Panic of 1893

The Panic of 1893 was an economic depression in the United States. It began in February 1893 and officially ended eight months later. The Panic of 1896 followed.^[1] It was the most serious economic depression in history until the Great Depression of the 1930s. The Panic of 1893 deeply affected every sector of the economy and produced political upheaval that led to the political realignment and the presidency of William McKinley. The panic climaxed with a run on gold from the United States Treasury. As part of the panic, on May 5, 1893, the Dow Jones Industrial Average fell 24% in a single day after the bankruptcy of National Cordage Company; this was the largest single day drop until the Great Depression. Unemployment rates in many states rose above 25% and poverty became widespread.