who did the railroad turn to for financial relief during the panic of 1893
Panic of 1893
As a result of the panic , stock prices declined . Five hundred banks closed , fifteen thousand businesses failed , and numerous farms ceased operation . The unemployment rate hit 25 % in Pennsylvania , 35 % in New York , and 43 % in Michigan . Soup kitchens were opened to help feed the destitute . Facing starvation , people chopped wood , broke rocks , and sewed by hand with needle and thread in exchange for food . In some cases , women resorted to prostitution to feed their families . To help the people of Detroit , Mayor Hazen S. Pingree launched `` Pingree 's Potato Patch , '' which were community gardens for farming .
As a result of the panic , stock prices declined . Five hundred banks closed , fifteen thousand businesses failed , and numerous farms ceased operation . The unemployment rate hit 25 % in Pennsylvania , 35 % in New York , and 43 % in Michigan . Soup kitchens were opened to help feed the destitute . Facing starvation , people chopped wood , broke rocks , and sewed by hand with needle and thread in exchange for food . In some cases , women resorted to prostitution to feed their families . To help the people of Detroit , Mayor Hazen S. Pingree launched `` Pingree 's Potato Patch , '' which were community gardens for farming .