America takes out its first loan, The New York Times and the United States Air Force are born, guitar legend Jimi Hendrix dies, and "The Guiding Light" ends after 72 years, all on this day.
1873: The Philadelphia-based bank Jay Cooke & Company declares bankruptcy, triggering a series of bank failures in what becomes known as the Panic of 1873. The resulting international economic depression in both Europe and the United States would last until 1879 and be known as the "Great Depression" until the 1930s.
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