The Sun.
London, England, 1867-04-23 00:00:00

fled intervals to 9 per cent., the whole payments averag-
ing 7 per cent. for the thirty years for which the new
bonds would run. This scheme, however, was rejected.
Under all the circumstances of the case, we incline to
the opinion that English holders would not be in a worse
position by waiting the course of events for the next few
months, as neither the new interest bonds, nor the old
bonds, cx over-due coupons, aro at present marketable
here.

The market in London for American securities since
our last of this day week has been firm in character, par-
ticipating only slightly in the disturbing influences which
have affected home securities. United States Six per
Cent. 5.20 Bonds are being steadily absorbed in moderate
amounts, the regular payment of each succeeding coupon,
and the flourishing state of the United States Govern-
ment exchequer tending to increase the popularity of these
bonds for investment ; they close at 714 to 4 ex coupon.
Massachusetts Sterling Five per Cont. are rather firmer,
some considerable purchases having been made in view
of securing the May coupon just accruing.
The market for Erie shares has been very strong, large
purchases being made at about 38 ; they close slightly
easier at 37-} -to 4. Illinois have remained steady from
71; to 77.

Iu Atlantic and Great Western Sectional Bonds there
is little or nothing doing, but transactions daily take place
in Consolidated Bonds—they have somewhat improved
during the week, closing at 22 to 1.

7HE UNION PACIFIC RAILWAY.

(From the Anglo-American Times.)

