The Panic of 1901
On May 17th, 1901 the New York Stock Exchange crashed. The Panic of 1901 was a stock market crash caused in part by struggles for the financial control of the Northern Pacific Railroad. The stock cornering for control was orchestrated by James Stillman and William Rockefeller's First National City Bank financed with Standard Oil money. After reaching a compromise, the moguls formed the Northern Securities Company. As a result of the panic thousands of small investors were ruined.
The Panic of 1896
The Panic of 1896 was an acute economic depression in the United States that was less serious than other panics of the era precipitated by a drop in silver reserves and market concerns on the effects it would have on the gold standard. Deflation of commodities prices drove the stock market to new lows in a trend that only began to reverse after the 1896 election of William McKinley. The failure of the National Bank of Illinois in Chicago is remembered as one of the motivating factors in the sensational Adolph Luetgert murder case. During the panic, call money would reach 125 percent, the highest level since the Civil War.
The Panic of 1893
The Panic of 1893 was a serious economic depression in the United States that began in 1893. This panic was an extension of the Panic of 1873, and like that earlier crash, was caused by railroad overbuilding and shaky railroad financing which set off a series of bank failures. Compounding market overbuilding and a railroad bubble was a run on the gold supply and a policy of using both gold and silver metals as a peg for the US Dollar value. The Panic of 1893 was the worst economic crisis to hit the nation in its history to that point. To put this event in context, the period of economic crises known as the Long Depression (1873-1896) was worse than the Great Depression of the 1930s.
The Panic of 1884
The Panic of 1884 was a short-lived small economic downturn. Gold reserves of Europe were depleted and the New York City national banks, with tacit approval of the U.S.Treasury Department halted investments in the rest of the United States and called in outstanding loans. A larger crisis was averted when New York Clearing House bailed out banks in risk of failure. Nevertheless, the investment firm Grant & Ward, Marine Bank of New York, and Penn Bank of Pittsburgh along with more than 10,000 small firms failed.
The Panic of 1873
The Panic of 1873 was a severe nationwide economic depression in the United States that lasted until 1879. It was precipitated by the bankruptcy of the Philadelphia banking firm Jay Cooke on September 18, 1873, following the crash on May 9, 1873 of the Vienna Stock Exchange in Austria. In September 1873, the American economy entered a crisis. This followed a period of post Civil War economic overexpansion that arose from the Northern railroad boom. It came at the end of a series of economic setbacks: the Black Friday panic of 1869, the Chicago fire of 1871, the outbreak of equine influenza in 1872, and the demonetization of silver in 1873.
The Panic of 1869 (Black Friday)
Black Friday, September 24 1869, also known as the Fisk-Gould Scandal, was a financial panic in the United States caused by two speculators' efforts to corner the gold market on the New York Gold Exchange. It was one of several scandals that rocked the presidency of Ulysses S. Grant. During the American Civil War, the United States government issued a large amount of money that was backed by nothing but credit. After the war ended, people commonly believed that the U.S. Government would buy back the "greenbacks" with gold. It did not; speculation in gold caused dumping of hoarded gold and, thus, the panic.
The Panic of 1819
The Panic of 1819 was the first major financial crisis in the Constitutional United States, after the depression of the late 1780s under the Articles of Confederation (which led directly to the establishment of the dollar and, perhaps indirectly, to the calls for a Constitutional Convention). It resulted in widespread foreclosures, bank failures, unemployment, and a slump in agriculture and manufacturing. It marked the end of the economic expansion that had followed the War of 1812. However, things would change for the US economy after the Second Bank of the United States was founded in 1816, in response to the flood spread of bank notes across United States from private banks, due to inflation brought on by the debt following the war. © Wiki
On May 17th, 1901 the New York Stock Exchange crashed. The Panic of 1901 was a stock market crash caused in part by struggles for the financial control of the Northern Pacific Railroad. The stock cornering for control was orchestrated by James Stillman and William Rockefeller's First National City Bank financed with Standard Oil money. After reaching a compromise, the moguls formed the Northern Securities Company. As a result of the panic thousands of small investors were ruined.
The Panic of 1896
The Panic of 1896 was an acute economic depression in the United States that was less serious than other panics of the era precipitated by a drop in silver reserves and market concerns on the effects it would have on the gold standard. Deflation of commodities prices drove the stock market to new lows in a trend that only began to reverse after the 1896 election of William McKinley. The failure of the National Bank of Illinois in Chicago is remembered as one of the motivating factors in the sensational Adolph Luetgert murder case. During the panic, call money would reach 125 percent, the highest level since the Civil War.
The Panic of 1893
The Panic of 1893 was a serious economic depression in the United States that began in 1893. This panic was an extension of the Panic of 1873, and like that earlier crash, was caused by railroad overbuilding and shaky railroad financing which set off a series of bank failures. Compounding market overbuilding and a railroad bubble was a run on the gold supply and a policy of using both gold and silver metals as a peg for the US Dollar value. The Panic of 1893 was the worst economic crisis to hit the nation in its history to that point. To put this event in context, the period of economic crises known as the Long Depression (1873-1896) was worse than the Great Depression of the 1930s.
The Panic of 1884
The Panic of 1884 was a short-lived small economic downturn. Gold reserves of Europe were depleted and the New York City national banks, with tacit approval of the U.S.Treasury Department halted investments in the rest of the United States and called in outstanding loans. A larger crisis was averted when New York Clearing House bailed out banks in risk of failure. Nevertheless, the investment firm Grant & Ward, Marine Bank of New York, and Penn Bank of Pittsburgh along with more than 10,000 small firms failed.
The Panic of 1873
The Panic of 1873 was a severe nationwide economic depression in the United States that lasted until 1879. It was precipitated by the bankruptcy of the Philadelphia banking firm Jay Cooke on September 18, 1873, following the crash on May 9, 1873 of the Vienna Stock Exchange in Austria. In September 1873, the American economy entered a crisis. This followed a period of post Civil War economic overexpansion that arose from the Northern railroad boom. It came at the end of a series of economic setbacks: the Black Friday panic of 1869, the Chicago fire of 1871, the outbreak of equine influenza in 1872, and the demonetization of silver in 1873.
The Panic of 1869 (Black Friday)
Black Friday, September 24 1869, also known as the Fisk-Gould Scandal, was a financial panic in the United States caused by two speculators' efforts to corner the gold market on the New York Gold Exchange. It was one of several scandals that rocked the presidency of Ulysses S. Grant. During the American Civil War, the United States government issued a large amount of money that was backed by nothing but credit. After the war ended, people commonly believed that the U.S. Government would buy back the "greenbacks" with gold. It did not; speculation in gold caused dumping of hoarded gold and, thus, the panic.
The Panic of 1819
The Panic of 1819 was the first major financial crisis in the Constitutional United States, after the depression of the late 1780s under the Articles of Confederation (which led directly to the establishment of the dollar and, perhaps indirectly, to the calls for a Constitutional Convention). It resulted in widespread foreclosures, bank failures, unemployment, and a slump in agriculture and manufacturing. It marked the end of the economic expansion that had followed the War of 1812. However, things would change for the US economy after the Second Bank of the United States was founded in 1816, in response to the flood spread of bank notes across United States from private banks, due to inflation brought on by the debt following the war. © Wiki
Hugh Wood, Atlanta, Georgia
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