KrisLaChelle KrisLaChelle

26-10-2020
History

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Why was the depression of 1873 called the "panic"?

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austynnkelch austynnkelch

26-10-2020

Answer:

Banks and other industries were putting their money into railroads, so when Jay Cooke and Company, a banking firm that was heavily invested in railroad construction, closed on September 18, 1873, a major economic panic overtook the nation.

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