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

I AhS AOl investment.
For week "Turp" rested; then it be-
gan to rise once more. At Sc and So it
/ became the most active stock of the en-
| tire list. Everybody talked about it.
/ AL % the Street thought there really
must De something behind the movement,
Tor no mere manipulation could put the
price thlrty points in a months time,
which shows what a wonderful artist
Sharpe was. And the people began to
=, look curlously and admiringly and envi-
ousiy ana IN many other ways at "Jakey''
Greenbaum and his accompices, and to
! accuse them OF having Intentionally kept
down the price of the stock for wear in
order 10 freeze out the poor, unsophis-
ticated stockholders and to tire out
some OF the early buyers, because "Turp,'
being "a good thing" Greenbaum ct al.
wanted it all for themselves.
Then Sharpe sent for "Jakey." and on
the next day Eddie Lazarus swagger-
ingly offered to wager SIC. 900 against S.
ecu that dividend on 'Turp' stock
would be declared during the wear.
Whereupon the newspapers, of their own
accord, began to guess how great a di-
vidend would be paid and when. and va
! rious figures were mentioned in the board
hearers that they got it" on the dead a.
t. straight from the inside And two
days later Shapes unsupported brokers
offered to pay IA per cent. for the di-
vidend on 100000 shares. said dividend TO
be declared within sixty days or the
money forfeited and the stock sold UP to
66A and the public wanted it. A big,
broad market had been Established, in
hIn 1,,xy oil
with ease by the tens of thousands of
shares. The 14400 shares, which at the
inception of the movement at the unsal-
able price Of $50 share represented
theoretical $3.4S2 600. now readily vendblc
at SOS a share. meant 81 .422, 900; not half
bad for a few weeks work.
And still Sharpe, wonderful man that
he was. gave no sign that he was about
to begin unloading. Whereupon the 9TH
er members of the pool began to wish he
were not quite so greedy. They were
satisfied to mutt. they said
They implored individually and collec-
lively. Jacob Greenbaum to call on
sharpe: end Greenbauin, disregarding q
still, small voice that warned him against
il. Went to Sharpes office. and came out
a~nin in two minutes later somewhat
Nv one that Sharpe was all right. and
that he seemed to know his business
Alen that he w~s crarkv that dav.
The stock lirctuated between 60 and e5.
II seemed to be having resting spell
BIT as it had enjoyed these periods of
"cocco on thrpe several occasions durin"
'ho rise--ot 20 and IS and 56-the public
ho"are all the more eager 70 buy it
II. 81
Street was now full of tins that 'Turp"
would go to mar. And such was the pub
lies speculative terner and Mr.. Sharpe's
good work that dsinterested observers
we~e convinced the stock would surely
ell above 90 at the very least Mr..
cNorne still bought and sold. but he sold
twice as punch as he bought and tho big
block he had been Obliged to take in
the course Of his manipulation diminished
on the next dav he hoped to begin sell
ing the pool stock.
That verv day Mr.. Greenhaum. as he
returned to his office from his luncheon.
felt well pleased with the meal. and
therefore with himself and therefore with
p',nrvthing. He scanned a yard or two
cftth. fare and smiled. Turn was Ger
tanlv very active and very strong.
''Tn such market thought NJ.
Croenha"m, "Sharre can't possibly tell
hos getting stock from me. In order 70
be on the safe side I'm goinr to LET hin,
fav-o couple Of thousand. Then. shou'd
rrvthing hannen I'd he that much ahead.
IkH'" he called TO a clerk
''vce. sir"
''Sell two-rvait: wake ~ 3.000-no
mind Send for Mr.. Ed Lazarus =
L..
thrill of pleasure, II can lust as we'll as
not make il 5000 shares"
Eddie he said to his partners son.
give an order to some of the room trad
ers, say to Willie Schiff, to sell five-er-
six tell him to sell 1000 shares of Turpen-
tine and to borrow the stock. l am not
selling share, see?" with a wink. tits
short selling by him, do you understand"
do L? Well, l guess. I'll fix that
part o. k said young Lazarus COM
placently He thought he would cover
Greenbaums tracks so well as to de-
ceive everybody, including that highly
disagrceable man, Samuel Wimbledon
Sharpe. He felt so confident, so elateG.
did the young man. that when he gave
the order to his friend and cluh,ratc.
Willie Schiff. he raised it to 10, 900 shares
UicdCu Oh 1dibl Edu GtUA II
from the relatively small lot of 1000
shares to five times that amount It
was to all appearances short stock, and
it was duly borrowed" by Young
SChiff. 1t was advisable that it should
so appear In the first place no mem
Der of the pool could supply the stock
which he held, because Sharpe could trace
the selling to the office, as he had The
numbers Of the stock certificates.
Isidore Wechsler, who held $4,000
shares, was suffering from bad liver
the same day that Grcenbaum was suffer
ing from nothing at all, not even con-
science. 4 famous art collection would
be sold at auction that week, and he felt
sure his vulgar friend, Abe Wolff
would buy couple OF exceptionally fine
Troyons and orld-famous Corot
merely to get his name in the papers.
Turp 62%," said his nephew. WIN
was standing by the ticker.
Then old Wechsler had an idea If re
sold 1000 shares of Turpentine at 81 Oh
%, he would have enough 70 buy the
best ten canvasses of the collection. His
n{S IL