The Sun.
London, England, 1868-07-27 00:00:00

THE WAR IN PARAGUAY.

The mails from the Brazils and the River Plate
per the Estramadura have arrived. At the seat
of war in Paraguay nothing has taken place to give
hopes of a speedy peace. The Allies are yet
unable or unwilling to attack Humaita, which they
say has only a garrison of 3,000 men. Marshal
Lopez has much strengthened his position at the
Tebicuari, which the Allies have not yet seen. In
the Chaco, Timbo, well fortified, keeps the Allied
fleet in check, and the communication with Hu-
melte, through the Chaco, has not as yet been in-
terrupted. According to Brazilian accounts the
capital of Paraguay, Asuncion, has been de-
szrted, and the Government offices and the
whsle population of that place transferred to
LIICIPP a very small village,• about six miles
from Asuncion by order of Lopez. But the fact is
liumaita still holds out, and the Allies d ire not
either advance into the iuterior, nor allow their
steamers to go up the river beyond their base of
operation. At Corrientes a revolution took place,
changing the existing Government. General Ur-
quiza, the prominent candidate for the Presidency
and Governor of Enter Rios, has called out all the
fighting men of his province, under the plea of
putting down the revolution in Corrientes ; but
the National Government have ordered General
Urquiza to disband his troops, as the Government
fears a collision with their Allies, the Brazilians.
At Buenos Ayres every one was occupied with the
Presidential election, which was to take place on
the 12th of June. Dr. Quintana has laid on the table
of the Chamber of Representatives the following
bill :—" The provisions of the Protocol, of the Ist
May, 1865, to the treaty of Triple Alliance of the
same date, are not sanctioned." In oonsequence, in
a secret session of the Sanate,•it was decreed that Dr.
Don Lorenzo Torres, a personal friend of Lopez,
should proceed to Paraguay and offer an honourable
peace. The monetary crisis at Buenos Ayres and
Montevideo was not over, and discount at Buenos
Ayres was 21 per cent. The failure of an army
contractor bas caused a panic,, and the bills on the
Imperial Treasury were very difficult to negotiate, so
that the Government will have to send gold to the
commissariat department. At Rio de Janeiro
there was a very hostile feeling against the
Ministry. A special messenger from the Allies'
head-quarters at Paraguay had arrived at Rio with
the news that a diplomatic conflict had arisen be-
tween the Marquis de Caxias and Mr. Washburn,
the American Minister to Paraguay, in consequence
of the former refusing to allow the United States
gunboat Wasp to pass upwards to receive the latter
and his family. The Marquis offered to send up
an ironclad to bring him and his family down to the
Wasp, but this was declined, and the dispute has
been transferred to Rio for settlement. Some of
our readers will be glad to know that all the Eng-
lish in Paraguay were well ; none of them in the
camp, but all in the interior and quite safe.

MONEY AND BUSINESS.

(From the Springfield Republican.)

FRIDAY EVENING, July :0.

Monday was "quarter day," and the approach of the
bank statements made money somewhat higher towards
the close of last week. Call loans at New York went up
from five to seven per cent., but only for a. day. The re-
view over, money returned to its usual rates, and is now
easy at 4 per cont. on call at New York, with good paper
in demand at 5 to 6. At Boston everything is quiet in
loans and discounts. Speaking of the quarterly statement,
the Wall Street Register of New York—which has just
been greatly enlarged—characterizes it as " highly objec-
tionable on every account, as it is liable to produce, four
times a year—and last spring, it, will be remembered, ac-
tually did produce—an artificial financial disturbance and
money tightness, while the banks are busy swelling their
reserves and contracting their loans, in preparation
for what is, after all, of the most trivial use when done."
This is fast getting to be the general feeling of the bank-
ingand mercantile interests throughout the country. At
San Francisco, money—gold and silver•—is still abundant.
Loans con'inue to be made at 12 per cent. par annum,
and for short loans at 1 to 11 per cont. par month. There
is not commercial papr enough to employ anything like
the amounts offering. Such is the generally favourable
monetary condition of the whole country. It is agreed on
all hands that th)ra is no reason to apprehend any tight-
ening of the market for the rest of the summer moeths
Money is not, however, so free as t, invite its use
without any good mason. The statement of the city
banks of New York for Monday show that they owed
$191,321,312 on dip tsit4, against V11,3)2,207, Jon, 2,
and $33,616,397 against $31,018,721. The Philadelphia
city banks owe, this week, on deposits, $38,523,200 against
$37,582,427 last week, and $10,623,426 on circulation
against $10,630,307. Perhaps the present condition is
better than that of a month ago, when it was a perfect
drug. Abroad the same features aro observable. The
accumulation continues at the Bank of England and at the
Bank of France. English capital, available for invest-
ment, is pretty much at a stand-still. Call loans rule
in
England at 11- to 11, and even short paper is taken at that
rate. The unfortunate experience of every kind of cor-
porate industry has created an extraordinary distrust of all
securities except Consols. Railways are not looked at, and
foreign loans on the most flattering terms do not ono-

