The Full Wiki

More info on Panic of 1884

Panic of 1884: Wikis

Advertisements
  

Note: Many of our articles have direct quotes from sources you can cite, within the Wikipedia article! This article doesn't yet, but we're working on it! See more info or our list of citable articles.

Encyclopedia

From Wikipedia, the free encyclopedia

A newspaper illustration from Harper's Weekly, depicting the scene on Wall Street on the morning of May 14, 1884.

The Panic of 1884 was a panic during the Recession of 1882-85. 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.

See also

References

  • Fels, Rendigs (1952). "The American Business Cycle of 1879-85". Journal of Political Economy 60 (1): 60–75. doi:10.1086/257151.  
  • Sobel, Robert (1968). Panic on Wall Street: A History of America's Financial Disasters. New York: Macmillan. Chapter 6.  
Advertisements

Advertisements






Got something to say? Make a comment.
Your name
Your email address
Message