The New York herald., 1874-10-27
Stocks Steady and the Course Of Specu-
lation Unchanged.
MONEY EASY, GOLD FIRM
The Granger Movement from CONNER.
cial Point of View.
RAILROAD BONDS FIRM.
WALL STREET,
MONDAY. Oct. n6-8 M.

POLITICALLY we have IN this column nothing 10 do
with the granger movement. Financially It has
become subject OF mncn discussion among busl-
ness men, especially since recent results have
demonstrated the Jolly OF an attempted innova-
tiOn upon the natural laws OF trade. First, the
producer never can nx the price or an article.
This work belongs to the merchant and is regu-
lated BY supply and demand. Secondly, ne can
exert no other than o temporary influence on
freRhtS, Tor no general rule successfully apply
to al localities He may be communist for
hundred miles around him, but outside of that
circle he Is more than likely to encounter adverse
interests and arouse the antagonlsm Of those who
have been more or less fortunate than him.
SELL Wheat in July last was quoted
at 81 10 per bushe. To-day 1t Is sold In Cni-
cago at S3K cents. prominent Western railroa
of1ciat said at that time, "when wheat sells at
less than 81 per bushel we cannot earn divi-
dend." The crop mas been withheld In expecta-
tion or higher prices, but the price OF wheat in
England Is said to be lower than 1t has been known
FOR twenty years. While Americans have been
waiting, France, Russia, Hungary and Austria
have rushed in to supply the English market. In
all
THE GRAIN PRODUCING COUNTRIES
Of Europe there is an OF cheapness and plenty.
At home we see only overstOcked markets and
reduced values, the farmer complaining the rail-
roads suffering and merchants staggering under
load oil unrealized expectations California AFFORDS
a salient illustration OF the greco or this new COM
binati0n. Seeking to dispense with "middlemen"
the grangers adopted the plan OF charterlng
vessels direct for Europe and shipping
grain on their own responsibility. The result
has been concentration, it Is said, Of about
$50, 1000 worth OF wheat on the Pacific coast
awaiting market. Correspondents In California
say that ''there Is no profit on these farmers
ventures; that they have shut the door to COM
petition, and that there are no other buyers than
those who desire to load ships under charter; no
life or activity In the breadstun market and trade
almost dead" 1t is further reported Dy the
California papers that there are ships by the score
waiting cargoes In the face Of the biggest grain
crop ever harvested on the Pacific SLOPE From
these facts 1t is evident that the grangers have
not fully comprehended the magnitude Of the
changes superinduced by the late panic, and that
being unable to appreciate the erect Of
contraction, the necessity OF finding q
prompt market for their products, the folly OF at
tempting by legis alton to regulate natural causes
and control great railway enterprises, they have
created q whlrlwind which up to the present
hour they have been unable to ride, and which
daily increases in lorce and volume
THE STOCK MARKET
was without feature, operators outside OF the
clique which is supposed to exist being unable TO
form any Judgment with reference TO future re-
suits. The market In It's manipu.atlons Is still
clouded by mystery, and speculation on the
upward tack is so adrottly conducted as
to hide the purposes Of those who are be-.
hind the scenes. The same remark may appro.
prateIy apply to those who are preparing for
lower prices. Hence parties who are accustomed
to measure future possibilities by pending transac-
tIons may derive encouragement. The next sixty
days are said to be Iull OF feature Wall street has
not always correctly read the signs OF the times
but depended on Its inherent speculative strength.
Just now. however, 1t Is paying attention to out
side facts adapting itself to the commercla, situa-
ton and drawing It's lessons from the condition OF
the country at large.
STOCKS TO-DAY
were comparatively steady. The chief exception
was Pacific Mail, which declined from 46k to A. ~
on report of misfortune to the steamship City OF
Peking. That report was In this ONCE nearly
week ago, and told OF no other trouble than the
breaking OF couple Of blades in the screw Of the
ship-the same mlshap that once occurred to the
steamship Acriatic The tidings OF wreck, &C., are
therefore without foundation, unless late news
has been suppressed, which, we are assured, Is not
the case. The change in prices has been trining
that 1t can be best expressed In the iollow wing
table, which shows the opening highest and lowest
Of the day.-