The discussion became general and animated. Nobody had any real light to throw upon the nature of the forces opposed to them. All agreed that it was almost incredible that any secret combination of capital could be made strong enough to stem successfully the natural flow of the financial tide which was manifestly toward the sea of liquidation. Only two courses were open to them. One was to await the discomforture of the enemy under the overpowering influence of natural laws; the other was to hasten his downfall by increasing the load which he was trying to carry. To surrender to an enemy who was probably himself on the point of retreat was out of the question. One more bold stroke upon which everything should be staked was the policy finally decided upon. The details were carefully arranged and the conference came to an end. The onslaught was made the morning after the New Year’s holiday. It was a battle royal, quite unlike any of the earlier field days of the Stock Exchange. A sharp selling movement began the moment the market opened. Stocks were offered right and left in large blocks. Prices went off at once, but not seriously. Within a few minutes, when it seemed that the market must give way under the crash of 1,000 and 5,000 share lots thrown out like a bombardment by the forces of the syndicate, there was a determined rally. The decline was checked, and although the buying party showed no disposition to do more than support the market against the sudden attack, the danger of a break seemed to be over. But there was a feverish apprehension in the air. The situation was in the hands of two great opposing cliques. Outsiders dared not follow the lead of either party. The issue was too much obscured. The outlook was critical in the estimation of operators on both sides, and the tendency was to close short and long contracts alike.