New-York tribune., 1922-02-23
Only One Voice
Lifted Against
Housing Relief
Siewar, Browne Fears for
Policyholders if Lock
wood Bill to Let Life-Risk
Firms Build Homes Passes
Contractors Back Measure
Officials of Metropolitan
Ready to Try Plan if No
Speculation Is Involved
From q A,on Cor-esponden.

q SfOH Correspondent
ALBANY, Feb. 22.-At the hearing
to-day on the Lockwood committee bill
permitting life insurance companies to
invest up to 10 per cent of their assets
IN arartmont houses where the rooms
would rent for not more than 50
month, only one voice was raised
against the measure. that of Stewart
Brown, who has been lobbying here for
years on behalf Of New York City land
lords.
The argument Of Mr. Brown was that
the bill would jeopardize the interests
Of the polcyholders, to which two Of
the principal officers Of the MetropoN
tan Life Insurance Company replied
that the company stood ready to pro
de apartments for New Workers al not
more than 50 a room and at the same
tmc get at least per cent return or
Their investment. II addition TO per
cert for amort. zat.on and depreciation.
Walter Stahler, comptroller Of the
Metropolitan Life Insurance Company,
and Lc Roy A. Lincoln, general counsel
of the company, Senator Charles c.
Lockwood and several large builders
pleaded for The enactment of the
measure.
Contractor Tells OF Cheap Homes
Frederick 4. Matthews, head oe
contracting company which has been
erecting modci tenements and apart
ment houses in New York City for
vears. SAID that apartments san be
built in New York City TO be le. by the
month q. 81 or less 9 room and that
.ood return could be made on the in
testmcut.
81 vas at first opposed TO this bill
because | thought IL would bring IN
favorable compeeition,' he SAID, 'but
sa,e changed my miud. ! am for il
md for it strong. We have been ring
-. door bells all over New York to
borrow money to put up houses ani
Aere comes some one VINO IS ready TO
uut "a shoulder to the wheel
NJ Lincoln said that he could give
nc committee the fullest assurance
mat if the bill becomes law not q cent
~ the assets OF the Metropolitan com
any viii be invested in ow-priced'
apartments until the compay is coz
uced beyond question of the safety
ot the plan. The company's frs
hought, he added, was the Welfare Of
.4e policyholGer.
1Ir Stabler. alter yoicing similar
ointment. said:
If Qe can satisfy ourselves beyond
ruestioo that we can build these houses
md on an average rental Of 50 . roo-n
btain net revenue that will yield 6
Het cent interest on the investfaent
gad a. additional per cent for
cHsorti1atlon and depreciation We shall
go ahead. We have taken the subject
1873 with the Thompson -Starrctt Com
pony and have been informed that It is
nos sible to construct q unit OF build
rs which at tho present cost Of ma
serial and labor would rent from So to
80 room, making the acreage cost 9
room.
Company viii Not Speculate
There viii be no speculation on our
cart. If We arc permitted to do This
hing We will be read certain Of What
are doiug before we 90 on with it.
% case we should go on, our first plan
would be 20 construct a unit cover
e square block that IS, about 20Ox
yUU feet inls would require an in
vcstmeut OF from 100000 to 81 100000.
+ our experience with this undertake
.rF is encouraging we Will so more
ies2lr into the subject
Louis j. Iorowitz. president OF the
.aompson Starret. Construction Com
say, said that apartments we're bull,
- New YORK. City and elsewhere in the
,tatc 10 rent at 50 room and even
.ess. Ike SAID he stood ready tc
guarantee the construction Of such
dwellings, as provided for in the bill
# is passed.
Sir. Horowitz tooc q fling at proitee,
contractors. who. he said. are not
tsiei with d reasonable proht. lie
AID 1fero was 40 excuse for charging
trc high rentals on some o. the apart
ont house POW going up in New Yo-b
t.ty and elsewhere.
"Contractors who are satisfied with
reasonable profit can build houses
Du;!& ESu<J;n D~