Due to collapse of the Victoria Bridge, the wooden steamer Pearl was being used as a ferry to transfer passengers across the Brisbane River. At 5.50 pm on Thursday 13 February, the Pearl departed Queen's Wharf for Musgrave Wharf, carrying between 80 and 100 passengers.

The steamer was carried by an eddy and a strong current on to the anchor chains of the vessel Lucinda and was cut in two. The Pearl capsized and sank within 30 seconds with all passengers being thrown into the water. Twenty eight bodies were recovered and an official inquiry established the total number of deaths at 57.