The 1893 U.S. stock-market panic following railroad-finance failures was the Panic of 1893.
The crisis intensified when the Philadelphia and Reading Railroad, commonly called the Reading Railroad, entered receivership in February 1893. Other railroad failures and doubts about silver policy weakened confidence. The failure of the National Cordage Company in May added to the market’s stress, and bank runs spread across the country.
The panic produced a severe depression in the United States, with widespread business failures and high unemployment. It also contributed to political conflict over whether the country should maintain a gold standard or expand silver coinage. The Panic of 1893 is separate from the Panic of 1873, although both were strongly connected to railroad speculation and financing.