The New York herald., 1922-03-09
Superintendent Attacks 40
P. C. Building-Loan
Mortgage Bill.
PLEA FOR STATE BOARD
Predicts Rents Will Drop at
Once if Metropolitan Life
Bill Passes.
Special Dispatch to THE New YORK HERALD.
New York Herald Bureau,
ALBANY. March a {

Special Dispatch to THE New York HERALD.
New York Herald Bureau.
Albany, March 8.
Federal and State courts have broken
down almost completely in their en-
dcavor to curb unlawful combinations
operating in defiance of the antitrust
laws i'm restraint of trade, Samuel I'm
termyer told the members Of the State
Legislature to-day He appeared in
support of The bills presented by the
lockwood committee.
Mr.. Untermyer also demanded a
panies on the question of their stock
speculations, insisting that the public
has the right to demand that the as
sets of such corporations should be in
estate. instead of going into wildcat
and wild dog stocks in which great
sums have been lost in recent years.
One of the most important IL not the
most important bill which Mr. Inter
myer advocated Is that which gives to
the Metropolitan Life Insurance Com
papy authority to invest S100,000.0 900 in
building enterprises. The committee
insists that IL this measure is passed,
rents will drop almost Immediately in
New York.
/ Gov. Miller had stated that he was
not certain such a bill should be passed
Mr.. Untermyer called on tho Governor
to-day and tried to persuade him that
the measure is absolutely essential to
the success of the committees program
and for the relief of the building situa-
ton. The result of the conference was
not made known, but 1T was reported,
however, that the Governors attitude
had somewhat changed and that he
might not actively oppose the measure
All he would say was that the atmos-
phere was clearer"
For state Trade Commission.
Another big feature OF The commit
tees program is the bill to create
state trade commission to regulate cor
porations and prevent violations Of the
antitrust law. In advocating this pro-
posal MIR. Untermyer said
II regard this bill as the most i'm
pose is to bring about regulation Of
trade and the suppression of illegal
combinations Our investigation DIS
closed that every industry related TO
building and housing not only In this
state but throughout the country is in
fectcd with Illegal combinations which
openly challenge the law.
These combinations. our disclosures
have shown. cannot &c suppressed by
the regular machinery OF justice. The
whole country Is In their grip. This
state certainly is. And the Lockwood
committee cannot remain In existence
forever 10 act as n policeman
There was no opposition TO the meas
IRE al the hearing. although there has
been much opposition both in the capi-
tai and In New York. Only the financial
part Of the committees program was
heard to-day. Other measures will be
considered tomorrow.
The FIRST measure taken up was the
proposed amendment 10 the antitrust
law making the infection Of prison SEN
tences mandatory for violations Of the
law. Henry W. Killeen OF Buffalo was
the only opponent. lie said the meas
ure was "a mere gesture Of disappoint-
meni" and thinly veiled criticism Of the
courts. declaring that judges in the
state courts we're able 10 do their duty
without instruction from the Legisla-
iure.
'sThe suggestion that this Is a gesture
~ disappointment " not very complI-
menfary 20 the committee which APP
proved this bill by unanimous vote"
said Mr. untermyer. The state and
Federal courts have enforced tho anti
trust laws as n they did not like 70 in
fllct penalties on violators of this stat
ute. We must pass this bill IL we do
not want tho law 10 continue dead
letter"
Ftmhs over Insurance Biiis.
Tha bin 10 compel insurance com
ranies "a inveNt 90 per cent of their
assets N mortgages and building loans
was opposed ~ state Superintendent OF
Insurance Francis r. Stoddard. Will
lam Va. Hotehkiss. former Insurance Su-
pertutendeut. representing 4 number of
casualty companies. y a. Doyle ~ the
National Board of FHre Underwriters.
Stewart Browne ~ the Real Estate
Owners Association ana others
Mr. rntermyer said that 40 per cent.
ef ~ insMFancs company assets out
aide ~ New Vork state had hccn in
vested in real estate and continued.
"Our companies w this state have
hsen decreasing their real estate M
vestnent. yiriaing 10 tho lures ~ Wall
Street We arc not adwocgilng this bill
On = haslr ~ ths housing scarcity We
are placing u ~ The firmcr and more
permanent basis that realty Investments
are 81 pr cent better Tor the policy
holders and the losses fewer than those
resulting from present Investments.
we are trying ~ Eet fhe fire inRur.
Csnfinued On Page seven.
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