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Overview
The story, told here in full for the first time, transports us to the New York Stock Exchange during the unfolding of the earliest modern-day stock market panic. Harriman vs. Hill re-creates the drama of four tumultuous days in May 1901, when the common stock of the Northern Pacific rocketed from one hundred ten dollars a share to one thousand in a mere seventeen hours of tradingthe result of an inadvertent “corner” caused by the opposing forces. Panic followed and then, in short order, a calamity for the “shorts,” a compromise, the near-collapse of Wall Street brokerages and banks, the most precipitous decline ever in American stock values, and the fastest recovery. Larry Haeg brings to life the ensuing stalemate and truce, which led to the forming of a holding company, briefly the biggest railroad combine in American history, and the U.S. Supreme Court ruling against the deal, launching the reputation of Justice Oliver Wendell Holmes as the “great dissenter” and President Theodore Roosevelt as the “trust buster.” The forces of competition and combination, unfettered growth, government regulation, and corporate ambitionall the elements of American business at its best and worstcome into play in the account of this epic battle, whose effects echo through our economy to this day.
Product Details
ISBN-13: | 9780816683642 |
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Publisher: | University of Minnesota Press |
Publication date: | 10/01/2013 |
Edition description: | New Edition |
Pages: | 384 |
Product dimensions: | 5.90(w) x 9.00(h) x 1.30(d) |
About the Author
Table of Contents
ContentsPrefaceAcknowledgmentsDramatis Personae, 1901Introduction: A Railroad World
1. Mr. Morgan and Mr. Hill2. Mr. Harriman and Mr. Schiff3. The End of the “Days of Small Things”4. The Battle for the Burlington5. “Peacemakers” Arming for Combat6. “The Weak Link in Your Chain”7. The Consequences of a “Hostile Act”8. Decision at Temple Emanu-El9. “Hell is Empty and All the Devils are Here”10. Northern Insecurities11. The “Big Stick”12. A Thunderbolt out of the Blue13. Great Cases and Bad Law
Epilogue: The Last Corner
Appendixes: Associate Justice Holmes Dissent 1901 Railroads 1901 Wall Street Primer
NotesBibliographyIndex