Stock market panic 1893

Like most major financial downturns, the depression of the s was preceded by a series of shocks that undermined public confidence and weakened the economy. The Panic of provided a spectacular financial crisis the contributed to the economic recession. In the last days of the Harrison administration, the Reading Railroad, a major eastern line, went into receivership. That collapse was soon magnified by the failures of hundreds of banks and businesses dependent upon the Reading and other railroads.

The stock market reacted with a dramatic plunge.

Fearing further collapse, European investors pulled their funds from the United States, but depression soon gripped the other side of the Atlantic as well.

An ongoing agricultural depression in the West and South deepened, spreading the misery to those regions.

Although thousands of businesses were ruined and more than four million were left unemployed, Cleveland did little. He believed, like most people of both major parties, that the business cycle was a natural occurrence and should not be tampered with by politicians. The president acted to rescue the gold standard , but in the process divided the Democratic Party and alienated the silver forces of the South and West.

When Congress adjourned at the end of June , President Cleveland — fearing a possible adverse impact on the markets — secretly dealt with a major health problem.

The Panic of and other factors had a lasting impact. The depression of the s did not fully abate until One response to the series of failures and bankruptcies was an upsurge in business consolidations.

Panic of - Wikipedia

The poorer elements of society believed they had been ignored during the hard times and then were left at the mercy of the trusts. The reform efforts of the last quarter of the 19th century had not been sufficient; new leadership was needed for the next century.

The Depression of

Ohio Historical Society, , "Panic of ", Ohio History Central: An Online Encyclopedia of Ohio History. Search Visit Other Ohio Historical Society Sites Ohio History Ohio Panic of ended by the end of Search Visit Other Ohio Historical Society Sites Ohio History Ohio Panic of ", Ohio History Central: Search Visit Other Ohio Historical Society Sites Ohio History Ohio Kids Ohio Panic of Elsewhere on the Web: The Panic of Learn more about the country's first Depression.

Martin van Buren Put the Panic of in perspective by learning about the president at the time.

Panic of

IndustrializationJackson, AndrewLand Act of Relief Act of The Panic of resulted from the end of warfare between France and Great Britain. These two nations had been at war with each other since the s.

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