New-York tribune., 1922-03-10
Measure Permitting Risk
Companies 10 Invest
in Building Receives
a Favorable Report
Ijnterislsee Scores
Insurance Concerns
Appears al Two Hearings,
Cris;cizes Attacks on
Workmen~ Gon'pensa-
lion. Threatens Action
r-or. . So rorr.s,,o.. ~

ALBANY, March 9.-1ho senate TO-
aight PASSED tvc ef the Lockwood
housing committees bills and the
Senate Committee on Insurance re
oorted out the measure permitting life
insurance companies to invest inward
Of s4oo,oooooo in apartments to be let
1t monthly rental of not more than
80 room. This last measure, which.
when passed, will enable the Metro
uoitan Life Insurance Company to in
vest slo0oo0.o00 Of its assets in these
icw- priced dwellings,. which it has
pledged itself to DO, was later ad-
sanced to he order OF final passage
without opposition.
One OF the measures passed tonight
extends all the emergency rent laws
% April 1, 1894. The other provides
for the return of jury fees paid bv
tenants in eases which do not go TO
trial. These two bills now go to the
Assembly.
Wihdravs Insurance Amendment
State Superintendent OF Insurance
Stoddard, who personally drafted four
Of the big remedial proposals intro
duced BY tho Lockwood committee.
when informed by Mr.. Untermyer that
any amendments to the bill might kill
il at this stage, withdrew those that
we're being urged by counsel for the
Insurance Depa artment
Vi. Untermyer attended two legisla-
'iTs committee hearings to-day and at
one Of them told The Legislators that
;as lockwood COMMITTEES might as we'll
close up shop if the Legislature failed
70 pass the substantial part of the
committees Legislative program.
At the first hearing, which was be-
fore the Insurance committees of the
iso houses. the chief counsel for the
lockwood committee, in VT.
ehactment Of the Downing Campbell
rbil! giving the state insurance fund
The exclusive right to write workmen's
compensaton insurance, charged that:
1.-The insurance companies Of the
state were in a criminal conspiracy to
destroy the state fund. which nsures
u per cent cheaper than the private
Insurers
q Insurance lobbies infest every
legislative hall in this country and
maintain vast corruption bureaus"
.. Insurance companies need an
aanount of kicking that will reform
them beyond recognition.
4. Jesse Phillips, until a couple of
months ago State Superintendent Of
Insurance Department, to investigate
Che National Workmen's Compensation
Service Bureau.
l. Mr. ph;li;,,- ;r nov. baoI re +},;e
bureau, whose members are engaged in
trying to wreck the state insurance
1ond by giving away workmen's COM
pensatlon Insurance.
Threatens to 60 to Grand Jury
Mr.. untermyer ended his excoriation
OF tne insurance companies by declar-
ing mat ne would lay his informant
before grand jury and demand crimi
nal prosecution Of them.
1t was at the second hearing which
was held before the Senate Cities Com
mittee, which is considering the amend
Ments to the existing rent laws, that
ar. Untermyer served notice that the
h.sock"ood committee might as we'll ouit
u the Legislature rejected the sub
gram 'i -
i insist" ne said "that there is no
ss; ass spending the peoples money on
sals committee if the obstructive poll
s,es OF the selfish interests behind the
opposition arc so powerful that they
cannot be withstood.''
az. ar: untermyer especially emphasized
sae Importance of the life insurance
IsnsDnng bill. Just before the hearing
gpegan Harvey j. Drake, counsel to the
assurance Department, asked Mr. I'm
sermyer and Senator Lockwood to ac-
Snspt three amendments to this bill.
melerrine to this incident, Mr.. Inter
Eyer said:
The amendments were inane, un.
5os1 and mischievous. One limited the
.ompan!es which might invest 10 per
ssat OF their assets in these sorely
"eeueo cheap apartments, not one Of
Continued on page four