Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-10-13
New York, Oct. 3, 1885

"NEw York, Oct 3, 1885.
" To the Editors of the Globe:
Gentleman Knowing your interest in whatever re.
atcs to the money MARKET more especially I'D cohnc1lon
with the United States Bank, AIN induced, although
stranger TO YOU furnish you with certain acs which
have fallen under my observation, and which consiuer
Of sufficient Importance TO he communicated at Washing
ton You have doubtless observed that the money mar
ket for tic last month"; has been in very unhealthy
condition. Money has been scarce in Boston, Phadel-
phia and New York; first rate business paper having
been sold at discount of from nine to twelve per cent
per annum The effect Of this scarcity has been distinct
ly visible in the Stock market Stocks having declined
average ten per cent. Within period OF ten
days. Stocks have fallen to very low point but since
the 25th unn. the market has rallied with great
strength and several Of the speculative Stocks have ad
vanccd from flee eight per cent Money again is de-
cidcdy mere abundant in Wall street; and the spccna'
tors who but few days since disposed to SELL nave
suddenly changed then policy, and are now buying with
extraordinary confidence and To large amount ms sud-
den change in the money market wholly unaccount-
able to most experienced nanclers, until certain
facts began TO develcpe themselves, which explained the
mystery and exhibited the U. S. Bank in light which
may prove important to the opponents pt that institution
The facts audc to- these: that Mr.. Bidde and MI
JGulon have written private letters their friends IN
this city, announcing another change OF policy on the
part of The Bank which is to be, expansion anta JuT
tier notice. One Of the letters communicating this IN
formation has been seen 1t was addressed by " Bid
die to Silas A. Stwc and purpors TO have been writ
for his (Alr Swcrs private government, IN Tes'
ton to money spccuiatons. Inns iact you may CONF
IDENTITY rely upon. With regard to the designs Of the
Bank in adopting this course the inference Is rressli
ble that political scheme has been determined
upon the of which am not prepared to explain
my present object being show that, aside from any
political ends, 1t is clearly evident that Blddc Is using
the Bank to aid himself and friends in spccuIstons-
NV reasons for thinking founded on number OF
significant signs which have from TIME to time, occurred
to my observation. will mention few OF them On
the day when the Stock market was at the lowest point,
j. L. Joseph visited Philadelphia, and WAS known to have
been closeted with Bd. On his return he bought mp
wards of $500 800 worth of Stocks, on time and Tor
cash. and has been heavy purchaser since Cla7ks"n
e. Co. arc among the most extensive spectators IN w all
street. Clarksun is hrulhrrn-law to MIR. J0nathdh
Goodtuc ono Of the noted Bank Committee. Up to the
25h September Clarkson Of the strongest bears
in Wall street. From that tne however, he has be.
come 4 heaYy purchaser to an enormous extent; and
have no doubt that he Jnscph and Bddlc are ragnrd
together in the purchase OF Stocks.
at is well understood crc-a fact Of which you may
not be awarc-,hat Ti"nas Biddc &; Co. engaged
in sprculang in the Delaware and Hudson Canal Com.
pany Stock. Within month past they succeeded in re-
alizng large Of nancy, by forcing the Stock up
some ten fifteen per cent. They will play the Same
game over again. as you will presently in the rise Of
the Stock, aided, it will be- by the expansion Of the
United States Bank. a. B