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 the appropriation of $50 million made by Congress to cover losses was entirely untouched.

The largest single loss was $4,467,336 on the steamer Argonaut and the largest single payment was $2,200,000 for the loss of the Standard Oil tanker John D. Archbold.

Thus has the account been closed out with no red ink on the ledger.