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Black Friday |
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Black Friday, Sept. 24, 1869, in U.S. history, day of financial panic. In 1869 a small group of American financial speculators, including Jay Gould Gould, Jay, 1836–92, American speculator, b. Delaware co., N.Y. A country-store clerk and surveyor's assistant, he rose to control half the railroad mileage in the Southwest, New York City's elevated railroads, and the Western Union Telegraph Company. ..... Click the link for more information. and James Fisk Fisk, James, 1834–72, American financial speculator, b. Pownal, Vt. In his youth he worked for a circus and as a wagon peddler of merchandise. During the Civil War he became wealthy purchasing cotton in occupied areas of the South for Northern firms and selling ..... Click the link for more information. , sought the support of federal officials of the Grant administration in a drive to corner the gold market. The attempt failed when government gold was released for sale. The drive culminated on a Friday, when thousands were ruined—the day is popularly called Black Friday. There was great indignation against the perpetrators. Several other days of financial panic have also been occasionally referred to as Black Friday. Black FridayDay (Sept. 24, 1869) when plunging gold prices precipitated a U.S. stock-market panic. An attempt by Jay Gould and James Fisk to corner the market in gold and drive up its price depended on preventing the sale of government gold, an arrangement assured through the two men's political influence. When Pres. Ulysses S. Grant heard of the scheme, he ordered the government to sell $4 million in gold, which caused the price to drop and produced a panic selling of other stocks. Black Friday day of financial panic (1869). [Am. Hist.: RHDC] See : Bankruptcy Black Friday (September 24, 1869) gold speculation led to financial panic. [Am. Hist.: Van Doren, 259] See : Conspiracy |
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| Look for Black Friday specials on retailers' Web sites. With Black Friday behind us and the holidays only a few short weeks away, retail in the big apple is once again proving to be a blaze that radiates the glow of New York City. In fact, Richard Giss said the day after Thanksgiving, known as Black Friday for its ability to thrust a retailer's bottom line into positive territory for the year, often presents a false start to the real spending season. |
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Black Friday
