Very beginning of the Panic of 1873...

Item # 659647

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September 20, 1873

THE NEW YORK HERALD, Sept. 20, 1873

* Wall Street - stock market failure
* Panic of 1873 beginning
* Jay Cooke & Company
* Best title to be had ?

Eight of the 12 columns on pages 4 & 5 are taken up with the early reports on what became known as the "Panic of 1873" precipitated by the bankruptcy of the banking firm of Jay Cooke and Company.
Nice one column headings include: "THE CRASH" "Failure of a Score of Wall Street Magnates" "Intense Excitement In The City" "Raids, Runs And Rumors" "Pictures of the Street and the Stock Exchange" and more. (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.
This is a very early report, as Jay Cooke & Co. went bankrupt on September 18. An extremely significant newspaper in U.S. financial history.
Complete with all 12 pages, nice condition.

Category: Post-Civil War