Question

The bankruptcy of which company initiated the Panic of 1873?
A.
Standard Oil
B.
Century Building Society
C.
Northern Pacific Railroad
D.
Bergdorf Goodman
E.
Republic Steel

Answer 1

The bankruptcy of the Northern Pacific Railroad initiated the panic of 1873.

Option (C)

Explanation:

• This railway construction was built on borrowed money yet could not sustain. Also, the government spends millions on the war. But efforts were made the former to redeem it with money backed by gold and silver which created a currency shortage.
• Jay Cooke Company was overextended and tried to sell a bond issue which came out to be impossibly enforcing the same to go bankrupt. This is followed by the shut down of other banks, loss of jobs and a drop off of investment of Europe in the US.

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Answer 2

Answer: C. Northern Pacific Railroad

Explanation: I got it correct on edmentum