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The U.S. bank Jay Cooke & Company declares bankruptcy, contributing to the Panic of 1873.
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Jay Cooke & Company
U.S. bank from 1861 to 1873
Jay Cooke & Company was a U.S. bank that operated from 1861 to 1873. Headquartered in Philadelphia, Pennsylvania, with branches in New York City and Washington, D.C., the bank helped underwrite the Union Civil War effort. It was the first "wire" brokerage house, pioneering the…Source: Wikipedia (CC BY-SA)
Panic of 1873
Financial crisis leading to economic depression in Europe and North America
The Panic of 1873 was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 or 1879 in France and in Britain. In Britain, the Panic started two decades of stagnation known as the "Long Depression" that weakened the…Source: Wikipedia (CC BY-SA)