Wall Street financial panic, May 1884 C016 / 4597

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Wall Street financial panic, May 1884 C016 / 4597

Wall Street financial panic. 19th-century artwork of scenes of panic on Wall Street, New York, USA, on the morning of 14 May 1884. This crisis was caused by banks calling in existing loans. A wider meltdown was avoided when some of the banks at risk were bailed out. The crisis still caused many individuals and banks to fail or go bankrupt and investors rushed to withdraw their money. The building at right (26 Wall Street) was then the US Customs House (1842). It is now the Federal Hall National Memorial. The bronze statue of George Washington was erected in 1882. Artwork from volume 28, number 1431, of Harpers Weekly (24 May 1884)

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Media ID 9205143

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1880s 1884 Banker Building Capitalism City Commerce Commercial Crowd Crowded Debt Economic Economics Engraving Finance Financial Fortune George Washington Loans Money New York New York City North American Panic Recession Statue Urban Wealth Woodcut Bankers Bankrupt Capitalist Federal Hall National Memorial Financier Financiers Investor Investors Panicking Rioting Thronging Wall Street

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EDITORS COMMENTS
This print captures the chaotic scenes of the Wall Street financial panic that unfolded on the morning of May 14,1884. In this remarkable 19th-century artwork, we witness a city in turmoil as panic grips New York's iconic financial district. The crisis was sparked by banks calling in existing loans, causing a wave of fear and uncertainty among investors. Amidst the thronging crowd, one cannot help but notice the grand building at right - then known as the US Customs House and now transformed into the Federal Hall National Memorial. Standing tall beside it is a bronze statue of George Washington, erected just two years prior to this historic event. The panic had far-reaching consequences; many individuals and banks succumbed to failure or bankruptcy while desperate investors rushed to withdraw their money. However, thanks to timely bailouts provided by some at-risk banks, a wider meltdown was narrowly avoided. This powerful image serves as a stark reminder of how economic crises can shake even the most prosperous societies. It showcases not only the vulnerability inherent in capitalism but also highlights its resilience when faced with adversity. As we delve into history through this monochrome engraving turned woodcut artwork from Harpers Weekly's volume 28, number 1431 issue dated May 24th, 1884; we are transported back to an era where fortunes were made and lost within moments on Wall Street – an enduring symbol of American finance and power.

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