coed in drawing off any appreciable amount. Money re-
mains idle, but without the temptation to invest, on ac-
count of the disappointments and deceptions of the past
three yeari. The Hest quotations of exchange 'are as
follows :—London, GO days, 1101 to 110 k; London, sight,
110} to 110; ; London, Prime Commercial, 1091 to 110 ;
Paris, long, 5.131 to 5 12} ; Paris, short, 5 101 to 5 10 ;
Antwerp, 5 161 to 5 15; Swiss, 5 161 to 5 15; Hamburg,
361 to 361 ; Amstord tm, 411 to 411; Frankfort, 41 to
41; ; Bremen, 791 to 80; Berlin, 71i to 72.
Gold has varied during the wank only by a fraction.
The resolutions of the Democratic Convention had a slight
effect, on Tuesday and Wednesday, to push up the price,
but the truth is, gold does not know which way to go. If
the repudiation proposed should take the form of flooding
the country with currency gold would go up b 'yowl a'l
account, and would indeed b about the only thing wo th
owning except real estat e. The probability of this kind
of repudiation being acco:nplished therefore would tend to
send gold up. Bute on the other hand, the p tym .nt of
the bonds in Legel-Tender simply would destroy ono
of the few UFOs which gold (being demonetize 1) now
serves, and would therefore teed to lessen the demand
for it. The shipment still continues large. Govern-
ments might be expect d to keep down under the in-
fluence of the hostile resolutious, both of a It publi-
can House of 114presentetives and of the Democratic
Convention. When each party is trying to surpass the
other iu offering violence to the national credit, the chances
of the bondholders would seem to be slim. Yet on that
very account it is possible that the debt is really in less
danger. One party being just as good (just as bad) as
the other on the question, it may result in both parties
letting it handsomely alone. The action of Congreas cer-
tainly has taken some of the wind out of the 'Democratic
sails, and it was unquestionably in this view that many
voted for the Price amendment. It was none the less an
unworthy trick, and must in the end hurt rather
than help the cause in o hick it was employed.
The New York World even has the amazing and
amusing impudence to claim great credit for the De-
mocracy on account of the service they have rendered
to the Government Bonds. " The platform of the
National Democratic Convention, when road and under-
stood to-day, has given great strength and firmness to all
Government bonds, inasmuch as the principles of economy
and adherence to the written law which the Democratic
party inculcates, will undoubtedly strengthen the national
credit, and if carried into practical operation by the advent
of that party into power, will gradually advance the price
of all Government bonds to par in gold before the maturity
of the principal, thus rendering the question of payment
in greenbacks of no moment to investors. The Six per
Cent. Government Bonds, principal and interest payable in
currency, issued to the Pacific railroads, are selling now at
103 and interest, showing plainly that the greenback
theory, even if it were to become a fact, would not
lower the prices of Government bonds, for if a six per
cent. currency interest bond sells now at 103
aed interest, equal to 106 just before the interest
is paid, certainly the six per cent. gold interest bonds, to
be on a par with the currency bonds, ought to sell at 10
and interest in gold, instead of 108* in currency." The
last touch is really too " considering that the rea-
son why the gold interest bonds are selling down so low
is to be found wholly in the violent and unprincipled
attacks of the Democracy. However the holders of Go-
vernments may have reasoned aboutthe matter, and what-
ever the cause, the bonds certainly advanced on Wednes-
day, notwithstanding the adverse result of the Democra-
tic Convention, rising still more on Thursday. The ac-
tion of the Convention had boon so long anticipated that
all its effect had already been included in the estimate of
this hind of property. It is true, however, that the
amount sold has greatly fallen off since the Price resolu-
tion, and that a most promising advance has been checked.
The quotations are more from rather small operations—
the danger in which the debt stands being enough to pre-
vent buying, even if it is not enough to secure a general
sacrifice.

