3. Panic of 1873
The Panic of 1873 was a significant financial crisis that began with the bankruptcy of Jay Cooke & Company, a major banking firm heavily invested in railroad bonds. This collapse triggered a chain reaction of bank failures, leading to widespread unemployment and business closures. The crisis resulted in the New York Stock Exchange closing for ten days and marked the beginning of the Long Depression, a severe economic downturn that lasted for several years. (home.treasury.gov)
