Which event resulted in several bank failures in the United States?

The correct answer is the Panic of 1893, a significant economic crisis that resulted in widespread bank failures across the United States. This period was characterized by a severe economic downturn that began with the collapse of the Philadelphia and Reading Railroad, which triggered a loss of confidence in financial institutions. As businesses failed and railroads went bankrupt, banks that had invested in these ventures began to collapse as well. The ensuing financial panic led to the closure of numerous banks and a significant contraction of the economy, resulting in high unemployment and further financial instability.

The Great Depression, while also leading to significant bank failures, occurred much later and involved a much broader range of factors that included the stock market crash of 1929 and subsequent economic policies. The Wall Street Crash of 1929 was a critical event within the context of the Great Depression, which had severe implications for the banking sector but is distinct from the period of panic in the 1890s. The Long Depression, which followed the Panic of 1873, was another prolonged economic downturn that affected various economic sectors but is not as directly linked to the bank failures specific to the context of the Panic of 1893. Thus, the Panic of 1893 is the most accurate event leading to numerous bank