The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-11
$15,OOO,OOO BANK
LOANS FOR HOUSING
Saving Institutions Estimate
They Can Set Aside This
Sum Now.
UNTERMYER QUIZ TO-DAY
= -
Lawyer, With Moss, Will Ex-
anime Life Insurance Of
ficials and Records.
UNTERMYER QUIZ TO-DAY

Yesterday was Savings bank day" al
the housing inquiry OF the Lockwood
Legislative Committee 1t was designed
primarily to find out how much money
the savings banks would be willing 70
lend on bond and mortgages in the next
two months to help along the programme
for the building OF homes. The presl.
dents Of eight banks. with one exception
and subordinate officers of two institu-
tons answered this very direct question.
The total Of all the amounts named by
the witnesses as possibilities aggregated
$4,000, 900.
To-day VIII be the first Of a series of
Life insurance Company Days" at the
investigation to be conducted by the
Joint committee of the Mayors Commit
tee on Rent Profiteering and the Com
mittee on General Welfare OF the Board
OF Aldermen. This inquiry will be d.
rected along lines suggested by Samuel
e Cntermyer, who alleges that LARGE
money lending institutions. especially
life insurance companies, are withhold
Ing money from the mortgage market
so that they may speculate in stocks
Mr.. Untermyer also raises the question
that criminal conspiracy may exist
among building material men ono names
are mentioned) to exact sky high prices
for their product.
Records Ordered Produced,
This particular ''housing investiga-
ton" which Is independent of all other
inquiries. will start at $3.50 P. NJ. in
Room 1918 in the Municipal Building.
Mr.. Untermyer will, examine witnesses
with Frank Moss, who will serve as
counsel to the joint committee without
pay.
Those who have been subpoenaed to
appear are George p. White, secretary
and manager of the Association of Life
Insurance Presidents, 165 Broadway
Robert Lynn Cox. second vice-presldent
OF the same association, 1 Madison ave-
niue: George Smith, actuary of the asso-
citation; Jesse L. Phillips. State Super
intendent Of Insurance. and Francis r.
stoddard. Deputy Superintendent OF In
surance
The Board of Aldermen has the power
OF subpoena, and Will T. Collins. chair
man Of the aldermanic committee, has
directed Mr.. White to produce a cash and
minute book Of the Association of Life
Insurance Presidents. Superintendent
Phillips has been ordered to produce all
records in his department showing in
vestments of New York life insurance
companies for the period from 1905 (the
time of the Hughes insurance investiga-
tion) to 1918 inclusive.
State Senator Lockwood, chairman of
the Joint Legislative Committee, left
town last evening with his associates for
Schenectady. where they will meet the
State Conference of Mayors to-day and
Tomorrow to discuss the housing prob
lem in Its application to all parts of
the State. In the meantime the Inter
nyer inquisitors will have the local field
all to themselves.
The Joint Legislative Committee and
the State Reconstruction Commission
reached yesterday an agreement whereby
both organizations will join forces at
several points to find a solution for the
housing situation throughout the State.
II Is confidently expected that the State
Conference OF Mayors will cooperate with
the two bodies in an effort to deter
mine what is best TO be done in a pro-
gramme of wholesale building of homes
for people who must have them before
next winter.
schenck Offers $2.OOO,OO0.
Henry A. Schenck. president of the
oallod by the joint legislative committee,
va, asked by Elmer c. Sammis. COM
mittce counsel. II he could at this time
state definite sum which his bank
would be willing to loan on bond and
mortgage within the next two months.
The banker placed the probable amount
AT $4,000. 900 representing the balance
Of the banks allotment of Sc 900. 900
Victory Loan bonds still to be received.
Mr. Schenck said he thought Senator
Calder's bill exempting real estate mort
cages up to $40, 900 from the Federal in
come tax would help the situation con-
sderably.
Hubert Cillus, president OF the Central
Savings Bank, said ne couldn't tell ca
actly what his bank would be prepared
20 do in the next two months in the way
Of loans on real estate, as there is a
rumor about new Liberty Loan, and
such things must be taken into consid-
Grafton, but his board of directors would
lend as much as $2.00o.o00.
Andrew Mills. president OF the Dry
Dock Savings Institution, said II would
be fair to presume we would loan any
where from $1,000, 900 to $1,500.000 IN
the next two months
William Felslnger. president Of the
New York Savings Bank said that II his
bank can get the applications II can lend
$4,000. 900 or 100000.
Charles Froeb. president OF the Lin
coin Savings Bank, thought his bank
could place on approved loans "a million
or over in that time.
James Quinlan. president of the
Greenwich Savings Bank. said he pre-
ferred business building loans to home
loans, because the income is surer. al
though he believes in loaning on homes
He added that the Greenwich bank Will
invest $2,500,000 In approved mortgages
in July and August
Francis NJ. Leake, treasurer of the
Union Dime Savings Bank, thought his
bank can loan upward of 100000.
Walter Trimble, president of the Bank
for Savings of the City of New York
said II loans were good he would be
glad to invest in them, but he gave no
figures as TO how much the bank could
advance. He promised to put the mat
ter up to his directors.
Arthur c. Hare, cashier of the Brook
iyn Savings Bank. figured $1,000, 900