The stock market crashed, prompting the Panic of 1893 and leading to the bankrupting of the United States Treasury. The already weakened economy collapsed as people withdrew deposited funds and banks failed. Exports also declined and unemployment grew.
John D. Rockefeller created Standard Oil Trust by trading stockholders’ shares for trust certificates. The trust was designed to allow Rockefeller and other Standard Oil stockholders to get around state laws prohibiting one company from owning stock in another.
Construction of the world’s first skyscraper, designed by William LeBaron Jenney, was completed in Chicago. At ten stories, the Home Insurance Building rose to a height of 138 feet. Two additional stories were added in 1890.