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

some, and so will you. I'll give you 500
shares at 80. There"
Lend me the money now, and I'll
pay it back to you when you give me
what 1 make on the DEAL" she said
with fine finality. And seeing hesita-
ton in Bob's face, she added solemnly:
Honest, WILL Bob, I'll pay you back
every cent, this time"
'Tll think about it, said Bob He
always said that when he had capitu-
lated, and she knew it, and so she
said, magnanimously: VERY well,
dear"
Lindheim thought 1000 shares would
do it, so he decided to sell a thousand
the. next day, for you can never tell
what may happen, and accidents sell
dom help the bulls. But as he thought
of it in his office more calmly, more
deliberately, away from his wife and
from the influence she exercised over
him, it struck him forcibly that it was
wrong to sell 1000 shares of Turpen-
tine stock. He might as well as not
make it $500; and he did. He was
really modest fellow, and very young.
His Wife's cousin sold the stock for
him, apparently short.
Total breach of faith, 1880 shares.
The market stood it well. Sharpe was
certainly a wonderful chap.
Unfortunately, Morris Steinfelder de-
cided to sell 1900 "Turp," and did So
The stock actually rose a half point on
his sales. So he sold another 1900
and, as q sort of parting shot, 500
shares more. All this through an I'M
suspected broker
Total breach of faith, 21 900 shares.
The market was but slightly affected.
Then Louis Refs, of Refs & Stern,
"Adny" Fischel of Kohn FischeI &, Co.;
Hugo Zeman, of Zeman Bros. and
Joe Shaffran. of Rosenthal. Shat
fran & Co., all thought they could
break their pledges to Sharpe with i'm
punity. and each sold to be on the safe
side This last lump figured up 1O,40O
shares.
Total breach of faith, 1,40O shares.
The market did not take it well.
Sharpe endeavoring to realize on the
remainder of his manipulative pur-
chases, found that ''some one had been
there before him."
An accurate list of the buyers and
sellers was sent in every day by his
lieutenants, for all but the most skill
full operators invariably betray them
selves when they attempt to sell big
block Of stock. He scanned it very
carefully now, and put two and two
together; and he made certain inquiries
and put four and four together-four
names and four other names. He saw
through the timeworn device of the
fictitious short selling. He knew the
only people who would dare such a
large amount must be his colleagues.
He also was convinced that their
breach of faith was not a concerted
effort, because if they had discussed
the matter they would have sold a
smaller quantity. He knew where
nearly every share Of the stock was.
1t was his business to know everything
about it.
Two" he said to his secretary, may
play at that game" And he began to
play.
BY seemingly reckless plunging up
ward with a vengeance-63, 81, IS, Sc.
four points in as many minutes The
floor of the stock exchange was the
scene of the widest excitement. The
market-Why, the market was simply
Turpentine Everybody was buying it,
and everybody was wondering how
high it would go, Greenbaum and the
other seven included. 1t looked as II
the stock had resumed its triumphant
march TO par.
Then Sharpe called in all the stock
his brokers were loanIng TO the shorts
and he himself began to borrow 1t.
This, together with the legitimate re-
quirements of the big short interest,
created a demand so greatly in. excess
Of the supply that Turpentine loaned
at a Sixty-fOurth, at a thirty second, at
an eighth and finally at a quarter pre-
MUM over night. 1t meant that the
shorts had either to cover or to pay $25
per diem for the use of each 100 shares
of stock they borrowed. On the 81 400
shares that the syndicate was borrow
ing it meant an expense of nearly 81, 900
day, and in addition the stock was
rising in price. The shorts We're los
ing at the rate of many thousands
minute There was no telling where
the end would be, but it certainly
looked stormy for both the real and the
fictitious shorts
Mr.. Sharpe sent a peremptory mes