New-York tribune., 1922-06-19
State Curb for
Wall St. Urged
BY Untermyer
Recommends Regulation of
Stock Exchanges and
Labor Unions i'm Report
TO Lockwood Committee
Outlines Nine Proposals
Wants Workmen's Compen.
saiiOn Insurance Taken
From Private Companies

Samuel Untermyer has submitted 10
the Lockwood housing committee an
outline Of his recommendation for
legislation based upon the testimony
thus far taken and which he suggests
be submitted TO the next Legislature
for action. The proposals are en-
bodied In a letter which the counsel
sent 10 Chairman Lockwood just before
the formers departure for Europe on
Saturday.
The accommodation OF most gen
eral interest are those respecting labor
unions and the New York Stock TX.
change. The time has come, says Mr
Untermysr with respect TO the latter
when the state can no longer eyadc
the regulation of stock exchanges, and
that III the despotic ana fsr-roaehins
powers OF the board Of governors Of
the Stock Exchange were generally IN
ders,ood there would be a public up
rising that would put an abrupt end
20 this form Of gambling"
Concerning labor unions he says
there should be some form Of reguls.
tion and supervision Of unineorporsted
associations other than those orga nized
for purely charitable purposes. This,
he admits, would apply principally 10
labor bodies Every such organization,
ne suggests, should be required to take
out license, and In order 20 do so
It's constitution, bylaws, rules, reguls-
tions and practices should be subject
TO the approval Of the licensing power.
Unless the power 10 eliminate the
tyrannical operations Of some lsbor
unions is lodged In a governmental au.
lhority, the counsel insists. organized
labor will eventually be driven 70 its
own destruction.
Pavors state Trade Board
Mr.. Untermyer makes the following
nine proposals:
/. The bill creating State Trade
Commission, defeated at the last ses-
sion Of the Legislature, should be re.
introduced with certain minor changes
granting additional powers 10 the pro
posed commission and increasing the
personnel from three 70 five members
The imposition OF prison sentences for
violations OF the provisions Of this bill
designed mainly TO curb combinations
should be made mandatory.
.. The bill limiting the investments
OF fire and casualty insurance com.
panies 70 those that are now permitted
10 be made by the life insuranes com
panies that also failed Of passage al
the last session, should be relntrodueed
II these reforms are adopted, the
counsel points out that people OF the
country will be saved from 5000 ,000,O ,OOO
10 $4,000 900 a year in premiums.
3. This refers 20 the regulation OF
labor unions mentioned above.
4. Calls for the regulation OF stock
exchanges.
s. Suggests that workmen's eompen-
sation insurance should be state
monopoly here as IL 10 In Ohio and
four OF the other states In the Union
The present state fund. he offers, de
spite adverse propaganda, supplies a
safer risk az is per cent less cost 70
the employer than do the stock com
psEies.
6. Another bill falling Of passage at
the last session Of the Legislature, CIV
ing the people the right OF appeal from
an order dismissing an indictment, is
tadly needed, the counsel holds, and
should be pressed for adoption.
Insurance Investments
:. Fire and casualty insurance com
penies should be required TO invest not
tcenilavss on ant ssssl