The Washington times., 1916-06-05
Samuel Untermyer Resehts Insinua-
ton That He Speculates In Stocks.


tion That He Speculates In Stocks.
To the Editor OF THE TIMES:
My attention is called 10 a publication
in your issue OF May p. in which you
tlcle attributed b. the sun to the Odd
Lot Review. satirically referring to the
ownership by me of block OF 3.'li
shares OF stock In the Kennecott Cop
per Company and broadly insinuatinG
ton is evidence that Hsn a speculatol
in stocks. The statement is as follows:
The following incident 10 reported
In the New York Sun:
The Odd Lot Review makes tho
following interesting comment re-
garding Samuel Untermyer and his
sppesuaas pSsiG SSoSt ss YEAR ns ago ~
public statement Samuel Cnter.,
meyer said: 4 never speculate.'
AT that time Mr.. Untermyer
was on the books Of the Bethlehem
Steel CORPORATION Tor rh Dig ubl,cat,on SIUes Q,
of the Kennecott Copper stockhold-
ers this week shows that Mr.. Inter
mycr Is down on the books for 23.7l2
shares.
legal defnition % Of srecniaie.' Which
eyid, rftly is to iose.' Mr.. Inter
myer never seems to lose. He al
ways buys his stocks outright for
cash"
I have for some years past been en-
deavoring to bring about the puon'
regulate OF the New York Stock Ex
change for the purpose OF pre"entini
dishonest speculation In the securities
listed on that exchange. The PROPOSED
bill was recommended by ten OF tn
eleven members Including three OF tn
Republican members. OF the Congres
- knn
committee. for which acted as counsel
that Investigated the concentration o
the control OF credits. For the purDcs
OF defeating this legislation and de
stroyinR all attempts at Governmental
regulation. the stock exchange has eve
since made me the target Of It's as
saults. and has kept its marvellous pres
bureau busy inventing falsehoods con
At the time Of the publication OF En-
Steel Company. attention was widely di
rected to the fact that 1 am larg
holder OF that stock. from which tn
Implication was attempted to be drowI
that. because OF nv holdings. wa
myself necessarily a speculator In tina
stock in question had been purchase
and paid for by me outright. and ha
| been owned by me as an investmcD
almost from the time of the organizn
| ton OF the COmDdny-upWdTus Oh lively
years. When this silly attempt to max
me out a speculator In stocks failed
| their activities were transferred In othe
| directions. but always with the sam
purpose in view. This Kennecott stoc
story Is another example OF the sam
| that my ownership is the result G
| speculation.
The facts are as follows:
| The Kennecott Copper Company recent
/ a ~ y u
the Braden Copper COMPANY and tn
holdings of the Guggenheim Exploratio
| Company of 100000 shares OF stock {
the Utah Copper Company. / was. an
have been for upwards Of ten year
closely Identified with these compani,
ties from their organizations. Upc
| the consolidation their stocks were e,
| changed for the stock Of the Kenreco
Company and in that way acquire
pHny, which was paid for in IL
over ten years ago and hns ever sin,
been cnrried in my name m the boo'
OF the Utah and GugPenhetm companie
Upon this state Of facts the Sun NJ
tiricaliv characterizes INV statement /
implying that the statement ia not tr,
because own Ken1ecott stock.
These men are, OF course. FULLY ava
that speculative stockhold'ngs ere n,
| nelu III u H1Hn OWL nnTUe. INC VA
that all OF these securities have bee
for many years In my own name w;
conclusive evidence that the attempt
m'slead was deliberate.
Permit me to repeat that I do not M
have never spcculated I'm stocks Or
anyth Ing else: that have never s,Id
share OF stock short or made n pu
chase on margin. although have ney
sought tO prevent speculntion md n
bill reported by the PCjo commits
and the law that have haen seeking
have enacted does not intorferc wi
honest speculatio II Is aimed sole
at manipulatio1. which Is essential
dishonest SPECULATION. II is like pIayi,
with marked cards or loaded dice. q,
It 10 that which 7 am seeking 10 pr
vent
II is but fair 10 say IN this connectI,
that since the agitation for reguIati,
began. and as the result OF the car
paign, the EXCHANGE has inaugural II
manv reforms, and that its so-caII
"police committee" Is doing effectj
work. but. In my Judgment nothi,
short of Government regulation OF m
great investment agency will accoI
pl'sh permanent reform.
NV reason for this explanation
that am not willing To sit silently
and have this important work of 7
form discredited hy these persistent
Fabricated statements Of my person
affairs In which the public cannot
interested. and with which II won
not be concerned but for my attitu
on this aubfnct