Panic of 1901
About Panic of 1901
A stock market crash triggered by the fight for control of the Northern Pacific Railway between E H Harriman and James J Hill, backed by J P Morgan. The struggle caused Northern Pacific stock to rise from 114 to 1,000. The crisis spread as brokers who had shorted the stock faced ruin. J P Morgan intervened to stabilize the market. The panic led to the formation of the Northern Securities Company, a massive railroad monopoly that was later broken up by President Theodore Roosevelt in 1904.
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