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.
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