The panic of 1873 began when:
A)the Federal Reserve began to require banks to hold reserves and meet capital requirements.
B)the Civil War started.
C)Jay Cooke and Co., a financial firm that was heavily invested in the railroad industry, failed.
D)Franklin Delano Roosevelt declared a bank holiday.

Question

Quizplus · Accepted Answer

The panic of 1873 began when Jay Cooke and Co., a financial firm heavily invested in the railroad industry, failed. This led to a chain reaction of bankruptcies and financial instability, ultimately leading to a severe economic depression that lasted for several years. The other choices are incorrect as they pertain to different events and time periods.

The Panic of 1873 Began When