Join ExamsbookAnswer : 2. "Jay Cooke & Company"
The bankruptcy of which company initiated the Panic of 1873?5
Q: The bankruptcy of which company initiated the Panic of 1873?
- 1Republic Steel Companyfalse
- 2Jay Cooke & Companytrue
- 3Standard Oil Companyfalse
- 4Century Building Societyfalse
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Answer : 2. "Jay Cooke & Company"
Explanation :
Answer: B) Jay Cooke & Company Explanation: Jay Cooke & Company, a major component of the United States banking establishment, found itself unable to market several million dollars in Northern Pacific Railway bonds in september 1873. Cooke's firm, like many others, had invested heavily in the railroads. Hence, the bankruptcy of Jay Cooke & company initiated the Panic of 1873.