New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-06-27
Building Probe
Split ON Plans
OF Unterrnyer.
Several of Lockwood Com
mittee Reported Opposed
to Usury Law Repeal
and Fire Risk Measures
Battle at Albany Foreseen
Insurance Interests Prepar-
ing To Combat Curhs;
Deeper Inquiry Sought

Members of the Lockwood committee
are not altogether in accord with GER
tain of the recommendations made by
Samuel Untermyer, chief counsel fol-
the Investigators, it was said yesterday
The rumor that the committee was
somewhat divided on several of the
issues set forth in Mr.. Untermyer's
summary report rendered Friday. when
the body adjourned until next Sep
TENDER, came together with the indica-
ton that some of the interests figur-
ing in the recent hearings were pre-
pairing to combat much of the remedial
legislation suggested.
During the absence of Mr.. Inter
myer, who departed on Saturday for
Europe, and before the resumption Of
public hearings, it is understood the
corrective legislative measures he rec
ommends will be the subject of de-
tailed consideration and no little de-
bate on the part of the committee.
An important point on which it is
said the committee is split is Mr.. I'm
termyer's recommendation for repeal
OF the usury laws, characterized by
him as obsolete. While several mem
Per pers OF the committee agree with Mr..
Untermyer that the laws have been
evaded, it is said they incline to the
opinion that to repeal the existing
measures would not improve conditions
as shown to prevail in the loan and
mortgage market by testimony taken
before the committee.
Another of Mr.. Untermyer's sugres-
lions that is said not to have received
the full approval of the committee at
TINS time is the recommendation that
legislation be enacted to compel the
large tire insurance companies to apply
incomes derived from their SURPRISES
TO reduction of premiums instead of
devoting them to funds for emergency
purposes Mr.. Untermyer contends
these incomes belong to the policy
holders and not the stockholders.
This proposal in particular is ex-
pected to meet with strong opposition
from the insurance interests if it gets
TO Albany. In recent negotiations with
Mr.. Untermyer committee of the I'M
derwriters expressed disapproval of
the suggestion, although it agreed on
other ideas for changes in practice.
More than one member of the COM
mittee is reported to be in favor of a
further probe of the insurance COM
panles and to hold the view that the
committees powers should be enlarged
for the purpose. To make this possible
at an early date the adherents of the
idea have expressed themselves, it is
said, as being in favor of again petit
tioning the Governor for special
session of the Legislature.
There is also said to be difference
of opinion on Mr.. Untermyer's recon-
mendation fog change in the law
governing city contracts, some men,
bers of the committee taking the view
that this phase comes within the prov
lnce of the Meyer committee.
Although no public hearings will be
held until after the return of Mr..
Untermyer, the committee, in addition
to debating the proposed changes, will
continue to gather evidence in connec-
ton with building combines alleged by
eomplainants to exist in Rochester and
Syracuse.