New-York tribune., 1921-01-30

the Ways and Means Committee Of tho
Sssembly similar resolution of the
SENATE was referred to the Finance
Committee of that body.
personally went before the WAYS
and Means Committee and for two
hours urged the reporting Of my reso-
luton unamended. | likewise requested
Senator Thompson, of my district. who
IS member of the Finance Committee
OF the Senate, to support the rcsolu-
tion as introduced by Mr.. Lockwood
which he did. The Ways and Means
Committee of the Assembly. unon
which are two members Of the Lock
wood committee, representing the mi
hority, refused to report my resolution
unamended, but unanimously reported
the amended resolution. which was sub
ssequently passed b. the Assembly, on
the ground that the amended resolu
tion was sufficiently comprehensive to
make appropriate financial investiga-
tion germane to the housing INQUIRY.
After the Ways and Means Commit
tee had unanimously reported the
amended resolution l did not accept it
or decide to support it until / became
convinced that this resolution as
amended gave our committee adequate
power to accomplish its purpose
Holds Present Powers Broad
81 was advised and still believe that
tfls amended resolution gives our com
mittee the broadest kind Of powers, to
investigate banks, insurance com
panles, trust companies and all finan-
clal and other corporations in so far
as their actions in any way affect the
housing or mortgage situation. the
cost of loans, etc.
"Furthermore. I did not accept the
amended resolution until l had stated
IN my address on the floor of the AS
sembly Wednesday morning what had
previously stated to the Ways and
Means Committee, that if any official
or any corporation attempted through
legal tactics to interfere with our in
vestlgation or refused to give us the
Information which we sought on the
ground that the present resolution
does not give Us the right to compel
such institutions or officials to furnish
US with proper information for our in
curry, l would be back within week
with another resolution demanding
that power While the Legislature is
IN session there is no possibility of
cur committee not securing any power
necessary to accomplish that purpose.
=. personally, ara proud of the work
enat our committee and its counsel have
done, and ] believe the Legislature de-
-. 10 ~ Si'C uo pO"ci necessary TO COM
plete our work, which was never in
tended TO be rowing commission to
investigate financial institutions
recognize also that a large number of
Legislators as we'll as many serious
minded business men believe tina. the
time IS lnopportune to make any such
investigation, even independently of
any work before our committee. Thcy
sre of the view that we are passing
through a critical period for our finan-
clal institutions; that it would be un-
falr In creating distrust and might
result in one Of the worst panics we
have had in years.
Before Senate Tuesday
The resolution comes before the Sem
ate for action on Tuesday.
1t was reported yesterday that under
the circumstances MIR. Untermyer is
considering his withdrawal as counsel
for the committee. Color was given
the report by a protracted conference
held nearly all day between Mr.. Inter
myer and Senator Lockwood, during
which, it was said, the Senator strongly
urged the lawyer to stay with the com
mittee.
Mr.. Untermyer is declared to have
pointed out that a thorough under
standing of the financial phase of the
problem was necessary as q basis for
constructive measures to be decided
upon. The housing situation could not
be corrected, he said until loan mar
ket was created, and the market could
not be created until the underlying
reasons for its absence were got at.