Panic of 1893 that ended an era of amazing economic growth is definitely a major event in the American history. Followed by violent strikes a new political balance was created while transforming national economy, as well as far-reaching social and intellectual developments. Railroads were overbuilt at the time, allowing speculative motives to come first. Numerous companies were continuing their growth by takeovers of competition, despite of the potential negative effects. The panic which eventually started in New York over the course of time spread over the United States of America. Read more about the Panic of 1893 aftermath here.