apr 28, 1873 - Panic of 1873

Description:

Description: The Panic of 1873 was a time period when the New York Stock Exchange was closed for 10 days, credits dried up, and many factories across the nation closed. Lots of people lost their jobs.
Causes: This event was caused by the failure of the Jay Cooke and Company. This company had handled a majority of the government's wartime loans and also sold bonds to others.
Historical Impact: The Panic of 1873 developed a rivalry/conflict between leaders of the banking and manufacturing industries and its workers. This conflict led to labor unrest that would unravel in the future.

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