The Sun.
London, England, 1864-01-21 00:00:00

COMMERCIAL INTELLIGENCE.

The reaction in the stock market continued yes
terday morning, and the excitement created thereby
had very much the appearance of a panic. Prices
receded from one to five per cent. on nearly all the
leading railroad shares. Government Stocks were
dull, and were forced to submit to a slight decline,
the Five-twenties being quoted 1011 to 101 i. The
market became a little more settled in the afternoon,
and the sales at the last board showed a slight im-
provement. The money market was active, and
the supply was hardly equal to the demand, but
the difference was not sufficient to cause any change
in the rate of interest. Gold was dull at 1512
to 152.

Though there was no special activity in business
circles yesterday a good business was transacted in
most of the leading articles, and the markets were
generally buoyant and firm. At the Produce Ex-
change the chief feature was the very active export
demand for wheat, the day's sales being the largest
of the season, amounting to 240,000 bushels. Prices
were higher. Groceries were rather firmer, in
sympathy with the rise in gold. Cotton was easier.
Petroleum was lower, but rather more active_
Freights were active and higher, owing to the large
sales of wheat.

[FROM THE TIMES CORRESPONDENT.] •
NEW YORK, JAN. 9, 11 a.m.

The conflicting accounts of the intentions of the
Confederates in the Shenandoah Valley' have been
set at rest by the commencement of a northward
movement in three columns by that force. Peters-
burg, Virginia, was surrendered yesterday. Gene-
rals Fitzhugh Lee and Rosser are moving upon
New Creek.

The Federals were driven out of Burlington
yesterday, and it is feared Cumberland, in Mary-
land, will be attacked to-day. The Confederates
have captured a Federal train of 36 waggons.
The Confederate General Imboden was attacked
at Winchester, and his advance checked, yester-
day. _ _ _

It is announced that the Federal force captured
at Joinsville, Virginia, on the 3d, guarded a dis-
trict upon which the Federal troops at Cumberland
Gap chiefly relied for forage. In addition to the
prisoners, the Federals lost 60 men killed and
wounded.

Another secret expedition left New Orleans on
the 30th. Its destination was believed to be
Mobile.

The Richmond Examine-i of the 31st December,
in concluding a review of the military and financial
situation of the Confederacy, says :
" We all know that we have a heavy score to pay
off. This may depress us, but our enemies need
not be jubilant at that depression, for we are deter-
mined to meet our liabilities. Whatever number
of men, or whatever amount of money shall be really
needed, will be forthcoming. Whatever economy
the straitening of our resources may require we
shall learn to exercise."

The accounts of recently released Confederate
prisoners of their treatment at Point Lookout, pub-
lished in the Richmond journals, show the practice
of the greatest barbarity by the Federals:—
" Murder was not only not scrupled at, but op..
portunities sought for its commission by the guard,
who were known to have been offered 10 dols. and
15 dols. apiece for every fractious' prisoner they
could consistently shoot in the discharge of their
duty.' The rations of the prisoners per day con-
sisted of five hard biscuits, with a piece of meat the
size of a shrimp."
The State of Georgia is reorganising its Militia,
under the provisions of a recent Act of its Legisla-
ture. All white male citizens between the ages 3f
16 and 60 years are called into the service, and are
divided into two classes. Those between 17 and 50
years are considered the Militia proper ; the re-
mainder are held as a Militia reserve.
The Provincial Government of Nova Scotia
placed the Chesapeake in Admiralty on the 7th,
and a hearing of the case will be had to-morrow.
In the Senate on Thursday, Mr. Howe, of Wis-
consin, offered a resolution which was referred to
the Military Committee, requesting the President
to call out 1,000,000 men for ninety days, to be led
by Gen. Grant against Richmond, the capture of
that city, and the liberation of the Federal prisoners
there.

Senator Morrill offered a resolution yesterday
requesting Mr. Lincoln to notify the British Go-
vernment of the desire of the Federal Government
to terminate the Reciprocity Treaty. It was re
ferred to the Committee on Foreign Relations.
A resolution by Mr. Baldwin, of Massachusetts,
to reject without hesitation or delay any and every
proposition for peace that may be made by the
Southern authorities, was adopted in the House of
Representatives on Thursday. Mr. Rogers, of New
Jersey, submitted a proposition to readmit to the
Union the seceded States with their original Con-
stitutions whenever the people of those States
might make application. It was laid on the table.
In the same body the resolution by Mr. Myers, of
Pennsylvania, to prosecute the war until the Con•
federates were conquered into a love for the Union,
and when that was accomplished to hang every
leading man in the Confederacy, was referred to the
Committee in the Reconstruction of States.
Albert H. Palmer, secretary to the Collector of
Customs of the port of New York, and also the
secretary of the Union Central Committee, have
been sent to Fort Lafayette, charged with com-
plicity in the shipment of goods to Nassau for the
Confederate market.
The public funeral of the late Archbishop Hughes
took place on Thursday afternoon. The courts and
public offices were closed in respect of the occasion.