The Sun.
London, England, 1867-11-16 00:00:00

(From the Wall-Street Journal.)

By telegram from San Francisco, dated October 26,
1867, wo have the following quotations :

Gould and CUrry 325 per foot.
Savage
Chollar-Potosi l9O „
Ophir 55 ~
Hale and Norcross
Crown Point
Yellow Jacket 335 „
Belcher
Alpha
Kentucky —1,
Empire —
Imperial
Confidence

,The Toledo, Wabash, and Western Railway will pay,
on and after November Ist, a semi-annual dividend of 3}
per cent. at the office of the company, 19, Broad-street,
N.Y., and will pay at the Metropolitan Bank, N.Y., the
interest due on November Ist on the bonds of the com-
pany; the Forty Second Street and Grand Street Ferry
Railroad Company, 5 per cent.; the National Mechanics'
Banking Association, 5 per cent. ; the Union National
Bank, 5 per cent. ; the Mercantile National Bank, 5 per
cent. ; and the Fulton National Bauk, 5 per cent.
The Albany and Susquehana Railroad Company give
notice that the interest due on the Ist and 6th, on the
Albany City Bonds issued to them, will be paid on and
after these dates at the tanking house of Dabney, Mor-
gan, and Co., 53, Exchange-place ; and the Cincinnati,
Hamilton, and Dayton Railroad Company give notice
that the coupons due on the bonds of the company on
November Ist, will be paid at the American Exchange
Bank, New York.
The interest due on the bonds of the Metropolitan
Railroad Company, of Brooklyn, E.D., •will be paid on
demand at the treasurer's office, 229, Broadway, N.Y. ; on
the Second Mortgage Bonds of the Marietta and Cincinnati
Railroad Company, and on the First Mortgage Bonds
of the Scioto and Hocking Valley Railroad Company,
at the American National Bank, New York; on the
State of Alabama Five per Cent. Bonds at the
banking-house of Duncan, Sherman, and Co., New York ;
on the Jersey City 6 and 7 per Cent. Bonds, at the Second
National Bank of Jersey City, and the Fourth National
Bank of New York ; on the bonds of the Richmond and
Danvillo Railroad Company, at Soutter and Co.'s, Now
York ; on the State of Michigan Bonds, at the Metropoli-
tan National Bank, Now York; on the bonds of the
Evansville and Crawfordsvillo Railroad Company, at the
Farmers Loan and Trust Company ; on the bonds of the
Cleveland and Pittsburgh Railroad Company at the Ocean
National Bank, Now York; on the Second Mortgage
Bonds of tho Marietta and Cincinnati Railroad Company,
at the American Exchange National Bank; on the Bonds
of the Sullivan and Erie Coal and Railroad Company, at
the American Exchange National Bank; on the follow-
inc, bonds of the Chicago and North-Western Railroad
Company viz., the "Funded Coupon," the "Conso-
lidated .Fund," the "Equipment " and the "G. and
C. R. R. Company's Second Mortgage, " at 57,
Broadway, Now York ; of the Staten Island Horse
Railroad Company's Bonds, at 20, Nassau-street ; of the
Bonds of the Tioga Railroad Company, at the National
Bank of North America, New York ; on the First Mort-
gage Bonds of the Memphis and Charlton Railroad Com-
pany, at the office of Winslow, Lanier, and Co., New
York ; and on the Second Mortgage Bands of the Colum-
bus and Indiana Central Railroad Company, at the St.
Nicholas Bank, New York.

(From Messrs. Belding, Keith, and Co.'s Circular.)
FRIDAY EVENING, Nov. 15.

The market for United States Securities was steady at
the close of last week, and improved till Wednesday, when
a fall took place in Government Bonds, owing to the rise
in the price of gold in New York. United States 5-20's of
the 1864 issue, however, formed the exception, and rose 1
per cent.—viz.: to 68-70. 5-20's of 1862 open this morn-
ing at 701 1, or 1 per cent. lower than this day week. The
same change has taken place in 1865'5, which are now
quoted 68} to 691. The demand for 10-40 Bonds is in-
creasing, and oa Wednesday they touched 68. A fall of 1
per cent., however, afterwards took place, in sympathy
with the other Government securities. Illinois Central
and Erie Railway Shares continued to increase in value.
They were last quoted 841 85 and 471 respectively, show-
ing an imp:ovement of 21 per cent. in the former, while
the Erie Shares are firmer, without the same decided rise.
Atlantic and Great Western Consolidated Mortgage Bonds
have been stationary, and close at 19 20.

rom E. F. Satterthwaite and Co.'s Weekly Circular, N0e.13.)
Our advices from New York, per Persia, are to the 29th
ult. The market for United States Government securities
was steady, the only alteration of moment being an ad-
vance of nearly one per cent. on 5-20's of 1865, which had
been in request on European account. State stocks and
railroad bonds were more offered and were weak. Rail-
road shares exhibited but little fluctuation, but the ten-
dency was, if anything, to lower quotations. The principal
feature was the decline in Philadelphia and Reading,
Which, on the recent statements put forth by the com-
pany, had fallen three per cent. Gold in anticipation of
payment of the 5-20 coupons had receded about two per
cent.
UNITED STATES BONDS.

