~Panic+of+1893~



= The Panic of 1893 was marked by the collapse of railroad overbuilding and shaky railroad financing which set off a series of bank failures. Large amounts of businesses overextended themselves and resorted to borrowing money to expand their business. When the economy started dipping, banks and investment firms called in loans and resulted in bankruptcy declared by businesses throughout the United States. Over fifteen thousand businesses closed because of the bankruptcy. Ohio was especially affected, with 50% of factory workers unemployed. = = For More Information: [] =