The evening world., 1921-06-24
c. A. Peabody Practically
Gave Lie in Course of
Wrangle.
COMMITTEE ADJOURNS.
Chief Counsel Sails for Europe
Observation-Disclosures
Work of Inquiry.

Charles A. Peabody, president OF the
Mutual Life Insurance Company. re-
. called before the Lockwood committee
day. swore that the housing emer-
gency was improving and that his
institution had done It's share In re-
lieving It, He blamed the housing
shortage on Legislation which partly
confiscates building capital" Mr..
Untermyer. angered by these replies.
attacked the Mutual's record.
He said: There has been introduced
in evidence here a schedule from
which 1t appears that there has been
an actual diminution in the volume OF
loans on real estate made by the
Mutual Life between 1911 and 1920 OF
s36, Ill 900. There has been, during
the same time. u gradual increase in
the assets OF the company OF S97, 49,
900 for the period, allowing for the
Government bonds. And this is true.
although there has been invested dur
ing that period in bonds other than
Government bonds, an increased
amount of s63,562. 900. In other words.
with your increase of assets of $751;
000, 900, you have decreased your mort
gage loans by over S36.oOO.ooO. and in
creased your general bond holdings.
other than Government bonds, by
$50, $4,000; have You any explanation
TO offer of that?
NO" interjected Mr.. Peabody.
Q. You are aware, are you not. that
during that same period the other
life insurance companies have In
creased their proportion OF mortgage
loans as against their assets? A
Very likely; do not know it.
Q. Do you realize the crisis that
is confronting this city on the hous-
ing situation? A. l think SO.
THINKS HOUSING SHORTAGE
/ BECOMING LESS.
Q. Do you realize that 1t IL very
acute and becoming more SO? A. No
think II is becoming less so.
Q. want you to tell Of any line OF
able you to know anything about
this housing situation at the present
time. A. Mr.. Untermyer. have been
observing the real estate situation
for forty years. more or less. have
had by my modest surroundings. d
great deal to do with 1t.
@. You represented the Astor es-
tate, did you not, for years? A.
did.
, Q. Have you read any of Dr. Cope
, lands reports? A. have read the
head lines.
I Q. Have you noticed that DR.. Cope.
, land says that the death rate Is In.
I creasins and that the increased NOR.
tally Is due largely to the over
, crowding in the tenements? A.
: have not noticed II. and l doubt 4
d he said 1t.
2 lation OF this city is increasing
A. Probably.
It Q. And do you know whether tn
n construction for residential purpose
is proportionately increasing' A.
should think not
Q. And IL that keeps on. suppose
the population increasing and tn
= facilities not keeping pace with tn
population. in time there won't
70 any housing crisis at all9 A. i
= time there will be none. Would 20
81 like to know why the housing situa
d ton exists7
~ @. Well, what Is II? A. I think
o. Is the result OF legislation which ha
Y been adopted. which has driven on
% capital from real estate to a grea
90 extent. / call 1t legislation whic
,at confiscates part of the value of III
" property.
W Mr.. Peabody admitted full respons
~ bility for the transaction by whic
ior Ephraim Levy was forced to take ov,
y, twenty-five parcels OF real esta
liz c'odds and ends" Mr.. Untermy,
IiS called them), in order to get q NOR
Hi gage on his 7th Avenue loft buildin
ll2 He said money was then worth 7 p-
d. cent. and could be loaned for 7 p
Vt. cent. in other States, and Mr.. lie,
~ had 20 pay by taking undesirable re
,ss estate what, by law. he could not pa
nd in interest.
!, At the end of his testimony M
90 Peabody produced a bulky man
,.9Ss script. He said 1t was his "stat
IN ment."
REQ Mr.. PEABODY OBLIGED TO &C
NJ OUT.
l0oI Mr. Untermyer said he didn't wa
III 70 listen to any general lectures
i61 speeches" Mr.. Peabody said N
Untermyer had repudiated a prom
to let him read II. Just as e
pected." said Mr.. Peabody
Mr.. Mowhinney. Mr.. Untermy
w and Mr.. Caulheld Joined in tell
The Mr.. Peabody he was untruthful. \
lie Peabody said you're another" in I
We. feet to all OF them. Mr.. Untermy
~ asked q sergeant -at-arms TO esc'
MT. Peabody out Mr.. Peabody w