New-York tribune., 1922-03-14
Senate Cities Committee
Approves Acts Forcing
Insurance Firms and
Banks to Aid Housing
Doom Of Measures
In Assembly Seen
Trade Beard Legislation
Dies; Extension of the
Rent Laws Is TO Pass

ALBANY, March 13.-~Tho Senate
Cities Committee to-day reported out
sigat Of the eleven Icclwood Com
n!stce b..l: rs unsn .ruous ole. Three
Of the bill wee Killed.
Tie measures voted down would
tompel the courts to impose q prison
sentence Of not less than three months
On violators Of the Donnelly antitrust
set; establish state trade board and
change the method of setting aside In
dctmsnts. On motion OF Senator Lock
wood the vote by which the last two
~sre lost vas reconsidered, and a fresh
attempt to report them out will he
made at a meeting OF the committee
Tomorrow.
An amendment to the Trade Comnis
son bill was made by the Lockwood COM
m'ttes tonight. II exempts co-opcra~
tive associations OF agrarians from its
provisions.
The bills reported out provide that:
l. insurance companies must invest
II least 80 per cent OF their inyestable
sa1ds IN first mortgage bonds.
g. Savings banks must invest at least
40 per cent of deposits and guaranty
fund in first mortgage bonds.
3. Rates Oh IRE Insurance poiicieS
snd other risks shall be regulated h,
sae State superintendent of Insurance
Insurance companies shall NOT
ssmple i'll stocks.
). Where court dismsses an indict-
rent it shall state in writing the rea-
Eas therefor.
6. The State Superintendent of In.
tarance shall not extend the cime al
ready granted life insurance companies
70 dispose of their speculative securi
lies
:. Mutual insurance companies shall
aot be converted into stock companies,
snd 0EherWiee regulating and protect
'ag mutuas.
s-New York City officials may adopt
mo-contracts where principal con-
tractor fsils TO fulfill his obligation.
Bills Doomed in Assembly
From authoritative sources it was
leaned that all the housing bills re-
ported out to-day will never reach
Governor Miller. 1t is said that they
vii be passed in the Senate and l.illed
Ii tn Assembly Ruls Committee.
From, the same sources it WAS also
harmed that the housing bills which
would be passed would be the measure
extending the operation of the emer-
gency rent laws to April /, 1924, and
the bills amending the laws, together
with the proposal to permit life insur-
snce companies to invest up to 10 per
cent Of their assets in apartments
where the monthly rental will not ex
ceec SO per room.
Before the Senate Cities Committee
net there was g conference at the
executive chamber in which Governor
Miller, Senator Lockwood, Samuel I'm
sermyer and counsel to the State In
surance Department participated.
Emergency Message Considered
The Governor at the close of the con-
ference said that they discussed some
technical amendments to some of the
oiiis, and that the question of an
emergency message was brought UP.
Asked what effect the conference
might have on the housing bills the
Governor replied:
Ut vas simply discussion of the
oliis' that is all replied the Gov
ernor Il suppose my discussion has
us influence. Nothing was decided
upon. lhere was a suggestion that in
oroer to enable two of the bills that
we're proposed to be amended. an
emergency message might be necessary
% enable the amendments to be made.
nut there still is time. Go not know
.aal an emergency message is neces-
eAr. IN an event"
III q message were necessary would
SOU send ont one?n
We'll, it would depend on the cxi-
sehcy, replied the Governor. 81
lCanfInncd ne nana 4hreaA