Which railroad's bankruptcy helped trigger the Panic of 1893, a major U.S. stock-market crash?

The Philadelphia and Reading Railroad’s bankruptcy helped trigger the Panic of 1893, a major U.S. stock-market crash.

The railroad, commonly called the Reading Railroad, had expanded aggressively and carried heavy debt. Its failure in February 1893 undermined confidence in railways and banks, sectors that were central to the U.S. economy and stock market.

The panic spread as investors sold securities and depositors withdrew money from banks. More than 500 banks failed during the crisis, and hundreds of railroads entered bankruptcy. The downturn contributed to a severe economic depression that lasted for several years.

The Panic of 1893 is sometimes confused with the Panic of 1873, another crash driven partly by railroad speculation. It also preceded the Pullman Strike of 1894, which reflected the broader economic hardship of the period.