The 1893 U.S. financial panic, marked by a major stock-market collapse and railroad failures, was called the Panic of 1893.
The crisis began after the Philadelphia and Reading Railroad failed in February 1893, followed by the collapse of the National Cordage Company in May. Investors became concerned about railroad debts, falling commodity prices, and the ability of the United States to maintain confidence in its currency. Banks and businesses failed as depositors rushed to withdraw funds.
The panic produced a severe economic depression in the United States, with widespread unemployment and falling wages. It also weakened the administration of President Grover Cleveland and intensified the national debate over whether the country should maintain the gold standard. The Panic of 1893 is sometimes confused with the Panic of 1873, another crisis strongly associated with railroad speculation, but the two occurred two decades apart.