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The following events occurred in May 1901:
The Northern Pacific Railway was an important transcontinental railroad that operated across the northern tier of the western United States, from Minnesota to the Pacific Northwest. It was approved and chartered in 1864 by the 38th Congress of the United States in the national / federal capital of Washington, D.C., during the last years of the American Civil War (1861-1865), and given nearly 40 million acres of adjacent land grants, which it used to raise additional money in Europe, for construction funding.
The Northern Securities Company was a short-lived American railroad trust formed in 1901 by E. H. Harriman, James J. Hill, J. P. Morgan and their associates. The company controlled the Northern Pacific Railway; Great Northern Railway; Chicago, Burlington and Quincy Railroad; and other associated lines. It was capitalized at $400 million, and Hill served as president.
The Panic of 1901 was the first stock market crash on the New York Stock Exchange, caused in part by struggles between E. H. Harriman, Jacob Schiff, and J. P. Morgan/James J. Hill for the financial control of the Northern Pacific Railway. The stock cornering was orchestrated by James Stillman and William Rockefeller's First National City Bank financed with Standard Oil money. After reaching a compromise, the moguls formed the Northern Securities Company. As a result of the panic, thousands of small investors were ruined.
The following events occurred in December 1900:
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