Ọ bụ ezie na udo e n'ụzọ dị ukwuu weghachiri na New York site Saturday, November 2, ma ọzọ nsogbu loomed. Otu n'ime mgbanwe si kasị ukwuu brokerage ụlọ ọrụ, Moore & Schley, bụ ukwuu ụgwọ na n'ihe ize ndụ nke ọdịda. The ike ama agbaziri n'ụba, na-eji mbak nke Tennessee Kol, Iron na Railroad Company (TC & I) dị ka collateral. Na uru nke thinly ahịa ngwaahịa n'okpuru nsogbu, ọtụtụ ụlọ akụ ga-eleghị anya na-akpọ mgbazinye ego nke Moore & Schley on Monday na ịmanye a en masse liquidation nke ike si na ngwaahịa. Ọ bụrụ na nke ahụ mere na ọ ga-eziga TC & I mbak plummeting, na-ebibi Moore na Schley na ịkpalite oké ụjọ na ahịa. Iji gbochie ọdịda nke Schley & Moore, Morgan kpọrọ ihe mberede n'ọbá akwụkwọ na Saturday ụtụtụ. A na-atụ aro na U.S. Steel, Morgan & Schley gara n'ihu na-arụ ọrụ n'etiti ụlọ ọrụ ndị isi ụlọ akụ na ụlọ ọrụ ndị ọzọ.
Tennessee Coal, Iron and Railroad Company (TC&I)