The Sun.
London, England, 1867-06-08 00:00:00

THE SUN, LOADO.N, SAFITRDAY EVENING, JUNE 8, 1867.

races in the Bois de Boulogne, and in the evening
at a grand dinner given him at the Tuileries. On
Monday he visited (officially) the Exhibition, and
in the evening attended a dinner at the Russian
Ambassador's. To-day he gives a grand dinner at
the palace of the Elysee to the diplomatic corps,
and will be present to-night at the gala representa-
tion in the French Opera. Seventeen sovereigns
or princes will attend this extraordinary represen-
tion. The pieces offered will be the 4th act of the
" Africaine," and the 2d act of " Giselle." On the
entrance of the sovereigns in the hall the orchestra
will execute a march from the Russian national
hymn.

_
Five hundred thousand spectators are estimated
to have witnessed the races in the Bois de Boulogne
last Sunday. Never before has the hippodrome of
Longchamps contained such an agglomeration of
different nations, and never before has the tribune
of the Chief of State been burdened with such a
weight of crowned heads as had then assembled to
see the sports of the turf. The tribune contained the
Emperor and Empressof France, Emperor of Russia,
the two Grand Dukes, the King and Queen of the
Belgians, the Prince and Princess of Prussia, Duke
of Leutchenburg, Prince of Saxe-Weimar, the
Japanese Prince, and the dignitaries and officers of
service of their majesties and highnesses. The race
for the Grand Prize of Paris (100,000 f.) resulted in
a dead-heat between the horses Patricien and
Fervacques. The former is the winner of the
Jockey Club prize, and belongs to Mons. Della-
marre ; the latter is the property of Count Mont-
gomery. The two gentlemen determined upon
another and decisive race, which was run, and
terminated i❑ the defeat of Patricien by a " nose's
length." This success of Fervacques was almost
as unlooked for as that of Hermit in the English
Derby.
Prayers had been offered for the blessing of God
upon the visit of the King of Prussia to Paris, and
for the establishment of peace generally, by means
of the personal understanding of the sovereigns at
Paris.

The United States Commissioners to the Paris
Exhibition now hold their regular meetings in the
elegant and commodious rooms allotted to their use
by Messrs. Jas. W. Tucker and Co., American
bankers, 3 and 5, Rue Scribe. I am frequently
questioned as to the names and residences of the
different commissioners, and it may not be out of
place to give them below. General Beckwith is
president of the committee, Hon. Samuel B.
Ruggles vice-president, and L. F. Mellen, Esq.,
secretary.
Below is a list of the Commissioners and their
Committees, which, as a matter of reference, will
be valuable :
A. M. Beckwith, Esq., New York, 184, Rue de
Rivoli.
Hon. Samuel B. Ruggles, New York, Grand Hotel.
Professor J. P. Lesley, Pennsylvania, 17, Av de la
Piquet.
President F. A. Barnard, New York, 95, Rue de
Chaliot.
Col. Chas. B. Norton, Paris, 91, Champ Elysees.
Frank Leslie, Esq., New York, same address.
Paran Stevens, Esq., New York, 15, Rue de Ma-
rigunan.
Chas. B. Seymour, Esq., New York, 63, Cham-
Elysces.
Thos. W. Evans, M.D., Paris, 15, Rue de la Paix.
IV. J. Valentine, Esq., Mass., 14, Rue Auber.
Chas. R. Goodwin, Esq., Paris, 6,lFaubourg Mon-
martre.
E. R. Mudge, Esq., Mass., Grand Hotel.
James 11. Bowen, Esq., 111., 6, Rue Keppler.
Professor 11. F. d'Allegney, Mass., 1, Place Severn°
•Balleynalles.
Hon. Wm. Slade, Ohio, Hotel d' Esprees, Cler-
mont, Oise.
Hon. John P. Kennedy, Massachusetts, Hotel
Westminster.
Professor J. Lawrence Smith, Kentucky, Hotel
Mirabeau.
Robert Berney, Esq., Paris, 104, Boulevard Hauss-
man.
lion. Alexander Thompson, New York, hotel de
la Paix. -
Wm. S. Anchincloss, Esq., New York, Hotel des
Index.
Hon. Marshall P. Wilder, Massachusetts, 4, Boule-
vard Haus.stnann,
Abram S. Hewitt, Esq., New York, Hotel de
Louvre.
L. F. Mellen, Esq., Alabama, 178, Faubourg St.
Honore.
Hon. W. J. Flagg, Ohio, 27, Faubourg St. Honord.
Professor Samuel F. Morse, New York, 10, Av du
Roi de Rome.
J. I'. Reynolds, Illinois, 6, Rue Keppler.
Elliot C. Cowdin, New York, 6, Rue Keppler.
Professor Wm. B. Rogers, Massachusetts, 6, Rue
Keppler.
Professor John F. Frazer, Pennsylvania.
The following are the committees and their sub-

