Monday, February 20, 1893 Panic of 1893
The failure of the wheat crop in Argentina triggered a coup in Buenos Aires and investments encouraged by the Argentine banking firm Baring Brothers collapsed, causing the investment firm to fail. This led to a chain reaction of worldwide margin calls and business failures that is now known as the Panic of 1893.
As a result of the panic there was a massive stock sell-off. Five hundred banks closed, 15,000 businesses failed, and numerous farms went dormant. $1.8 billion dollars of railroad lines went into receivership and unemployment in American states went as high as 43% (Michigan).
Learn more at the links below
Associated Breweries
The Schutz & Hilgers Brewing Company of Jordan, Minnesota, USAJ. Obermann & Co., Germania Brewery of Milwaukee, Wisconsin, USA
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