The sun., 1919-06-05

these stocks expired In 1911" he said.
ITO it's credit and that Of its president,
Darwin p. Kingsley, be IL said that
the New York Life Insurance Company
compiled with that requirement and to
the great advantage OF that company,
but II Ia the only one of the large
companies. SO far as ! know. that has
yet done SO, although II Is thirteen
years since that law was passed. Year
after year the companies have gone to
tho Legislature. and without any diff
ficulty and apparently without any
reason have secured extensions OF the
time TO dispose of their securities.
AT the end Of 1915" Mr.. Untermyer
continued, "there were fifteen life in
surance companies holding charters In
New York with total assets of S3,197,-
O29,627.01. or this sum they held In
mortgages on real estate total OF
only $706.312.569.17, whilst their hold
ings in railroad and other bonds and
stocks reached the appalling aggregate
Of Sl,s55.1Sp.565.4s.w which was two and
half times their holdings In real estate
mortgages.
mo matter how honest may be the
motive Of the men who control these
corporations (and there are many or
them whose integrity IL beyond ques-
tion), insist that the law should SO
regulate the securities In which they
may invest the monies OF their cor
porations as TO keep them out OF Wall
Street"
Mr. Untermyer, who IL convalesctng
from an illness at his home. Grey
stone" Yonkers, will come to town to-
day to be the frst witness at the
inquiry. Frank Moss will act as coun-
sci to the committee and will examine
witnesses.
Asks Ten wealthy Men to Aid.
Senator Charles C. Lockwood. chair
man of the Joint Legislative Committee.
said last evening following the commit
tees inquiry on housing ut the City Hall
that the committee feels Immediate re-
lief for the housing situation only can
be granted by the big men Of the city"
ut can be granted" he said. by men
of large means men who helped the ma
ton during the war and who have been
helped by the nation during the war.
The relief will come II they will step
forward and build, in tho outlying sec
tons Of Brooklyn and Queens now
served by rapid transit lines, one and
two family houses and sell at cost on
the amortized payment plan to the
workers OF the city who are ready and
willing TO buy. That they are willing
to buy Is evidenced by the sales made In
Bath Beach and as evidenced by the
testimony Of experts who have appeared
before the committed We want ten big
| men who will undertake ten big opera
! tons. such as the plans outlined by Otto
NJ. Edits and Mr.. Atterbury, building
houses in units of 100 on the fabricated
system
THE committee has communicated
with a number Of prominent men OF the
| city and has asked them to furnish the
capital for the equity. 1t has asked the
| insurance companies and savings banks
| to furnish the hrst mortgage money on
| a ten and fifteen year plan and has
| asked the George A. Fuller Company
and the Thompson-Starrett Corporation.
| which already have proper building
equipment. to undertake the construction
, at cost.
I'VE ask all these people TO rise to the
occasion because we believe It IL their
duty to do so. The prosperity OF the
insurance companies and savings banks
| Ia in a large measure dependent on the
city and State and the prosperity Of
both 10 dependent on the people. and
| adequate housing facilities being fur.
nished at reasonable cost by the fall of
1919"
| At the hearing the Rev. DR.. Jonathan
| c. Day explained in detail his methods
| of figuring income and outgo on WALL
| about, West Washington and Washing
ton markets to try to Justify an increase
OF rents for the market stands II was
a long and tangled financial story. which
a minority of the members thought had
no bearing on the housing question. The
Commissioner held q city market isn't a
school or a charity and as the market
men are in business In II for a profit the
city should get a profit OF at least per
cent on the assessed valuation Of a mar
ket
Richard NJ. Hurd. president Of the
Lawyers Mortgage Company, was asked
what plan he could suggest by which
money may become more available tor
the realty mortgage market.
| The only thing / can think Of" he
said, would be to exempt from income
tax mortgage investments, say, up 70
| $4,000 or $4,000, the general run OF
small stun that helps the housing sit
uation. II always seems TO me absolutely
unfair for the Government to put farm
loan bonds at per cent to the investor
and exempt 1t from all taxation. That
Is favoring one class as against the rest
of the people"
Louis v. Bright, president OF the
Lawyers Title Insurance and Trust Com.
pany, said: You can exempt them from
your own State income tax, and I sup
pose we would have to 60 to the Federal
authorities and try to get some exemp-
lions in favor of mortgage holdings ur
to a reasonable amount. 1t is a bad prin-
ciple. but do not know what We are 60
Ing to do"
William P. Burr. Corporation Counsel
testified he had advised the Mayor the
city has no power to build apartment
houses and rent them.