The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-10
CITY GOES IT ALONE
IN HOUSING INQUIRY
Fails to Get Lockwood's Con-
sent to Examine Legislative
Committee Witnesses.
INSURANCE HEADS HEARD
Three Building Material Men
Testify They Know Nothing
Of q Combine.

mo hunt for an alleged conspiracy
among building material men to exact
higf prices for bricks. cement. &C.. and
the excursion into the realms Of finance
10 ind out to what extent life insur-
Ance companies are Withholding their
trust funds from the mortgage market in
order that they may deal in stocks and
bonds will begin in room 1918. Mu-
nicipal Building. at 1850 o'clock to-
morrow afternoon. This Is the inquiry
inspired by Samuel Untermyer, which is
10 be conducted by a joint committee of
tho Mayors Committee on Rent Prof
iteering and the General Welfare Com
m'ttee of the Board of Aldermen.
William T. Collins, chairman of the
A.dermanic committee, issued last night
suoppnaes for three witnesses two off,
cials of life insurance companies, and
Jesse L. Phillips, State Superintendent
OF Insurance.
While the preliminaries for the first
session OF the inquiry to be engineered
by Democrats were being mapped out,
the lockwood legislative committee,
which has Republican majority, con-
tinued at the City Hall its investiga-
ton into housing conditions. Five off,
Gals of life insurance companies, one
savings bank president and three build
length.
Nathan Hirsch, chairman OF the
Mayors Committee on Rent Prohteer-
Ing sent a letter to Senator Lockwood,
chairman of the legislative committee
on Sunday night. asking that the Hirscl1-
Collins committee be permitted through
counsel to cross-examine the life In
surance men and the building material
men called by the legislative committee.
Wants Untermeyer to InterroEate.
Ocllins committee, wasn't invited to
help out Chairman Lockwood ex-
plsined that he would be glad to have
Mr. Untermyer himself come in and
ask any questions that he saw fit and
would hold under subpoena the wit
nesses who had testified SO that he could
crcss-examine them. He said also he
would be pleased to have counsel of the
Hirsch-Collins committee suggest ques-
lions which he believed would be help
ful In bringing out the facts.
II Is understood that Mr.. Untermyer
is willing to examine witnesses provid-
ed the joint legislative committee will
recognize the other joint committee
and permit its counsel to participate in
the inquiry with the same freedom as
Elmer G. Sammis, counsel to the Lock-
wood committee.
The fact that the city investigators
are going ahead with their own inquiry
tomorrow is considered as an indica-
tion that there will. be no Democratic
short cut to the secrets OF the insurance
men via the machinery Of the State in
yestigators.
Darwin P. Kingsley. president OF the
New York Life Insurance Company,
gave the joint legislative committee a
summary of all classes OF bonds and
stocks held by his company. He said
that It has bonds 3614.209.0S3.65, and
stocks. s99.375. or a total at book value
OF s614,30s,45s.65. that is since May 81 ;
loaned on bond and mortgage In New
York State, $sS.222,272.4o: loaned on
bond and mortgage outside of New YORK
State, $73.942.124S7. Total loaned on
bond and mortgage. s1Se,l64.3s7.27. The
gross assets at the c;ose OF 1918 were
sss6,s32,032.45.
VIII Loan Up to 100000.
Mr.. Kingsley said at the present time
his company owes altogether on account
Of the Fourth Liberty Loan and the
Victory Loan $13.700.000. The New
York Life Company has agreed after
interviews with some builders to take on
ments) that meet its approval up TO
100000.
"And think can assure you" the
witness added, shat in the same circum-
stances the company will find ways and
means to make that 100000"
John ]. Pulleyn, president of the Emil
grant Industrial Savings Bank. said the
savings banks throughout the State hold
IN the aggregate a larger volume OF
mortgage loans than any other group OF
corporations,
I'VE have to-day, as Of January H.
he said. IS. 0S4, 900, 900 of the assets OF
savings banks invested In real estate
mortgages out OF total assets of $4,000
oo0, 000."
Since January I, he said. his bank has
loaned S2,50O,000. and is keenly Inter.
ested in the real estate situation.
The Emigrant Savings has approx
mately ssS,0O0.0O0 out on bonds and
mortgages to-day. and Mr.. Pullen an
nounced his willingness to consider ap'
plications for loans in amounts frcm
$4,000 up to 100000. 100000 or $780,.
600.
Frederick II. Ecker. vice-president Of
the Metropolitan Life Insurance Com
pany, said the influenza epidemic cost
his company nearly S24.000.000. Tn,
company owns $97 ,0ss. 016.56 in United
States Government bonds and has totaI
assets OF $S07.532,s76.53. 1t still owe:
sec. 000. 900 OF money borrowed to pay
for Government bonds.
Report. of Other Companies.
A. r Horr, nnarcral vice-president
and treasurer of the Equitable Life AS
surance Society. gave the financial re-
port OF his company. showing total assets
OF $6ll 900, 900. of which little more
than 20 per cent. Is invested In State
and municipal bonds. mortgages and
other securities In New York The com.
pany has only s16.517,0Oo in stocks or
its books at present. as against $46.s47,.
900 when the present insurance law went
into effect.
Charles A Peabody. president OF the
Mutual Life Insurance Company, sale
his company. with total assets OF $685..
565.797 had on June l a total of S95,.