Salt Lake Telegram | 1929-09-24 | Page 13 | Black Friday - 60 Years Ago

t tt 4 1 Black Frid Friday Friday 60 y 60 Years Yeara Ago l S. S ry years a r a ago p td today on Il sept September 24 2186 Jim Jin Fisk and Jay Go Gould Id failed faded in n nal al taUe to corner the lie gold market and p d. d a it p panic lic which h has hap s' s earned t the day the melancholy title of Black Friday fhe The cir cir- cir cir- ot Ces of that financial tr tragedy g a are arc in- in t t at t the thc c present time when stock trans trans- a actiOnS are defying ing the laws of eco eco- Fisk simplicity and Goulds Gould's was its itself Jf They hoped tc to Q buy Y t the he available y iI ble Sl sup sLip supply ply of gold and then force up tip th the price sufficiently to realize tremendous profits p To To do o. o tl this it- it was s necessary Jo to k keep ep the he United States t e s ri from Selling and ad nd th they y tho thought y- y yh h had d dbl done by J involving one bac of President Grants drant's rel relatives tives in their de deal J. J g f For rj s 's several ver l months th the J two speculators peculators perfected their their- schemer scheme then s seizing what appeared to to be lie a crucial moment they thy Jj began be lie- gin gan j their historic ass assault upon the market marker I bought gold in huge q quantities at ever eYer I i increasing easing pr prices ces and in a brief time had se secured e Cc C- C c cured r d aU all of the available supply and nd several in addition Other speculators un n. n y X r of the c corner attempted had sold short and found themselves unable to fo make nak good i k A wild s sc scene e c was vas enacted d. d ill in inthe the thc go gold room of the New York e exchange on Bla Black R Friday when the th trading trading- reached its climax x Traders ders caught in in th the net were endeavoring fg t escape sc pe by s 's settling with jh the spec arch speculators arch l tors neli already al dy dyr r r ruined in d were c e p panic ni sh stricken ck l and nearl nearly insane and Fisk an and Goulds Gould's buyer vs continuing s CO u to force forceL up p the price Then Thel ThelI carte I i ik the news that he federal government va was selling an and the the- turm turmoil J Increased mc ea da a hunt hun died ded fold o d. d The corner w was W broken Fisk an and f l d ha had failed in in their att attempt but bu had hid saved saed their fortunes s and h hundreds not only speculators speculators' e c b but t business buness men en hot lot i in l the least least I connected jinne t d with the exchange were ruin ruined d. d I I r C Compared red with vit present day Wall Wan street trading the transactions of the famous Bl Black k Friday i ar are no l longer nger so tre tremendous doust but their r rj importance j p rt e is s undiminished PW j They rhey Y illustrate r e only top too tr the U e dangers rs of of- unprincipled cI pled i spec speculation laJ o vand a d the the close lose cOn connection between en stock to tra trading g and aid the he financial life of of- the nation nahon t i I i