|This month in history:
|May 5, 1893
The Wall Street Crash of 1893 started.
|May 10, 1869
The tracks of the Union Pacific and Central Pacific railways were linked at Promontory Point, Utah.
|May 16, 1886
Congress voted to discontinue use of the half-disme, choosing to replace it with another five-cent piece, the nickel.
|May 17, 1792
Two dozen merchants and brokers established the New York Stock Exchange.
|May 19, 1930
The 27th Amendment to the U.S. Constitution was ratified, prohibiting Congress from giving itself pay raises.
Private equity firm Cerberus Capital Management
buys troubled U.S. automaker Chrysler
for $7.4 billion, signaling a
growth in the economic muscle of hedge
funds and the continued decline of
the domestic auto industry.
Rupert Murdoch puts forward an unsolicited bid of $5 billion for control of Dow Jones, influential publisher of The Wall Street Journal.
The USDA announces record corn prices for 2007, putting upward pressure on food prices across the world and leading to criticism of the use of corn for manufacturing ethanol, a gas alternative.