Crash of 1873, Jay Cooke & Company, a huge finance house of the day, and one of the main backers of the Union side in the Civil War. 1873 was a traumatic year for the global economy. The trouble started in Vienna, with the collapse of market that had been pumped up by a wave of speculative money, then rapidly spread out across the world. It was in many ways the first of the great global financial panics, of the sort we are so depressingly familiar with today. And it was the start of what…

Crash of 1873, Jay Cooke & Company, a huge finance house of the day, and one of the main backers of the Union side in the Civil War. 1873 was a traumatic year for the global economy. The trouble started in Vienna, with the collapse of market that had been pumped up by a wave of speculative money, then rapidly spread out across the world. It was in many ways the first of the great global financial panics, of the sort we are so depressingly familiar with today. And it was the start of what…

History of the NYSE: Growth and Panic 1873

History of the NYSE: Growth and Panic 1873

Railroads were the nation's largest non-agricultural employer in 1873. The nation's first transcontinental railroad had been completed in 1869. Northern Pacific was to be the second. The nation's largest bank, Jay Cooke & Company, was the financier. On September 18, 1873 the firm realized it had overextended and declared bankruptcy. Since Cooke also handled most of the government's wartime loans, its failure caused the economy to instantly sputter and then collapse.

Railroads were the nation's largest non-agricultural employer in 1873. The nation's first transcontinental railroad had been completed in 1869. Northern Pacific was to be the second. The nation's largest bank, Jay Cooke & Company, was the financier. On September 18, 1873 the firm realized it had overextended and declared bankruptcy. Since Cooke also handled most of the government's wartime loans, its failure caused the economy to instantly sputter and then collapse.

Panic of 1873 | Teachinghistory.org

Panic of 1873 | Teachinghistory.org

Crisis Chronicles: The Long Depression And The Panic Of 1873

Crisis Chronicles: The Long Depression And The Panic Of 1873

During Rutherford B. Hayes's administration the economy turned around (following the Panic of 1873).  President Hayes wrote in his diary-- "I can say in truth-- I left this great country prosperous and happy and the party of my choice strong, victorious, and united.  In serving the country I served the party."

During Rutherford B. Hayes's administration the economy turned around (following the Panic of 1873). President Hayes wrote in his diary-- "I can say in truth-- I left this great country prosperous and happy and the party of my choice strong, victorious, and united. In serving the country I served the party."

Panic of 1873 - Wikipedia

Panic of 1873 - Wikipedia

Bulls and Bears: The Great Wall Street Gameboard 1883 McLoughlin Bros.

Bulls and Bears: The Great Wall Street Gameboard 1883 McLoughlin Bros.

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