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The Panic of 1884 was an acute financial crisis associated with a stock market crash caused by speculation. Gold reserves of Europe were depleted and the New York national banks, with tacit approval of the Treasury Department halted investments in the rest of the United States and called in outstanding loans. A larger crisis was averted when New York Clearing House Association bailed out banks in risk of failure. Nevertheless, the investment firm Grant & Ward, Marine Bank of New York, and Penn Bank of Pittsburgh along with more than 10,000 other businesses would fail.
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