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Very beginning of the Panic of 1873...
Item # 631221
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September 19, 1873
NEW YORK TIMES, Sept. 19, 1873
* Wall Street - stock market failure
* Panic of 1873 beginning
* Jay Cooke & Company
* Best title to be had ?
Four of the seven front page columns are taken up with the earliest reports on what became known as the "Panic of 1873" precipitated by the bankruptcy of the banking firm of Jay Cooke and Company.
The first column is headed: "THE PANIC" "Excitement In Wall Street" "Suspension of Jay Cooke & Co.--What Is Thought Of It Everywhere--Troubles In Other Firms" and various subheads, one of which is: "What Jay Cooke & Co. Say".
The failure of the Jay Cooke bank, followed quickly by that of Henry Clews, set off a chain reaction of bank failures and temporarily closed the New York stock market. Factories began to lay off workers as the United States slipped into depression. The effects of the panic were quickly felt in New York, more slowly in Chicago, Virginia City and San Francisco. The New York Stock Exchange closed for ten days starting September 20. Of the country's 364 railroads, 89 went bankrupt. A total of 18,000 businesses failed between 1873 and 1875. Unemployment reached 14% by 1876, during a time which became known as the Long Depression. Construction work lagged, wages were cut, real estate values fell and corporate profits vanished.
This is the first report, as Jay Cooke & Co. went bankrupt on September 18. An extremely significant newspaper in U.S. financial history.
It was an 8 page newspaper however pages 6-7 are not present, but they contained no related reports. Otherwise very nice. Great to have this report on the front page & in this famous New York newspaper.
Category: Post-Civil War