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The very beginning of the Financial Panic of 1873...
The very beginning of the Financial Panic of 1873...
Item # 672650
September 18, 1873
NEW YORK TIMES, Sept. 18, 1873
* Panic of 1873 begins (first day)
* Collapse of New York Stock Exchange
* Jay Cooke & Company failure
This issue has fine early 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 is an article on pg. five, "PANIC IN STOCKS - GREAT EXCITEMENT IN THE STREET YESTERDAY", which takes nearly a full column of text. Another somewhat related article appears on page eight: "RODMAN AND SPRAGUE", with subhead: "LATEST DEVELOPMENTS - THE TRUST COMPANY'S LOANS", which is approx. 2/3 of a column in length. See photos for details.
Complete in 8 pages, nice condition.
AI Notes: The Financial Panic of September 17, 1873, often considered the start of the Panic of 1873, marked the beginning of a severe economic depression in the United States and Europe known as the “Long Depression.” On that day, the New York Stock Exchange (NYSE) crashed, triggered primarily by over-speculation in railroads and real estate and the collapse of the banking firm Jay Cooke & Company, which had heavily invested in railroad construction. The failure of Jay Cooke’s firm sent shockwaves through the banking system, leading to widespread bank closures, business failures, and unemployment. The panic spread quickly overseas, affecting European markets, particularly in Germany and Austria, and it led to years of economic stagnation, deflation, and social unrest. The crisis highlighted vulnerabilities in the post-Civil War expansion economy, including excessive reliance on credit, speculative investment, and weak financial regulation.
Category: Post-Civil War
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