jects :-
1. " On New Inventions in the Useful Arts."—
Messrs. Barnard, Valentine, Norton, Morse, and
FrazCr.
2. " On the Most Valuable Products, or Results
Derived from New and Advanced Processes, in
Science, Art, and the General Field of industry,
including a practical description of the methods
and processes employed."—Messrs. Smith, Slade,
and Seymour.
3. "On Mineral and Agricultural Products of
Importance, in connection with Ocean and Inland
Transportation."—Messrs. Ruggles, Kennedy,
and Hazard.
4. " On Raw Materials, and Manufactures of Great
General Use, or displaying remarkable Skill or
Merit."—Messrs. Mudge, Cowdin, Bowen, Rey-
nolds, Mellen, and Chadwick.
5. "On Implements, Machines, and Tools."—
Messrs. Auchincloss, Goodwin, and Frazer.
6. "On Metallurgy, and the Extractive Arts in
General."—Messrs. Hewitt, Lesley, and d'Alligney.
7. "On the Products of Chemistry and the prepa-
ration of Food and Clothing."—Messrs. Rogers,
Stevens, and Berney.
8. "On New or Improved Instruments, or
Methods of Scientific Investigation or Illustra-
0. " On Horticulture, Pomology, and the Culture
and the Products of the Vine."—Messrs. Wilder,
Thompson, and Flagg.
10. " On the application of the Fine Arts to prac-
tical purposes."—Messrs. Evans, Morse, and
Mellen.

The manufactory for American biscuit has been
opened in the Exhibition grounds—the Avenue
Etats Unis—and it is really a most interesting
place to visit. In another letter I will endeavour
to give a description of it, the process of working
&c., &c.

General Dodge, the U.S. consul at Bremen, is
now spending some time in Paris, Colonel M'Clure,
U.S. consul at Napoleon Vendee, has also come
to ci it the Expo.ion.
A new sign, with " Restaurant Americain" on it,
has appeared in the Avenue Rapp, near the Exhibi-
tion, informing persons generally that American
drinks and American meals can be had there. In
fact, you need not go far now in Paris to discover
signs of Americans.
Mr. E. 0. Haile, formerly of the Mobile Times, and.
now of the New Orleans Tribune, arrived in the city
a few days since. His stay is to be of short dura-
tion, as I believe he goes soon to London to raise
funds to erect a monument to the late lamented
Charles Browne, better known to the world as
" Artemis Ward." This is a praiseworthy action
on the part of Mr. Haile, and it is to be hoped
that success will crown his efforts.
" Artemus Ward " is a name well known in
every city and village of America—nor unknown
in Europe—and his countrymen should rally at
once to the call to perpetuate his memory in
marble. lie was deserving of their rfspect and
esteem while living, he is deserving of remembrance
now he is dead.
I learn that the debt of $1,200, which has been
-so long resting upon the American Chapel, has been
at last liquidated by subscriptions and collections
taken up in Paris. This information will be a
source of gratification to the American friends of
this church. Rev. Dr. Eldridge, the pastor, de-
serves much credit for his efforts in making collec-
tions to release the mortgage on this church.
Colonel G. H. Alexander, of Indiana, and a dis-
tinguished officer of the United States Army is now
in Paris. Ile has been travelling in Europe for
some time for the recovery of his health, which has
been very much broken by severe wounds received
during the late war.
On Sunday afternoon next there will be a gather-
ing of the children of the Sunday schools of the
American churches in Paris. It will be held at
half-past three o'clock, at the American chapel, No.
21, Rue de Berri, There will be addresses de-

livered by some clergymen from the United States,
I and will no doubt be a very interesting meeting.

I learn that Professor Charles W. Joy has been
o,`sliged to decline the appointment as secretary to
tike a scientific report on the Exposition, and the
jj/ cited States Commissioners will have to elect
au Aber person. Mr. Brock L. M'Vicar who arrived
in., Paris who has been before mentioned in the columns
of the Anglo and Franco-American, is not generally
known to be the lecturer and poet, who has won re-
no•wn in America under the nom de plume of " Wild
:.'Edgerton."

