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Events on Thursday 18 September 1873 1
1873Panic of 1873Bank failures trigger a global economic depressionThe failure of banking house Jay Cooke & Company on 18 September 1873, undone by overinvestment in railroads, set off a financial panic that closed the New York Stock Exchange for ten days. The crisis spread through Europe and the United States, ushering in a prolonged economic downturn later called the Long Depression.