The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1874-02-20

he Will invent bogus dispatches-he
will spread reports of the death of Presi-
dents of railroads-publish bogus reports
Of the business done-in short, there is
no villainy in the range Of lying. perjury
ana fraud that he will not commit to
make that stock go TO a figure above 4S.
The bear is the man who has sold the
stock. [ 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 bull pays the bear the odd two. 1t
thus becomes struggle between them
the bear to toss it up, the bull to pull
it down.
The fight IS deadly. The bear will get
into the newspapers ali sorts of stories
concerning the road. He will have Gov.
Cox, the President, dead or stricken with
paralysis, he will invent horrible acci-
dents, and spread reports of defalc ations
apd gross mi.management. The bull
practice tactics precisely the reverse.
The settlement is made on the basis
of the selling price of the stock on the
day named
Very frequently bears turn bulls. Ifa
bear sees that it is impossible to pull
down stock, he frequently bnys and be-
comes bull to. cover. This he can do.
if ne 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 merchantabls is made the
the subject of their strugg, es.
A corner is the buying of the entire
stock OF corporation, or at least more
than can be delivered Thus we will as
sumo that there are $4,000 shares of the
Toledo u Wabash in all. The bears
Ignorant that corner has been no ade in
Wabash, sell the stock to be delivered
In say thirty days, supposing that there
Is enough of it In the market to be had.
to make delivery at profit possible.
The time approaches aud they begin to
look about to get the stock. They find
to their disnay that there is not a share
to be had; for the very good reason that
the bulls have 1t all. They become fran
| tic, but to no purpose The bulls hold.
and run the price up to any figure they
choose. to which the poor bears are com.
PEELED 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 tho bulls, which makes break
and II they get break made. Heaven
help the bulls. 1t is war to the knife and
no mercy is shown or expected
Watering stock is where corporation
becomes exceedingly proftable-too pro-
htabe In fact. for the public to endure
quietly. Suppose a railroad having
monopoly makes money enough to de-
clare dividends of 20 per cent. The put
ilc would clamor for reduction of shares
watering the capital. There is no
more capital than before, but thew call It
more. fthey double it, they declare 10
per cent. Dividends on So, 900, 900, in
stead of 20 per cent, on 81, 900, 600.
1t Is all gambling of the most dep]or
able kind, There are legitimate stock
brokers, but the rule is gambling.
SOCIETY
is fermcntlng in this city Just now. Balls,
parties, theatera operas aud entertain
ments of all kinds are in full blast. and
the fashionable people are worked terri
bly,. By the way the New York belle is
hard worker during the seasen. She
rises at noon, because she was out late
the night before. She breakfasts in her
room and dresses herself for the after
noon round. She enters Ter carriage
and drives to reception after rece ption,
until night has come, when she goes
home, dresses herself in evening toilet,
and again enters her carriage to make q
| round of three balls and German, end
Ing up at the last somewhere about three
A. NJ. Then she goes to bed, sleeps till
noon, and is up and at it again. And
this is pleasure! Were they com mpelled
to DO this for living. there would be more
strikes among them than among laborers.
But they do it.
POLITICIANS
A reputation in New York, is singu-
lar thing. Brennan, the Sherff indicted
for the escape of Genet, and in Jail there
for. has more friends among the control
ling element than ever. The other night