He has come to France to collect materials for a
discourse on the politics and society of the Empire,
to* be delivered upon his return to America.
The Emperor has complimented him, through
the Chief of Cabinet and Private Secretary, and
this will, no doubt, encourage him in his duties.

Mothers and daughters of England and America,
this is our grgat fete, not because we are all holiday
taking at the Exposition of 1867, not because we
are in an age when the beauty of our womanhood
is most courted, and our natural gifts heightened
by all the modern seductions of dress, expenditure,
and lavish idolatry ; we are to rejoice because the
privileges of our free nations have been proclaimed
by a foreigner, and held upby him as a banner under
which the Fenians have found protection and mercy.
I say mercy, not countenance.
Ah ! if men do possess the rights we are told they
have—liberty of conscience, liberty of the press,
liberty of meeting, freedom of speech—let women
never tire of praying, craving for all criminals,
whether sentenced for political or private offences.
Let our rights be those of suing for mercy, as Portia
did, and called it " dew from heaven." Let all we
know of free exchange be to save wives from widow-
hood in return for our entreaties, children from orphan
asylums in return for fervent solicitation that their
guilty parents be pardoned. When some dreadful deed
has stigmatised humanity and our cheeks burn with
shame at the recital of a dread crime, while our
bosoms beat with indignation, let us give our lips
no utterance. When these things happen the hand
of God is already weighing on the guilty one ; and
if, on facing His glorious sun, we wonder how it
can shine on such infamy, let us remember that
could it darken it would do so, and recede when
mothers crowd to the scaffold and look on while
man's justice is taking revenge on an almost sense-
less criminal.

Well may we shudder when the so-called girls
of joy, with fixed gaze and painted faces, flit by us
in gilded state, but we may not be thus timorous
when we see the innocent babe held suckling on the
mother's bosom while she watches every agony of
the victim cast high on air by the city hangman.
This
woman, is
tcrime.hey
should Tiiesspecaakreosf.cenes which, if there
must be women speakers to uphold the rights of
Well may
we sigh when we hear of battle-
fields, of youthful warriors who have shed their
blood while defending their country's cause, but
energy, not sighs, do we owe to those of our own
' sex who nightly, daily, hourly, wend their steps
towards brilliant drinking palaces, -whence they
return hideous spectacles of degradation, and deface
the sweet image of our mothers. And other sins
there are which we do not cry to Heaven because
they are committed under the veil of ignorance, or
are unknown. There are parents who torture chil-
dren secretly, while ladies pity lap dogs, glut them
with delicate food, and hire footmen to carry
their treasures round the square. There are needle-
women who faint for want of bread over tinselled
satin, which their emaciated fingers embroider for
the great.

So let us ask for mercy, firstly, like Victor Hugo,
by appealing to mans better feelings, and then
wherever a woman's gentle voice can send a thrill
of compassion through the hearts of rulers, whether
they be Sovereigns, or exercise power by right of
possession, influence, or birth.
And now I, too, in the name of the wives and
daughters of America and England, rejoice that the
lives of Cullinane, Burke, APClure, Al'Afferty,
Kelly, and Joice. I rejoice not becluse they are
rebels, but because they have rebelled, and sedition
feeds on penal executions, hut—
"S %reel hymns of joy proclaim through Heaven,
The triumph of a soul forgiven !"

