, 1865-03-22

commerce. We have had panlcs In the grain
ttnde perhaps equal In severity to the fsl In pro-
cuce at present; but never before "as the de
preston 20 affecting, as It does now
everything mer,hantabl8. There Ii no fule- BY
which the continuance or extent Of the present
panic can be estimated. Heavy declines are
usus1iy attributable either to+tha strln-ency OF
The money market or to sudden falling OH In the
demand, or to 10th; but st present operators
have 10 look not only to The money market and
The supply and demand, hat also to the ducfu-
at!crs Of gold. And here the perplcxfns ques-
zion comes in-where is gold going to stop before
Eeac ION takes plaeer or will 1t react at all !
THIS var has no parallel In history, as 10 mag01-
tude end extent; mel her have We any ptecetents
10 griae Us against either IN advance Ct decline
in gold. After gold fell below 200 the general
orinion was that 1t might reach IT'S, and then Ee-
MAN STEADY and react; but now thatft has f,ileus
belo3 Z 16o the ahrewdest speeu'ators are In fog,
and 1t is difficult to dnd man who will venture
the opinion that it Is not now going straight
down 10 t5o, and many think it will NOT stou short
Of lis.
To mere speculator. such ntas, Of affairs u
e1ua-hazardous; but such operators take large
flsks with the expectation Of making e1ormous
profits With merchante, however, the.case Is
different. They made very large profits from the
eale o. goods at enhanced prices during the arst
two years Of the war, and those who have kept
ont of speculatons in gold, &C., are able to meet
the depreciation In tho. valued Of their STOCKS
without danger to shemse1ges OF their creditors.
Tbs dealers in produce, provisions, & c., how
ever. had neither the sdyantase Of the merchsnt
In The advance OF property, nor the profits Of the
tpeculatcr, and yet they run Is great F1aks Is
either, for the tall in produce and pork has
been as great as the decline in gold The pork
packefs haye been part1cu1arly unft,YtnDafe and
thnt, too. without engaging In specuIaions Of any
kind. They commenced to pack hugs during the
past .eason very reluctantly, owing to tho high
price Of hogs; but after thu season had advanced,
they were carried AWAY BY the prospect Of short
crop, and eagerly purchased all they could cnt at
still higher prices. The result was, that the bay
relied pork cost them $a5 90 per barrel-the
same which was sold to day ut $.4.05324 So loss
Of SI5.Go per barrel. It Ii proper here 10 stat,
that the TRIBUNE, all along. has warned the trade
against being carried away BY tho opinion which
prevailed all over the country, that pork was 60
Ing TO $c0.0o@75.00 per barrel We have main
tanned from the beginning that the prizes Of pork
would be regulated by the quotations Of gold,
even admitting that the crop was "ahorti" and
the present st1te Of AFFAIR." proves that Nc vera
correct In our suruises.
The following table show. the range OF quota
tons for gold IN New York during the past week:
Tueecay, lath. ..............-..........1n @1s5
ann1saay, ious Dt1Gf
EIluay, t.n:..+-.... .'......--.....l59 G91t8f
sa1ufday. 15th. lott 41654
Monday, z0tn.--.. 1881 I11073
Tuesday, slst.. @159{
The following table shows the closing prices OF
railroad stocks IN New York to-dsy, compared
with tho quotations. On the corresponding day Of
last week and last month: