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Very beginning of the Panic of 1873...

Item # 680880

September 18, 1873

NEW YORK TRIBUNE, Sept. 18, 1873 

* Wall Street - stock market failure
* Panic of 1873 beginning
* Brooklyn Trust Company
* In a NYC publication

The front page has early reporting on what became known as the "Panic of 1873" precipitated by the bankruptcy of the banking firm of Jay Cooke and Company. The top of the first column has a heading: "ANOTHER BIG DEFALCATION" with subheads. (see)
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.
Complete with all 8 pages, light toning at the margins, nice condition.

Category: Post-Civil War