What was significance of panic of 1873?

Answer 1

It was a financial crisis leading to the so-called 'long depression', which in the US was caused by a sharp drop in the demand for and price of silver caused by Germany exchanging the Silver Standard for the Gold Standard. In the same year occurred the failure of the major US bank of Jay Cook & Company, which triggered the failure of a great number of other US banks.

In Europe the sharp drop in the price of silver was one of the main reasons for the collapse of the Vienna Stock Market in 1873, which caused a sharp downturn on other European stock markets. In Europe however the following depression was less severe and shorter-lived than the one in the US, which was to last until 1879.
The Panic of 1873 was a financial crisis that triggered a depression in Europe and North America that lasted from 1873until 1879.

Answer 2

after the civil war, nobody paid back bank loans and the banks ran out of money. When the banks ran out of money, the big buisnesses ran out of money, and when that happened unemployment rates skyrocketed. after the civil war, nobody paid back bank loans and the banks ran out of money. When the banks ran out of money, the big buisnesses ran out of money, and when that happened unemployment rates skyrocketed.

Answer 3

In 1873, a paralyzing panic broke out, the Panic of 1873, caused by too many railroads and factories being formed than existing markets could bear and the over-loaning by banks to those projects. Essentially, the causes of the panic were the same old ones that'd caused recessions every 20 years that century: (1) over-speculation and (2) too-easy credit. Over-speculating was the primary cause to the panic of 1873; too much expansion had taken place. Too many people had taken out loans of which they were unable to pay back due to lack of profit from where they had invested their money.

The Panic of 1873 was the worst economic crisis in American history at that time. The results of all the abovecaused a huge amount of unemployment. Jobs were scarce. Economists and historians estimate that in the Winter of 1873 - 1874 nearly one half of the working population was either unemployed or parially employed. Businesses had to cut wages to survive. There was a contraction of the money supply. When the great Northern Pacific railway company required $300 million to ease itself, the bond issue to raise the funds failed. Banks and railroads collapsed. Attempts to call back loans failed.

Answer 4

economic problems and depression around the world .

Answer 5

The Panic of 1873 was a financial crisis that led to an economic depression throughout Europe and North America. In the U.S., unemployment peaked at 8.25 percent in 1878.

Answer 6

Depression