These sweet lines should be my last this week, if
many of my readers had not particularly requested
I should have given some account of all that is
going on in Paris. They demand an unlimited
account of all, but as many will have heard of the
Emperor of Russia's triumphal entry in Paris ere
this reaches London, I will try to give a sequel
to what abler writers have described, and pro-
ceed to say that the grandest eoup d'ceil was
certainly the Rue de la Paix. This street was
literally hung with pennons, flags, and armorial
bearings, while ladies in full dress, and holding
flowers, stood on balconies or at open windows, and
all the house-tops were covered with moving spec-
tators. Nearly all the aristocracy of England and
France, not in attendance at the Tuileries, were on
the balcony of the Hotel de Canterbury. Among
the ladies there I recognised the Duchess de
Mouchy in a mauve robe, maize tulle bonnet,
and a coronet made of one mauve feather in front.
Princess Alexandrine Gluka, a lovely blonde, with
dark hazel Oriental eyes, was in light grey
Princess Murat, in violet and black lace. Some of
the dresses were costumes of which the most strik-
ing features were broad sashes behind and apron
tunics in front. Bonne!s were clouds of tulle en-
twined round the front with leaves and berries. The
most fashionable bonnet shade is brown, with a gold
ornament on the left side among tinted leaves and
wild fruit. Veils are unceremoniously tied over the
face and on the chignon behind hanging in long
ends. They are made of tulle of the same shade as
the bonnet.
The Empress welcomed Alexander 11. in the large
hall which precedes the Salon des Marechaux at
the Tuileries. She was attired in light blue,
covered with a white lace manteau de cour. The
richest of her Majesty's toilets this season was the
one she wore at the Austrian Embassy last week.
It was straw-colour, and covered with flowers under
dew-drops, each of which was a diamond. On
this occasion the Princess of Prussia wore white and
lilac ; the Queen of the Belgians grey, black lace, and
feathers. The waltz which followed the official quad-
rille was one whirl of glittering precious stones, the
gardens were illuminated with electric lights, and a
rock over which a cascade fell all the evening was
bathed in ever-changing hue, first presenting the
appearance of a volcano, from which rolled burning
lava ; then again of a sea green grotto under the
silvery ocean. At half-past five, after the cotillon,
sun-rise was initiated by means of some pyrotechnic
mystery, the very perfection of art.
At the Lonchamps races, on Sunday, the greatest
display of dress ever seen kept crowds of curious
spectators for miles and miles in mute bewilder-
ment and motionless. Madtnc. Rimsky Karsakoff
passed in grey and cerise, the Duchess de Mouchy
in blue and Alegon. White was the predominant
feature, but over blue and pink, with coloured
taffeta jerkins and slashed bodices. Some of the
prettiest were flounced, and plisee underskirts,
with over tunics drawn tightly back, and tied in
two ends behind. White Alpaca, trimmed with
any light taffeta, is as much worn as light silk. Jet
is still the favourite ornament.

Ilooth's
charges, we are
considering
that:
has been given to the world ; and
istu;lll,roislleyd retifluattesthGisenherLdn loitutbleere'ns
done sooner. It throws very little additional light
on the horrible. crime of its author, and is only of
interest in so far as it shows the working of his
mind after the perpetration of the deed. The en-
tries begin on the day of the murder, and close on
the 21st April, the only dates given. It furnishes
a striking instance of the state of mind into which a
man may work himself. At times he appears to be
overwhelmed with the horrors of his crime, when
he writes naturally and in a truthful and touching
tone. Then he appears to argue on the necessity of
freeing his country from the bonds of a tyrant,
whose advent to power was the signal for a fearful
war, and who if left undisturbed would fetter it
with a despotism. lie speaks of his own bodily
sufferings, the broken splinters of his leg chafing
through his skin at every bound of his horse, on the
fatal night when be rode thus maimed through the
darkness full, sixty miles from the theatre

of his guilt. But his bodily sufferings were
nothing to the mental anguish he underwent,
which seems to have condensed into a few days an
age of misery. Colonel Conger states that the first
leaves were torn from the book when it was taken
from Booth's body, and there is no reason for
doubting the truth of this statement, or for sup-
posing that any one had tampered with it when it
passed from the author's possession.
The annual spring races of the Yale navy took
place on Wednesday afternoon, May 22. There
were two races, the gig and shell race, distance
three miles. Three crews entered for each, from the
the Varuna, Glyuna, and Undine Clubs. In the
gig race the Glyuna fouled the Varuna, and was
ruled out. The Varuna then beat the Undine, and
won the race in 20 minutes and 17 seconds. The
Vanilla also won the shell race in 18 minutes
and 7 seconds, the Glyuna being second, and the
Undine third.

News has reached the Vienna Gazette, we pre-
sume, from the Austrian Minister to the United
States, dated IVashington, 21st May :—" Quere-
taro had been carried by surprise early in the morn-
ing of the 15th. The Emperor, who had withdrawn
to the upper part of the town, was forced, after a
fresh and very sharp attack, to surrender at discre-
tion with Mejia and Castillo y Cos. The despatch
by which Escobedo announced this event was
dated the 16th, at which time no act of violence
had been committed on the person of the captive
Emperor, and the Government of the United
States was taking active steps in his favour."
Another journal of Vienna, the New Free Press,
gives other news which has been transmitted by its
New York correspondent. He writes on the 18th
of May that the envoy sent to San Luis de Potosi
by Mr. Campbell, the representative of the United
States in Mexico, to demand in the name of the
Government of Washington that the life of Maxi-
milian should be spared, had been well received by
Juarez, but that he had been unable to obtain any
formal engagement which permitted him to reckon
with any certainty on a happy result to his journey.
Juarez is even said to have raised some objections
against the intervention of the United States.

