The New York herald., 1921-01-20
UNTERMYER WILL GO
LIMIT OR QUITQUEST'
Continued from First Page.

myer asked walking across the room.
I'VE would like TO have some one adj
vance some single reason why we
shouldn't have the power we ask. We
would like to smoke out the opposition
IL there is any"
why assume there is any?" Senator
Hewitt asked.
I'VE can see the opposition when II Is
covert and underground, even II we can
not see the opposition ITSELF" Mr.. Unter-
myer said.
us that your argument why the
power should be extended?' Senator
Hewitt asked. The Senator explained
that the committee was waiting to hear
what Mr.. Untermyer had to say.
The resolution before the Legislature
is virtually the same as that offered
last spring. Mr.. Untermyer said. The
committee has no intention of trying to
obtain power with a view of investigat-
ing the New York city government, he
stated. and did not wish any kind of a
political excursion.
"A mistaken impression has gone forth
that there is some latent intention on
the part Of the committee TO explode
the whole financial system In New York
and that we purpose to disrupt financial
affairs and do things that might un-
settle financial conditions" Mr.. Inter
niyer said. mo such intention turks In
this committee. We would seek to avoid
any such catastrophe"
There are four differences between
the resolution under which the commit
tee is now acting and the one before
the Legislature" Mr.. Untermyer ex-
planned. THE first is to make it clear
that the powers OF the committee en-
brace not only residential housing. but
all manner of building construction The
second concerns the power of immunity
to be granted at the discretion of the
committee. Witnesses have refused to
answer, and the investigation has been
halted at critical points because the
committee did not have the power of
giving immunity.
Immunity Power Sought.
cot course no one man Is going to
take 1t upon himself to give immunity to
any witness. II you cannot trust your
committee to exercise Judgment and
wisdom In the interest of the State YOU
ought to have committee you can
trust. We cannot go ahead with the In
vestigation and get the best results with
out that power. We have failed to call
number of witnesses whom we knew
would avail themselves of the privilege.
The other questions. the counsel ex-
planned, dealt with the authority of the
committee to get data from State Off
cials and officers in banks and insur
ance companies. The Superintendent of
Banks has declined to inform the COM
mittee what are the salaries of some
presidents of financial institutions.
Before trying to recommend housing
laws the Legislature must know the
conditions of these financial institutions.
their resources. the status OF the mort
gage market and how far the power of
the State can be extended in diverting
investments to the real estate mort
cages.
THE housing situation In New York is
desperate beyond description" Mr.. IN
termyer said. 1T is growing more des-
perate all the time. We are approach
ing not only crisis, but a cataclysm,
that is going to affect not only the
morals but the commercial supremacy
OF our community"
Reviewing the condition of the mort
yaga market. Mr.. unternnyer explained