On the 29th of last October General Palmer,
with a party of ten gentlemen, left Philadelphia for
the western end of the Union Pacific Railway, which
had then reached Fort Riley. The account of this
journey is given by one of the party in a series of
letters which were published by the American
newspaper press, and have now assumed the form
of a pamphet. There are two striking points of
interest about the journey, which extended, from
first to last, 3,000 miles. First, that it was per-
formed in the same car, which we believe to be the
greatest journey ever made in one railway carriage ;
second, that it carried the party to a prairie post
which but a short time before was known as a
mere Indian fort —more suggestive, as Mr. Leland
says, of scalps and treaties than of cheerful
jaunts and treats—while this point is but a station
on what will soon be, par excellence, the high-
way of the world. From Philadelphia the party
proceeded to Pittsburg, by the splendid line of the
Central Pennsylvania, a distance of 355 miles ; to
Chicago, 468 ; to Quincy (Illinois), 265 ; to St.
Joseph (Missouri), 208 ; to Western, 37 ; to Lea-
venworth, 6 ; to Lawrence, 30 ; to Fort Riley, 100.
This was the direct railway portion, making up
1,469 miles, without including a divergence from
Leavenworth to Kansas city, a distance of 87 miles,
or the onward progress to Fort Ellesworth, tra-
versed in ambulances or on horseback. In running
this car over so many lines one difficulty had to be
overcome ;• the gauges of the different tracks are
not uniform. Both the Union Pacific Railway and
the Union Pacific Railroad, the Northern and
Southern lines from the Missouri to Denver, have
the same gauge of 4 feet 8/ inches; as likewise the
Pennsylvania Central, and all the connecting roads
between Pittsburgh and Omaha. But the Pacific
Railroad of Missouri, being an erratic flight of
genius like the Great Western of England, has the
remarkable gauge of 5 feet 6 inches. Experienced
engineers believe that the 4 feet 81 inch gauge will
be that generally adopted by all railroads through-
out America. The Missouri line will be compelled
to lay down a third rail in the general gauge, pre-
cisely as the Great Western has done. There are
two other differences of gauge on the intermediate
and connecting roads which necessitate the running
of cars with the broad tread wheels, and by the use of
these wheels the party was enabled to get on without
change of car. Mr. Leland likens the railroad scheme
intended to connect San Francisco with the Mis-
souri, which means, to the Pacific States, the whole
Eastern World, for our West is their East, and our
East their -West—to a pitchfork, of which the por-
tion west of the Rocky Mountains, the California
branch, forms the handle, and the other roads the
tines. The lines already in active course of forma-
tion are from Omaha westward, forming the Union
Pacific Railroad, and from Wyandotte westward,
forming the Union Pacific Railway (Eastern Divi-
sion), of which the former has made most progress ;
and, as we learn from a 1 tte statement in Congress,
is moving on at the rate of two miles a day. This
line is principally owned in New York and New
England, the other, in Pennsylvania and the ad-
jacent States. The President of the former was
General Dix, the Minister at Paris. The routes
East of the Missouri, with which the Omaha road
is in connection, are five.-1. The Cedar Rapids
and the Missouri River. 2. The Mississippi and
Missouri Railroad, which is the lowa arm of the
Chicago and Rock Island Railroad. 3. The
Burlington and Missouri River Railroad, which
is the lowa arm of Chicago, Burlington and
Quincy Railroad. 4. The Council Bluffs
and St. Joseph Railroad, connecting with the
Hannibal and St. Joseph, and Northern Mis-
souri from St. Louis. 5. The Dubuqne and
Sioux City Railroad, which is pointing that
way. Two of these connnections will probably be
made during the course of next summer. In addition
the American Central Railway has been projected,
which is to run on an air-line from Fort Wayne to
Omaha. This is the Northern line, which will pro-
bably be in some slight degree impeded by the more
severe climate during the winter months. The
Union Pacific Railway, although starting from
Wyandotte, has its real terminus in St. Louis, which
is now connected with Wyandotte, by the Pacific
Railroad of Missouri, built by a State organisation,
and which will, we believe, be transferred to the
company forming the Union Pacific Railway. That
line is complete and open to Fort Riley, and the
rails laid fur 30 miles west. Fifty miles were to
have been completed by the close of last year, but
though only 30 were actually finished, 60 miles
further, had been graded. The road was working for
a distance of 172 miles, extending to Junction City,
three miles west of Fort Riley. Messrs. Shoemaker,
Miller, and Co., have contracted to finish 250 miles
by the 31st December next, which will leave less
than 200 miles to finish the line to Denver. The
following are the distances of the Eastern Divi-
sion. From Wyandotte to Lawrence, forty miles ;
Lawrence to Topeka, twenty-seven ; Topeka to
Manhattan, 51 ; Manhattan to Junction City, 20 ;
Junction City to Denver, 463. When this pamphlet
was printed last January, the railway had, as before
observed, been opened for 30 miles beyond Junction
City, which would leave 433, to complete the Es stern
division ; and if the contractors can accomplish the
undertaking in the time to which they have bound
themselves, more than half of the remaining dis-
tance will be finished, by the end of the year. The
country ovei which this line will pass, is a bald
prairie, unlike the level lands of Missouri; Illinois,
and other Central States. The latter are generally
level, while the country through which the
engineers are now penetrating, consists of gently
swelling lowlands, gradually rising in many places
to a high expanse called a divide, which again
settles down into numerous waves of small hills.
The sides of these hills have in many places been
washed away, forming ravines called caynons, where
pools or streams are found. As the Smoky Hill
Fork is neared, patches of the crisp, moss-like grass
become frequent, on which the buffalo loves to feed.
The quantity of this grass in the neighbourhood
of the Smoky Hill has made that district the
best hunting-ground of the Indians, and the
Cheyennes and the Kiowas are believed to
be banding with other tribes, to prevent the forma-
tion of this line. The greatest activity, enterprise,
and energy are developed as the line progresses.
Those who are forming the road have not to wait to
see the substantial results of the capital embarked.
Already, the Eastern Division, from Leavenworth
and Wyandotte to Fort Riley, is unable to supply
the demand for freight and passage. Every person
settled along the proposed route believes that the
line will be the making of his fortune. As it moves
on towns and ranches spring up by its side,

giving the best guarantee to the proprietors
of their own gain in the work. This is
the • mere local traffic, as yet unconnected
with the magnificent commerce destined to glide
over this highway. The intense activity and inte-
rest excited by the formation of this line, springs
from t deeper source, than any mere local causes.
Both the people forming it, and the people settling
along the route) believe, that they ,are grouping