Wall Street Panic of 1873 vintage print Bank Run / Excitement of the street et

Description: Original Vintage Print: Scenes in Wall Street during the Panic - 7 scenes* Year of Publication: Harper's Weekly 1873 Size: 16" x 11" 41cm x 28 cm Condition: very good, normal aging (see pictures) will combine shipping if multiple items are purchased*The Wall Street Panic of 1873, also known as the Panic of 1873, was a major financial crisis that triggered a severe economic depression in the United States and parts of Europe. It is often referred to as the start of the "Long Depression," which lasted for about two decades.Key Causes: Overexpansion of Railroads:During the post-Civil War period, the United States experienced rapid industrial growth, with railroads serving as the backbone of the economy.Railroads were overbuilt, financed through massive amounts of speculative investments and debt. Collapse of Jay Cooke & Company:Jay Cooke & Company, a prominent investment banking firm, played a critical role in financing the construction of railroads, particularly the Northern Pacific Railway.The firm went bankrupt on September 18, 1873, after failing to sell enough bonds to meet its obligations, leading to widespread panic. Overextension of Credit:Banks and investors had extended credit recklessly, fueling bubbles in railroads and other industries. When the speculative investments failed, it led to widespread bankruptcies. Global Factors:Economic downturns in Europe, particularly in Germany and Austria, also contributed to the global scope of the panic.The collapse of the Vienna Stock Exchange in May 1873 had ripple effects internationally.Consequences: Bank Failures:More than 100 U.S. banks closed within a year.Bankruptcies spread across industries tied to railroads, such as steel and coal. Unemployment:Millions of workers lost their jobs, with unemployment rates in some regions exceeding 20-25%. Stock Market Crash:The New York Stock Exchange was closed for 10 days to prevent further panic. Economic Depression:The "Long Depression" followed, marked by slow economic growth, wage deflation, and reduced industrial activity. Political and Social Impacts:The crisis deepened class tensions and fueled labor unrest.It weakened the Republican Party's dominance, leading to the rise of movements like the Grange and later the Populist Party.The Panic of 1873 underscores the dangers of speculative bubbles and financial overreach, making it a critical case study in economic history.

Price: 14.99 USD

Location: Montrose, California

End Time: 2025-01-01T16:53:23.000Z

Shipping Cost: 7.75 USD