Panic of 1901

The stock cornering was orchestrated by James Stillman and William Rockefeller's First National City Bank financed with Standard Oil money.

[1] One of the key players was E. H. Harriman, who "by 1898…was chairman of the executive committee of the Union Pacific and he ruled without dissent.

But he speculated heavily with Union Pacific holdings, and his attempt to monopolize the Chicago rail market led to the Panic of 1901.

First came the gradual decline in Chicago, Burlington and Quincy Railroad (CB&Q) stock.

[4] During the selling, a rumor spread among traders that Arthur Housman, broker for J. P. Morgan, had died.