Which 1893 US market collapse was called the Panic of 1893?

The 1893 US market collapse was called the Panic of 1893.

The panic began after the Philadelphia and Reading Railroad failed in February 1893, followed by the collapse of the National Cordage Company in May. Railroads had expanded aggressively, and investors became increasingly concerned about excessive debt and weakening demand.

Bank failures, business closures and unemployment spread across the United States. The crisis also intensified political arguments over the nation’s monetary standard, especially the role of silver and the convertibility of paper money into gold.

The Panic of 1893 was one of the worst depressions the United States had experienced up to that time. It is separate from the Panic of 1873, although both crises were closely associated with railroad finance and banking instability.