The San Francisco call., 1904-04-10

lISel1.
What's the matter?" he asked an
grily. What are you doing to Turpen-
tine?"
Sharpe looked him full In the face.
but his voice was even and emotionless
as he replied:
Somebody has been selling on us. I
don't know who. / wish did. I was
afraid might have TO take 100000
shares more, so just sold as much as
1 could. I've marketed most of the
pools stock. If it had not been for the
Jag OF stock / struck around so and 81
Turpentine would be selling at IS to 80
to-day. Come again next week. Green
baum. and keep cool. Did you ever
know me TO fail? Good-by. Greenbauni.
and don't raise your voice when you
speak to me-
This has gone too far" said Green
baum, hotly. You must give me an
explanation, or by heaven I'll"
"Greenbaum," said Mr.. Sharpe in a
Estless voice, don't get excited Good
by, Greenbaun. Be virtuous and you
will be happy" And he resumed his
csged-tger pacing up and down his Of
flee. As by magic Mr.. Sharpe's burIy
private secretary approached 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
pours water from pitcher into a cup.
The bears had it all 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 s22 a
share the 2S00 shares which he had put
out at s72, total profit on his small
Zine" of $4,000.
.Turpentine stock had declined fifty
points in fifteen business hours. 1t
meant shrinkage in the market value
of the company's capital stock of s15,-
100000. The shrinkage in the self-es-
TEEN of some of the pool was measur-
able 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
this was Thursday-at II a. m, when
he would have checks and an account
ing ready for them. He refused him
self to Greenbaum, Wechsler, Zeman.
Shaffran and others who called to see
what could be done to save their repu-
tations from the wreck of Turpentine.
The stalwart private secretary told
them that Mr.. Sharpe was out Of town.
He was very polite man was the sec
retary, and an amateur boxer of great
proficiency
Failing to find Sharpe, they hastily
organized a new pool. of a self -protec-
tive character, and sent in support
ing orders. 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 $4,000 shares on their hands
and the price was only rs to 2S. And
merely to try to sell the stock at that
time threatened to start fresh Tur-
pentine panic.
They met Sharpe on Monday His
speech was not so short as usual. He
had previously sent to each man an
envelope containing a check and
statement, and now he said in a mat
ter of fact tone:
Gentlemen and Greenbaum, you all
Il
up-tack. Around 81 / began to strike
So me stock which I couldn't account
for, 1 knew none of you had any for
sale, Of course. as you mad pledged me
your honorable words not to sell save
through me. But the stock kept COM
ing out, even though the sellers bor-
rowed against it. as If it were short
stock, and I began to fear had met an
ina ~ 10 fcffF fc Tx~rax
best on such occasions to act promptly.
and so after driving in the real shorts.
I sold out our stock. The average price
was 40. If it had not been for that
mysterious selling it would have been
so. After commissions and other 1egiti-
mate pool expenses l find we have
made 9 points net, or s1.029. 500, of
which 20 per cent, or s250,OO0. comes to
me according to the agreement. It is
too bad some people didn't know
enough to hold their stock for 80. But
there is so much stupidity in the dis
trict. ! trust you are satisfied. In
view of the circumstances 1 am. Yes,
indeed. Good day. gentlemen; and you
! too, Greenbaum, good dayi"
Outside they compared notes, and in
a burst Of honesty they confessed.
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 irresistibly-at any rate UP to
so. They declared dividend of per
cent on the stock. But they could not
market Turpentine. 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
1t is now quoted at 16 to IS. But 1t is
not readily vendible at that figure, nor.
indeed, at any price, Opposition dis
tilleries are starting uD in all the tur-
pentine districts and the trade outlook
is gloomy. And the principal owners