—The large American gun purchased to solve
practically the gunnery question, has just arrived
from America. It is a 15-inch monitor, cast-iron,
smooth bore, intended to throw a spherical cast-
iron shot of about 4501b5. weight with a powder
charge of 501bs. It weighs 19 tons. It is made
on Rodman's system, the interior being chilled or
hardened by the cold core on which it is cast, and
by which a new character is imparted to the metal.
The object of importing the gun is to bring fairly
into trial the American versus the English system of
ordnance. It is manufactured on a principle the
opposite of that adopted in England. Thus, it is
smooth-bore instead of rifled ; it is of cast instead
of wrought iron ; it throws a spherical cast-iron
shot instead of an elongated Palliser or steel pro-
jectile ; and, finally, the charge is excessively small
I in relation to the weight of shot.
We have no more than the usual meagre tele-
graph intelligence by the Cable from America. The
Committee on the Impeachment of President
Johnson has resolved to report in favour of his
being censured only, and not impeached. The
President is now making his contemplated tour
through the South.
A telegram, dated Shanghae, May 7, informs us
that advices received there from Japan announce
that four ports will be open to foreign commerce
in January next.

COMMERCIAL.

NEW YORK, May 25.

The news of the failure of Fraser, Trenholm, and Co.,
has had an injurious influence on the chief markets here,
and has even acted adversely upon the price of gold which
sold on Wednesday at 1381. The bills of the firm were
largely held here, as well as in the South, and there is
great uncertainty and anxiety as to what return the assets
will realise. Our exports of specie continue very largo, the
steamers last Saturday taking out 82,473,932. The Cuba
took from Boston on Wednesday $185,000, and the
Pabityra from New York 8110,000. This heavy drain
shows a balance of trade against 11,', which is
not surprising, in view of the fact that we have
been importers instead of exporters of grain. The
Cable informs us of an easier cotton market in Liver-
pool, which tends to raise the price of gold. Tho upward
movement is grounded on commercial facts, and not on
mere speculation ; and we cannot, therefore, look for any
speedy fall in the price. The rates for money are becom-
ing firmer, although the supply is abundant. Loans are
effected on good security at from 6 to 7 per cent., and no-
thing but sound paper is readily negotiable. There is scarcely
as much business doing in United States securities, though
prices are well sustained. It is thought that the next
monthly statement will show an increase in the public
debt. The dulness of business leads to a falling off
in the revenue. The compound interest notes are being
funded as fast as possible. Much disappointment is ex-
pressed at the depression experienced in all the markets.
Hopes have been so constantly disappointed that dealers
are beginning to lose confidence in the future. There is
less prospect now than ever-of a favourable change. As
the spring advances the Western railroad business will con-
tinue to improve, and when harvest fairly commences we
may look, at least in this direction, for better times. The
harvest prospects are good, which, after the experience
of high prices and short supply of breadstuffs, will
bo a boon the Eastern States will appreciate. Tho
Pacific and Atlantic Mail Steamship Companies have
advanced in consequence of the recent dividends. New
York Central is without change. Indeed, there is very
little to record, and little of interest doing. A company
has been started named the New York Trust— president,
J. W. Orvis with $1,000,000 capital. Gold, 1381,
United States Five-twenties (1862) 1091, (1864) 106,

. „
(1865) 1061, (1835, new issue) 1081, United States
Ton-forties 99}, Uuited States 7-30 Loan 1061,
Missouri Sixios 971, Tennessee Sixes 63, New
York Cenral Railroad 971, Erie 60, Erie pre-
ferred 72, Hudson River 101, Reading 1031, Michi-
gan Central 110, Michigan Southern and Northen
Indiana., 674, Illinois Central 1151, Cleveland and
Pittsburg 73f, Cleveland and. Toledo 1171, Chicago
and North-western 331, Chicago and North-western
Preferred 581 ; Pittsburg, Fort Wayne, and Chicago
951; Chicago and Rock Island 884, Ohio and Mis-
sissippi Certificates 254, Adams Express Company 641,
American 69, United States 691, Wells, Fargo, and Co.'s
65, Merchants Union 18, Western Union Telegraph Co.
421, Pacific Mail Steamship Co. (ex-dividend) 130, Atlantic
Mail Steamship Co. 1021, Cumberland Coal Co. Preferred
31, Canton Co. 421, Quicksilver Mining Co. 25, Mariposa
Mining Co. 7 to 8, Mariposa Mining Co. Preferred 181,
Boston Water Power Co. 271.

