The Sun.
London, England, 1866-06-23 00:00:00

COMMERCIAL INTELLIGENCE,

NEW YORK, June 13 (Morning).
Money easy: Gold 1431. Exchange on London,
157 ; ditto Paris, 3.65. Stocks steady : New York
Central, 97i ; Illinois, 121 ; Erie, 624 ; Five-
'Twenty Bonds, 1021. Cotton : Good inquiry ;
Middling, 40c. ; receipts, since Saturday, 6,250 ;
sales same period. 11,250 bales, Wheat and flour
good inquiry. Corn slightly firmer. Provisions
firm and active. Coffee steady. Sugar quiet.
Molasses steady. Petroleum quiet : crude, 26 ;
refined 41.

NEW ORLEANS, June 12.
Cotton firm and advancing ; low middling, 36c.
to 38c. ; sales, 3,500 bales ; four days' receipts,
2,250 bales ; stock, 122,000 bales.

There has been increased ease in the Money Market
during the past week ; borrowers are readily supplied at
from 5 to 6 per cent. Gold has declined to-day
from 1411 to 1381. Several times during the week
the Stock Board has been disturbed by ugly ru-
mours respecting a Washington bank and the Croton
Bank, of this city; but these reports are believed
to have emanated from a knot of speculating " bears."
Fortunately for the interests of our brokers and commercial
class here, the tactics of these worthies will not prove so
successful as those of their brethren of the London-Stock
Exchange. The futile efforts of the Government agents to
bear the New York gold market, and keep the price below 130,
has been the cause of much complaint. The ratural effect of
the panic on the London Exchange was a steady flow of gold
from New York to Europe, and a consequent rise in the
price of the precious metal. Canute in the olden time,
and Mrs Partington of the modern, were not more in-
effectual in their attempts to stop the natural rise of the
tide than were M‘Culloch's lieutenants in their endeavour
to prevent the advance of gold. In this attempt the Go-
vernment sold during the month of May 4335,450,000 of
gold at an average price of 1301.
The Tribune of to-day romarks that the alarm shown at
every rumour of trouble among the National Banks is very
significant, and should teach borrowers caution. It is
well known that a large majority of these institutions live
mainly upon their circulation, and that any attempt to
make them redeem their notes in legal tender would force
them into liquidation by scores. For the present, Mr.
McCulloch has abandoned his effort to bring about specie
payments, and is the leading inflationist of the day ; but
this cannot last, and borrowers must be careful and not
be too much expanded when he returns, as he must, to the
principles of his Fort Wayne speech and his annual report.
The country cannot afford to continue business upon irre-
deemable paper and successfully compete with nations
paying specie ; and to specie we must return at no distant
day. The return, come by what route it may, will cause
great distress to all who are debtors during the process and
are obliged to pay debts with assets daily shrinking under
the appreciation of paper to gold. The use of paper money
by the Treasury during the rebellion was a desperate re-
sort, and its cost has yet to be borne by the country."
The latest news and commercial reports fram England
being favourable, have exerted a good influence. But few
bills have been returned dishonoured from England, and
the general opinion here is that you have seen the worst
of the panic.
The Russell File Company has declared a quarterly cash
dividend of 10 per cent.
_ .

Most of the Wester railways are showing unusually
large returns. Those of the Milwaukee and St. Paul
Railway Company, exclusive of the eastern division of the
a Crosse road, for the month of May, were $245,511,
against $203,018 for the corresponding month last year.
The earnings since the Ist of January have been $752,236,
against $589,900 for the first five months of 1865. The
earnings of the Michigaa Southern Railway for the month
of May were $428,494, against $353,194 for the correspond-
ing month of 1865, showing an increase of $75,300. The
increase over last year's returns between March 1 and May
31 was $117,551.
-Boston import returns are very favourable. The total
imports at that port for the week ending June 1 wa.g.
$845,674, against $369,734 during the corresponding week
in 1865. Total since January 1, $19,218,869. Average
amount per week, $873,582.