The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-07-21

Thames for the Pacific by way Of Rio dc Janeiro ami
the Stfsiis Of Magellan.
AMERICAN STOCKS IN LONDON
Correspondence Of he Aep York Co.ri,,
LONDON, Both June.
i The accounts brought by the Mediator and R,;,;sh
i Queen, have gwen an Improved appearance Ia an
American Securities, and though no extraordinary nj.
Nances nave occurred IN any of the stocks n arge,
and irmer business has been goinq forward ,nd -
! is market for several securities which had hoa,, ~
noticed aud unsaleabie, for some preceding Tina ~
Pennsylvania per cents have been in consde,ahla IA
mand tins morning AZ u, but no person is winp 10
take that pfice nor have any spectators advanced
their oilers 10 i-the true quotation OF this importan
security being 1912 advance of ia ncr cen,
since the arrival OF the British Queen There have
been numerous but not large sales of Ohio G nor Gents,
al 20 without the dividend, and New York CIV
stocks with the dividend at 10 - Virginia ex div
s5aS6, Illinois 10 and Mississippi one transaction Of
$4,000, al 10 l-2 -
These quotations are undoubtedly still very low for
securities, the dividends which have all been re-
mlited and honoraby paid; but still il is something
that any revival of business should be restored when
the general monetary and commercial affairs of tho
country are 50 much depressed
he Shares OF the Bank of the United States con
nue at the low quotation of fl5 5s no person this
morning being willing 10 offer than is for con
siderable amounts this very reduced value being oc
casoned by the entire uncertainty which prevails on
the subject OF the July dividend Considering the pe
neral Stale OF the London Money Market the uncer-
lainty which prevails on the subject of the harvest
and therefore of all monetary and mercantile affairs
it may be said that business in the State Stocks has
materially improved.
American Alabama sterling fyes 70 !;
Indiana sterling hves, II Louisiana sterling ives
30 IL; Maryland fivcs 81 Ohio skies, 81 Penn
sylvania hses, ~; South Carolina, 10
LONDON MONEY MARKET.
Correspondence Of The Ne,c York Express.
LONDON, June 80, 1910
The return Of the quarterly weekly average of tho
liabilities and OF the Bank OF England for the
three months from the 3st March to the 23d inst was
published in the Gazette of the 18th inst Conpar
with the quarter from the Sd March to the Goth May,
the circulation has increased f5i 900; the deposits
have decreased fl0i0OO Securities have decreased
tl5l0OO, and the bullion has increased f4S 900
The surplus rest has decreased f56OOO. II Will
be that the progress of the Bank in augmenting
their bullion is exceedingly slow notwithstanding the
relatively small amount Of their circulation.
There has been increased demand for money
since my last communication. The state of trade,
however throughout the county stagnant far
regards credit that commercial bills still on the
decrease and although there is also progressive i-
lnnuton OF the Bank circulation, it Is fully adequate
to all demands In consequence OF the London Bank
crs generally holding out Tor per cent their dis
counts the principal portion of the business pass
ing into the hands Of the bill brokers who regulate
their rates on the value OF money in the market from
day to day.
II is understood that the latter parties have borrow
cd TO a considerable amount from the Bank of Eng
land the depose of other securities during the past
week, TO discount commercial bills in expectation Of
obtaining money TO pay the bank at lower rate than
the present value, when the quarterly dividends are
paid in about an hour hence
The private banks are not obtaining more than 4
per cent tor money on call and some of the Lombard
Street houses finding their discount business decln
ing much, have offered 10 take certain class OF
bills within the last few days low as l-2 per cent
this is about the rate is charged by the
large discount houses for paper which is attended with
little or risk. Money in the Stock Exchange has,
during the part week. been less abundant and is
counted for by the Bank of England doing all they
can to discourage spcculatons in public securities.
ALGIERS
The London Morning Herald of July ], gives the
following the substance of the latest advices from
| Algiers
stop the accumulation of sinister rumors which were
propagate,l on Saturday and Sunday, at Paris, rea
| i've to the Algenne colony. Though the whole OF
these reports, which then went far to destroy
half the French army, and to leave Marshal Vaee a
prisoner in the hands of Abdel Kader, are true
yet there is too much TO believe that frican
affairs very bad aspect and that the guard
of the Marshals army has been cut pieces and all
the crops in the neghborhood Of Agiers destroyed by
fire. The misfortune which has occurred to the
guard has taken place the southern side of the
Col de Teniah where the French had, after the cap
ture of Medeath, To sustain similar struggle, and
where General Bertheneze in 1881 sustained severe
| defeat.
! 1t appears that Marshal Valec imagined that he
had blocked up the army Of the Err but he unex-
pectedy found several OF the mountain passes in the
hands of the enemy. In order to avoid fighting at a
disadvantage, the Marshal thought proper to change
ground, and decampng in the middle of the night sue
cecded in Withdrawing the bulk of this force without
alarming the Arab host. The guard, composed
of 500 men, not SO lucky, and the moment il had
cleared the summit of the Col and had begun to de
scend the Businesses of the mountain in the direction
of Medeah II was assailed by corps OF 1000 Arabs
4 who fell on il with equal audacy and fury. The
Arabs and the French fought hand.to hand the bayo
net proving weak defence against the fierce stabs OF
the yatachan In vain the French soldiers tried to
form solid masses, and repulse by discipline the wild
attacks of their assailants.
4 The Arabs got between the files, overpowerng and
staying every thing before them The French vaor
at length prevailed and the little corps enabled
To present solid front to its enemy. The Arabs at
tackled three times but were each time repulsed The
French then got two mountain guns To act which
Kept the foe al more respectful distance, and finally
the guard joined the main body, after sustaining
loss of 40 dead and 300 wounded; in fact, half its
number The Marshal is severely censured for not
coming to tho rcliefof his guard the firing
I heard distinctly at his head quarters. He alleges as
excuse that he had taken every prccauton against
the Arabs, and that he supposed the firing proceeded
not from any serious attack but from that useless love
of display which is consequent on mountain warfare
4 These excuses will not his turn at Paris, where
! his conduct is loudly condemned by all classes. In
addition to this military disaster, the coonists have
again severely suffered in the vicinity Of Agiers, and
party of Arab maraudcrs have again appeared in the
plain burning the crops on the ground, and carrying
of any property they can lay hands on
IRELAND.
DrnLiN June 23.--The greatest distress pre-