The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-02-07

a ICON trolling interest''-the majority
Of the stock-of the American Turpeu-
tine company. And on another day
there was a long string of purchases
Of 'odd" lots-arIlouDts less than ice
shares-by brokers that usually did
business for the Greenbaum syndicate,
meaning that friends of the syndicate
had received a tip straight from ''the
inside" and were buying for invest
ment.
For a week 'Turp' rested; then il be-
gan to rise once more. At Sc and IS it
became the most active stock of the en-
tire list. Everybody talked about il.
At SO the street thought there really
must be something behind the move
ment. for no mere manipulation could
put up the price thirty points in a
months time. which shows what q
wonderful artist Sharpe was And the
people began TO look curiously and adj
miringly and enviously, and in many
other ways. at "Jakey" Greenbaum
and his accomplices. and TO accuse
them of having Intentionally kept down
the price of the stock for q year In
order to freeze out" the poor, unso-
phisticated stockholders and TO tire
out" some of the earH buyers. because
''Turp," being "a good thing" Green
baum ct al. wanted it all for them
selves.
Then Sharpe sent for "Jakey," and
on the next day Eddie" Lazarus swag-
geringIy offered to wager $40, 600 against
s.. 600 that a dividend on 'Turp' stock
would be declared during the year.
Whereupon the newspapers, of their
own accord, began to guess how great
a dividend would be paid and when,
and various figures were mentioned IN
the board room by brokers who con-
fided to their hearers that they got il
on the dead q. {. straight from the IN
side" And two days later Sharpe 9
unsupported brokers offered to pay ia
/ per cent for the dividend on 100000
shares, said dividend to be declared
within sixty days or the money for-
feited. and the stock sold Up to 66&
and the public wanted it, a big, broad
market had been established. in which
one could buy or sell the stock with
ease by the tens OF thousands Of shares.
The ia, 400 shares. which at the inceD-
ton of the movement at the unstable
price Of $50 a share represented the
OTetical s., 49,. 900. now readily yendibie
at $50 a share. meant s., 422, 600; not
half bad for a few weeks work.
And still Sharpe. wonderful man that
he was, gave no sign that he was about
other members Of the pool began to
wish he were not quite so greedy. They
were satisfied TO quit. they said.
They implored, individually and coli
/ Iectively, Jacob Greenbaum to call Oh
/ Sharpe; and Greenbaum. disregarding
a still. small voice that warned hiH2
! against it, went 10 Shapes office, and
came out Of it two minutes later some
what flushed, and assured his col
/ leagues one by one that Sharpe was all
right, and that he seemed to know his
business. Also that he was cranky that
day
The stock fuctuated between so and
| s.. It seemed to be having a resting
/ spell. But as it had enjoyed these pes
riods Of repOse on three several occa-
sions during the rise-at 40 and As and
/ 56-the public became all the more
/ eager to buy it whenever il fell to 60
I or SO. for the street was now full of tips
/ that 'Turp'' would go 10 par. And SUCH
! was the public's speculative temper
/ and Mr.. Sharpes good work that dis
interested observers were convinced the
stock would surely sell above 90 at the
very least. Mr.. Sharpe siill bought and
| sold. but he sold twice as much as be
/ bought, and the big block he had been
/ obliged 70 take in the course of his