The 1893 U.S. financial panic that helped trigger a severe depression was the Panic of 1893.
The panic began amid concerns about railroad finances, bank failures, and the stability of the U.S. monetary system. The collapse of the Philadelphia and Reading Railroad and the failure of the National Cordage Company were among the events that intensified fear. The stock market fell, businesses failed, and unemployment rose sharply.
The crisis contributed to the Depression of 1893, a major economic downturn that lasted for several years. More than 500 banks failed during the depression, while railroad bankruptcies disrupted businesses and investors. The effects extended beyond the United States through international financial connections.
The Panic of 1893 is sometimes confused with the Panic of 1873, which helped begin the Long Depression, or the Panic of 1907, which preceded the creation of the Federal Reserve. These were separate U.S. financial crises with different immediate circumstances.