The New York herald., 1921-02-10
Invasion of Wall Street in
Housing Inquiry Def
nitely Blocked in the
Legislature.
FINISH SEEMS NEAR
UnteImyer Faces Legal
Barriers in Effort to Get
Relief Through Loans
and May Quit.
CORPORATIONS vIGILANT
Usefulness of Committee That
Unearthed Gouging Scandal
Said to Be Ended-Sen-
ate to Get Report.
Special Despatch to THE NEW YORK HEnsLp.
New York Herald Bureau,
Albauy. Feb. q.

Special Despatch to THE NEW YORK HEn.Lp.
New York Herald Bureau.
Albany, Feb. o.
The Lockwood committees demand
for greater power to complete its in
vestigation in New York was rejected
to-day by the Legislature. The leaders
of the two houses have declined to
give to Samuel Unterrnyer the au-
thority he insists he must have if the
housing situation Is to be cured. The
committees investigation is believed
to be practically at an end.
Assemblyman Joseph A. McGinness
| Of Chautauqua, chairman of the Ways
and Means Committee Of the Assem-
bly,. told Senator Lockwood that the
resolution prepared by Mr.. Untermyer
would not even be submitted to the
Finance Committee.
You and Mr.. Unternlyer consulted
with Senator Lusk and Speaker Mach
old on amendments to the resolu-
tion," Mr. McGinness told Senator
Lockwood. You did not seek our con-
sent when you came here last week.
I have decided to be guided by the
views Of the leaders and they do not
favor any change in the form OF reso-
luton as presented by this commit
tee and adopted already By the As-
sembly.'
/ Senator Lockwood went TO New YorA
this afternoon discouraged over the
| prospect and angry at the attitude or
the legislative leaders. He Is mao
encurI, to start fight but knows he
could get nowhere with It. Before he
gives up the senator Is going to tell his
associates few plain truths OF what
he thinks OF them. He will have his
say next TUESDAY.
Before he started for New York the
Senator talked with Mr. Untermyer on
| the telephone. and 1t was understood ne
hurried down for the purpose OF making
| a last attempt 70 dissuadc the chiet
counsel to the committee from resign
| ing.
Facing q stone wall.
Convinced that the inquiry would hit
solid wall of legal obstacles and techni-
calities unless provided with the neces-
sary power to back its demands for In
/ formation. Mr. Untermyer has told the
leaders here several times he would not
try to go further IL the Legislature was
not willing to trust Its own commit
| tee.
The committee insisted that the reso-
luton under which II is operating %
broadened to give II authority to M
quire into the affairs OF banks and In
surance companies. This was deemed
necessary to enable the committee 20
frame legislation TO compel the finan-
cial institutions to invest larger amounts
of their resources in building operations
and thus contribute their share toward
relieving housing congestion.
From the little information made pub
| lie here It has become evident that the
corporations to be affected by the pro-
posed investigation have been doing all
they could to block tho inquiry into
their affairs The leaders have been
told that many OF the corporations. and
particularly the fire insurance conf
panes. have been going IN for all kinds
Of wall street speculating With fumes
gathered from the public and over
which there has been no State super
vision.
Senator Lockwood made il clear that
In his opinion the usefulness of the
committee Is about ended. lie was
asked whether he was considering re-
tiring from the committee and aban-
doning the investigation.
IL cannot quit. as am working under
a mandate from the Legislature" the
Senator said. II must remain and get
out the committees report
Leaders Evade Responsibility.
Judging from the way he emphasized
the Importance OF getting out the report
II was clear that Senator lockwood re-
garded that as about tho most important
thing left for II to do.
"r regret tiat the Ways and Means
Committee Of the Assembly would not
accept the compromise amendment In tho
suirit In which we Offered IT," Senator
Lockwood said. I'VE had every reason
to expect after our conference on Mon
day with Senator Lusk and Speaker
Machold. who are In position TO speak
for the legislative committees and their
chairman. that the amendment we Of
fercd would he given fair consideration.
but this has not been done. The only
thing left TO do is 70 put u up % the
Senate In open session. and that shall
do on Tuesday ncxt. shall then have
my say. have been told the committee
has only eleven votes In tho Senate"
Those who have been backing tho
nnittee declare that the legislative
crs have been trying to cvade res
billty for throttlIng the connnlt;c
Senate has been passing resp
To the Assembly and the As
passed II to tho leaders
houses. The Assembly effec
action on the amended