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The Panic of 1930 was a financial crisis that occurred in the United States which led to a severe decline in the money supply during a period of declining economic activity. A series of bank failures from agricultural areas during this time period sparked panic among depositors which led to widespread bank runs across the country. [1]
Although the nation's economy was strong, there was no safeguard from bank runs, much less the national panics and subsequent recessions that occurred throughout the 19th century, with the worst taking place in 1837, 1873, and 1893. [9] During the Panic of 1873, cartoonist Frank Bellew portrayed Panic sweeping the garbage out of Wall Street.
Panic of 1857, a U.S. recession with bank failures; Panic of 1866, Europe; Panic of 1873, a U.S. recession with bank failures, followed by a 4-year depression; Panic of 1884, United States and Europe; Panic of 1890, mainly affecting the United Kingdom and Argentina; Panic of 1893, a U.S. recession with bank failures; Australian banking crisis ...
The Great Depression: America in the 1930s. (2009) online; popular history. Wecter, Dixon. The Age of the Great Depression, 1929–1941 (1948), scholarly social history online; Wicker, Elmus. The Banking Panics of the Great Depression (1996) White, Eugene N. "The Stock Market Boom and Crash of 1929 Revisited".
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An increasing number of bank failures in late-1930 interrupted the process of credit creation and reduced the money supply, harming consumption. After a second round of banking panics in mid-1931, there was a major change in people's expectations about the future of the economy. [2]
H.G. Wellington (left) and trial examiner Samuel O. Clark Jr. during the SEC investigation into the Whitney Co. collapse. At the same time that Richard Whitney was achieving great success, his brother George had also prospered at Morgan bank and by 1930 had been anointed as the likely successor to bank president, Thomas W. Lamont.
A member of Barker–Karpis Gang and later sent to Alcatraz, Fitzgerald was one of its oldest inmates. [5] Jake Fleagle: No image available: 1890–1930 Fleagle was a member of the Fleagle gang, who achieved notoriety by being the first case that was solved in which a single fingerprint was part of the evidence that led to a conviction. [2] [5]