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As this happened, the price of l'Union Générale began to deteriorate. The bank failed to repay it debts and to honor its clients’ accounts. It falsified public reports, to avoid the complete crash of its value and credit-worthiness. Between January 5, 1882 and January 14, 1882 the cash price of a share dropped from 3,040 to 800 francs.
Some financial observers argued that the plummet in bond prices was triggered by the Federal Reserve's decision to raise rates by 25 basis points in February, in a move to counter inflation. [4] At about $1.5 trillion in lost market value across the globe, the crash has been described as the worst financial event for bond investors since 1927 ...
The Coinage Act of 1873 also contributed by immediately depressing the price of silver, which hurt North American mining interests. [22] The deflation and wage cuts of the era led to labor turmoil, such as the Great Railroad Strike of 1877. In 1879, the United States returned to the gold standard with the Specie Payment Resumption Act.
Since the price of a bond bears an inverse relationship to the yield (or interest rate), the increase in prevailing interest rates would have forced down the price of American securities. Importantly, demand for cotton plummeted. The price of cotton fell by 25% in February and March 1837. [12]
The union of Philadelphia Journeymen Shoemakers was convicted of and bankrupted by charges of criminal conspiracy. The defendants were fined US$8 each (the cost of one week's wages) and made to pay the costs of the suit. [4] The law established in this case, that labor unions are illegal conspiracies, would remain the law until Commonwealth v.
Bond funds recorded outflows of $6.9 billion during the week to Wednesday, while $7.8 billion was removed from equity funds and investors plowed $30.3 billion into cash, BofA said in a research ...
A bank run on the Fourth National Bank No. 20 Nassau Street, New York City, from Frank Leslie's Illustrated Newspaper, 4 October 1873. The Panic of 1873 was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 or 1879 in France and in Britain.
As demand for silver and silver notes fell, the price and value of silver dropped. Holders worried about a loss of face value of bonds, and many became worthless. [12] A series of bank failures followed, and the Northern Pacific Railway, the Union Pacific Railroad and the Atchison, Topeka & Santa Fe Railroad failed. This was followed by the ...