The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-02-07

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. The next day air sharpe simply
poured the remaining - 200 shares OF
the pools stock on the market as one
pouTs water from q pitcher into cup.
The bears had Sc ali their own way.
Everybody was selling because some
body had started a rUmor that the
courts had dissolved the company for
gross violation of the Antitrust law,
and that a receiver had been appointed
Having sold out the last of the pools
stock, Mr.. sharpe took in" at 81 a
share the 2.So0 shares which ne had put
out q 70 So. a total profit on his small
'liae" of sl40.0e0.
TWpentine stock had declined fifty
points in fifteen business hours 1T
meant a shrinkage i'm the market value
Of the cOmpanys capital stock Of Sl5--
bV8eOe- The shTinkSge in The se8-es-
ieem Of some of the pool was neasuT-
able only in billions
sharpe notified his associates that ths
pool had completely realized. p. had
sold 0ut-and that be would be- please
to meet them al his office On Monday
TINS was Ihursday-at III a. m. when
he would have checks and an account
ing ready for them. He refused him
S,lt 20 Greenbaum. WechsleV. ZemaT.
Shaffran and others who called 10 see
what could be done 20 SAFE their repu-
tatiOnS from the wreck OF Turpentine
The staiwarJ private secretary told
them that Mr. Sharpe was out of town.
lie was very polite IMAM. was the Sec
rotary. and an amateur boxer Of great
! proficiency
Failing TO fnd Sharpe. they hastily
organized now pool, Of a self-pr0tec-
tive character and sent i'm support
ing orders. They were Obliged TO take
large quantities of stock that DAY ard
the next in order to prevent a worse
smash, which would hurt them in other
directions. They found themselves
with more than 50,e0Q SHARES on their
hands and the price was only % and 2S
! AND merely To Try 20 sell the stock q
that time threatened 10 start q. fresh
/ Turpentine panic.
They met Sharpe or Monday His
speech was not 80 short as ;lsuai He
had previously sent to each man an
envelope containing q check and q
statement, and now he said in a matter
of-fact tone:
Gentlemen and GFeenbaum. YOU all
know what I did for Turpentine on the
up-tack. Around g. I began To strike
some stock which 7 couldn't account
Tor. I knew none Of YOU had any for
sale. of course, as yOu had pledged me
your honorable words not To sell save
through me But the stock kent com
rOWed against il, as If IL were short
stock. and I began TO fear / had met
an ineXhaustiDle supply. II is always
best on such occasions to act prompt
Is. and 50. after driving iu the real
shorts. I sold out our stock. The aver
age selling price was 40 IF it had not
been for that mysterious selling IL
would have been 50. After commits
siOns and other legitimate pool expenses
Z find we have made 3 points net. or
$I.029, 500, Of which - Der cent. or $500
600, come to me according to the agree
ment Il is too bad some people didn' T.
know enough to hold their stock FOR 81.
But / find Wall street IS full of UnCer-
tainties-there is so much stupidity in
the district. I trust you are satisfied
IN view Of the circumstances / am
Yes, indeed Good day. gentlemen; and
you. too. Greenbaum, good day
] Outside they compared notes, and in
! q burst Of honesty they confessed.
Then. iUogicalIy enough. they cursed
Sharpe. The pool was not ahead of
the game They had so much more
stock on their hands than they desired
that in reality they were heavy los
erSl
And as time wore on they had TO, buy
more "TurD." and more "Turp.' and
/ still more -TUTp' They thought they
I could emulate Sharpe and rush the
price up irresistibly. AT any rate up to-
90. They declared a dividend Of . PEI
/ cent on the stock But they could not
/ market TurpeEtine Again and again
they tried. and again asd again they
failed. And each time the failure was
worse. because they had 10 take more
/ stock.
It is now quoted at IS and IS. But It
| Is not readily vendible at that figure,
/ nor. indeed, at any price. Opposition
J distilleries are starting up in all the
turpentine districts and the trade out
look is gloomy. And the principal
owners of the stock Of the AmeriCan
Turpentine company, holding among
them no less than 10000 out of the en-
tire issue Of 100000 unvendible shares.
are the famous "Greenbaum Skindi-
cate"
Copyright. 1868. by Mcclure, Phillips
x Col