Seth Glanville Atwood, 2010 – Also Patricia Atwood Triner

Source:  Rockford Register Star 2/25/2010

Panic of 1893

27 Rockford  Industries went into receivership

Source: The Stewart Story R917.733 G88

panic was marked by the collapse of railroad overbuilding and shaky railroad financing compounding market overbuilding and a railroad bubble was a run on the gold supply and a policy of using both gold and silver metals as a peg for the U.S. Dollar value. Until the Great Depression, the Panic of ’93 was considered the Worst Depression in the United States  railroads were over-built and many companies continued growth by taking over competitors many mines were opened and silver began to flood the market. Farmers, particularly in the Midwest began to suffer droughts. The Free Silver movement arose as well as The Sherman Silver Purchase Act of 1890. The first signs of trouble: bankruptcy of the Philadelphia and Reading Railroad (greatly overextended itself) 2/23/2893. Grover Cleveland second inauguration; he repealed the Sherman Silver Purchase Act. as economy worsened, people rushed to withdraw their money from banks. The national Cordage Company went into receivership (most actively traded stock at the time) series of bank failures followed. Northern Pacific Railway, Union Pacific Railway & the Atchison, Topeka and Santa Fe failed.

Source: Wikipedia