The 1893 US financial crisis associated with the failure of the Philadelphia and Reading Railroad was called the Panic of 1893.
Railroad expansion had encouraged heavy borrowing, construction, and speculation. The Philadelphia and Reading Railroad entered receivership in February 1893, damaging confidence in an industry that was central to American finance.
The failure of the National Cordage Company and pressure on gold reserves added to the turmoil. Banks suspended payments, businesses failed, and unemployment rose sharply across the United States.
The crisis also intensified political conflict over the gold standard and silver. In 1894, the Pullman Strike became one prominent social consequence of the prolonged depression, while J. P. Morgan helped organize a private rescue of the Treasury's gold reserve.