Financial panic of 1873 begins

Jay CookeSeptember 1873 saw the beginning of the "panic of 1873," a financial crisis brought on in part by speculation in railroads. The crisis included the fall of American banking house Jay Cook & Company, which was precipitated by the failure of Northern Pacific Railway shares. The panic triggered a depression in Europe and North America that lasted from 1873 until 1879. Image: Portrait, Jay Cooke, founder of Jay Cooke & Company. This image is in the public domain in the United States as its copyright has expired.

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