The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-07
s55.O0O,OOO

Paid to owners for forty-one distil-
leries, representing 80 Ger cent of the
turpentine production (and 121 per
cent of the consumptionD of the
United States:
Cash from bond sales ........... $S,975. 983
BonGs -.-...'''....-' I2,0o0' 000
Stock ACKNOWLEDGEMENTS. 1929, 500
Total ..................... $3s. 225. 1888
Syndicates commission. stock. p 9SS, 500
Retained in company's treasury
bonds. etc. ....:............ 7S5.717
Total ...................-..$ $50, coo. 900
These figures were not for publica-
ton. They told the exact truth. 1t re-
manned for the syndicate to make
market"
All the manufacturers who had re-
ceived stock in part payment were told
most impressively by Mr.. Greenbaum
not to sell their holdings under any
circumstances at any price below $75
q share.
Mr.. Greenbaum took charge of the
market conduct of 'Turp," as the tape
called the stock of the American Tur-
pentine company. At first the price
was marked up by means of matched"
s-precOncerted and therefore not
bona fide transactions.
7"Turp" began at rs, and as the SYM
dictate had all the stock in the market,
it was easily manipulated upward to
IS. Every day many thousands of
shares, according to the stock eX-
- changes official records, changed
hands"-from Greenbaums right to
his left and back again-and the price
rose steadily. But something was abb
sent. The manipulation was not con-
vincing. 1t did not make the general
public nibble
Every attempt to sell "Turp" met
with failure. AT length it was decided
to allow the price to sink back to an
'invitmgly low" level. 1t was done.
But still the invited public refused to
buy. Efforts to encourage a short in
terest to over extend itself into
"squeezable" proportions failed SINH
larly.
In the course of the next few months.
after a series of injudicious fiuctua-
TONS which gave to "Turp" a bad
name, even as Wall street names went,
despite glowing accounts of the COM
pany'S wonderful business and after
distributing less than $4,000 shares, the
members of the "Turpentine Skindi-
cate" as it was popularity called, sor-
rowfully acknowledged that while they
had Skillfully organized the trust and
had done fairly well with the bonds.
they certainly were not bowling sue
cesses as manipulatorS During the
following eight months they sold more
stock. They spared not the widow nor
the orphan. They even stuck their
intimate friends. They had sold for
something which had cost them moth
ing; it was natural to wish to sell
more.
1t was decided to put "Turp" stock
in the hands of Samuel Wimbledon
Sharpe, the best manipulation Wall
street had ever known Greenbaum
said he would conduct the negotiations
with the great plunger.
Sharpe was a financial free lance
freebooter and free thinker. AS a ma
nipulatOr of stock values he had no
equal. On the bull side he rushed
stock upward so steadily. so boldly and
brilliantly, but above ALL so persua-
sively, that lesser gamblers almost
fought to be allowed to take it off his
hands at Incredibly high prices. And
when in the conduct of one of his
mastery bear campaigns he saw fit to
hammer" the market, values melted
away as by magic-Satanic magic, the
poor lambs thought.
Greenbaum was promptly admitted
to Sharpes private office. 1t was a
-darkened room. the windows hav-
ing wire screens summer and winter,
in order that prying eyes across the
street might not see his visitors or his
confidential brokers, whose identity it
was advisable should remain unknown
to the street. He was walking up and
down the room, pausing from time to
time to look at the tape
Halo, Greenbaum.''
How do you do, Mr.. Sharper" quoth
the millionaire senior partner of the
firm Of Greenbaum, Lazarus & Co. ST
hope you, are Well?" He bent his head
to one side, his eyes full of a caressing
scrutiny, as though to ascertain the
exact condition of Shapes health. Eyes,
you must be. l haven't seen you look
so fine in a long time
you didn't come up here just to
tell me this, Greenbaum, did you
Hows your Turpentine? Oh"-with a
long whistle-"I see. You want me to
go into it, hey?" And he laughed-a
sort of half a chuckle, half snarI
Greenbaum looked at him admirlng-
ly; then, with a tentative smile, he
said: Il am discovered"
"Well?" said Sharpe unhumorously.
Whats the matter with pool?"
How big?" coldly.
up to the limit" Again the trust
maker smiled, uncertainty.
You haven't all the capital stock, l
hope?"
"well, call it 100000 shares" said
Greenbaum, more uncertainty and less
jovially.
"Who>is to be in it besides you?"
ooh, you know; the same old crowd. -
ooh, 1 know" minicked Mr.. Sharpe.
seornfully, "the same old crowd. You