New-York tribune., 1921-02-08
U1nternnyer Asks
Power to Probe
Money Markets
Il
With Lockwood, He. Urges
Legislators to Authorize
Housing Committee to
Conduct Full Inquiry
Both May Quit if Refused
Amendment, a Compromise,
Would Grant Original De-
mands; May Act To-day
From a star Correspondent

ALBANY, Feb. 7.-~Samuel Inter-
myer, counsel to the Lockwood COM
mittee. and Senator Charles C. Lock-
wood. its chairman, to-day requested
the legislative leaders to extend the
powers of the committee so that the
money market, in so far as it affects
housing, might be investigated thor
oughly.
The amendment submitted by the
chairman and the counsel for the Lock
wood committee, while in the nature
of compromise, in effect would give
the committee all the powers it origi-
nally sought. These were stricken
from the resolution after spectacular
flip-fop on the part of Assemblyman
Thomas A. McWhinney, vice-chairman
of the committee.
While neither Senator Lockwood nor
Mr. Untermyer would discuss the pos
sible outcome Of their request it is
reported here that if the amendments
are not accepted by the Legislature the
two men will retire.
More Power Held Imperative
Both Senator Lockwood and Mr.. Un-
temyer believe that unless the powers
provided for in the proposed amend
ment are granted the committee will
be so crippled that it will be useless
to continue it's investigation into the
housing situation.
The conference was held in the
chambers of Senator Clayton II. Lusk,
majority leader Of the upper house.
Also in attendance at the conference
were Simon L. Adler, majority leader
of the Assembly, and H. Edmund
/ Machold, speaker ofthe Assembly
| Mr.. Machold, who was appointed
spokesman for the conference, said the
proposed amendments as submitted by
counsel for the Lockwood committee
would be taken to the members of the
Assembly Ways and Means Committee
and submitted to them for action.
"Of course" said Mr.. Machold,
"other members of the Assembly who
are interested will be called into the
! discussion. | expect that we will have
action on the amendment tomorrow"
The Assembly adopted the emascu-
lated Lockwood resolution ten days
ago. If, as believed unlikely, it should
| be decided to give the Lockwood COM
mittee the additional powers sought,
the Assembly would have to reconsider
| the vote by which the Aemasculated
resolution was adopted, amend the
measure as requested and readopt it.
The Amendment Submitted
The amendment submitted to-day by
Mr.. Untermyer and Senator Lockwood
reads:
"The committee shall investigate the
form of organization, and the business,
practices, management, affairs and in
vestments of all corporations and asso-
Citations that have, among other things,
power to invest funds in real property
or in bonds secured by mortgages on
real property In so far as the same may
in the judgment of the committee to
any extent, bear upon or affect the
past, present or future condition of
housing, building or loaning conditions
in any of the cities of the state, and
in so far as an investigation of such
I form Of organization, or such business
practices, management, affairs and in
vestments may, in the judgment of the
committee be pertinent to any recon-
mendation for legislation affecting the
housing, building or loaning situation
that the committee may deem advis-
able"
A powerful and effective lobby of
representatives of banks and insurance
companies worked day and night last
year and again during the present ses-
sion to prevent the Legislature from
giving the powers to the Lockwo cd
committee embodied in the amendment
submitted at to-day's conference.