(From E. F. Sattertlzwaite and Co.'s Weekly Circular, June 5.)
Our letters from New York by the China reach to the
21st ult. They report inactivity in the railroad market,
although prices were on the whole well sustained, on tho
idea that the anticipation of a full harvest would be
realised, and thus add to the earnings, especially of the
road running east and west. For public securities there
was a good enquiry, and higher rates were paid, the
advance being 1 per cent. on most descriptions. Money
was easier, and gold, notwithstanding the large exporta-
tion, remained with but a trifling advance, closing 137 i.
ERIE RAILWAY.
The Erie Railway Company have accepted all bids made
under the Circular of April 1, for the extension of the
First Mortgage Bonds, at the office of the company in
New York, at a premium of one per cent., and all bids
above that premium are also accepted, and the bonds will
be extended at the rate of one per cont. premium.
The company are now ready to attach coupon sheets to,
and extend the bonds of, those holders whose bids are ac-
cepted as above specified, on their presentation at the office
of the company, in the City of New York, and payment
of the premium of $lO on each bond. The same terms
are accorded to other holders who have bid a leas premium
than one per cent., or have failed to make proposals, on
notice to the company, to be given. in writing on or be-
fore the 15th of June next.
All other holders will-be paid the principal of their bonds
at maturity, after which interest will cease.
We must confess that a careful study of the report of
this company, which we gave in our last, has occasioned
us anything but satisfaction at the result arrived at by the
working of the line for the year.lB66. On a comparison
of the statement just put forth with that issued a year
ago, we can come to uo other conclusion than that the
condition of the undertaking is far more unfavourable than
at that p-riod.
Referring to the Directors' Report for the year 1865, we
find them stating that they " anticipated most satisfactory
results for the coming and future years;" and further,
that " the expenses must hereafter be greatly lessened, as
the cost of nearly every article used in operating the road
is already materially reduced, and this reduction may be
reasonably expected to continue." Instead, however, of
these predictions being realized, we find that year by year
the cost of operating the road is steadily on the increase,
until for 1866, out of between fourteen and fifteen millicns
of dollars gross traffic, only the paltry sum of about
$40,000 is left available for the ordinary stockholders !
How shareholders can quietly submit to such a state of
matters does greatly astonish us. The Directors again
assure us that the road was never in a better condition to
transact with economy and despatch the business that may
be offered to it," and that "the reduction in the prices of
many articles of supplies which enter largely into use in the
" operations of the road, particularly fuel, will tend ma-
terially in the future to lessen expenses." This is simply
a reiteration of the assurance of the previous year, and
the credulous amongst the stockholders may possibly at-
tach some weight to it, though for ourselves, with the
experience of the past, we have little faith in such a result
being arrived at under the present system of management.
A comparison of the working for the past three year will,

we think, show how idle it would be to attach importance
to such predictions which are gravely given each year in
the reports, but aro not realised by the result. The fol-
lowing tablo will, we think, justify the above remarks:-
1864. 1865. 1866.
Gross earnings $13,429,643 $16,462,227 $14,596,413
Working expenses 8,834,918 11,754,395 10,853,140

$4,594,725 $4,707,832 $3,743,273

65.7 per cent. 714 per cent. 74.8 per cent.
On looking into the accounts furnished wo are struck
with ono or two items which are passed over without
comment; for instance, this year the receipts and expenes
of the Buffalo branch aro incorporated with those of the
main line, and comparing the two statements, wo can only
arrive at the conclusion that this branch is worked at a
dead loss to the undertaking of about 8360,000 per
annum. Last year the entire earnings for 18G5 were
stated at $15,434,774, while in this report they are given
as $16,462,227, the working cost for corresponding
period being given respectively as $10,368,264 and
$11,751,395, thus while claiming a decrease for 1866, of
$901,255, really showing the loss on Buffalo branch above
stated.

