In 1869 a railroad developer named Jay Gould and a Wall Street financier named James Fisk conspired to form an elaborate plan to manipulate the price of gold. They enlisted the services of Abel Corbin, the brother in law of president Ulysses S. Grant. While Abel persuaded the president not to sell the government’s share of gold, Fisk and Gould began buying large amounts, draining supply and causing the price of gold to spike. Due to this manipulation, on Friday, September 24, 1869, gold skyrocketed to its peak. Grant, realizing the scheme, responded by aggressively selling the government’s store of gold ahead of the conniving team, driving the price of gold back down and put an end to this devious plot. This event became known as Black Friday.
With this event in mind Steely Dan was inspired to write the song Black Friday from their 1975 album Katy Lied. The opening and underlying piano line is busy with the hum of evil machination. As a direct reference to Gould and Fisk, Donald Fagen wrote,
“When Black Friday comes I’ll collect everything I’m owed And before my friends find out I’ll be on the road.”
U of Music 