New York (N.Y.) -- Social life and customs -- Fiction; Wall Street (New York, N.Y.) -- Fiction
“Greenbaum,” said Mr. Sharpe, in a listless voice, “don’t get excited.
Good-by, Greenbaum. Be virtuous and you will be happy.” And he resumed
his caged-tiger pacing up and down his office. As by magic, Mr. Sharpe’s
burly private secretary appeared, and said: “This way, Mr. Greenbaum,”
and led the dazed Trust-maker from the office. On his return Sharpe told
him: “There is no need to accuse those fellows of breach of faith.
They’d deny it.”
The next day Mr. Sharpe simply poured the remaining 25,000 shares of the
pool’s stock on the market as one pours water from a pitcher into a cup.
The bears had it all their own way. The loquacious tape said, ever so
plainly: “This is nothing but inside liquidation, all the more dangerous
and ominous since it is at such low figures and is so urgent in its
character. Heaven alone can tell where it will end; and there is no
telephone communication thither.”
Everybody was selling because somebody had started a rumor that the
courts had dissolved the company for gross violation of the Anti-Trust
law, and that a receiver had been appointed. Having sold out the last of
the pool’s stock, Mr. Sharpe “took in” at $22 a share the 2,800 shares
which he had put out at $72, a total profit on his small “line” of
$140,000.
Turpentine stock had declined fifty points in fifteen business hours. It
meant a shrinkage in the market value of the company’s capital stock of
$15,000,000. The shrinkage in the self-esteem of some of the pool was
measurable only in billions.
Sharpe notified his associates that the pool had completely
realized—_i.e._, had sold out—and that he would be pleased to meet them
at his office on Monday—this was Thursday—at eleven A.M., when he would
have checks and an accounting ready for them. He refused himself to
Greenbaum, Wechsler, Zeman, Shaffran, and others who called to see what
could be done to save their reputations from the wreck of Turpentine.
The stalwart private secretary told them that Mr. Sharpe was out of
town. He was a very polite man, was the secretary; and an amateur boxer
of great proficiency.
Failing to find Sharpe, they hastily organized a new pool, of a
self-protective character, and sent in “supporting” 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 50,000 shares on their hands, and
the price was only 26 @ 28. And merely to try to sell the stock at that
time threatened to start a fresh Turpentine 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 a
statement, and now he said, in a matter-of-fact tone:
Public-domain text, read in full here on John Shaqi.
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