The severe financial crisis that began in the United States in 1893 is called the Panic of 1893.
The panic developed after major railroad failures and a loss of confidence in banks and businesses. The collapse of the Philadelphia and Reading Railroad in February 1893 was an early warning, while the failure of the National Cordage Company and pressure on gold reserves intensified the crisis. The New York Stock Exchange experienced a major sell-off as investors sought safety.
Hundreds of banks and railroads failed, and unemployment rose sharply. The downturn also contributed to labor unrest, including the Pullman Strike of 1894. The crisis was part of a broader international depression, so its effects were not limited to Wall Street.
The Panic of 1893 is distinct from the Panic of 1873 and the Panic of 1907. Its combination of railroad speculation, banking weakness, and gold-standard pressures made it one of the most serious U.S. financial crises of the 19th century.