The 1881 Hannibal & St. Joseph Railroad Corner Attempt

In September 1881, shortly after President Garfield was shot, a corner attempt was made in Hannibal & St. Joseph Railroad shares. The railroad was financially distressed, with dividends at only 1.5%, attracting short sellers. Broker William Hutchinson, acting on behalf of the company's vice president, began buying up all the stock the bears would sell. On Monday, September 5, the price rose above 97. The next day, as shorts tried to cover, the price soared to close at 137. The rally continued from there, and a week later the stock peaked at 350.