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Today in History: Bankruptcy of Jay Cooke & Company sparks Panic of 1873

9/18/2025

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Summary

Story summary

On September 18, 1873, Jay Cooke & Company, a prominent U.S. bank, declared bankruptcy, igniting the Panic of 1873. This financial crisis led to widespread bank failures and triggered an economic depression across Europe and North America, marking the beginning of the Long Depression in Britain and the Great Depression in the United States.

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Story summary

On September 18, 1873, Jay Cooke & Company, a prominent U.S. bank, declared bankruptcy, igniting the Panic of 1873. This financial crisis led to widespread bank failures and triggered an economic depression across Europe and North America, marking the beginning of the Long Depression in Britain and the Great Depression in the United States.