We have upon more than ono occasion drawn attention
to the issue of United States Bonds called 10-40's, but as
the precise nature of these securities does not appear to be
generally understood, wo desire to give some further in-
formation on the subject. The loan which these bonds
represents was issued by authority of an Act of Congress
confirmed 3d March, 1864, the wording of which is very ex-
plicit, that the Secretary of the Treasury is empowered "to
prepare and issue Common or Registered Bonds of the
United States bearing dtte March 1, 1864, or any subsequent
period, redeemable at the pleasure of the Government, after
any period not less than five years, and payable at any
period not more than forty years—in coin." In another
section of the Act the rate of interest payable is limited
to 5 per cent. per annum, also to be paid in gold, such in-
terest " to be exempt from taxation by or under any State
or municipal authority." In the exercise of the discre-
tion accorded to him to the extent of $2,000,000, the
Secretary emitted bonds having forty years to run, but re-
deemable after ten years, and according to the last official
statement to Ist October there were outstanding bonds to
the amount of $198,431,350. The notice of this issue was
dated 21th March, 1864, and given in our Circular of the
following 20th April.
From the above extracts there can be no uncertainty
as to their being, in all respects, both as to capital and in-
terest a specie obligaion, which will doubtl, ss be faithfully
acknowledged by the United States Government.
The Act authorising the issue of the two descriptions
of 5-20 Bonds differs from the above in the one circum-
stance that no mention is made of repayment of the
principal in gold ; but although this is not done, we have
the reiterated assurance of no less than throe Socreta-
tries of the Treasury that the Government in this re-
spect viewed them in the same light as 10-40's. The
latest occasion on which this declaration was made
was on the 7th October last, by Mr. M'Culloch, in which
he says—" I consider the faith of the Government
pledged to pay the 5-20 Bonds when they are paid—in
gold ;" so that without a special Act of Congress, we don't
see how their position could be strengthened, notwith-
standing the attempt made by political agitators to induce
the Government to resort to the dishonest expedient of
paying them in currency.
As to the relative value for investment of the three
kinds of security, we give below the cost at present market
price, and the rate of interest per annum which each
will yield ; the two descriptions of 5-20's are identical in
all respects, with the exception of the date of maturity,

and assuming that the bonds will not be redeemed before
then, the difference is so small that it is scarcely necessary
to take it into consideration, though, for choice, we should
consider those having the longer time to run preferable.
The present price per thousand dollar Bond, alai the
rate of interest derivable from them, is as under :-5-20'4
1862, say at 71, equal to £159 15s ; interest per annum at
4s. per dollar, £l2, or 7.51. 5-20's, 1865, say at 691, equal
,to £156 7s. Gd. ; interest per annum at 4s. per dollar, £l2,
or 7.67. 10-40's, 1904, say at 67, equal to £150155. ; inte-
rest per annum at 4s. per dollar, £lO, or 6.62.
The interest on tho 10-40 Bonds is payable in March
and September, and on the 5-20's in May and November.
The suspension of telegraphic communication with NO
York for two or three days during the past week sore'
what interrupted the usual course of business in American
Securities on the London market. For Government
Bonds we have to record no change in prices from this day
week, as purchases on lower quotations of gold have b:en
well supplied by Bonds on hand.
Illinois Central Shares have been in good demand, Inla
close 83} to 81, an advance of nearly 2 per cent. TIIO
present "settlement" has developed a "Bar" account in
Erica, and as much as $1 per share is offered for the loan
of them till the next account—they close 47 to I.
Atlantic and Great Western Debentures and Consolidated
Bonds are both lower, while the First Mortgage Bonds of
the Ohio Section are in increased demand.

(From Messrs. Bowles, Brevet, and Co.'s Circular.)
Paris, Nov. 15, 1867.
The increased firmness reported in our last circular hag
continued, and prices are generally well sustained.
Unitqd States securities have been quiet, and the market
closes with little variation. We quote—

_
For the issuo of 1862
For the issue of 1865
Advices from New York aro to the 11th instant.
Gold
United States Bonds, 1862 (currency) lOBl
The Bente closes at 6Bf. 710.
The Italian closes at
.
Exchange on London