Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1874-02-21
WALL sTEET-BULLs AND BEARS.

The bear is the man who has sold the
stock l forgot to say that the bull buys
the stock to be delivered at certain date,
say thirty days. Now, if on that date
Toledo and Wabash is worth so, the bear
simply pays the bull the odd twO-if, on
the other hand it goes down to 46. the
bear pays the bull the odd two. 1t thus
becomes a struggle between them-the
bull toss it up, and the bear pulls it
down.
The fight is deadly. The bear will
get into the newspapers all sorts of sto-
ries concerning the road. He will have
Gov. Cox, the President, dead or stricken,
with paralysis, he will invent horrible
accidents, and spread reports of defalca-
tions and gross mismanagement. The
bull practices tactics precisely the re-
reverse.
The settlement is made on the basis of
the selling price of the stock on the day
| named.
Very frequently bears turns bulls. If a
bear sees that it is impossible to pull down
q stock, he frequently buys and becomrs
bull to cover. This he can do, if he can
buy more of the stock than he has sold.
These transactions very frequently in
volve millions, and they embrace every
thing under Heaven. Gold, Railroad, and
other stocks, grain, lumber; everything
in fact that is merchantable, is made the
subject of their struggles
corner" is the buying of the entire
stock of corporation, or at least more than
can be delivered. Thus we will assume
that there are $4,000 shares of the Toledo
& Wabash in all. The bears ignorant
that corner has been made in Wabash,
sell the stock to be delivered in, say thir-
ty days, supposing there is enough of 1t
in the market to be had, to make deliV-
cry at profit possible. The time ap-
proaches and they begin to look about
to get the stock. They find, to their dis
may. thereis not share to be had for
the very good reason that the bulls have
it all. They become frantic, but to no
purpose. The bulls hold, and run the
price up to any figure they choose, 10
which the poor bears are compelled to
submit But don't suppose it is all plain
sailing with the bulls If the bears are
strong enough they buy up one of the
bulls, which makes a break and if they
get break made, Heaven help the bulls
It is war to the knife and no mercy is
shown or expected.
Watering stock is where corporation
becomes exceedingly proftable--too
profitable in fact, for the public to endure
quietly. Suppose railroad having
monopoly makes money enough TO de-
clare dividends of 20 per cent. The pub
lie would clamor for a reduction of
shares, so the directors double the number
of shares-watering the capital. There
is no more capital than before, but they
call it more. If they double it, they declare
10 per cent. dividends on $2,OOO,OOO, in
stead of 20 per cent. on 81, ,000, 900.
1t is all gambling of the most deplora-
BILE kind. There are legitimate stock bro
kers, but the rule is gambling.
SOCIETY
Is fermenting in the city just now.
Balls, parties, theatres, operas and other
entertainments of all kind are in full blast,
and the fashionable people are worked
terribly. By the way the New York
belle is hard worker during the season.
She rises at noon, because she was out
late the night before. She breakfasts in
her room and dresses herself for the af-
ternOon round. She enters her carriage
and drives to reception after reception,
until night has come, when she goes
home, dresses herself in evening toilet,
and again enters her carriage to make a
round of three balls, and a German, end
ing at the last somewhere about three A.
NJ. Then she goes to bed, sleeps till noon
and is up and at 1t again. And this is
pleasure Were they compelled to do this
for living, there would be more strikes
among them than among the laborers. But
they do it.
POLITICIANS.
A reputation in New York is a singu-
lar thing. Brennan the Sheriff indicted
for the escape of Genet, and in Jail there
for, has more friends among The control
ling elements than ever. The short hair
ed look upon Brennan as a martyr. The
other night ball was given in his honor,
which was run by the most desperate
villains in the city. But, mark you, the
leating respectable Democrats of the city
were there, for they dare not stay away.
Mr.. Brennan's broken nosed adherents
run the caucuses, and not one of these
broad-cloth gentry could get a nomina-
ton if they oppose him. Therefore all
these men attend the balls of the Bren-
nan kind, and shake hands with them,
and smile and fawn on the doubtful wo-
men they bring there. New York is un-
der the control of the Iufians, and the
Democracy recognize the fact, and &C.
knowledge their rule. There is no hope
of anything good from this Nazarath.
The country is the only salvation.
IMMIGRATION.
The decline in immigration is now
very marked. During the past week the
total number ofimmigrsnts landed at Cas-
tie Garden was only 456, which is the
smallest number received in a single
week for several years. But they are of
good class. Germany is largely repre-
sented Sweden, Norway and Denmark,
contribute quota. The ScandInavians,
mostly go to the Northwest, the Germans
to the Western Middle States, while the
Irish, as many as possible, stay in large
cities, where they can run grog-mills, and
finally become Aldermen, contractors
and run things generally.
THE POOR
Are suffering this winter. There is work
enough in New York for so per cent. of
the working men, so there is no occasion
for much distress among those who have
health and strength. But the sick and
the weak are in a pitiable condition
Every day sick men and women are
found in the garrets of the oVer-crowd-
ed tenements and in the cellars as we'll,
e-o,. h,nrar anI colI The