The Sun.
London, England, 1866-02-24 00:00:00

COMMERCIAL INTELLIGENCE.

There has been organised to this date in America 1,033
National banks, with an aggregate capital of 8110,000,000.
The total circulation issued up to this time is $268,000,000.
The total amount of bonds deposited by the National banks
for security of circulation is $316,000,000. The amount
of circulation that may yet be issued is $32,000,000, when
the whole three hundred millions prescribed by law will be
exhausted.

The report on National Banks will show that New Eng-
land has rather more than her share of the circulation.
Maine was apportioned $5,415,000, and has 60 banks, with
an authorised circulation of $4,001,500. Vermont was ap-
portioned $2,989,500, and has 32 banks,with an authorised
circulation of $5,025,745. Massachusetts was apportioned
$23,794,000, and has 207 banks with an authorised circu-
lation of $64,809,633. Rhode Island was apportioned
$4,794,000, and has 58 banks, with an authorised circu-
lation of $13,414,596. Connecticut was apportioned
$7,221,500, and has 53 banks, with an authorised capital
of $18,989,418. Few other States have been authorised
to issue their apportionment, and the Southern States have
as yet received authority to make but small issues. The
question now is, shall these States which have been autho-
rised to issue more than their respective apportionments be
deprived of that excess, or shall there be an addition to the
$300,000,000 authorised for the benefit of the Sduthern
States who need banking facilities ?

(From Messrs. E. F. Satterthwaite and Co.'s Weekly Circular.
By the Java we have advises from New York to the 6th
instant. Considerable purchases of United States 10.40
Bonds and 7.30 Treasury notes had caused an advance of
about two per cent., and 5•20 s were also quoted 1 per cent.
higher, while some of the older descriptions were slightly
lower. In Railroad Stocks the market generally exhibited
a declining tendency, Eries and New York Centrals being
especially weak, both having fallen $4 on large speculative
sales.
State Stocks and Railroad Bonds were neglected, and
with the exception of Missouri 6 per cent., which had ad-
vanced $4, remained with little alteration.
Via Greencastle we have received the following quo-
tations, being to the 9th in,st :
United States 5.20's lO2l f Erie Common 7B
Illinois Centrals ll4 I Gold 1391
DETROIT AND MILWAUKEE RAILROAD
COMPANY.
We have received the following notice from the com-
pany, which we give in answer to numerous inquiries:—
To the holders of Funded Coupon Bonds of this company
falling due Ist January, 1866.
These bonds were given for the coupons payable prior
amounting2oo,o oci on
no t
hsol3s7e,oosono ond
id
the
First Mortgage
to 15th November,Bo 86
Bonds,
dlaa2,s
n
Mort-
gage Bonds, and were made payable on the Ist January,
1866, and secured by mortgage of all the company's pro-
perty, preserving intact the priority of lien secured by the
respective mortgages from which the coupons had been
excised, the coupons being held by tho trustees un-
cancelled.
The following is the order of lien of all the company's
Mortgage Bonds :
Detroit and Pontiac Bonds, secured by the
eastern end of the line, 25 miles, and by
part of Depot property at Detroit 5500,000
Oakland and Ottawa Bonds, secured by
that part of the lino lying west of Pon
-
ling
ttsrlieslactecu,drAifecapdol
tiugyggartgdoheiuel
newp,dlhseloitanrl
yeo t
ilenBtae:nosadi
nt
falling
lyMilwaukeepnagrdt
uoef 202,000
15th May, 1875
Second Mort. Bonds.

_ 1, ads, secured by the whole
line and by lands and rolling stock ac-
quired after the execution of the first
wort., falling due 15th May, 1866 51,000,000
Funded Coupon Bonds, duo Jan.
1, 1866
Do., Do., Nov. 15, 1868 382,500

1,020,000

Total
The property which forms the security for the payment

form usually adopted by railroads in like cases, to 1878, and
measures have been taken to extend the other half, not yet
due, to 1886.

The traffic of the road for the year 1865 was $1,691,735,
and after paying working expenses, general charges, in-
surance, and so forth, a surplus of about $690,000 will be
left for paying the interest on all the Mortgage Bonds,
which amounts to £387,000 per annum.

Holders of the bonds to be extended 'nifty have the .en-
dorsement made, and the coupons attached, by applying at
the office of the Company's agents—M. Y. Jesup and Co.,
New York ; or at its Agency, 126, Gresham House, Old
Broad-street, London.

FORM OF ENDORSEMENT.

" By this Endorsement, made by the Detroit and Mil-
waukee Railroad Company, heretofore the Detroit and
Milwaukee Railway Company, upon this Bond, No.
and its acceptance by the holder, it is mutually agreed that
the principal hereof shall not be due or payable until the
15th day of May, A D. 1875, unless default is made in payment
of interest on the same for sixty days after presentation
of the proper coupons in New York, which (extending to
said date) said Company has attached and promises to pay;
but on such default the principal will beconlo due and
payable. The mortgage to secure this bond remains un-
impaired, and no part of this contract shall be construed
to alter or impair its priority or validity."
The business in the London market for American securi-
ties has been on a limited scale, but with a tendency to
improved quotations, especially in United States 5-20
Bonds, which close 68* to 69. For Illinois and Erie Shares
there has not been any groat demand, but where buyers
come forward higher prices are demanded, and they both
leave off at an advance over last week, Illinois being last
quoted 76f to *; and Eries 53 to 1.
The low quotations for Atlantic and Great Western
Bonds have brought jin some buyers, and we have to note
an improvement of $1 in Pennsylvania Section first mort-
gage, and New York second mortgage.
OFFICIAL TRANSACTIONS FOR THE WEER.—United States
5 per Cont. Bonds, 1874: Monday, 681; Tuesday, 681 f ;
Wednesday, 681 1 a 4. United States 6 per Cent. 5.20
Bonds, 1882: Thursday, 68 71 81 4 ; Friday, 681 1 1;
Saturday, 681 1. Virginian 6 per Cent. Dollar Bonds :
Friday, 41; Tuesday, 411. Atlan. and Gt. Westn. (N. Y.
Sect.) 2st Mrt. lids., 1881: Friday, 731 5 ; Tuesday, 74 ;
Wednesday, 731. Atlan. and Gr. Westn. (Penns. Sect.)
Ist Mrt. Bds. 1877: Thursday, 77 ; Friday, 761; Satur-
day, 73 1; Tuesday, 77; Wednesday, 78. Atlan. and Gt.
Westn. Consolidated Bonds : Saturday, 781 71. Erie
Shares, SIOO, all paid : Thursday, 571 41; Friday, 5314 ;
Saturday, 53 21 31 ; Monday, 521 4 41 ; Tuesday,
531; Wednesday, 531 1. Erie Shares, 6 per Cent.
Convertible Bonds : Thursday, 76* ; Friday, 77 ; Satur-
day, 76* ; Monday, 77; Tuesday, 771; Wednesday, 77.
Illinois Central 6 per Cent. Bonds of 1875: Monday, 82.
Illinois Central Shares, all paid : Thursday, 751; Fri-
day, 7614 1 1 ; Saturday, 761; Monday, 7616 ; Tuesday,
7611; Wednesday, 761. Philadelphia and Erie First
Mortgage, 1881: Friday, 764 Saturday, 761 ; Monday, 76.

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