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 Grover Cleveland second inauguration; he repealed the Sherman Silver Purchase Act.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

Main St. South, 115

D.J. Stewart building

Stewart Square 2008 photo: Jan Carter

Stewart Block

Source: photo at left from Rockford  [1893] 917.733 R59
Stewart & Co. Dry Goods ad

Source: 1905 Rockford City Directory p. 66

Stewart & Co. ad

Source: 1905 Rockford City Directory p. 82

Stewart & Co. ad

Source: 1905 Rockford City Directory p. 98

Stewart & Co ad fine china

Source: 1905 Rockford City Directory p. 114

D.J. Stewart & Co. High Grade Merchandise

Source: 1930 Rockford City Directory

Main St., South 113-117

Stewart’s D.J. Co, Master’s Shoe Co

Source: 1937 Rockford City Directory

stewart & Co Ad

Source: 1911 Rockford City Directory  p. 54

Stewart & Co Ad

Source: 1911 Rockford City Directory p. 70

Stewart & Co Ad

Source: 1916 Rockford City Directory p. 54

Stewart & Co. ad

Source: 1916 Rockford City Directory p. 54

Stewart & Co. Dry Goods

Source: 1921 Rockford City Directory p. 62

D.J. Stewart & Co. High Grade Merchandise Ad

Source: 1921 Rockford City Directory p. 154

D.J. Stewart & Co. Doubled in Size ad

D.J. Stewart Co

Source: Rockford Morning Star 3/20/1963

Stewart Story