The Sun.
London, England, 1866-12-11 00:00:00

but it was well supported, andj again rallied. Erie has
been extremely agitated, and has undergone more fluctua-
tion than any other stock. Last Thursday, for instance
it opened at 75-1, declined to 70, rallied to 73, subsequently
fell to 711, then recovered to 721, leaving off at 71*. Illi-
nois Central has also been depressed. A strong effort was
made to bear down " Reading," but, on the whole, it was
well supported. There are many who prognosticate a panic.
I feel assured that the fall in prices is owing to a caution
which is the reverse of the reckless proceedings which
inaugurate a monetary crisis. The crops, too, have in
no instance failed. On the contrary, the yield of grain
and provisions has been large. Tobacco and cotton are
coming forward in considerable quantities. It is now
estimated that the yield of cotton will be in excess of the
quantity hitherto given at New Orleans as the probable
result. Two millions of bales is the estimate, based on
the reports coming in from Florida, the Carolinas, Ten-
nessee, Southern Missouri, Arkansas, and Texas. The
following statistics of the trade-and revenue of New
Orleans may be interesting to you :
Amount of revenue collected at the port of New Orleans
for the fiscal year ending June 30,,1866

July, 1865 3122,400-60
August,lB6s 167,392.98
Sept., 1865
Oct., 1865 244,452.34
Nov., 1865 528,133.34
Dec., 1865 379,703.98
Total ... ..

January, 1866 5638,571.40
February, 1866 430,808.14
March, 1866
April, 1866 616,000.07
May, 1866 408,833.64
June, 1866.. 307,454.35
64,598,488.61

The number and tonnage of vessels entered at the port
of New Orleans during the fiscal year ending June 30,
1866:

No. Tonnage.

United States vessels entered from
foreign ports ... ... 159 74,116
United States vessels entered coastwise 1,561 892,459
Foreign vessels entered ... ... 482 156,565

Total number of vessels and amount
of tonnage

... 2,202 1,123,140

(From L. P. Morton and Co.'s Circular.)

liEw YORK, Nov. 24.

Per " City of Boston" reports since our last advices the
money market has assumed an extreme stringency, the
consequence of large drafts by the Treasury upon the Na-
tional Bank Depositories. The active calling in of loans,
to provide for the drafts, produced considerable uneasiness
in financial circles, and caused a sudden process of realis-
ing on securities, and a heavy fall in prices. Yesterday
the Treasury announced its willingness to accept payments
from the banks in compound interest notes—aform of legal
tender held by the banks as a reserve, but not adapted for
circulation, owing to an accumulation of interest upon them.

This policy had the effect of partially allaying the prevailing
alarm ; the banks relaxed their extreme caution ; and the
prices of securities partially recovered. Money has ruled
at 7 per cent. on demand loans, and closes at 6 to 7 per cent.
Discounting operations have been interrupted by the un-
settled condition of affairs, rates ranging at 7 to 8 per
cent.

The decline in Government Securities, consequent upon
the fall in the price of gold, has had the effect of inducing
liberal purchases for investment, and the transactions in
gold-interest bonds have been large. Five-Twenties of
1882 were temporarily depressed by speculative operations
to 1071; but the firmness of quotations at London had the
effect of rallying prices, and the bonds close active at 1081
to 1081. The new Consolidated Bonds of 1865 are in
steady demand for investment, and close firm at 1071.
The crisis in the money market has produced an average
decline of 6 to 8 per cent. upon railroad stocks ; the mar-
ket, however, closes with an improved tone, but with
much irregularity in quotations. Erie has fallen from 78,
our last quotation, to 69i ; but closes active at 71 to 711.
Illinois Central Shares have touched 116, but close at 118
to 1181.

State Stocks have sympathised with the general depres-
sion, but, being little subject to speculative movements,
have not declined so heavily as other kinds of securities.
Tennessee 6's, 1890, close at 90 to 92 ; North Carolina 6's,
70 ; Virginia 6'e, 60 to 62 ; Missouri 6's, 861 to 87.
The downward tendency in the premium on gold, arising
from the increased supply since the Ist inst., has been
strengthened by moderate sales made by the Treasury.
The price has touched 1371; but owing to the suspension
of Government sales, and advance in the rates of foreign
exchange, the price subsequently advanced, and closes
at 1381.
Foreign Exchange is mote in demand, and the rates are
1. per cent. above the quotations for last mail. Bankers'
60 days' sterling closes at 109 to 109'1; three.days' do. 109/
to 1101 ; bills on Paris, long date, 5.161 to 5.15; do. short
date, 5.131 to 5.121.

The recent decline in cotton has induced a freer de-
mand, under which prices have slightly improved, not-
withstanding the fall in gold. Mid. Uplands aro hold at
3-1 i to 35 cents, which is about one cent above the views
of buyers, transactions consequently being limited.