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Panic Of 1884
The Panic of 1884 was an economic panic during the Depression of 1882–1885. It was unusual in that it struck at the end rather than the beginning of the recession. The panic created a credit shortage that led to a significant economic decline in the United States, turning a recession into a depression. Background In the late 19th century, the gold reserves of Europe were depleted and, as demand for it rose, more than $150 million in gold was exported from the United States between 1882 and 1884. The New York City national banks halted investments in the rest of the United States and called in outstanding loans. The Panic of 1873 was also a factor in the Panic of 1884. The 1873 panic was caused by practices including speculative bonds and overextension of credit to fund the construction of infrastructure. Part of the overextension of credit before 1873 was for railroads, particularly the Northern Pacific railroad, which was financed by Cooke & Co. In addition, the failure of b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Panic Of 1884
The Panic of 1884 was an economic panic during the Depression of 1882–1885. It was unusual in that it struck at the end rather than the beginning of the recession. The panic created a credit shortage that led to a significant economic decline in the United States, turning a recession into a depression. Background In the late 19th century, the gold reserves of Europe were depleted and, as demand for it rose, more than $150 million in gold was exported from the United States between 1882 and 1884. The New York City national banks halted investments in the rest of the United States and called in outstanding loans. The Panic of 1873 was also a factor in the Panic of 1884. The 1873 panic was caused by practices including speculative bonds and overextension of credit to fund the construction of infrastructure. Part of the overextension of credit before 1873 was for railroads, particularly the Northern Pacific railroad, which was financed by Cooke & Co. In addition, the failure of b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wall Street
Wall Street is an eight-block-long street in the Financial District of Lower Manhattan in New York City. It runs between Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for the financial markets of the United States as a whole, the American financial services industry, New York–based financial interests, or the Financial District itself. Anchored by Wall Street, New York has been described as the world's principal financial center. Wall Street was originally known in Dutch as "de Waalstraat" when it was part of New Amsterdam in the 17th century, though the origins of the name vary. An actual wall existed on the street from 1685 to 1699. During the 17th century, Wall Street was a slave trading marketplace and a securities trading site, and from the early eighteenth century (1703) the location of Federal Hall, New York's first city hall. In the early 19th century, both residences and businesses occupied the a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Crises In The United States
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarce resources'. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. Howev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stock Market Crashes
A stock market crash is a sudden dramatic decline of stock prices across a major cross-section of a stock market, resulting in a significant loss of paper wealth. Crashes are driven by panic selling and underlying economic factors. They often follow speculation and economic bubbles. A stock market crash is a social phenomenon where external economic events combine with crowd psychology in a positive feedback loop where selling by some market participants drives more market participants to sell. Generally speaking, crashes usually occur under the following conditions: a prolonged period of rising stock prices (a bull market) and excessive economic optimism, a market where price–earnings ratios exceed long-term averages, and extensive use of Margin (economics), margin debt and leverage by market participants. Other aspects such as wars, large corporate hacks, changes in federal laws and regulations, and natural disasters within economically productive areas may also influence a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
May 1884 Events
May is the fifth month of the year in the Julian and Gregorian calendars and is the third of seven months to have a length of 31 days. May is a month of spring in the Northern Hemisphere, and autumn in the Southern Hemisphere. Therefore, May in the Southern Hemisphere is the seasonal equivalent of November in the Northern Hemisphere and vice versa. Late May typically marks the start of the summer vacation season in the United States (Memorial Day) and Canada (Victoria Day) that ends on Labor Day, the first Monday of September. May (in Latin, ''Maius'') was named for the Greek goddess Maia, who was identified with the Roman era goddess of fertility, Bona Dea, whose festival was held in May. Conversely, the Roman poet Ovid provides a second etymology, in which he says that the month of May is named for the ''maiores,'' Latin for "elders," and that the following month (June) is named for the ''iuniores,'' or "young people" (''Fasti VI.88''). Eta Aquariids meteor shower appea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1884 In Economics
Events January–March * January 4 – The Fabian Society is founded in London. * January 5 – Gilbert and Sullivan's ''Princess Ida'' premières at the Savoy Theatre, London. * January 18 – Dr. William Price attempts to cremate his dead baby son, Iesu Grist, in Wales. Later tried and acquitted on the grounds that cremation is not contrary to English law, he is thus able to carry out the ceremony (the first in the United Kingdom in modern times) on March 14, setting a legal precedent. * February 1 – ''A New English Dictionary on historical principles, part 1'' (edited by James A. H. Murray), the first fascicle of what will become ''The Oxford English Dictionary'', is published in England. * February 5 – Derby County Football Club is founded in England. * March 13 – The siege of Khartoum, Sudan, begins (ends on January 26, 1885). * March 28 – Prince Leopold, the youngest son and the eighth child of Queen Victoria and Prince Al ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1884 In The United States
