The New York herald., 1921-01-25
UNTERMYER MAKES
FRESH AND URGENT
DEMANDFORPOWER
Tells Senator Lockwood
Alternative Is New Com
mittee and Counsel.
LEGISLATURE MUST ACT
Declares Housing Investi-
CATION Must Be Carried
Into Financial Field.
ASSAILS REALTY BOARD
Ascribes Opposition to Insur-
ance and Financial Inter-
ests in Directorate.
LEGISLATURE MUST ACT
AssAILs REALTY BOARD

In letter addressed to Senator
Charles c. Lockwood, chairman of the
Lockwood committee, in relation to the
fight Of that body for increased powers
with which to carry it's housing inves-
tigation into financial fields, Samuel
Untermyer fatty declared yesterday
that it was up to the Legislature either
to grant the extension Of powers asked
for or appoint new committee and
new counsel to carry OH the investiga-
ton.
He also charged that the opposition
of the New York City Real Estate
Board to the committees request for
continuance is directly due to the in
fiuence of we'll known insurance men
and other prominent figures of the
financial world who are identified with
it. He declared that the whole matter
of the success or failure OF the Lock-
wood committees public investigation
now rests with the Legislature and
that denial of the powers asked for
will prevent it from accomplishing
what it originally set out to do.
In what would seem to be an ultima
tum hurled at the legislators, Mr.. IN
termyer said: IF after the experience
the Legislature has had with this COM
mittee and its counsel and the ample
evidence of the integrity with which
fftan ffev cannot
be trusted the Legislature should ap-
point another committee and other coun-
sci whom it can trust, but We ought not
to proceed further with shaciSles upon
us that may destroy our usefulness.
Cannot Devote Life to Job.
~ IT nave. as You know grcen freely Of
my time and money and am willing to
continue TO do so in the interest OF this
important inquiry, but ] cannot spend
my life in this business. II Is choice
between limited powers that may be
questioned in the courts at every turn
ard broad powers that we are expected
to use with justice, judgment and re-
straint."
or the action OF the City Real Estate
Board Mr.. Unter1nyer wrote: "In view
OF the fact that the New York State
Real Estate Board. IN session at Al
bany. which includes an influential part
OF the membership OF the New YORK
city board, passed resolutions highly
commencing the work OF the committee
and earnestly urging the extension OF
the powers asked, this sudden change or
front has occasioned much surprise and
comment in the ranks Of the initiated
'"ro me the explanation is simple.
While the committee was engaged in
exposing blackmailing labor leaders VINO
were betraying the members OF their
Unions and crooked contractors and
building material dealers who were en-
gagged in illegal combinations to boost
the price of building. the enthusiasm
and encomiums Of these gentlemen OF
the Real Estate Board on the work OF
the committee knew no bounds. The
committee was then the greatest thing
that ever happened.
within the last week the committee
has prepared and sent TO the owners OF
the principal office and loft buildings
in the city of New York a comprehen-
sive questionnaire calling upon them for
balance sheets of the operations OF their
buildings and particularly for lists OF
leases recently made by them and the
rents reserved I'm these leases as COM
pared with rents of previous years.
big Owners Become Uneasy.
THE obvious purpose OF this informa-
ton is to ascertain to what extent these
gentlemen have been profiteering in
rents so long as the inquiry was con-
fined to the small owners OF tenements
and to residential properties the COM
mittee had the earnest support OF tho
big men, but since II appears that they
may be affected the tide Is turned.
"a reference TO the 1921 Manual Of
the New York City Real Estate Board
just issued will throw additional light
on the reason for this change of heart
The Influence and domination OF the big
financial interests in the Real Estate
Board Is there disclosed by the lists OF
officers. governors and members. With
such men on the board as our esteemed
friend Mr. William Stablcr OF the Met
ropolitan Life Insurance Company. and
nien of his type constituting the Board
Of Governors. one need not look much
further to realize that the financial in
terests are n potent factor In the delib-
erations OF this board and that whatever
course the financial interests decide to
pursue would be reflected in the action
of the board"
Speaking further OF the opposition to
the proposed investiga tion OF real estate
investments Of financial institutions, Mr..
Untermycr wrote: IT have given careful
further reflection to the subject matter
OF the extension of the powers OF the
committee and have become confirmed
In my original conclusion that unless we
get the power In the comprehensive
form in which Il is asked Il viii be
useless TO enter upon this the most i'm
portant phase of the investigation and
one upon which our constructive legisla-
ton Is to be based
Another Of the John r. Hettrick COM
bines exposed by the Lockwood commit
tee appeared in the Criminal Term OF
the Supreme Court yesterday TO plead TO
Continued on Sirth Page.
E-ura and Furniture wanted. Wish also TO