New-York tribune., 1921-02-16


dangerous phase of The building short
age situation replied the minority
leader. 81 refer to the granting of
loans, where, for Instance, the Thomp-
son-Starrett Company does the build
ing on a cost PLUG basis, which makes
the building cost four times as much
as it should. This practice is more of
raid on the building industry than
anything else DONE"
Reorganization but Power
"Yes," said Senator Lockwood, "and
we are not going to get anywhere un-
less we get this amendment and make
these people testify. If you haven't
confidence in the committee as now con-
sttuted reorganiZe the committee, but
give it power. Those who oppose this
amendment have taken counsel with
their fears rather than with their rea-
SON."
Senator Clayton R. Lusk said that
every one agreed the committee had
done good work and that it should have
the necessary powers.
But" he continued, "the question is
whether the committee hasn't already
got these powers in the resolution.
There has been great deal of misrep-
resentation. Not only does the new
resolution embody all the old powers
of the committee, but it adds to the
powers by permitting it to inquire into
apartment houses, lofts and office build
ings as it has done in dwellings.
"The new powers also permit the
committee to inquire into the usages
and practices of institutions engaged
in lending on bond and mortgage. The
committee also has the power to grant
immunity to witnesses.
Lusk Opposes Amendment
"The only thing cut out is a collat-
eral investigation of banks and insur-
ance companies. The Legislative lead
ers were opposed to such procedure, as
we're the finance committees Of the two
record against such proposal, and for
that reason it was not given further
consideration.
"The learned counsel Samuel Inter
myer] of the committee has keen in
terest in banking and insurance and q
most Unsuitable desire to investigate
these institutions. 1t seems to me that
we must adopt policy here and de-
termine if a committee shall investi-
gate the matters for which it was
created or branch out into collateral
issue. Should we give this committee
power to start new Armstrong in
surance companies, but fire insurance
companies and banks?"
Senator Lockwood replied that the
matter involved in the amendment re-
lated to housing.
Tells of Stock Investments
eve want to find out, for instance"
continued Senator Lockwood, "why the
fire insurance companies invest in
Mexican Petroleum, Proctor e. Gamble
Soap, Springfield Kelly Tires and other
declining industrial stocks instead of
in real estate bond and mortgage"
"Isn't it because they get bigger re-
turns ?" asked Senator Burlingame.
"The reverse has been true for a
long period of time," replied Senator
Lockwood.
Here the Tammany member, Martin
McCue, jumped up and denounced the
Lockwood committees achievements,
saying that he had been hearing a lot
about the great accomplishments of
the committee, but he saw no tene-
ment houses built.
"You sent a labor leader (Brindell)
to Jail, but haven't sent any rich men
to Jail" sneered the Tammany Senator.
The vote on the amendment follows {:
For: Republicans William A. Car
son, William Duggan, Maxwell S.
Harris, John l.. Karle, Charles c. Lock-
wood, William E. Martin, William r.
Simpson, C. Ernest Smith, Ward V.
Tolbert-9
Democrats - John A. Boylan, Saliva
tore A. Cotillo, Bernard M. Downing,
Daniel F. Farrell, Martin G. McCue,
Peter j. McGarry, Henry G. Schackno,
Nathan Straus jr., jeremiah J. Twomey,
James J. Walker-10.
SOcialiSt-E,dmund SeiSeI-1
Not voting-John ]. Dunnigan, Demo-
crat.
Against: Republcans--D. P. Ames.
Caleb H. Baumes, Allen J. Bloomfield,
George 7. Burling, Afvah w. Burlin-
game jr., William w. Campbell, Fred.
M. Davenport, F. E. Draper, Holland S,
Duell, George M. Fearon, Harvey NJ.
Ferris, L. II. w. Gibbs, Charles j.
Hewitt, Abraham L. Katlin, Frederick k
W. Kavanaugh. John Knight, Seymour
Lowman, Clayton r. Lusk, SCHUYLER M.
Meyer, John NJ. Mullan, Fred. B.
Pitcher, George M. Reischmann, Theo-
dore Douglas Robinson, Parton Swift,
". 7. Thayer, George L. Thompson,
Charles w. Walton, James T, Whitley
Frank IL. WiswaiI--20