February 23, 1893 Thursday
February 23 Thursday – Some historians see the bankruptcy on Feb. 23, 1893 of the Philadelphia and Reading Railroad as the beginning of the Panic of 1893. Others point to a severe contraction on the N.Y. Stock Exchange which began on May 4. During the panic over 15,000 American businesses went under, some 500 banks failed, and by winter some eighteen percent of the work force was out of work.