Events from the year 1884 in the United States. Incumbents Federal government of the United States, Federal Government * President of the United States, President: Chester A. Arthur (Republican Party (United States), R-New York (state), New York) * Vice President of the United States, Vice President: ''vacant'' * Chief Justice of the United States, Chief Justice: Morrison Waite (Ohio) * Speaker of the United States House of Representatives, Speaker of the House of Representatives: John G. Carlisle (Democratic Party (United States), D-Kentucky) * United States Congress, Congress: 48th United States Congress, 48th Events * March 27–29 – Cincinnati riots of 1884. * April 21 – Hammond, Indiana is incorporated a city. * May 1 – The Eight hour day, eight-hour workday is first proclaimed by the Federation of Organized Trades and Labor Unions in the United States. May 1, called ''May Day'' or ''Labour Day'', is now a holiday recognized in almost every indus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Depression
The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagion began around September and led to the Wall Street stock market crash of October 24 (Black Thursday). It was the longest, deepest, and most widespread depression of the 20th century. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%. By comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession. Some economies started to recover by the mid-1930s. However, in many countries, the negative effects of the Great Depression lasted until the beginning of World War II. Devastating effects were seen in both rich and poor countries with falling personal income, prices, tax revenues, and profits. International trade fell by more than 50%, unemployment in the U.S. rose to 23% and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York Clearing House
The Clearing House is a banking association and payments company owned by the largest commercial banks in the United States. The Clearing House is the parent organization of The Clearing House Payments Company L.L.C., which owns and operates core payments system infrastructure in the United States, including ACH, wire payments, check image clearing, and real-time payments through the RTP network, a modern real-time payment system for the U.S. Supporting services include The Clearing House Payments Authority (a payments association with over 1,000 financial institution members and corporate subscribers) and ECCHO (an entity develops and maintains rules that govern private sector check image exchange for its members, and also engages in lobbying and education). Membership Members of The Clearing House include JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Bank of New York Mellon Corp., Deutsche Bank AG, U.S. Bancorp and Wells Fargo & Co.Bob Ivry"Fed Loses B ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Amos Eno
Amos Richards Eno (November 1, 1810 – February 21, 1898) was an American real estate investor and capitalist in New York City. He built the Fifth Avenue Hotel and many other developments on the streets of Broadway and Fifth Avenue, where he established a prominent family fortune of 20 to 40 million U.S dollars. Early life Amos Richards Eno was born November 1, 1810, in Simsbury, Connecticut. Business ventures Amos R. Eno began his career as a merchant of dry goods who expanded into real estate in New York City having built the Fifth Avenue Hotel in New York City and much valuable real estate in New York City where he established a prominent family fortune. Having clerked in a small general store in Hartford, Connecticut, he married Lucy Phelps, also of Simsbury, and moved to New York, where he and his cousin John Jay Phelps opened a profitable dry goods business. While making a fortune in the dry goods business, Amos Eno parlayed his profits into real estate investment in Ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marine National Bank Of New York City
Marine is an adjective meaning of or pertaining to the sea or ocean. Marine or marines may refer to: Ocean * Maritime (other) * Marine art * Marine biology * Marine debris * Marine habitats * Marine life * Marine pollution Military * Marines, a naval-based infantry force ** United States Marine Corps ** Royal Marines of the UK ** Brazilian Marine Corps ** Spanish Marine Infantry ** Fusiliers marins (France) ** Indonesian Marine Corps ** Republic of China Marine Corps ** Republic of Korea Marine Corps ** Royal Thai Marine Corps *"Marine" also means "navy" in several languages: ** Austro-Hungarian Navy () ** Belgian Navy (, , ) ** Royal Canadian Navy () *** Provincial Marine (1796–1910), a predecessor to the Royal Canadian Navy ** Navy of the Democratic Republic of the Congo () ** Royal Danish Navy () ** Finnish Navy (, ) ** French Navy () ** Gabonese Navy () ** German Navy () ** Royal Moroccan Navy () ** Royal Netherlands Navy () ** Swedish Navy () Places ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Depression Of 1882–1885
The Depression of 1882–1885, or Recession of 1882–1885, was an economic contraction in the United States that lasted from March 1882 to May 1885, according to the National Bureau of Economic Research. Lasting 38 months, it was the third-longest recession in the NBER's chronology of business cycles since 1854. Only the Great Depression (1929-1941) and the Long Depression (1873–1879) were longer. History Origin The Depression of 1882–1885 was not inaugurated by financial disaster or mass panic, but was rather an economic downturn that came about through a protracted and gradual process. The downturn was preceded by a period of prosperity over the years 1879 to 1882, a growth powered by expansion of the American railroad industry and the opening of economic opportunities associated with the development of the transportation system.Alan L. Sorkin, "Depression of 1882-1885," in David Glasner (ed.), ''Business Cycles and Depressions: An Encyclopedia.'' Abingdon, England: Rout ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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