National Affairs: No Red Ink

On Sept. 2, 1914, a month after the outbreak of a recent war, Congress, by statute, authorized the Treasury Department to insure U. S. merchant vessels and their cargoes against the hazards of war. Thus came into being the Bureau of War Risk Insurance. Last week, this insurance business was "wound up"; it has ceased to exist.

Apparently, this was one of the few departments of the Government which made a financial profit out of the War. Although $29,497,331.23 was paid out on claims for losses, there rema:ned over $17 million in profit; and...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!