The 1901 New York Stock Exchange collapse triggered by a battle for Northern Pacific Railway shares was called the Panic of 1901.
The contest involved financier E. H. Harriman and interests associated with J. P. Morgan and James J. Hill. Northern Pacific shares were heavily bought as investors expected control of the railroad to change hands. When the stock became scarce, its price soared dramatically, creating a short squeeze.
On May 9, 1901, Northern Pacific shares abruptly plunged, and the turmoil spread through the market. The panic particularly damaged other railroad securities and helped expose the risks of concentrated ownership and speculative trading.
This event is distinct from the Panic of 1907, a broader banking crisis that led to a famous rescue organized by J. P. Morgan. The 1901 panic was primarily a stock-market shock centered on railroad control.