The export clearances of domestic produce for the past
week at New York amounted to $2.113,799 against
$3,531,892 the same week of last year. The export of
specie has been $3,227,532 against $1,534,861. The Customs
for the week amount to $1,658,097. The receipts of the
Chicago and North-Western Railroad for the six months
ending July 1, 1868, have been $5,841,623 against
$4,599,859 same period last year. The earnings of the
Chicago and Alton Railroad for June have bean $373,460
against $342,357 of last year ; of the Cleveland and Pitts-
burg for the three weeks in June $145,017 against
$131,555 last year ;of the Chicago, Rock Island, and Pacific
Railroad for the month $366,20Q against $261,567 ; of the
Michigan Southern for the month $363,550 against
$301,232 ; of the Atlantic and Groat Western for the last
three weeks in June $88,395 against $92,501; of the Ma-
rietta and Cincinnati for the month $95,924 against
$96,535 ; of the Michigan Central for the month; $325,501
against $281,977 ; of the Milk waukee and St. Paul for the
month $158,094, against $338,395.
Those figures will go a groat way to explain the rise in
railways which has continued during the week. The
most marked exception is Reading, which fluctuated vio-
lently during Friday. Thera was a vary sharp " corner "
developed, and tho difference between cash and regular
was at one time fully 6 per cent. One ;broker bought
20,000 shares at 106} to 1011, while the price at the board
was only 101. The stock fell during the day to 94. The
affair was very complicatel, and the results exceedingly
disastrous to all who were short. The amount made and

lost during the afternoon of Friday on this item is esti-
mated at V 00,09). Heavy "shorts" are als3 ropertod in
New York Central ani aiiehigtin Southern, in the former
case the operators for a fall being the Vanderbilt party.
North-western is still pushing up, the common stock
being as high as 78-1. This rapid and continued rise is
attributed by so:no to an approaching corner; but the
general feeling is, that it is due to a batter apprecia-
tion of the advantages of the investment. The earnings
of the company are prodigious, and its capabilities still
more so ; but the great drawback is found in the gigantic
capital and debt of the road. The common stock amounts
to $14,655,741, and the preferred to $16,768,037, a total of
$30,268,037; while the debt, funded and unfunded, is about
$18,000,000. This must require the net earnings of the
road to be spread out pretty thin to go around. Rock
Island has advanced during the week, selling as high as
108 on Tuesday, and at 1091 on Thursday. Fort Wayne,
which so long bad the preference over Rock Island, has
declined to 1071, and is rather shaky at that. Border State
Bonds continue to be presaed for sale, and are consider.
ably higher.
Tho decline in breadstuffs has been going on during the
week, and is only just chocked at the close. This decline
has been very marked and significant. Whether the slight
improvement within the last two days indicates that the
movement is stopped or is only a momentary pause must
as yet be a matter of conjecture. The probability is very
strong that it is only the latter, and that the whole
line of prices in breadstuffs will have to yield still
further. Cotton has worked up despite unfavourable
advices from Europe, middling uplan is standing at
321 c. This is owing to the fact that the supply has boon
pretty well worked down, though quietly. The present
demand is wholly for spinning. The low gra les have
improved most, relatively. Tho Thston Advertiser says—
There will be a material decrease in the production of
cotton fabrics the next two months, as at the present price
of staple it is a losing business to manufacture goods, and
agents will buy as little cotton as possible. There is a
generalapprehension that the fall trade will set in early, and
that goods will advance before the new crop of cotton

conies upon the market." In tobacco no change has oc-
curred during the week, and only a moderate business has
been done. Transactions in seed leaf have been mostly
confined to lower grades for export. Manufactured tobacco
remains quiet.

