New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-04-17
uNTERMYER WON
TWO MILLION In
BETHLEHEM RISE
Foe of Wall Street Manip-
ulation Among Those
Profting by Furry.
LOCOMOTIVE UP
ON BIG WAR ORDER
co,tract for S65,OOO,O0O Worth
of Shrapnel Will Aid Steel
and Other Corporations.


Samuel Untcrmycr, who for years
,,. sought 20 limit the activities of
-. New York Stock Exchange and de-
roureed its governing committee for
,,rmjttinr its machinery 20 be used
%, manipulation Of prices, is one OF
..s largest winners in the recent SEN
,,sonal rise Of Bethlehem Steel Con-
,,rystiyc estimates place his gains 70
5,te in excess Of S2,ooO,oOo.
Confirmation Of the reports Of these
v;rninrs which have been whispered
:, Wall Street for several days was
-,,o;ved in that section yesterday with
-,ved emotions. Generally brokers
declared i. was the irony Of fate that
ana who for years had denounced
.peculation should profit so hugely by
the greatest speculative market the
Street has known in years.
I, the course of Bethlehem's rise
from the thjrtics to above $50, with
N dividend in sight, according TO
Charles VI. Schwab, for at least two
wears. the charge has been freely made
,ba; prices were manipulated, though
the governing committee Of the eX-
change has as yet been unable to find
any proof Of the use of devices COM
mon 70 al mauipulative markets.
Had $4,000 Shares.
For Mr. Jntormycr. however, it is
eyplained that his holdings of Bethle-
iem date back 20 the time the com
many was organized TO take over the
properties Of the old United States
ShipbuildinE Company. He was ore of
the counsel in that case, and is under
stood 10 have begun accumulating
stock OF that time. His holdings Of
5000 shares are understood to have
averaged him 25, and are declared to
be an investment rather than q specu-
laton.
Since the price Of Bethlehem began
70 skyrockct. Wall Street has been
boxing FOR the usual food Of reports
Of BARRIERS and other servitors becom-
NJ wealthy overnight through taking
advantage Of tips from friendly brokers
and insiders. but for once these stories
have not matcrializcd. The reason
has been tha. the Bethlehem specula-
ton has not been open to poor men.
The ordinary margin of ten points
vas not enough in the case of Bethle-
hem with most houses when it was
selling in the thirties, particularly for
persons not known to be in position
10 respond 70 calls for more funds.
The houses which get this class of ac-
counts were as rule insisting on
double the usual margin. And when
the upward swing started it moved too
rapidly 20 permit many 10 get in at
this margin or 20 allow the pyramiding
Of profits Recently margins Of $50 a
share have been demanded. with many
houses not anxious to take accounts
on that basis
Quiet Man Big Winner.
Brokers say those who had ample
means for margins were as & rule dis
trustful o. 5ernlehem Steel, and where
they traded a. all were inclined to
trade on The short side, with the re-
suit that some pocketed rather heavy
losses. But two members Of the eX-
change are counted among the large
winners One Of these is Jules 5.
Bache, head Of the firm Of J. 5. Bache
Co. He is credited with having
cleaned up SlO0O,000. James +. Mat
hows, Of Henry & Mathews, is credited
with having made half that amount.
Mathews. a specialist on the floor,
IS one Of the quictest members of the
board, and until the big fareup was
lot known 10 be interested in the issue
except as a broker. II has since devel-
oped that following the reopening or
me exchange he has been quietly &C
elmulatinc the stock
The price movement in the stock of
me American Locomotive Company.
BASED upon negotiations with the Rus
san government for a war contract
SAID by director 90 run between S65,-
VJO,OOO and S75,OO0,O00. was the domi-
hating feature Of Yesterdays trading
On the exchange Other so-called war
stocks advanced in sympathy, ard little
attention was paid TO the real market
leaders.
Wild bidding for Loco" at the open
Wg' with little stock offered, caused
an advance Of 1872 points on the first
transaction. The brokers. who were
s"amped with overnight orders to buy,
we're unable 20 execute them under 68.
10 many this meant heavy losses. as
vas shown bv the subsequent decline
IN me stock 20 56. but in at least one
instance customer of a prominent
member Of the exchange profited be-
'ond ms fondcSt dreams.
ne had 1000 shares which he or
utIed to be sold at 5l As no stock
{Souid be bought at this price the
eeIoNer accepted without delay a bid for
No, winch gave 10 the customer Sl6.-
wv more than he had expected. OF
IVsIse' ne did not complain of poor
Twenty-Point Gain.
Transactions in American Locomotive
.yr the day totallcd 66 $50 shares. The
uVSing price was 60i4 a gain of 10A
,U'hS over Thursdays last sale and n
,v'al net gain of 20 points in the last
wo DAYS trading. The other war
SS'ocks that showed advances of from
70 Is points in Yesterdays trading
Ie Allls-Chalmers, American Car
peu, FOUNDRY, Baldwin Locomotive,
p.nIehem Steel, New York Air Brake,
.sssed steel Car. Railway Steel
VWeing' Republic Iron and Steel and
",es,tinehousc Electric.
=, ,ne following table shows the prices
Jni'n nnlen these stocks were selling on
wy oV' Yesterdays high mark, with