The New York herald., 1874-10-29
FINANCIAL and COMMERCIAL
Capital VS.. Labor-The Importance
of q Compromise.
THE STOCK MARKET STEADY.
The Influences at Work Upon
the Situation.
GOLD FIRMER-MONEY EASY.
WALL STREET,
"WEDNESDAY, Oct, 28--6 p. M.

WALL STREET,
"WEDNESDAY, Oct. 28-6 M
IL 10 . nice question whether we are not upon
the eve Of important changes, as the result OF con-
tracton--changes that are likely to affect the en-
tire system pervading the labor organizat ations Of
the country. Values are everywhere declining.
Agriculturists, those who bring wealth from the
soil without other investment than time and
muscle, complain OF some strange, misunderstood
and unexpected reaction against them. Manu-
facturers are running on fractional time. Job
bers are suffering from stagnatOn and low prices.
Capital IS at rest, because It can ind no safe en-
ployment at profitable rates. At every step 1t
comes In contact with q potential force
that has not yielded an iota in sym.
psthy with the existing depression. While
THR MECHANIC CAN RENT CHEAPER HOUSES
and buy cheaper food, capital when 1t employs
labor is still compelled to pay prices that are tn
consistent with the general decline Of values
Hence ideness on both sides mutual withhold
ing OF the strength that each might communicate
to the other and condition throughout the coun-
try which not mad It's parallel since the unfor
tunate days OF 1857. When men stop building
houses and running mills, mines and machine
shops because the cost or production absorbs the
profits, it would seem to be advisable on the part
or the leaders who MAINTAIN the labor organiza-
tions that were born OF other trade conditions
than those now existing to pause and
consider whether the time Is not at
hand for revision and amendment OF
their plans The obstinacy OF the granger
has already brought about its results The pru-
dence Of the working men OF the country should
dictate q course OF action which will enable them
to escape similar misfortune. Capital and labor
should meet half way, and there never has been a
period since the war when the representatives Of
each influence, animated BY intelligent considera-
tlons, could effect greater and more lasting good
Dr the country at large than at the present time.
THE STOCK MARKET.
Both to lookerso on and to active operators the
course OF prices continues eccentric, inasmuch as
they are moving utterly without reference to
natural causes or to real values. What seems
strong for the moment may yield in day or
an hour, just so soon In fact as the
sustaining speeuator chooses to let 60 his
hold. What seems weak is with equal
facility pressed into notice and kept there until
this clique or the other has made Its fortunate
turn. There are those, however, who are watch
ing the ultimate influences at work upon the mar
ket with more tnan ordinary interest, and who
are not disturbed IN Judgment by the fact that
one stock or another has moved or on tangent
Of It's own. The strength Of Lake shore or West.
ern Union, or the price Of Union Pacific or North
west or Wabash or Pacific Mail or any other
stock is not true criterion OF the general situa-
ton. Commercial events are silently developing
which even the boasted power OF Wall street must
respect Individually and corporations we are
neither earning nor spending as much as the peo-
pie were at this time last year. The great West
has suffered blow in an immense loss OF profit
on its crops. Hence e4n
ANOTHER YEAR OF STRICT ECONOMY
among o vast mass OF consumers The South also
must needs expend its surplus, II there be any. In
paying its debts and taxes. These are only Incl
dental reasons explanatory OF causes arecting the
market. The next sixty days. however, will de-
termine the Issue. As goes the country, SO goes
Wall street. Speculation is like water-it may be
pumped but will never run up hill naturally. We
do not regard this as gloomy view OF existing
experience. It is simply truth plainly told-a
recognition OF the fact that we are gradually get
ting down to a healthier basis, on which
business OF all kinds may be more safely
and conservatively transacted. When 1t Is
fairly reached, long time will eapse before Wild
cat speculauons in rotten railroads will be again
permitted to imperil the interests OF tho country.
The process OF reaction and recovery may be
tsrdy but it Is nevertheless certain and there are
not few who do not believe that the new year
will inaugurate season Of great and permanent
prosperity.
In its fluctuations was not unlike that which has
characterised the market for several days. The
following summary VIII show the changes that
have occurred since last evening" 4
LossEs.-Atlantic and Pacinc preferred. < per
cent; Erie, y; Hannibal and st. Joseph, u; Pa
ga GxMs-New YORK Central k;o g. ana l. G.,
u; Delaware and Lackawanna, u; Harlem, u;
Lake shore, n; Ohio and Mississippi, 4 Panama.
]; Rock Island, y; Union Pacific, y.
THE sALEs
OF the day showed dulness, the aggregate being
only 49, 900 shares which were distributed among
the leading stocks follows: New York Central
and Hudson, 311; Erie 2s 800; Lake Shore, 81, ,90o
Northwestern, $500; Rock Island, $500; Pacific
Mall. IL, 800; st. Paul. 27oo; DO. preferred, 100;
Ohios 14OO; western Union, 500; Wabash, 9,7O0;
Union Pacific, $500; G. O. and O., $500; Panama.
100.
OPENING, HIGHEST AND LOWEST.
The following table shows The opening, highest
and lowest prices OF the day. EGf
opening. HtOhest L0,rest.
New York Central. ..... .l00h l0OA lo0S