New-York tribune., 1921-02-16
Senate Refuses
Larger Power
For Lockwood
Amendment to Widen the
Scope of Housing Probe
20 Include Banks Is De-
feated by 30 10 20 Vote
Fire Concerns Assailed
With Assets Of $50 Millions,
the Chairman Charges,
They Aid Builders Little
rrsn a stoc Correspondent.


lakewood resolution, as approved by
me Assembly, with an amendment in
e,easing its appropriation from $4,000
"a s75.oo0 was passed by the Senate
to-day, AZ to 2. The two recorded
.osinst the Lockwood committee con-
.;nuing any sort of an Investigation
vere Senator's George r. Fearon, of
Syracuse, and Frank L. Wiswsll, of
Albany.
Before the passage of the bill in it's
amended form, Senator Charles c..
lakewood, chairman of the committee,
made an unsuccessful fight for the
ADOPTION of the amendment prepared
by the committee and which empowered
!. To investigate banks and insurance
companies. And while the Democrats
voted with him, the bitterest and only
attacks on the immunity clause were
made by the Tammany leader, Senator
James ]. Walker, and Senator Martin
G. McCue, who have on other occasions
protested against the Lockwood COM
naittees activities.
Senator McCue sneered at the COM
nittee because of the conviction Of
Robert Brindell, head of the Building
Trades Council. Alderman William
Kenneally, Tammany leader OF the
Board of Aldermen and a friend of
Senator McCue and Mr.. Brindell, is the
viee-president of the Brindell Building
Trades Council.
Walkers Fight Expected
Nor was Senator Walkers opposition
to the immunity clause unexpected, as
it was he who led the first fight on the
Lockwood committees plea for an ex-
wood, on the floor of the Senate.
charged that in $t,80o,000 stone con-
tract for the courthouse site $1,000,000
in graft was to be divided up among
certain Tammany offceholders and TO
contractors.
With this immunity clause enabling
them to grant protection to those who
can reveal the facts in this alleged
graft transaction, it is believed by
members of the Lockwood committee
that certain prominent Tammany Of
fceholders and contractors will have
to render an accounting before crimi-
mai juries for their shortcomings.
Four New York City men voted
against giving the Lockwood committee
the additional powers sought. They
were Senators Schuyler M. Meyer, of
Manhattan, and Alvah w. Burlingame
jr., Abraham L. Katlin and George M.
Reischmann, of Brooklyn. All are Re-
publicans The rest of the New York
City delegation. voted solidly for the
Lockwood amendment, together with
two upstate Republican Senators, Will
liam 4. Carson. of Rushville, and Will
liam Z. Martin of Buffalo. The Demo-
cratic minority, with the exception of
Senator John ]. Dunnigan, who was
absent, voted for the amendment, as
did Senator Edmund Seidel, the lone
Socialist.
Full Investigation Denied
The amendment sought by the Lock-
wood committee, which was defeated,
would permit the committee to investi-
gate the form Of organization and the
businesses, practices, arrangements, af-
fairs and investments of all corpora
tons and associations that have among
other things the power to invest their
funds IN real property or in bonds Sc
cured by mortgage on real property in
50 far as the same may, in the judg-
ment of the committee, to any extent
pear upon the past, present or future
conditions of housing, building or loan
ing conditions in any of the cities of
tne state and In so far as an investiga-
ton of such form of organization or
such businesses, practices, manage
ments, affairs and investments may,Iin
me judgment of the committee, be per-
unent to any recommendation for leg
slatlon affecting the housing, building
OF loan situation that the committee
may deem advisable.
Senator Lockwood said that the pur-
pose Of the amendment was to investi-
sste banks and insurance companies,
WIN view to opening new channels
Tor the financing of building operations.
ne called attention to the fact that
gahSs ana insurance companies are to-
aay iehdlng less money on bond and
mortgage than they were in 1915, vixen
tne[e was no housing crisis. Savings
OanAS' ne said, were to-day lending 8
Yet cent less than they were six years
sso; Inc IRE insurance companies, he
i, iIaIg, with assets of $350,000,000, were
hshnui,he less than per cent of it to
tuuliders, although they derived all
'Ae'r income from buildings.
Hamstrung for a Year
e 4S4S 4s no intention on the part
g sne committee to run amuck," said
senator Lockwood. "W6 are going to
gtoceed In the same conservative man
,'.r ner which mas characterized US. We
.., I.ii not be able to present new legis-
aton to the next session for providing
more money for building if this amend
ient Is killed. The fire insurance COM
panles' which are the worst shirkers,
saye on their hands as a result of their
.e,asal to invest in bond and mortgage
al aaiot OF stocks which have deprecated.
.n mnen we went into the building ma
mslais we were held up with eight in
functions, but were able to proceed
ohiy when we were able to show the
soufts that we had a clear mandate
rom the Legislature to investigate
.s aese concerns and their personnel. II
a,s amendment is killed our inquiry
WI be hamstrung for at least year"
IS it the purpose of the committee
so inquire into the methods of certain
spaaSs which make it a practice not to
@ end money to those who would build
ssiaiess certain contracting firms were
atea as inquired Senator Walker.
les, II we get this amendment"
'@sa ss1, senator Lockwood.