New-York tribune., 1920-12-06

ssocia'es, leonard H. Wallstein and
1eH9ty Attorney General Samuel A
Hcrccn, has Indicated desire 10 speed
cp the hearing. in so far as IL relates
30 various branches Of the building
mate''al trades in order to reach what
&c terms the most important r.ase Of
me housing problem. Only ahoat two
more weeks viii be devoted to hearings
on the prices Of materials.
The ultimate aim Of the Lockwood
committee, Mr.. Jntcrmyer says. is to
provide more housing facilities and no
remedial legis alton towarl this ed
viii be effective until the cause OF tn,
shortage has been removed. The whole
problem revolves a.ound The relation
or the contractors with banks. insur-
ance companies and other financial in
St'tutons whose business in part is to
ioan money on mortgages 10 provide
tor new buildings, he contends
He has repeatedly stated that his posi-
ton has continued as it was 'as1 sep
tember. wnen ne consented TO direct
the inquiry. This IS that mos,
important task confronting the Lock
WOOD committee concerns mortgage
money He hopes to 90 into this ques-
ton thoroughly before the life of the
committee technically expires at the
TO enable the committee to prepare its
report for action by the Legislature.
Bankers to Testify
The line Of investigation to which
the committee is working and which,
Mr. Cntermyer says, Is more i'm
portant than ny phase touched
viii eQuire the presence on the wit
nes stand OF prominent bankers and
experts IN the loaniug departments Of
insur,nce Wpanies. Two conton-
tions, both sponsored by Mr Inter
myer, viii form the basis of inter
rogation when the financial experts
are called These contentious are:
nat. as mas bee shown in hundreds
Of pages Of testimony the cost Of
building has been SO inflated above
normal and actual values that bank
ers and insurance companies cannot
wisely make Ions.
That, once values come down 20 a
point where II may be safe in say
irg the imitation has been eliminated.
the banks an, Insurance compaI les
may be Induced to loan about $2u0,-
UcO Geo yearly mortgages The
cans together with ar eQ Lei amount
OF capital. Wo ID wi lie $500 GOO 600
yearly TOR building. In FIVE Years.
under tn's program. New York will
have gol r q great way tow I'd acquir-
ing the 100000 new homes, Of which it
ards IN ed
Summary proceedings hereafter are
70 be taken against witnesses who re-
fuse to answer questions before the
committee Mr.. Untecnyer said vcster-
day. He declared thai if witnesses arc
10 be sustained in their refusal tc
answer. the committee might as well
top. The ef.ec' Of the indictments re-
turned against John 4 Philbrck, form
erly chairman, and Joseph Penny form.
crly secretary. Of the Builders Supnly
Bureau. for repeatedly refusing t9 dis
close the bureaus affairs, already has
been seen, Mr.. Cntarmyer said.
More Indictments To-day
Several witnesses. who openly de-
clared they would defy the committee
have told members that they ha,,
changed their minds and are now reaG5
10 appear. A number OF other case.
which have been in preparation are
expected to develop indictments, whicf
may be returned to-day
The cases OF Penny and Pnilbricl
are expected to be called this ~eeN
Nh. Untermyer may ap9ear NO 0l-ascU