The 1893 U.S. financial crisis and stock-market crash is commonly called the Panic of 1893.
The panic developed after years of railroad expansion, speculative investment, and heavy borrowing. Investor confidence weakened when the Philadelphia and Reading Railroad failed in February 1893, and the collapse of the National Cordage Company in May intensified the market turmoil.
A major banking crisis followed, with thousands of businesses and banks failing. The United States’ gold reserves also came under pressure, contributing to a run on the Treasury and a sharp contraction in credit. Unemployment rose substantially, while railroad failures disrupted communities and investors.
The crisis helped shape the political campaign of 1896, especially the debate over gold and silver currency. It is separate from the Panic of 1873 and the Panic of 1907, although all three were major U.S. financial disturbances.