(From the Wall-street Journal.)
NEW You; Friday Evening, July 10.

. -
The Governor of Tennessee is proceeding promptly in

regard to the default of the payment of the interest on the
State debt. lie has called the Legislature to meet on July
27, when arrangements will be made to pay the interest

without delay.
The election of president and directors of the "Erie
and Pittsburgh Railroad Company" was held at the office
of the company in Erie, on Wednesday, the 24th instant.
The following named gentlemen were elected : Presi-
dent, Wm. L. Scott; directors, John H. Walker, Henry
Ramie, Milton Cartwright, James Pierce, David Dows,
Wm. Williams, Charles H. Lee, Gibson T. Williams, John
M. Hutchison, Horace F. Clark, Augustus Schell, and
Alanson Robinson.
Mining Stocks aro generally dull, the exceptions being
Consolidated Gregory' and Smith and Parmelee. For
Grass Valley there is an active inquiry, and 35 cents are
freely offered without bringing out any of the stock (the
par value of which is $10).
Petroleum Stocks aro steady, with a good business
doing in Buchanan Farm and in United States.
The following is the gold movement at New York for
the first six months of 1868 :—Received from foreign
ports—in January, $136,574; in February, $115,875 ;
in March, $1,299,776; in April, $871,079; in May, $177,485;
in Juue,sB3B,lll—total,s4,o3B,9oo. Received from Califor-
nia—ln January, $1,049,880 ; do. February, 81,132,276 ; do.
March, $3,670,196; do. April, $3,760,410; do. May,
$4,216,707 ; do. June, $3,359,765: $21,089,264. Total
supply, $25,128,164. Exported to foreign ports : in Jan.,
$7,349,825 ; ditto February, $4,303,825 ; ditto March,
$3,691,912; do. April, $6,095,179; do. May, $15,936,231;
do. June, $11,823,628: $19,103,600. Loss since Jan. 1,
`9, 36.

$23,975,

NEW YORK It %TES OP EXCHANGE, .
July 9, 1868.
Sixty Days. Three Days.
London Bankers
London, Prime Commercial._ 109 i —llO
Paris, Bankers
Bremen, Bankers
Ilamburgb, Bankers 36 —361
Frankfort, O.M 4of-41*
Berlin and Cologne
Antwerp 5.15 —5.12}
Amsterdam, Bankers
Swiss
Express Stocks aro quoted as follows :
Adams ... ... ... • ... ... ... 53} to 54
I
American ..................46 to 461
United States ' ... ... ... ... ... 47 to 48f
Wells, Fargo, and Co. ... ... ... ... 24 to 251
Merchants' Union, 35 per cenK...,. ... •,.,24 to 251

The following were the closing quotations for the
various Public Funds of the United States in Now York:—
Sixes, 1868, registered — to
Sixes, 1868, coupon . — to
Sixes, 1881, coupon 113.1 to 113/
U.S. 6s. Pacific Railroad — to
Five-twenties, 1862, coupon
Five-twenties, 1864, coupon
Five-twenties, 1865, coupon
Five-twenties, 1865, coupon, new - 108% to 128*
Five-twenties, 1867, coupon ...
Ten-forties, coupon .. ' lo7* to 107/
Seven-thirties, 2d series
Seven-thirties, 3d series
Oregon War Loan, Sixes, 1881
The following were the closing quotations this evening
for the Railroad and Miscellaneous Stocks :

N. Y. Central 1341
Erie
Hudson -
t
96i1
Mich. South. & N. I. 92i
Illinois Central
Cleveland & Pittsbrg B7l
North-West 79
North-West Preferred 811
Gunton 4B
Rock I-land
Cleveland and Toledo 103}

Fort Wayne
Pacific Mail lOll
Atlantic Mail
Quicksilver • 21
W. U. TelAgraph
31ariposa Preferred
Ohio and Mississippi 2Ol.
Boston Water Power lfii
Cumberland
Bankers and Brokers lO4
St. Paul
St. Paul Prefo• rel

RAILWAY IN7ELLIGEYCE.

