[Photo: New York Stock Exchange]
The Panic of 1901 was a 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 Railroad. 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.
On May 17th, 1901 the stock market crashed on the New York Stock Exchange for the first time. This crash was a result of the struggle over control of the Northern Pacific Railroad.