The Sun.
London, England, 1866-03-19 00:00:00

The Atlantic Telegraph.

There are several very good and valid reasons for
feeling assured that the attempt which is to be made
during the coming summer to lay a submarine tele-
graph from Ireland to Newfoundland will be suc-
cessful. The mistakes and failures of the past are
so many direct advantages to the new company.
That wisdom which is learnt from experience is
always the best, and the promoters of the Atlantic
cable have a large amount of very dearly-
bought experience to guide them for the future.
The last attempt failed, not from any fault in the
construction of the cable itself, but because the
hauling in apparatus was deficient ; and now that
this defect bas been remedied, it seems scarcely pos-
sible that the present year will not witness the
grand consummation of an Anglo-American Tele-
graph in full and successful working order.
It will be seen by the published statement that
the conductors of this great enterprise propose to
take out the Great Eastern with the 1,070 miles of
cable she has on board, and to connect it with the
1,212 miles laid in the Atlantic last July. Accord-
ing to the daily reports from the electricians at
Valentin, the constitution of the cable already laid
remains perfect, while the observations of Captain
ANDERSON and Commander H. A. MORIARTY,
R.N., have accurately determined the position of
the broken end. No doubt appears to be felt as to
the practicability of raising this end. Together with
this work of recovery, it is proposed to undertake
that of laying an entirely new cable, and inasmuch
as it always has been certain that the business which
would be presented to a company affording the means
of telegraphic communication between the United
States and England would far exceed the capabilities
' of one or two lines, the enterprise in its new form con-
templates the opportunity of a twofold profit. The
gain held out to the company is, however, a con-
sideration on which we are not disposed to dwell,
in view of the benefits beyond all pecuniary price
that would result from the establishment of daily
intercourse between Great Britain and America.
There is another element of success in the new com-
pany which we think deserves more prominence
than has yet been given to it. Hitherto, it is well
known, no prominent American, except CYRUS W.
FIELD, has taken hold of the Atlantic Telegraph
scheme, and much coldness and indifference have
been shown in the United States regarding the
enterprise. Now, however, we find that distinguished
and successful American, GEORGE PEABODY, Esq.,
on the board of directors, while Mr. JULIUS 11.10R-
GAN, another American, whose name is well known
on both sides of the 'Atlantic, is directly interested
in it. Such names as these are in themselves a
tower of strength ; and we, at least, see in the
association of -those names with the new Anglo-
American Telegraph Company a guaranty of suc-
cess and profit to the shareholders.

The Florida Times, published in Jacksonville, says
that it is in constant receipt of letters from gentlemen in
the North who desire to settle in the State, asking if it will
be safe for them to bring their families. The editor replies
that in no portion of the State is there any danger, either
from the spirit of the citizens or the disorganisation of
society ; and, as a general thing, good citizens from any
quarter of the country will be welcomed and find advan-
tageous locations.

v..,^"

American Securities.

411- ----

(Front Messrs. E. F. Satterthiaite and Co.'s Weekly Circular,
_ _ _

.3 larch 14.)
ATLANTIC AND GREAT WESTERN.

Tho decision of the Preliminary Court of Pennsylvania
in the matter of the Pennsylvania Central against the'
Catawissa leasing their lino to the Atlantic and Great
Western, so long awaited, has at length been given ; it is
against the Catawissa. An appeal, however, has at once
been entered, which will bo heard before the full court,
and with every prospect of success. Meantime the traffic
of the Atlantic and Great Western will in no way be in-
terfered with, the existing arrangements with the Erie for
through traffic being of an increasingly satisfactory 013"
meter.

Mr. Dupy, the President of the Catawissa, writes to the
Atlantic and Great Western as follows:
" At a meeting of counsel of the Philadelphia and Read-
ing and this Company, held at this office, it wasproposed
instantly to file answers, and move for a dissolution of the
injunction, which we all here understand is specially
directed against the Atlantic and Great Western Company
As it is necessary that all the defendants tile their answers
preparatory to the motion to dissolve, I have requested
our counsel to bring the whole matter to the attention of
your counsel."

STATE LOANS.
It is gratifying to find by the subjoined extract from the
American Railroad Journal, of 24th Feb., that the State of
Tennessee is setting the example of arranging with
holders of its bonds as promptly as could with any reason
be expected. We look forward with confidence to this
being followed by the other States, payment of interest en
whose bonds has been in abeyance since the outbreak of
the war.

TENNESSEE BONDS.
" It is announced that the interest payments on all tho
bonds of the State of Tennessee will be resumed on the '
Ist of July next, the arrearages on which, from 1861,
to January 1, 1866, shall have been funded into new
6 per cent., duo in 1862. The railway companies to whom
the bonds of the State were originally advanced,
as a first mortgage lien of £lO,OOO per mile on the
roads, nearly all of which have been repaired
and put in full operation again, aro required to provide the
next interest by the 15th of June, and the mortgage lien
upon them is increased to the extent of the funded coupons
in arrear. The new arrangement extends to the endorsed
mortgage bonds of the Chattanooga and ono or two other
roads, and the endorsed bonds of the City of Memphis
loaned to the Little Rock road. These endorsements
amount together to $2,550,000, the State holding itself re-
sponsible to see the interest paid. The railways are also
released from the arrearages, 2i per cent. per year, to the
sinking fund since 1861, but are required to pay 4 per cent.
a year, by way of sinking fund, after the Ist of January,
1867. The old bonds of 1890-'92, now selling in New York
at 88 to 89, carry interest coupons in arrear, and the hol-
ders will receive new bonds of the same tenour to this
extent.

We have to report a very firm market in London for
American Securities, with a strong tendency to enhanced
prices.

United States 5-20 Bonds have been freely bought for
Continental account ; they close exactly 71, showing all
improvement of 1 per cent. on the week. The advancing
quotations from Now York for Erie Shares, and the com-
paratively lower rates ruling here, have induced large pur-
chases : they have steadily risen 2 per cent., closing
56 to 1.
Illinois Shares have been in active demand, the forth-
coming report being expected to show a very favourable
result on last year's operations.
In Atlantic and Great Western Debentures the trans-
actions have been large from 78 to 80. The small, Bonds
of £lOO each being in especial request for the Continent ;
in Consolidated Bonds there is little doing, and quotations
have declined 3 per cent.