Panic of 1884


Panic of 1884

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 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.

ee also

*Great Depression

References

*cite journal |last=Fels |first=Rendigs |authorlink= |coauthors= |year=1952 |month= |title=The American Business Cycle of 1879-85 |journal=Journal of Political Economy |volume=60 |issue=1 |pages=60–75 |doi=10.1086/257151 |url= |accessdate= |quote=
*cite book |title=Panic on Wall Street: A History of America's Financial Disasters |last=Sobel |first=Robert |authorlink=Robert Sobel |coauthors= |year=1968 |publisher=Macmillan |location=New York |isbn= |pages=Chapter 6
*cite book |title=The Coming Battle |last=Walbert |first=Martin W. |authorlink= |coauthors= |year=1899 |publisher=W. B. Conkey |location=Chicago |isbn= |pages=245 |chapter=National banks secure a continuation of their existence |chapterurl=http://www.mega.nu/ampp/comingbattle/cbchap7.htm


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