The 1873 financial crisis was called the Panic of 1873.
The panic began after the failure of major financial institutions, including Jay Cooke & Company in the United States, and followed excessive railway speculation and falling confidence in property and securities. The New York Stock Exchange temporarily closed for the first time, from September 20 to September 29, 1873.
The crisis spread across the Atlantic and contributed to a prolonged period of deflation, weak investment, and high unemployment often called the Long Depression. The downturn affected the United States and Europe, although its timing and severity varied by country.
Panic of 1873 and Long Depression are related but not identical terms. The panic names the financial shock, while Long Depression describes the extended economic downturn that followed in several countries.