The Sun.
London, England, 1866-11-19 00:00:00

(Glenn and Co.'s lVeet'ly Circular.)

LONDON, Nov. 16.
There has been a very large business doing in American
Securities on the London Stock Exchange during the last
week. United States 5-20 Bonds close to-night at 70, an
advance of 14 per cent. on the week. Our last Circular,
containing an official letter from Secretary M'Culloch
stating that 5-20's would be paid off in coin, has led to an
enormous investment demand, which is likely to continue as
American finances become better understood. The monthly
statement of the debt of the United States, showing a re-
duction of $20,000,000, has also contributed to:the firmness
of the market. Eries, on lower quotations from Now York,
aro 49i to 50, and Illinois Central 77-i to I. Atlantic and
Great Western Certificates of Debentures are about CO ex
dividend, and the Consolidated Bonds 39 to 40.
Our advices from New York are by mail to the 3d inst.,
and by Atlantic Telegraph to the 16th. Gold yesterday.
touched 143, the lowest figures for some mouths. Ex-
change is higher on account of remittances to Europo for
5-20 Coupons, of which about $9,500,000 held on this side
of the Atlantic became due on November 1. Railway
shares in New York are again in the ascendant, Wall-
street being in a state of white heat from the excitement,
and speculation now raging—money is abundant and freely
loaned at 4 per cent.
Our Philadelphia correspondent writes as follows :
The debt of the State of Pennsylvania has been reduced
$1,151,000.62 during the year ending Sept. 3, 1866. This
fact, taken in connection with the offer of the commis-
sioners of the sinking fund, soliciting proposals for the
sale of $1,000,000 each of 5 and 6 per cent. loans,
proves that the financial condition of the State is
most flattering. The indebtedness of the State on
the Ist of December, 1865, was $37,476,258.06 ; the
assets in the Treasury being $13,628,678.14, leaving
the liabilities of the State over assets $23,852,589.92. We
should not be surprised to learn, when the Treasurer's re-
port for the current year appears, that the State debt will
really not exceed $20,000,000.
We have orders from New York to purchase the follow-
ing Coupons and Bonds : —United States Government
Coupons, United States G's of 18.67-8, do. s's of 1874, New
York Central Sinking Fund, and Erie Ist, 2d, and 3d
Mortgage Bonds.

(From L. P. Morton and Co.'s Circular.)
NEW YORK, Nov. 3.
Monetary affairs continue to exhibit the features usually
attending large accumulations of unemployed capital. De-
mand loans, for speculative purposes, afford the chief em-
ployment for the unprecedented deposits held by the banks,
the rate of interest being 4 to 5 per cent. The discount
market is quiet, owing to the indisposition to buy paper
at the current rates-51 to 6 per cent.
Government securities are in free demand for the em-
ployment of idle balances, and prices have shown an up-
ward tendency since our last. Some moderate purchases
of Five-Twenties of 1882 have been made for export,
causing a fractional advance in prices ; the bonds close firm
at 119. The new issue of Five-Twenties of 1865 are
attracting considerable attention, as likely to become a
leading security. The bonds are subject to precisely the
same conditions as those of 1862, except as to date and to
the payment of interest, the coupons being payable on
January Ist and July Ist. This issue is intended to absorb
the whole of the three series of Seven-Thirty Treasury
notes, now outstanding, amounting to about $735,000,000.
From the very large ultimate total of this Consolidated
Loan—being nearly equal in amount to the three other
issues of Five-Twenties combined—it would appear that
it must come to be regarded as the "Consols " of the
United States; and, having the advantage of running
three years beyond the date of the bonds of 1882, would

seem to be especially adapted for attracting fofeign invest-
ment. The Consolidated Five-Twenties close at 110 to
1101.
Railroad Stocks have generally made a further advance?
under large speculative operations. Erie has been in more
demand, and advanced 14, closing at 841 to 84-i. Illinois
Central has been active, but fluctuating, and closes at 1251
to 126.

In State Stocks the principal movement has been in
Missouri 6's, which, yesterday, sold up to 86+, and closed
at 85 to 851. Other State Securities have been neglected,
Tennessee 6's close,at 921 to 94; Virginia 6's, 60 to 64;
and North Carolina's G's, 78 to 80.
The gold market has been but little affected by the
maturing of the November gold coupons, amounting to
about $24,000,000. Indeed, on the Ist inst., the price ad-
vanced ; the rise, however, is feebly maintained, and the
tone of the market would seem to indicate a probability of
a lower premium. The tone of Foreign Exchanges does
not favour the expectation of any important export of
specie on account of coupons forwarded from abroad. The
price of gold closes at 147+.
Foreign Exchange is unexpectedly heavy, probablY
owing to bills having been freely hoarded in anticipation
of a large demand for remittances on account of collected
coupons. Bankers' 60 days sterling closes at 109+ to 1094;
3 days do., 110} to 1104 ; Bankers' bills on Paris, long
date, 5.1 to 5.15 ; ditto, short date, 5.121.
The Cotton Market has been moderately active, the
price having ruled steady at about our last quotation.
Mid. Upland closes at 39 cents. Accounts from the South,
as to the crop, are rather more favourable ; and it appears
to be now generally conceded that the lowest estimates are
not likely to be realised.

FOREIGN QUOTATIONS.
Nov. 2. Oct. 26.
London commercial lOB 1081 1071 1081
Do. bankers' long lO9 1091 109 109/
Do. bankers' short sight llO 1101 1091 1101
Paris sixty days 5161 515 5171 515
Do. short sight 5121 . 5131 5121
Antwerp 520 5271 5211 520
2 1
'9,- --

Hamburg
Amsterdam

Frankfort

Bremen
Berlin

361 - 36.
411 - 41

41i: - 41

79- -78 f --
.73 73k 72i

COTTON QUOTATIONS.
Uplands. Mobile. N. O. dc TS.
Good Ordinary
Low Middling 37 to 38 to 49 to --
Middling
Good Middling -

MOVEMENTS OF SPECIE AT NEW YORK.!
IMPORTS.
From California Oct. 31
Foreign, week ending Oct. 27

_
Import for last week $1,355,191
Previously from California 84,472,568
Previously from Foreign Ports 8 265,826
, _____

Total since January Ist 544,093,685
EXTORTS.
For week ending October 27 5523,198
Previously
-------
Since January 1 $54,984,378
Same time 1865 25,221,801