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The financial panic of 1873...
The financial panic of 1873...
Item # 584113
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September 20, 1873
THE DAILY MEMPHIS AVALANCHE, Tennessee, Sept. 21, 1873
* Financial panic of 1873
* Long Depression
* Jay Cooke
The first two columns of the front page are taken up with early reports on what became known as the "Panic of 1873" precipitated by the bankruptcy of the banking firm of Jay Cooke and Company. Heads at the top of the first column note: "The Panic" "More of the Prevailing Incident to the Cooke Failure" "The Government Comes to the Rescue & a Better Feeling Prevails" "Carleton's Defalcation Will Amount to over Half a Million" "Scenes in Wall Street & the Effects of Being Panicked on Money Matters".
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.
Four pages, rejoined at the spine, large folio size, very nice condition.
Category: Post-Civil War
No Longer Available
