New-York tribune., 1921-01-16
Realtors Favor
More Power for
Lockwood Body
State Association Urges
Extending Committees
Inquiry to Insurance
Firms and Savings Banks
Clique Fights Resolution
Publicity Suggested for
Institutions That Fail
to Aid in Housing Crisis
From a stor CORRESPONDENT

ALBANY, Jan. 15.--The New York
State Association Of Real Estate Boards
to-day went on record as being in favor
of giving the Lockwood housing com
mittee all the power it asks to investi-
gate insurance companies, savings
banks and other financial institutions
in order to reach the bottom of the
housing situation.
resolution assuring the Lockwood
committee the support of the organiza-
ton in its efforts to drive building
profitecrs from cover was adopted at
the closing session of the association
here to-day despite efforts by members
within the organization who would have
the association declare itself opposed
to extending the investigating power
of the committee.
The following statement was author
lied by the associations:
THE association believes that when
our Legislature authorized savings
banks to invest in real estate mort
cages up to 65 per cent of their a.
sets they believed that investment mn
to that amount left proper margin
OF safety to said banks for investm
IN more liquid assets to cover any
emergency which might confront the
banks.
Publicity for Delinquent Banks
"It believes that the pressure of pub-
lie opinion should be brought to bear
on all savings banks and insurance
companies which have not invested the
proper quota of their assets in such
mortgages as they would have been
justified in doing in order to hclp re-
lieve the housing shortage.
1T recommends to the New York
State Association of Savings Banks
that it take up with such Of it's con-
stltuent members as have been delin-
quent in this respect their duties to
the deposltlng public ain the foregoing
matter.
at recommends to all affiliated Or
CARNATIONS of the New York State AS
sociation of Real Estate Boards active
ly to take up this question with the
savings banks and insurance compa-
MES in their respective localities, that
they secure accurate statistics of the
mortgage investments made by these
companies and of their attitude toward
the solution Of the housing problem. !"
Favors Passage of Bills
The association adopted resolution
introduced by Lewis H. Pounds, of
Brooklyn, declaring that the associa-
ton favors the passage by the Legis-
lature of "such bills as will give ade-
quate power and time to said Lock-
wood committee to continue and COM
plete its Investigations of all corpora
tons, organizations, combinations and
individuals that in any way DELAY or
affect the cost of building operations:
also to make investigation Of such fac
tors as will tend to assist. new con-
struction.'
The body also adopted resolution
declaring as "unscientific, uneconomic
and un-American the housing and rent
laws passed in 1920" The association
maintains that these laws have failed
to solve the housing and rent problems.
1t does not make any definite pro
posals for legislation to take the place
OF these laws beyond declaring that
they should be amended $50 as to en-
courage builders and investors alike bv
restoring the validity of contracts and
parfecting the rights and ownership of
real property"
The association also went on record
as favoring legislation which would
amend the state income tax law so as
to exempt from this form of taxation