New-York tribune., 1922-03-16
Governor, at Request of
Untcrmyer, Saves 3
Acts From COMMITTEES.
but Reserves Opinion
State Trade Board
Measure Is One
Others Compel Insurance
Firms 10 Aid Building
and Affect Rate Control
From " Stcr Correspondent

ALBANY March -. Samuel IIrtcr-
"Ner' chief counsel 90 the Lockwood
committee, arrived here to-day to an
peal to Governor Miller for cmerrcncv
messages to save the substantial por-
ton Of the housing legislation from
death IN committcce in the closing
hours of The session.
The Governor granted Mr.. Inter
myers requests, with the result that
virtually all the housing bills will be
assured of hearing on the floors of
both houses.
The Governor made it main to Mr..
Ontermyer that while emergency mcs-
sagcs generally carry an implication
OF executive approval Of tho lccisla-
ton IN question, the three PARTICULAR
bills which the counsel to the Lock
wood committee brought to his attcn-
tion were not as yet indorscd bv the
Governor.
Ihis thought was later amplified by
the Governor in an interview with the
newspaper correspondents, who were
Informed that the measures on which
he would send emergency messages
created state trade commission. com
PEELED insurance companics to invest
at least 10 per cont Of their invcstable
funds in first mortgages and gave the
Superintendent Of Insurance power to
regulate insurance rates.
Governor Reserves Judgment
81 agreed to send the messages. "
said the Governor, "because the bills
have been amended. and wanted the
legislature to consider them. | shall
reserve judgment until they come to
mo If the Legislator passes them"
The amendments are technical. cx-
cept in the case Of the 40 pcr cent in
surancc bill. This, at the instance of
estate legislators, who have small
farmers mutuals in their districts. was
amended 50 as to exempt companies
With assets of S5OO0,000 or less.
This bill, which failed OF passage in
the Senate BY a tie vote Of "a to "a,
was brought up on a motion to re-
consider, made by Senator Ward V.
Tolbert, who then had the bill amend
ed as noted
BY agreement among the leaders
action on the housing bills was post
poned until tomorrow. Only one of
the eighteen bills comprising the
Lockwood committees program has
been passed by both houses This is
the measure prohibiting the remaining
three mutual fire insurance companies
in this state from incorporating as
stock companies. When mutuals in
corporate their surplus funds, some
times running into the millions, go
into the pockets OF tue directors, it is
charged.
Only one other measure has been
passed by the Assembly. This is a
bill enabling mutuals to write the
same risks now written exclusively by
stock companies. This has not been
acted on by the Senate.
Six Senate Bills in Assembly
Six Of the housing measures have
been passed by the Senate and are
now in the Assembly Rules Committee
They extend the rent laws for another
two years; permit life insurance com
panios to invest up TO 10 per cent of
their assets in S9a-room apartments; !;
extend the period in which buildings
may be erected to enjoy tax exemp-
ton for another year; provide for the
tried cases; compel courts to state in
writing reason for dismissal of indict-
ments, and prevent landlords from re-
sorting to the three months rent in
advance subterfuge TO defeat the anti
rent gouging law.
There are eight bills on the Senate
calendar. These viii be moved for
final passage tomorrow. They provide
for a state trade commi ssion; prevent
force closures from being used by goug
ing landlords to oust tenants; permit
the City of New York to adopt sub
contracts where, principal contractor
defaults; compel insurance companies
with assets Of $5,O00,OO0 or more to
invest 90 per cent of their investable
funds in first mortgages; empower the
perintendcnt Of Insurance to regu
late rates; take away from the Insur
ance superintendent power to extend
the time in which life companies shall
dispose Of their stocks: forbid insur-
ance companies to invest in speculative
stocks; direct savings banks to invest
at least forty 40 per cent Of their de-
posits IN first mortgages.