Word: cargos
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...boarding party got aboard, found that the crew of 45 was German, that the vessel was the 5,098-ton German motor-ship Odenwald, that she had cleared from Yokohama for German-held Bordeaux via Cape Horn with a cargo of baled raw rubber and U.S.-made tires and tubes. A dollar bill was found in one of the inners; bags of peanuts were also found. No arms were found except revolvers...
When armed U.S. merchant vessels leave U.S. ports for England this week (see p. 22), nobody will bid them a more anxious bon voyage than nine insurance men in lower Manhattan. These nine, who meet almost daily, are the Rate and Underwriting Committee of the American Cargo War Risk Reinsurance Exchange, which has outstanding $600,000,000 in war-risk insurance on U.S. cargoes over all the seven seas...
...World War I, U.S. firms had to place most of their reinsurance (some 80%) in London-at London's rates and terms. When a British bank holiday stopped London underwriters, shippers had to shop around, at widely varying rates, for enough U.S. companies to cover an entire cargo-until the U.S. Government set up a reinsurance fund of its own. (The Government assumed $2,068,000,000 in risks, made an operating profit...
Since war began, the exchange has taken more than $8,500,000,000 in risks-which includes practically every cargo the U.S. has shipped or received except in trade with Britain. Rates have ranged up to 20% (on shipping from the Mediterranean immediately after Italy entered the war).But the average on all U.S. foreign trade, to all parts of the world,has been less than 1%. Today war-risk insurance from New York to the west coast of South America costs ⅛%; to Suez it is 5%. Ships flying the U.S. flag are quoted lower than foreign ships. Lowest...
...Japanese island in 1937-at a cost of $2,500,000 to U.S. insurance companies. Biggest single risk assumed to date was $7,000,000 on a ship which got through from the Far East to the U.S. Biggest single loss was $3,000,000 on a cargo of fine Mediterranean tobacco which went down with the Greek tramp Petalli when the Nazis bombed the Piraeus last spring. Last week the Exchange had $2,000,000 earmarked to cover a ship from the Far East, a month overdue and unreported...