New York (N.Y.) -- Social life and customs -- Fiction; Wall Street (New York, N.Y.) -- Fiction
At 60 the Street thought there really must be something behind the
movement, for no mere manipulation could put up the price thirty points
in a month’s time, which shows what a wonderful artist Sharpe was. And
people began to look curiously and admiringly 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 a year in
order to “freeze out” the poor, unsophisticated stockholders, and to
“tire out” some of the early buyers, because “Turp,” being “a good
thing,” Greenbaum _et al._ wanted it all for themselves. And Greenbaum
_et al._ smiled guiltily and said nothing, though Jakey winked from time
to time when they spoke to him about it; and old Isidore Wechsler
cultivated a Napoleon III. look of devilish astuteness; and “Bob”
Lindheim became almost dignified; and myopic little Morris Steinfelder
gained 15 pounds and Rosenthal stopped patting everybody on the back,
and mutely invited everybody to pat him on the back.
Then Sharpe sent for “Jakey,” and on the next day young “Eddie” Lazarus
swaggeringly offered to wager $10,000 against $5,000 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 confided to their hearers that they “got it on the dead q.
t., _straight from the inside_.” And two days later Sharpe’s unsuspected
brokers offered to pay 1¾ per cent for the dividend on 100,000 shares,
said dividend to be declared within sixty days or the money forfeited.
And the stock sold up to 66¾, 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 114,400 shares, which
at the inception of the movement at the unsalable price of $30 a share
represented a theoretical $3,432,000, now readily vendible at $65 a
share, meant $7,422,000; not half bad for a few weeks’ work.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account