9) Uprising of Northern Workers

9) Uprising of Northern Workers - U prising of Northern...

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Panic of 1893 Depression, 4 years long Terrible year for stock market; crashes 491 banks collapse; 15,000 businesses fail; unemployment up to 20% Depression of 1893 (lasted till 1897) Farms o Crop prices down o Farmers no longer self-sufficient (debt) o More farms but also selling their labor on the market (competition) Railroads o Overcapitalized: too many competitors, competition at height, buy out competitor but it costs o Railroad construction down Bankruptcy leads to the depression Receivership: government comes in and runs the railroad companies until things are back in order Affected Industries o Steel and iron Bank Failures European De-Investment (Europe is going through their own depression) Gold flows from NYC to Europe All foreign investments disappear
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Grover Cleveland-laissez faire Borrowed from J.P. Morgan Homeless and Unemployment skyrockets Urban phenomenon of homeless people
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  • Spring '10
  • Etienne-Gray
  • William Jennings Bryan, Eugene V. Debs, American Railway Union, Populist critique Pullman, Cooperative Vision Panic

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9) Uprising of Northern Workers - U prising of Northern...

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