A Classification of American Wealth
History and genealogy of the wealthy families of America - Sponsors


 Part 1 : Colonial and Mercantile America  Part 2 : America in the Gilded Age
 Part 3 : America in the Twentieth Century  Encyclopedia of American Wealth

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  Part II-Chapter 10 : Bankers of the Gilded Age  >  Kuhn, Loeb & Co  :               Previous   1 - 2 - 3 - 4 - 5 - 6 - 7
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   The Northern Pacific corner, panic and creation of Northern Securities

Page entitled : The Northern Pacific corner and the panic of 1901

Content of this page is about :
How Northern Pacific stock was cornered, triggered a panic on Wall Street and of the Harriman Kuhn Loeb  reconciliation with Morgan and Hill in the Northern Securities holding


Extract :
...
The [ Northern Securities ] holding, which was the largest railroad trust created until then, was dissolved in 1904, as a result of Theodore Roosevelt's anti-trust campaign. Its operating companies again became independent, with the Union Pacific as a large minority shareholder. These shares did exceedingly well, so Schiff and Harriman realized great profits by selling them before the next panic in 1907.

Jacob Henry Schiff had now achieved peerage with the great John Pierpont Morgan. E.H. Harriman remained Kuhn-Loeb's customer and went on acquiring and reorganizing railroads   ...

 

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