To the proposal as a
poor business proposition and a breeder
OF delicate International coinpiications
iie said, The bill is the most radical
innovation upon Federal rolicies since
'hn civil war. u is substantially, il
not avowedly, sociaIia;ic."
am opposed 10 this measure among
"'hcr serious reasons" said Congress-
nan Saunders. because II is In Hat
"ohtravention OF the plank adopted at
me Baltimore convention on the sub
Jcct of merchant marine Tho scheme
which would roouir" an approximation
~ approximately slo00O,oGO and an
issue OF bonds 10 til" extent % possibly
>"e.ooo,ooo falls within tn" condition,
OF this plank, which is directed againa,
measures Imposing additional burdens
on tho people"
After long explanation OF the terms
OF the pending bin TO authorize the
government to create AN American Nor
chant marine by purchase and an cx
rinc situation. during which he sun
ihittcd at length statistics and a,1in
mcnis on ocean freight rates and prac-
LEGALLY every phas" of the subject. Mr.
HieNander launched into an analysis
OF what he contendcd was tho opposi-
tion TO the measure.
SHIPPING Is ALLIED WITH
Hit. BANKING INTERESTS
TO sum up tho entire situation he.
said. an investigation Will prove that
over 90 per cent Of the coasiwisc and
practically the entire foreign Aiunri-
can shipping is allied through inter
locking dircctoratca with the National
city Rank. United states Trust Com
many. National Bank OF Commerce and
Guaranty Trust Company. all Of which
nave for their fountain head the Rockc-
teller an-Pcrkins interests
II is against this aggregation that
the administration. representing the
american people. finds itself The shin
ping interests realize that the en-
rance OF the Eorernmcn. into the field
VIII break the chain hy which they
havc the independents shut out. Goy
ernment t-owncd vessels are what they
most rear. for II rcana a brcalSwntcr
IA bunker-a protection for the !n,lc-
pendent who now darcs al his pcru
TO invest dollar in shipping against
me powerful organizations, but vino
would be willing to invest i. fair nl,y.
was allowed. II is said tho same in
tercsts own, or arc Interested in. scy-
crai OF the big Eastern Hcwspapcrs
The vision of these papers Is colorcd
ana others arc affected by revenues OF
steamship advertising. Therefore, vo,,
ma stalwart opposition BY the East
"ri newspapers To the government mol
icy.
The new navigation Law is good
but OF what benefit is II when the
small investor meets tho death throttle
a. r h H,lf .....
q congressional investigation proye.
is in vogue? The Alexander hill ig
spoken OF as an emergency measure
IL should not hc SO called Europcan
governments have in the past laid the
foundation FOR their merchant marine
ny government protection The bill
Tor the government ownership of yes
sells which VIII bring relief to the
american people should he propcr!y
called the Magma charia Of American
sh'ppihS procihimlnG freedom from the
fcudal barons OF maritime commerc.
The cry Of patcrualisrn has boon
raised. the criticisms OF government
ownership have been udvcnccd and
several of the large news and financial
papers OF the Eastern cities appcar
daily with editorials denouncine Tn.
administrations policy. These papcrs.
being the recipients OF large Incomes
from advertising contracts with tho
steamship compa MES. are naturally op-
posed to u plan imimicable to the inter
csts or their customers This fact may
AFFECT their vision. The greatest on
posing power hoW ever. to the policy OF
the government is the Steamship com
panies themselves
i\VEsTIGATION REVEALS
SOME INTERESTING gtCTS
An investigation OF the SHINING
question and the interests that are
involved reveals some very interesting
iacts. In the repor. of the proceed
inGs OF the committees on the mcrch,n,
marine III the investigation Of shin
ping combinations. the methods OF tho
shipping interests are fully set forth.
IT Is shown that a regular system OF
agreements and pools prevail against
which the independent shipper has no
chance to live The committee i'm lis
recommendations, states The commit
tee believes that the disadvantages and
abuses connected with steamship
agreements and conferences as now
conducted arc inherent, and can ONLY
ne eliminated by effective government
control, and it is such control that tho
committee recommends as the means
"f preserving to American exporters
ana importers the advantages cnumcr-
hted. and of preventing the abuses
complained Of
IN the investigation by the COM
nittce 1t developed that certain sbiDs
posc of killing competition. Tho shin |
iinS interests look with concern upon
INC entrance of the government into
the field. therefore they oppose tho |
Sovcrnmcnts policy OF purchasing
ships. 1t Is believed that ii is not
so much government competition that
Is reared. for IL is generally acknow-
icdGed that there Is sufficient husi
ness, but they fear that the entrance |
oil the govcrnmcntpw Ships will
mean government regulation OF rates. |
ana seriously interfere with the exist
ing control of the conference lines over
INC foreign commerce of the United !
states.
COMMUNITH OF INTEREST,"
PERHAPS UNPiRiILEIED |
The question arises as TO who COM
poses the American shipping interests |
Ah examination OF the personnel of |
those Interested in the various steam
ship lines reveals a system OF inter-
locking directorates and community
(C0ntfnued nn Etffb Do,.l