The 1873 financial crisis was called the Panic of 1873.
The panic began in Vienna in May 1873 and spread to other financial centers. In the United States, the failure of the investment bank Jay Cooke & Company in September helped trigger a major loss of confidence. The New York Stock Exchange closed temporarily for the first time in its history.
The crisis was linked to excessive railway speculation, falling land values, and problems involving banks and investment companies. Germany, Austria-Hungary, Britain, and the United States all experienced financial stress, though timing and severity varied by country.
The prolonged economic downturn became known in the United States as the Long Depression. Historians debate its precise duration and causes, but it included deflation, business failures, weak investment, and sustained unemployment. It was distinct from the later Panic of 1893.