Another feature worthy of notice is that, the falling off
in earnings is mainly in passengers, the per centage of re-
duction in that of tratii3 being twenty-eight as against five
on freight. It is quite fair, therefore, to attribute the
great increased cost of operation to the mode of working
the freight. On this subject wo have more than once ex-
pressed our views freely and strongly, and fear that the
unfavourable working of this road can only he attributed
to the damaging effect of express companies, coupled with
the large proportion of monies received for through freight
via steamers on Lake Erie, going intoother channels. We
fear the evils arising from these two causes are increasing,
as on a comparison of the statements issued for the year
1864 with those of 1866, we find the following results:—
FREIGHT EARNINGS.
1864 TOSS.
Through East... $4,748,533 on 410,758=310,77 per ton.
Through West.. 2,031,181 on 161,118= 12.37 „

Way Freight .... 3,463;179 on 1,609,419= 2.15 ;;

Total 510,212,876 on 2,214,295= $4.62 per ton.

1866 TONS.
Through East... $4,176,428 on 513,921= $8.12 per ton.
Through West.. 2,462,299 on 260,270= 9.46 „
Way Freight .... 4,622,913 on 2,097,314.---- 2.20 „

Total 511,2G1,640 on '2,171,505= $3.92 per ton.

Thus showing that though working expenses havo been
increased nine per cent., the charge for carrying through
freight has been simultaneously reduced nearly twenty-
five per cent.
In our remarks last year, we took occasion to draw
attention to the item of "accounts payable," which we re-
garded as very unfavourable, we regret now to note that
this is increased from $3,551,980 to $4,894,452, being nearly
as has been expended on the construction account, so that
the simple result is that, for all or nearly all the boasted
improvements on the road, the directors have gone into
debt ; for, reckoning the decrease in the "materials on
hand," and the increase above alluded to, the whole
amount is accounted for. To sum up, we sincerely re-
gret to arrive at the conclusion that, there is scarcely one
point in the report which we can regard with unqualified
satisfaction, and fear that, unless some radical change is
effected in the mode of managing the company's affairs,
we shall again see it drift into the disastrous state which
existed some seven years ago.
There has been since our last of this day week a consi-
derable amount of business transacted in American Secu-
rities on the London Market, and up to Monday last prices
of United States 5-20's showed an advancing tendency.
From the highest point reached, however, there has been
a slight reaction, and they close 721 to 721 for the earlier
issue, and 70t to 71+ for the 1865 bonds.
Illinois Shares on higher quotations from New York,
and in prospect of approaching dividend, have advanced
$2 ; viz., to 781 to t, at which they are firm. Eries,
which have not been well sustained, leave off 39} to 40.
On a renewed inquiry for Atlantic and Great Western
Consolidated Bonds they have advanced to 241 to 251,
after having touched 261. Certificates of Debenture at
31 to 32, are one per cent. higher. Illinois Seven per
Cents., and Erie Third Mortgage have both advanced $2,
and Pennsylvania Sterling Bonds also show a rise of one
per cent.

(From L. P. Morton and Co.'s Circular.)
The subsidence of the excitement connected with the
Luxemburg negotiations has been succeeded by a general
stagnancy in financial affairs. With a brief exception
money has been abundant at 4 to 5 per cent., on demand
loans, and present indications appear to point to a pro-
longed ease. United States securities, however, have
shown considerable activity, partly the result of the fund-
ing of the short obligations of the Government, and partly
from speculation. Five-Twenties of 1862 have ad-
vanced 11 since the date of our last, and, owing to their
growing scarcity, are held with much firmness. The
foreign demand for bonds has been partly supplied
by shipments of Sixes of 1881, and Five-Twenties
of 1865, of the first issue ; and it would seem that, in the
event of any further material demand for bonds, some other
security than the Five-Twenties of 1862 will have to be
made available. The exclusive preference for Sixty-Two's
by foreign investors, has caused them to range about 3 per
cent. above other issues of Five-Twenties; whereas, in-
trinsically, they are no more valuable, and differ from
others only in respect to the date of maturity.
The speculation for higher prices in Erie shares has
drawn a considerable amount of stock from London, which,
in connection with the dullness of the stock market, has
caused a decline of 3 to 4 per cent. from our last quotations.
It is estimated that about 10,060 shares of the stock have
been received from abroad during the present month. The
current earnings of the roads show, on the average, a
slight advance upon those of the same period of last year,
as will be seen from a statement of the traffic of leading
roads given below, but, notwithstanding, stocks are ne-
glected by public, aEd speculations for higher prices
are weakly responded to. Prices now generally rule below
those of the same date in le6G, as will appear from the
following comparison :
May 24, 1867. MaylB, 18 G.
Erie, common 6O ••• 741
Michigan Southern
Rock Island
Fort Wayne 9s'
Illinois Central
Reading

