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Financial Panic of 1873...
Financial Panic of 1873...
Item # 672646
September 23, 1873
THE WORLD, NEW YORK, Sept. 23, 1873 This issue has fine follow up coverage on what became known as: "The Panic of 1873", which was precipitated by the bankruptcy of the banking firm of Jay Cooke and Company.
There are several reports with one column head including; "A BRIGHTER PROSPECT - BETTER FEELING IN WALL STREET ...", "JAY COOKE & CO. - A STATEMENT OF ASSETS AND LIABILITIES NOT YET READY - NOTICE TO HOLDERS OF DRAFTS.", "THE SAVINGS BANKS - A TRIFLING RUN CHECKED - THE BANKS ALL SOUND AND LIKELY TO REMAIN SO". See photos for details.
Complete in 8 pages, somewhat pulpish, but in overall nice condition.
BACKGROUND: 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.
Category: Post-Civil War
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