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

News has reached the Vienna Gazette, we pre-
sume, from the Austrian Minister to the United
States, dated Washington, 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 The Emperor, who had withdrawn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
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.
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 atl3Bl. 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 large, the
steamers last Saturday taking out $2,473,932. The Cuba
tock from Boston on Wednesday $185,000, and the
Palmyra from New York $440,000. This heavy drain
shows a balance of trade against us, which is
not surprising, in view of the fact that wo 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. The upward
movement ;s 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
effeeted on good security at from 6 to 7 per cent., and no-
thing but sound paper is readily negociable. 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
be a boon the Eastern States will appreciate. The
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, (1865, new issue) 1081, United States
Ten-forties 991, United States 7-30 Loan 1061,
Missouri Sixies 971, Tennessee Sixes 63, New
York Central Railroad 971, Erie 60, Erie pre-
ferred 72, Hudson River 101, Reading 1031, Michi-
gan Central 110, Michigan Southern and Northen
Indiana. 671, Illinois Central 1151, Cleveland and
Pittsburg 73}, Cleveland and Toledo 1171, Chicago
and North-western 331, Chicago and North-western
Preferred 581 i Pittsburg, Fort Wayne, and Chicago
951; Chicago and Rock Island 881, Ohio and Mis-
sissippi Certificates 251, Adams Express Company 64},
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. Satterthwaite 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 the
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 1371.

ERIE RAILWAY.
The Erie Railway Company have accepted all bids made
under the Circular of April 1, for tho 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 tho rate of one per cent. 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 less premium
than ono 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 1866. On a comparison
of the statement just put forth with that issued a year
ago, we can come to no other conclusion than that the
condition of the undertaking is far more unfavourable than
at that p-riod.
Itc.ft.rring to the Directors' Report for the year 1865, we
find theln stating that they "anticipated most satisfactory
results for tl.e 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, aud.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 ior the past three years will,