As showing how far this depreciation of prices is due to
the decided pieforence given to Government securities, we
present the following comparison of the prices of bonds at
the respective dates, from which it appears that Govern-
ments leave advanced as much as Railroad shares have
declined. _ _

May 24, May 18,

1867. 1E166.
United States 6s, 1881 coupon ... 112 ... 109
do. 6s, 5-20's, 1862 do. ... 1091 ... 1011
• do. 6s, 5-20 s, 1864 do. ... 1051 ... 102
do. 6s, 5-'2os, 1865 do. 1061 1021
do. 6s, 10-40 s
do. 7-30's, Trea-
sury Notes lst series 1061 ... 102/
The heavy decrease in the shipments of cotton, concur-
rently with the maturing of the coupons of Five-Twenties,
has induced a free exportation of specie. The shipments
of specie and bullion at this port, from May 4th to May
22d, aggregate $7,144,598. This movement has caused
gold to range at rather higher figures. There is a steady
accumulation of gold inthe country, so that its exportation
has less effect upon the premium than formerly. On the
Ist May, 1866, there was in the United States Treasury,
which is now virtually almost the exclusive deposit of
our specie, $76,676,407 of coin, and on May 1, 1867,
114,250,444, showing an increase during the year of
$36,574,037. As tending to throw light upon the balance
of our foreign trade, we compile from official sources the
following statistics, giving the imports and exports of the
United States for the first three months of the current
year.
Imports (entered in gold value) .., 594,754,462
Exports (entered in gold values) $14,525,590
Do. (entered in currency
values), $125,342,638,
equivalent in gold, at
136, to

Total exports 106,689,291

Excess of exports 511,934,832
These figures take no account of the movement of
securities, which, during the quarter, was largely in our
favour, and would warrant the addition of a few millions
to the above balance.

Owing to the failures in connection with the cotton
trade in this city, at New Orleans and at Liverpool, the
cotton market has been depressed, and the price of the
staple has not responded to the comparative exhaustion of
the crop as might otherwise have been expected, and
quotations range at the same figures as at our last
dates, middling uplands being at the close 27 cents.
The receipts at all ports for the past week amount
to 14,800 bales, against 18,600 bales last week,
and the shipments to 38,800 bales; the present total stock
at all the ports is estimated at 355,000 bales.
Exchange closes at 1091 for 60 days' bankers' sterling ;
1104 for 3 days' sight; bills on Paris, 5.121 to 511} for 60
days' ; 510 to 5.08.1 for sight.

THE RICHES OF "RUSSIAN AMERICA." —The
same animals are probably to be met with—with the addi-
tion of Polar bears, walruses, and reindeer—in Russian
America as in British Columbia, only to a lesser extent,
and many only a certain distance to the north. Such aro
the great deer—the wapiti, the elk, and the caribou ; also
the black-tailed deer—the fallow deer of the Pacific. There
are also Arctic hares and rabbits. The beaver is to be met
with in some rivers. Black bears and grizzly bears are also met
with, as well as Polar bears; the skins are of little marketable
value, although making good rugs. Racoons are numerous
in some parts of the coast. Thereare two species of marten,
the yellow-breasted or pine marten, and one of a whole
colour, the skins of which are in great request, and are
collected in large numbere by the fur traders. A good one
is worth from 6s. to Bs. There are also common minks and
skunks. The skins of seals and otters are, however, the
most sought after,. There are two kinds of otters—the land
otter and the sea otter. The land otter is frequently shot by
the Indians, but the skin is of little value ; whereas the skin
of a full sized sea otter, undressed, and measuring six feet
commands the price of 30 blankets, £l2 to £l4. There are
also red and black wolves,land red and silver foxes, squir-
rels (which are shot in great numbers for the table), and
marmots. Birds, including swans, geese, ducks, plover,
snipe, and some land game birds aro mot with ; and the
seas and large inlets, as also the bays and rivers south of
the Arctic circle, are literally alive with fish. The shores
also contribute large edible crabs, shrimps, mussels, cockles,
limpets, clans, and other shell fish. Salmon are so nume-
rous that some of the rivers have actually been known to
become offensive from the putrid bodies of such as have
failed to make their way up the various falls.—Colburn's
New Monthly Magazine.
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