The New York herald., 1874-11-13
The Relations Between Cap-
itaI and Labor.
THE STOCK MARKET FIRM.
Money Easy and Gold
ITO III a ITO SIS.
BONDS IN GOOD DEMAND.
WALL STREET,
THURSDAY. Nov 1o-G p Nj

THURSDAY. Nov. l2-6 r. N.
Reference has been made in this column to
signs OF commercial Improvement observa Bile in
other cities, and to a general condition which
betokens much stronger markets throughout the
country as soon as the confidence which has
evidently begun shall crystalline into q working
shape. Heretofore we have suffered from many
urawDacks, but one by one these are yielding to
the naturai reaction OF popular sentiment that
Is never long repressed. An American is nothing
II he Is not progressive. If there are obstacles
which ne cannot leap he will go around them and
somehow manage TO secure o fresh start. Every
where there are more or less indications OF this
peculiar phase OF the national character, yet i'm
pr0vement win not come all at once. After q
panic, especially, 1t Is plant OF slow growth.
CAPITAL REQUIRES TINE
IN which TO readapt and readust ITSELF and this is
the process now going on in the various depart
ments OF trade and manufactures. Good crops
have unlo0sed some money. and eventually fresh
impetus will be given to other productions which.
beng needed by the people. must obey the law OF
supply and demand. The principal weak point OF
the situation Is the tdleness OF a large body or
workingmen, who seem TO ignore in their de-
mands the great commercial changes that have
taken place within the last year. Capital, having
suffered tremendous losses from depreciation OF
value, cannot afford to make an exception In
favor of the laborer and pay him former prices,
when the article be produces can only find market
at large decline. 1t Is, therefore. question for
the workingmen to consider whether they are not
In part responsible for the withdrawal from active
use OF SO large an amount OF capital as now seeks
temporary employment In cali loans In every
FINANCIAL CENTRE
OF the country at 2 and per cent. Whether, in
brief, by reducing the prices Of labor, Tor which
they contend so faithfully among themselves they
might not open new outlet for capital, divert 1t
into their own channels, induce investments in
buildings and factories and again encourage
those enterprises upon which they as the muscle
men OF the country, depend for livelihood.
Appeals in this direction. however. may be all In
vain Bread has more to 40 than sentiment with
. mans pocket, ana when patience at last yields
to necessity we may find q solution OF the labor
problem in the action OF natural laws that cannot
be effected BY mere combinations. While capital
Is to certain degree dependent for Its successful
uses on labor 1t always obeys what might be
called the "higher law" OF commerce, and Is not
regulated by forceful influences that produce loss
In tue processes OF its employment.
THE STOCK MARKETS,
led by Lake Shore Stocks continue to exhibit
much OF their late strength and to afford
encouragement to large class OF operators.
Here anu there a bold bear may be found
who does not hesitate to increase his line OF
'sshorts," In the belief-and II is not without
reason-that sharp reaction will follow
the present buoyancy and net him handsome
profits. After Lake Shore in point Of interest was
Western Union, which moved from 79's to so, clos
ing at n per cent of from this figure. In this
connection the successful laying OF the .Faraday"
cable is watched with much interest because IL is
supposed by some that II may lead to new tele-
graphic combinations and possible changes OF
values. Union Pacific and Pacific Mail were like
wise active subjects or speculation; the price OF
the former ranging between 351 and 35x, and
OF the latter between Az and As. Canton during
the last two days has become more prominent
and to-day advanced from SON 10 G3. Erie, for the
nonce, occupied q back seat For further details
OF prices refer the reader TO the Official list OF
Sales and merely add that while there was consid.
cradle outside buying the principal transactions
were, 1t is said, confined to SPECTATORS in the
Board who are content with "small profits and
quick returns" The final dealings were weak in
tone.
OF stocks to-day amounted TO 10000 shares which
follows:-Ne York Central and Hudson, 450;
Erie, 5000; Lake Shore, 32,10o; Northwestern,
7,100; do preferred. 200; Rock Island, 900; Pacific
MAIL 5oO st. Paul. 700; Ohios, 10, 500; Western
Unlon 17,2Oo; wabash, 1880; Union Pacific,
1900; c., G. and l. c., 1900; Canton, 1000.
OPENING, HIGHEST AND LOWEST.
The following table shows the opening highest