“On Wednesday, the 22d of September, two days preceding ‘Black Friday,’ the clique, it is believed, owned several millions more gold than there was in the city, outside the vaults of the sub-treasury. Belden bought about eight millions of gold on that day, while Smith, Gould, Martin & Co. were also heavy purchasers. The clique held a caucus in the office of Wm. Heath & Co. in Broad street and concluded that it had gold enough to put the price to 200 if it could carry the gold without lending and compel the shorts to purchase. But the idea of finding a market for over thirty millions of gold was also a gigantic problem, and they felt the risk of being ground between the upper and the nether millstones of their scheme. “On the morning of Thursday another council of war was held in the office of Belden & Co., on Broadway. At this meeting, Gould, Fisk, Henry N. Smith and William Belden were present. The proceedings of this meeting were kept a profound secret, but one result of it was that Belden gave his clerk the famous order to put gold to 144 and keep it there. On that day Belden purchased about twenty millions of gold, the price opening at 141½ and closing at 143½. “The chiefs of the Cabal had another private meeting up town that evening. The great question of closing up the transactions on the following day was the chief topic of discussion. These operators held contracts for over $100,000,000 in gold. Gould said that the ‘short’ interest was $250,000,000. The total amount of gold in the city did not exceed $25,000,000, and the difference between this and the aggregate amount of the contracts of the clique was the enormous amount that would have to be settled in the event of a ‘corner.’ “Fisk proposed that the clique show its hand, publish the state of affairs, and offer to settle with the shorts at 150. His plan was rejected by his brother conspirators.” And now opens that remarkable day in September, 1869, known as “Black Friday.” Wall street has passed through other days of excitement and calamity, but even the panic days of 1873 and 1884 pale before the awful passion and fury of Black Friday. The New York _World_ of September 25, 1869, thus describes the day: “The scene during the conflict almost beggars description and exceeds anything ever before witnessed in Wall street. It was a tussle of enormous magnitude, fierce and desperate. It was a day long to be remembered and not easily forgotten by those who witnessed it or were caught in the maelstrom that carried everything before it.”