The Sun.
London, England, 1867-03-02 00:00:00

(From Bowles, Dreset, and Co.'s Circular.)

Business has become much more animated towards the
end of the week, and a nearly universal advance has been
established.

The purchases announced of about 260,000 frs. of 3 per
Cent. Rentes (say about 6,066,000 frs. capital) for the sink-
ing fund, in March, has occasioned a rise in- this security,
which is now selling in the neighbourhood of 70, and the
" shorts" show much discouragement.
American 5-20 s. alone continue unaffected by the
various influences which agitate the Bourse. The course
of gold and the news, favourable or otherwise, which the
telegraph brings from blew York, produce slight move-
ments of advance or decline, with, however, no consi-
derable variation.

Sellers speculating on apprehensions they believe well
founded are very numerous and active, but purchasers for
investment establish the equilibrium and prices are main-
tained. •

On the report (which has been but little credited) that
200 million 5-20 s. of 1862, (the only issue freely negotiable
at the Paris Bourse) has been discovered to be counterfeit,
a slight decline ha-s
taken place. The news that President
Johnson will not be impeached has had no influence on
this security, which was quoted in our last circular, 83
9-16, and close to-day at 82k.
Short exchange on London rules at 25 12 to 25 15.
Money is very abundant, and a good commercial paper is
negociated at 1.1 per cent. per annum.

In a word the general aspect of the market is better
than for a long time past.

(From E. F. Satterthwaite and Co.'s Weekly Circular,
Feb. 27, 1867.)

The Africa brought us advices from New York up to
the 12th inst. The stock market generally exhibited a
fair average amount of business, Government Securities
being well supported, and in good demand. In railroad
shares the fluctuations had been comparatively small, the
tendency being to a slight improvement, on the hope of
speculators that the bill for an enlargement of the cur-
rency to the extent of a hundred million dollars would be
carried. This project, however, we learn by telegraph,
has been rejected by the Senate, so that the policy of a
gradual return to specie payments will most probably be
persevered in. In railroad mortgages there was very
little business recorded, but State stocks were a little more
in demand. Money remained at former rates.
London, Feb. 21, 1867.
To E. F. Satterthwaite, Esq.

Dear Sir,—l take pleasure in complying with your re-
quest, to repeat, in writing, what I said in conversation
with you a few days since, in regard to the manner in
which the Atlantic and Great Western Railway has been
constructed, and of its future prospects for traffic. During
the construction of the road, and as each section was
opened, I had occasion to pass over and to examine many
portions of it, and feel justified in stating from personal
observation that it has been built and equipped as a first-
class Western American railway. The cross sleepers are
generally of oak, of good size and quality, and of the usual
and proper number for the rails used. The iron rails are
of the usual and suitable weight (about 561bs. per lineal
yard). The cuttings and embankments are of the usual
dimensions and slopes, and the road-bed reasonably well
ballasted. The bridges and other structures seem to have
been well built, and 1 think a largo portion of the line is
fenced. The engines and cars are of the most
modern and best workmanship, and will com-
pare favourably with those upon this side of the Atlantic.
The equipment seemed to be sufficiently largo for the
traffic at the opening of the road, but will probably require
considerable additions to meet the future increase of the
traffic. This railway, especially that portion in the States
of Pennsylvania and Ohio, passes through a rapidly im-
proving country, the local business of which will continuo
to increase for many years. The Western connections of
this road, with several of the large interior commercial
centres (Such as Cincinnati, Cleveland, &c.,) will secure to
this line a share of the vast trade of the greatest cereal
prodeeing regions of the United States. The future in-
crease of the traffic of the Atlantic and Great Western
Railway must, therefore, be as certain as the growth and
prosperity of that region of the country. All American
railways are now suffering from a temporary decline of
traffic due to the same general causes. The war, and for
some period after its close, gave an increased direct and
indirect traffic, which is not now received. The reaction
following the stimulating effect of the war upon trade and
commerce has temporarily deprived the railways of that
average amount of traffic, but the recuperating power of
the young, healthy, vigorous West, will in a short time
change this condition of things, and show an increasing
traffic over all the leading trunk lines between the interior
and the Atlantic.—Respectfully yours, W. J NPALrINE.
We have had to note a limited business in American
securities in the Loudon market during the past week.
Telegraphic advices from New York, reporting an advance
in the premium on gold, has had a depressing effect on
the market, and at the close 5-20's at 73 to for the 1852
Bonds, and 711 to I for those of 1865, showing a decline of
1 per cent. There was but little demand for either Illinois
Central or Erie shares; the former are last quoted 764 to
774, and the latter 36} to 37, or $1 lower.
Atlantic and Great Western Consolidated Bonds and
Certificates of Debentures have fluctuated considerably
during the week; tho Consolidated Bonds, after having
advanced from 211 to 26, leave off at 211 to 221, and the
debentures, which were at one time taken at 33, have re-
lapsed to 28 30.