Which U.S. financial panic began in 1893 and caused a major stock-market collapse?

The U.S. financial panic that began in 1893 and caused a major stock-market collapse was the Panic of 1893.

The crisis was intensified by the failure of the Philadelphia and Reading Railroad in February 1893 and the collapse of the National Cordage Company in May. Investors became fearful about railroad finances and the banking system, prompting bank runs and a rush to convert paper currency into gold.

The panic helped produce a severe economic depression in the United States. More than 500 banks and about 15,000 businesses failed during the broader downturn, while unemployment rose sharply. The crisis also contributed to political conflict over monetary policy and the gold standard.

The Panic of 1893 is sometimes confused with the Panic of 1873, which helped begin the Long Depression, or the Panic of 1907, which later encouraged U.S. banking reform.