Panic of 1873
About Panic of 1873
A financial crisis triggered by the collapse of overextended railroad investments. The panic began in Vienna in May 1873 and spread to America in September when Jay Cooke and Company, a major banking firm, failed. The New York Stock Exchange closed for 10 days. The resulting Long Depression lasted from 1873 to 1879 in the US and until 1896 in Europe. Over 18,000 businesses filed for bankruptcy in the US. The panic ended the post Civil War railroad boom and led to the Free Silver movement in American politics.
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