The Dow Jones Industrial Average dropped 24%, on May 5, 1893, sparking the main 1893 financial panic. The most serious economic depression in history until the Great Depression of the 1930 resulted in a significant economic downturn in the United States lasting until 1897.
The Panic of 1893 deeply affected every sector of the economy and produced political upheaval that led to the political realignment and the presidency of William McKinley. The panic climaxed with a run on gold from the United States Treasury. Unemployment rates in many states rose above 25% and poverty became widespread. More
