The evening world., 1922-04-14
Legislation to Enable lnsur-
ance Companies to Make
Loans for Construction of
Homes on Large Scale Is
Put Into Effect by Miller.
Three Months in Advance
Rental "Joker" Is Rendered
VOID by New Measure
Which Also Goes Into the
Statutes of the State. m

ALBANY. April 14-Eight OF n
nine Lockwood Committee houslh
measures before Gov Mile rfor con
sideration were approved by the Ex-
ecutive to-day. Chief among the bills
was one permitting life insurance COM
panies to invest up to ten per cent
of their assets In the construction
model apartments In New York City
to rent 70 rnot moro than nine dollars
per room monthly.
Unde rthis new law. officials Of the
Metropolitan Life Insurance Company
are prepared to invest 10000. 900 In
construction of new low priced apart
ments in the greater city.
Another measure receiving Execu-
live approval extends the New York
City emergency rent laws until Fet.
Is, 1894.
A third extends for two years. or
until September. 1924. the time in
which may be begun construction OF
new buildings that will be etax ex-
empt until April i. 1892.
Numerous amendments oexistins
rent laws are incorporated in tho
fourth measure. the mos important
OF which Is a provision that the as
sessed valuation OF property shall ba
presumpuve evidence OF the actual
value in trials Of rent factions.
Three other measures deal with the
Insurance Law and are designed 10 re-
lieve the housing situation. One ex-
tends the power OF the state Super
intendent OF Insurance over all the
rate making insurance organizations.
with purpose ot greater regulation
us to rates 10 be charged on buildings
Another places Mutual Life. hea'tl;
and casualty insuranc" companics
on the same basis with stock corporn-
tions The third prohibits the con
version OF mutual companies into
stock companies.
Gov Miller did not approve the till
which was desigpod to provide for the
return OF jury fees in a rent 0ction
where two or more actions are base"
on the Same set OF facts regarhinc
a pa rtments In the same building
This measure had been vetoed by
Mayor Hylan OF New York.
The law permitting insurance COM
Danles TO invest their assets in new
buildings was accompanied by a
memorandum from the Governor. in
which no wrote:
This measure at least offcr
somo immediate relief in the fioli
where The need IL greatest.
doubt that II will have the effec'
of deterring others from building
as some seem TO fear. Certainly
II will not stop what Is being
done. 1t may furnish an object
lesson. have seriously doubted
the wisdom OF allowing insurance
companies to mako investments
involving so great possibility Of
speculative risks. BY considering
the limited time during which
such investments are permitted
tho direct pecuniary interest OF
insurance companies in proper
housing, the willingness of al
least one company to invest IN
der what appears to be adequate
safeguards, my doubts have yield
cd TO the belief that there is little
danger of harm for this measure
aud much hope OF real relief -
senator Charles {, Lockwood M,
brooklyn, Chairman ut' the Housln,s
.Cormittcc, sa.l IN q statement:
"Thc commits las nevr 4
claimed that laws Ilune could
cure the situation. but the com
mittee, the Legislature aud Go,
Miller have passed enabling acts i
under which corporations and 10 n
dividuala OF wealth Interested in
the good health and living con
ditions of tho cities can meet tSe
situation by erecting houses.