The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-07
THE BREAK IN TURPENTINE


sage to Greenbaum, Lazarus & Co., l.
& M Wechsler, Morris Steinfelder's
Sons, Refs & Stern, Kohn, Fischel &
Co., SHERMAN & Lindheim, RosenthaI.
Shaffran & Co. and Zeman Bros. 1t
was the same message to all:
Send me at once all your Turpen-
tine stock!"
There was CONSERVATION and dis
may, also admiration and self-con-
graduation, among the recipients of
the message They would have to buy
back IN the open market the stock they
sold a few days before. 1t would
mean losses on the trea sonable transac-
lions of fully quarter of a million, but
the pool stood to win" simply fabulous
sums, if Sharpe did his duty.
There were some large blocks of
stock for sale at 66, but Sharpe's brolz-
ers cleared the figures with fierce,
irresistible rush. whooping exultantly.
The genuine short interest was simply
panic stricken, and atop it all there
came orders to buy an aggregate Of
31,4 shareS-orders from AIessrs.
Greenbaum, Wechsler, Iindheim, Stein
fielder, Refs, Fischel, Shaffran and Ze-
man. The stock rose grandly on their
buying-4,000 shares at Sc, 1900 at
663s, 700 at 675s, 1,200 at So, 5000 at
6912, 1000 at 40, $500 at 701a, 1,200 at
Y. Total, 31.400 shares bought in by
the "skindicate." Total, 81 400 shares
sold by Samuel Wimbledon Sharpe to
his own associates in the great Tur-
pentine pool. In all he found buyers
for 41,700 shares that day, but 1t had
taken purchases of exactly 21100 to
stampede the shorts" earlier in the
day, and in addition he held 1880
shares acquired in the course Of his
bull manipulations which had not been
n c1Nrc sod -
breach of faith, so that at the days
close he found himself not only with
out share of stock manipulatively
purchased, but short" for his personal
account of $500 shares.
On the next day came the second
chapter of the big Turpentine deal
MIR. Sharpe, having received the pools
114,400 shares, divided it into three
lots, 10000 shares, $4,000 shares and
24,4OO shares. The market had held
fairly strong, but the lynX-eyed room
traders failed to perceive the usual
support" in "Turp" and began to sell
II in order to make sure.
Slowly the price began to yield. All
that was needed was a leader. Where
upon Mr. Sharpe took the first lot of
the pool stock. 10000 shares, and hurI-
ed 1t full at the market. The impact
was terrific; the execution appalling
The market reeled crafty. The stock,
which after selling up to 72A had
closed" on the previous day at 71B,
| dropped 20 points and closed at 54
On the next day he fired by Volleys
$4,000 shares more at the market. The
| stock sank to Al u. Such a break was
| almost unprecedented.
Greenbaum rushed TO Shapes office
| The terrible break gave him courage
| to do anything. A Wall street worm
will turn when the market misbehaves
| itself.
Whats the matter?" he asked angri-
tine?"
Sharpe looked him full in the face,
but his voice was even and emotion
less as he replied: Somebody has
been selling on u.s.. l don't know Who
l wish did. l was afraid l might have
to take 100000 shares more, so a just
| sold as much as [ could. I've marketed
most Of the pools stock. If it had not
been for the jag of stock l struck
around so and 50, Turpentfne would
be selling at IS or 80 today Come
! again next week, Greenbaum, and keen
! cool. Did you ever know me to fail?
! Good-by. 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
| explanation or by heaven I'll"
! Greenbaum, said Mr.. Sharpe in a
| listless voice, don't get excited. Good
! by, Greenbaum Be Virtuous and you
will be happy" And he resumed his
| caged-tiger pacing UP and down his
office AS by magic Mr. Sharpe's burly
! private secretary appeared, and said:
] This way, Mr.. Greenbaum" and led
the dazed trustmaker from the Office.
The next day Mr.. Sharpe simply
poured the remaining $4,000 shares Of
the POOLS stock on the market as one
ton
| Ihe bears had it all their own way
Everybody was selling because some
body had started Tumor that the
| courts had dissolved the company for
| gross violation of the anti trust law,
| and that receiver had been appointed
Having sold out the last of the pools
| stock Mr.. Sharpe took in" at S22 a
snare the $500 shares which he had
put out at $72, a total profit on his
small Tine" of $4,000.
Turpentine stock had declined fifty
points in fifteen business hours. 1t
meant shrinkage in the market value
| or the company'S capital stock of SIS
| 100000 The shrinkage in the self
| esteem Of some of the pool was meas
urable only in billions.
Sharpe notified his associates that
| the pool had completely realized. e.,
| had sold out-and that he would be
pleased to meet them at his office on
Monday-th1S was ThurSday-at II a.
| m, when he would have checks and an
accounting ready for them He re-
| fused himself to Greenbaum, WechsIer.
Zeman, Shaffran and others who called
| to see what could be done to save their
regulations from the wreck Of Turpen-
| tine. The stalwart private secretary
! told them that Mr.. Sharpe was out OF
town. He was very polite man, was