BANK PANIC, 1873. The office of Jay Cooke & Company in Philadelphia. The bankcruptcy, 18 September 1873, of this government bond agency, backer of the Northern Pacific Railroad, precipitated an economic crisis that lasted for several years. Wood engraving from an American newspaper of October 1873
Wall Art and Photo Gifts from Granger
BANK PANIC, 1873. The office of Jay Cooke & Company in Philadelphia. The bankcruptcy, 18 September 1873, of this government bond agency, backer of the Northern Pacific Railroad, precipitated an economic crisis that lasted for several years. Wood engraving from an American newspaper of October 1873
Granger holds millions of images spanning more than 25,000 years of world history, from before the Stone Age to the dawn of the Space Age
Media ID 7549273
1873 Bank Panic Banking Bankruptcy Bond Bonds Crisis Depression Finance Running Treasury
EDITORS COMMENTS
This print takes us back to a significant moment in American history - the Bank Panic of 1873. The image showcases the office of Jay Cooke & Company in Philadelphia, which became ground zero for this devastating financial crisis. As we delve into the details, we learn that on September 18th, 1873, this government bond agency declared bankruptcy, sending shockwaves throughout the nation. Jay Cooke & Company had been a crucial supporter of the Northern Pacific Railroad project and its failure triggered an economic downturn that persisted for several years. This wood engraving from an American newspaper dated October 1873 captures the chaos and despair that engulfed America during this period. The scene depicts frantic individuals running through the office's corridors as they desperately try to salvage their investments. The atmosphere is one of panic and uncertainty as people grapple with the realization that their financial security has crumbled before their eyes. This haunting image serves as a stark reminder of how interconnected our economy can be and how fragile it becomes when key institutions falter. It symbolizes not only a specific company's downfall but also represents a larger crisis that affected countless lives across America. As we reflect upon this historical event captured by The Granger Collection, let us remember its lessons about prudence in finance and resilience in times of adversity.
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