Panic of 1884

From Wikipedia, the free encyclopedia

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 Association 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.

[edit] Bibliography

• Rendigs Fels. "The American Business Cycle of 1879-85," The Journal of Political Economy, Vol. 60, No. 1 (Feb., 1952), pp. 60-75. online at JSTOR
• Robert Sobel. Panic on Wall Street: A History of America's Financial Disasters. (1968) ch 6, a popular account.

[edit] See also

• Panic of 1819
• Panic of 1837
• Panic of 1857
• Panic of 1873
• Panic of 1890
• Panic of 1893
• Panic of 1896
• Panic of 1901
• Panic of 1907
• Panic of 1910-1911
• Great Depression

[edit] External Links and references

• The Coming Battle by M. W. Walbert, 1899, p.245. [1]