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Q:

The bankruptcy of which company initiated the Panic of 1873?

A) Republic Steel Company B) Jay Cooke & Company
C) Standard Oil Company D) Century Building Society

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.

Subject: World History
Exam Prep: Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO
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