The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-02-07

Greenbaum rushed to Sharpe office
The terrible break gave him courage to
do anything. A Wall Street worm will
turn when the market misbehaves
itself.
What's the matter?" he asked angrily
What are you doing to Turpentine?"
Sharpe looked him full in the face but
his voice was even and emotionle-s as he
replied: Somebody has been selling o.
Us. ! don't know who. / wish l did. /
was afraid l might have to take 100000
shares more, so I just sold Dis much as [
could. I've marketed most of the pools
stock. II it had not been for the jag OK
stock I struck around so and C2, Turpeli
tine would be selling at IS or 90 today.
Come again next week Greenbaum, and
keep cool. Did you ever know me to
fail? Goodby. Greenbaum, and don't
raise your voice when you speak to me-
This has gone too far" said Green
baum, holly. You must give me an eX-
PLANTATION or by heaven TIL"
"Greenbaum," said Mr.. Sharpe in list
less voice." don't get excited. Goodby,
Greenbaum. Be virtuous and you Will be
happy And he resumed his caged-tigel
pacing UP and down his office. As b,
magic Mr.. Sharpes bury private secrc-
tary appeared, and said: This way, Mr..
Greenbaum, and led the dazed trust
maker from the office
The next day Mr.. Sharpe simply poured
the remaining 200 shares of the pool S
stock on the market as one pours water
from pitcher into a cup. The bears had
it all their own way.
Everybody was selling because some
body had started rumor That the courts
had dissolved the company for gross 'lo-
lation of the Antitrust law, and that Il
receiver had been appointed. Having
sold out the lest of the pools stock Mr..
Sharpe took in at 500 share the $500
shares which he had put out at $'2. .
total profit on his small 'lne'' of $4,000.
Turpentine stock had declined fifty
POINTS in fifteen business hours 1t mean:
a shrinkage in the market value of the
company's capital stock of $15,0C0,000. The
shrinkage In the self-esteem of some OF
the pool was measurable only in billions.
Sharpe notified his associates that the
pol had completely real zed--i. G.. had
sold out-and that he would be pleased to
meet them at his Office on Morday-this
was Thursday-at II a. M, when he
would have checks and an accounting
ready for them He refused himself t.
Creenbaum. Wechsler, Zeman, Shaftran
and others who called to see what could
he done to save their regulations from
the wreck of Turpentinc. The stalwert
private secretary tcid them that Mr.
Sharpe was out of town. He was very
polite man. WIS the secretary, and an
araterr boxer Of great proficiency.
Failing to find Shape. they hastily or
,Dl 0f elf ~rtsa 4nf.+Iy
character. and sent n supporting or
de.s. They were obliged to take large
quantities of stock that day and the next
in order to prevent a worse smash. which
would hurt them in other directions.
They found themselves with more than
10000 shares on their hands and the price
was only 2G02S. And merely to Try to
sell the stock at that time threatened
to start fresh Turpentine panic.
They met Sharre on Monday. His
speech was not so short as usual. He had
previously sent to each man an envelope
containing n check and a statement. and
now he said IN 4 matter-of-fact tone:
Gentlemen and Greenbaum, you all
know what 1 did for Turpentine on the
up-track Around 62 l began to strike
some stock which | couldn't account for.
| knew none of you had any for sale, OF
course, a. you had pledged me your hon
orable words not to sell save through me,
But the stock kept coming out, even
though the sellers borrowed against it,
as if it were short stock. and / began to
fear | had met an inexhaustble supply.
1t is always best on such occasions to
act promptly, and so, after driving n
the real shorts [ sold out our stock Tie
average selling price was 10. II it had
not been for that mysterious selling it
w 5uld have been 80. After commissions
and other legitimate pool expenses | find
we have made 9 points net, or 81 ,O29, 500,
Of which % per cent, or 900, come to
me according to the agreement. 1t IS
too bad that some people didn't know
enough to hold their stock for 80. But |
find Wall Street is full of uncertairties--
there is so much stupidity in the district
/ trust you are satisfied. In view OF the
circumstances [ am. Yes, indeed Good
day, gentlemen: and you, too, Green
baum, good day"
Outside they compared notes, and III a
burst of honesty they confessed. Then.
ill1gically 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 losers!
And as time wore on they had to buy
more "Turp,' and more ''Turp, and still
more "Turp." They thought they could
emulate Sharpe and rush the price up IT.
resistibly, at any rate up to so. They
declared dividend of 2 per cent. on the
stock But they could not market Tur-
pentine. Again and again they tried, and
again and again they failed. And each
time the failure was worse because they
had to take more stock.
It is now quoted at 16MlS. But it is
not readily vendible at tEat figure, nor,
indeed, at any price. Opposition uistIl-
leries arc starting up in all the turpentine
districts and the trade outlook is gloomy.
And the principal owners of the stock Of
the American Turpentine Company, hold
ing among them no less than 10000 out
of the entire issue of 100000 unvcndibe
shares, are the famous "Grcenbaum Skin
dicate y
Love may be blind. but there is al