delivered to the Committee on Labor and Education, Mr. Gould omitted all mention of Black Friday, but when as a witness before the Committee on Corners he was asked about the Black Friday panic, he calmly said that it was the "result of overtrading," and that its real cause was "the fluctuations in the price of gold caused by the war!" It is a singular coincidence that exactly twenty-two years after Black Friday, on the very anniversary of the day in 1891, Gould caused another big flurry in Wall street. After several years of depression, a "boom" in stocks was in progress, when the sudden announcement was made that the Missouri Pacific, of which Gould was president, would pass its dividend. The announcement caused a revolution in prices and the "boom" completely collapsed.
Mr. Clews tells a graphic story of what he saw:
"On the morning of the fatal day, Belden and William Heath had an early breakfast together at the Fifth Avenue Hotel, and repaired immediately to their offices. Belden announced that gold was going to 200. 'This will be the last day of the Gold Room,' he added. Moved by Belden's threat, a large number rushed to cover. In the language of Henry N. Smith, 'They came on with a rush to settle.' He was settling in the office of Smith, Gould & Martin, at 150 to 145, while Albert Speyer, acting as broker for Fisk and Gould, was bidding up to 160 for a million at a time. It was only when the price came down to 133 that Speyer realized the
