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Panic of 1884

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 United States 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. Even though the bank replenished the missing amount and avoided failure, the news was still a huge blow to any remaining good will and confidence Wall Street had and furthered the panic. Overall, the panic was mostly contained to New York but acted as a foreshadow to the Great Depression. Illustration from Harper's Weekly, depicting the scene on Wall Street on the morning of May 14, 1884.
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Title:
Panic of 1884
Caption:
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 United States 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. Even though the bank replenished the missing amount and avoided failure, the news was still a huge blow to any remaining good will and confidence Wall Street had and furthered the panic. Overall, the panic was mostly contained to New York but acted as a foreshadow to the Great Depression. Illustration from Harper's Weekly, depicting the scene on Wall Street on the morning of May 14, 1884.
Credit:
Album / Science Source / Library of Congress
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Image size:
3082 x 4560 px | 40.2 MB
Print size:
26.1 x 38.6 cm | 10.3 x 15.2 in (300 dpi)
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