The Burgess Bridge on the Troy ani 11.)ston
llailroai is reliant, and trains are hereafter to run
through from Troy to Boston without , change of

cars.

PROGRESS OF THE UNION PACIFIC.—A new town
has already sprung up on the line of the Union
Pacific Road beyond Laramie, called Brownville,
and is located at a point where the railway
crosses the North Platte, which is one hundred
miles west of Laramie. Between Laramie and
Brownville a tunnel is to be built, which will
probably not be finishel before September ; but
meanwhile a temporary track is being constructed
around the mountain to be tunnelled, and work
will be continued so rapidly west of the tun-
nel that Green River, 180 miles west of Brown-
ville, will probably become the winter quarters of
the-pioneer railway constructors. The Government
Commissioners have accepted twenty additional
miles of this road, making the total 660 miles we=t
from Omaha.

The work of relaying the track of the Marietta
and Cincinnati Railroad is progressing rapidly and
it is expected that a continuous rail on the Eastern
line will be completed this fall. The wooden
bridges on the road will be replaced with iron ones
as soon as practicable.
A new reload, to be styled the Buffalo and
Southern Railroad, is projected, to connect Buf-
falo and Baltimore, by a direct route, making the
distance equal to that between Buffalo and Albany
The new road, by proposed connections, will onlY
require one hundred and twenty miles of new rails
to be laid. The company has already organised,
and the pioneer railway engineer, William Wallace,
is instructed to survey the route.
Dr. A. W. Hall, of New York city, has invented
an arrangement for preventing the accidents by
breaking of rails, which have within the past year
caused such frightful destruction of life. It,
consists in a supplementary rail, inside 49;
each of the ordinary rails. The flange 0:
wheel passes between the two rails. The wheel
has a " tread" inside of the flange as well 35
outside; but the former does not touch, unle°3
in case of the breaking of a rail. Old rails tell
be used for the safety rails. The safety-tread Ira
be cast without a chilled face, giving it all tae
tenacity of soft iron, thereby adding to the safety
of the wheel, by lessening its liability to break. Tae
American Artisan describes and illustrates this
vention.
The New York Commercial Advertiser gives
the settlement of the Erie Railroad difficulty, that
John S. Eldridge gives place to Daniel Drew, c:411
president, and that directors Whitney and Rand
%
resign in favour of John Steward and Jam
Banker. The policy is understood to embrace,
withholding further aid to the Hartford and Erie
Road, placing an additional rail on the Erie trac.i'd
making it both narrow and broad gauge,
abandonment of the proposed Akron, Ohio,
tension.
di-
The Shore Line Railroad re-elected their
rectors on Tuesday, the 7th July, and voted t°
increase their capital stock not over $1,000,000,
and to have the bridge across the Conneticut river;
The New York and New Haven Railroad also
at New Haven and accepted the authorised incrToh
of capital stock as a part of their charter. lsv
farther agreed that no portion of the added sn,
should be dispoaed of except for actual impr°v
merits. lac
Ground was broken on the Atlantic and raC
Railroad at Springfield, Missouri, on Saturdayr;
4th July, with imposing ceremonies. The eliteof
prise will be pushed rapidly forward, with a vie`gsth
connecting St. Louis and San Francisco by the 35
parallel route to Alberquerque and beyond. ifo
RAILROAD BRIDGE AT OMAIIA.—The rsc, t
R tilroad Company's bridge across the Missouri rive;
Omaha is tobe one of the most substantial nndiil
pensive structures in America. The bottom cord wia.,
be fifty-five feet above high water mark, thus n°°to,l
ing the necessity of a draw. The truss is to be coast:11:0cl
of iron, supported by substantial stone abutments co-
piers. The estimatel cost is $2,500,000, and its Coo
pletion, it is thought, will require two years. 10
New • York Independent says that on Trains Woct
ridge the bridge is to be located which is to n°lll'ore
two oceans. "if it is built there, Mr. Train is f3r 11:011t
certain of a fortune than of occupying the long 'Ltuno
Presidential chair." The Revolution says he has a f°r the
already, but what puzzles, is, why he then stops in not
Marshalsea, which he j )kingly calla his pleasant Oil
retreat.

