What was the U.S. stock-market crash of 1893 commonly known as?

The U.S. stock-market crash of 1893 was commonly known as the Panic of 1893.

The panic began after concerns about railroad financing and the solvency of major companies undermined confidence. The failure of the Philadelphia and Reading Railroad in February 1893 was an important warning sign, and the collapse of the National Cordage Company in May intensified the crisis. Banks, railways, and businesses failed in large numbers.

The United States also faced pressure on its gold reserves. Investors and depositors converted paper currency into gold, while debate over silver coinage added to uncertainty. President Grover Cleveland eventually supported repeal of the Sherman Silver Purchase Act to help protect the country’s gold supply.

The resulting depression brought severe unemployment and social hardship. It is sometimes confused with the Panic of 1873 because both were associated with railroad speculation and long economic downturns. The Panic of 1893 preceded the 1896 presidential election, in which monetary policy and the gold standard became major political issues.