The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-09-19

The excess over the legal reserve last week Was
go, 733,o5a, and this ia $1o,aS65s4-a gain of
$223531.
The money market was rendered quite active late
IN the day by the changing Of loans incident to the
ireshening Of margins on the stocks which under
went SO sharp decline. Gold interest was freely
paid about halfpast two O'Clock, but less activity
was reported before the closing OF the banks. The
scarcity of small notes greatly felt in the city, owing
to the dissemination OF the lower denominations
throughout the Southern States. The SPECTATORS
lay much stress upon the fact OF this scarcity, which
fs also attributable to the calling in for cancellation
of notes which have been dangerously counterfeited
Treasurer Spinner has written to the oticers OF one
OF our prominent banks that the banking depart
ment s Fastening to replace the currency thus with
drawn and special despatch from Washington to-
day says that Secretary Boutwell, and Superin-
tendent McCartee, OF the Currency Bureau, were In
consultation some time today In relation to
issuing as soon as possible notes OF small
denominations. Arrangements have been made
whereby, after the LIST Of october, the de-
partment can furnish s30o,0oo a day Of one, two
and ten dollar notes, and this amount will be
Increased soon after to half million dollars daily.
This 1t is expected, Will relieve the money market to
considerable extent The market for paper is still
without relaxation and prime notes are seldom done
less than ten to twelve per cent discount The mer
chants complain loudly OF the inability TO sell at old
rates, but capitalists and lenders have their eyes
fixed the progress OF affairs in the stock market
and still prefer the employment Of their funds on
call.
Foreign exchange continued weak and without
tone and was ESPECIALLY dull to-day after the
steamer
The following were the bids for the city bank
stocks to-day:-New York, $50; Manhattan l40;
Merchants. 12s; UnIon 100; America, 143; Phoenix.
100; North River, 90; Tradesmen's. $50; Butchers
and Drovers 1876; National III; Seventh Ward, 10;
State OF New York, ll2; Commerce, 12e; Ocean, o.;
American Exchange, III; Bank OF the Republic,
lls; Bank Of North America, 100; Irving, 112; Me-
tropolitan 40; Market 124; Nassau, 100: Shoe and
Leather, 1872; Corn Exchange, 102; Importers and
Traders, 14o Central National, lloh; Ninth Ma
tional, ia Oriental, $50; Gold Exchange, lao;
Bankers and Brokers' Association, 105.
The gold market was firm, but dull. The range OF
the price was from 1851 1861. The "bulls" are
still entrenched at these figures and resist every
fort to dlslodge them. They are patiently waiting
an opportunity for a sortie and another sharp ad-
vance. The "bears," however, are pursuing the
sensible plan OF letting the market alone. It was
the short interest which put the market back to Its
present figures from the decline to 1914 An increase
OF that interest will only add to the strength OF the
'bu" side. The latter were very hopeful to-day Of
success through an lntmation given them that
Secretary Boutwell, will take no part for or against
the speculation in gold. The disbursements of coin
interest to-day amounted to s77,l4l. The range OF