The Fourth was celebrated by a submlrine rt3,,rtio
in Boston harbour, which was the most unique Wipist
of the day, and quite successful. The submarine 0.00
of 30 kegs of powder, exploded by electricifY 000
a schooner at a safe dist tile° threw an
volume of water about 100 feet into the ai ini the
al r
ifield,
shape of a water spout. George Phillips, of Idols, for
and Jacob Palmer, of Boston, each submarine diver'.s
five years, and William Lloyd, of Boston, tell Ylteol
that occupation, were the contestants. Bcats acted aa lifo
tiers to them, conveying each one's air pump avecotir
line. The course was 2,100 feat, which Phillips 11
plished in 17 minutes, Lloyd in 18k, and Palaler.,„,teg•
was accidentally. hindered at the outset, in 21 ril;1„",, to
They received prizes cf $75, $5O, and $23, accJra'''
the time made. .1101
_4O

LADVERTISEHENT.]— Consumption, and all nerv009,,,,r-;any
stomach,and liver complaints in every stage are OEIIY s.'orfee j,
and accelerated by drugs of every description, but yea Foo
curable by Du Barry's health-restoring Revalenta Arablusitiefery
as proved by thousands of cases which had been co, Of
hopeless; such as indigestion (dyspepsia), cough, asth aelan
sumption, habitual constipation, diarrhoea, all gastric
voseept,
ments, hEemorrhoids, liver complaints, flatulency, neroolds, o•
biliousness, fevers, sore throats, diphtheria, catarrhs, t
, iolp
fluenza, noises in the head and ears, rheumatism, lee
rities, eruptions, hysteria, neuralgia, irritability, sloeP drop of
acidity, palpitation, heartburn, headache, debiliq, 054, o
co,
cramps, spasms, nausea and sickness, even in pregrtjo
sea, sinking fits, bronchitis, scrofula, tightness 01 lora, di;
pains at the pit of the stomach, and between the .131, or
We goote a few.—The Pope's health restored by 'molt ,11
Food. Cure No 68,413.—" Rome, July 21, 1866.—Thevoiag.ty's
the Holy Fathe, is excellent, especially since, abann, 130e;o1
other temedies, ie has confined himself entirely to
RevalenLa Amb'ca. Food, of which he consumes hooP,Dis
at every cabal., It has pro laced a suzprisinglY
effect on his health, and his Holiness cannot P., Poor
excellent food too highly." From the "Gazetto_bor ~go,
July 25. Cure No. 46,270. Yr. James Roberts, tu-',ej
chant, of Frimley, Surrey, of thirty years' disos,7ofilt of
spitting of blood, liver derangement, and partial too, vitti
Cure No. 1,771. Lord Stuart de Decies, Lord '„oos;
Waterford, of many years' dyspepsia.—No. 49,°2„rc005-00'
years' indescribable agony from dyspepsia, '-.`c'xoesolY,
asthma, cough, constipation, flatulency, spasms, 810010.700
vomiting.—MariaJoly." ImportantCaution.—Bewar.
unsavoury and more than sloppy imitations to 'x11170,011 (s.;
authority, Baron Liebig's name is most audaciouslylbs,./310
In tins, at ls. 14d.; 1 lb., 2s. 9d. ; 2 lbs., 4s. 6d A. 11„
12 lbs., 22s ; 241bs , 40s.—Also Du BARRY'S REVALE" cu,Y5OO!
. For 0 0,, soe
CHOCOLATE PONDER is packed in tin canisters,
298 cO2 Vie
25., for '24 cups at 3s. 6d., for 48 cups at 65., for 004,
for 576 cups at 555. Being about one penny Per, ea so.
and 555. tins are sent free of carriage in Eng'? co.
of Post Office Orden—BAßßY DU BARRY and ._ts.
Regent-street, London and all Grocers and Oheual,'