Which company’s failure marked the start of the Panic of 1873 in the United States?

Jay Cooke & Company’s failure marked the start of the Panic of 1873 in the United States.

The investment banking firm suspended operations on September 18, 1873, after it could not sell bonds connected with the Northern Pacific Railway. The failure damaged confidence in banks and railroads and helped trigger a major financial panic.

The crisis followed a period of aggressive railroad expansion, speculation, and easy credit. When investors questioned railroad projects and financing, companies and banks became vulnerable. The New York Stock Exchange closed temporarily during the panic, an unusual response intended to limit disorderly trading.

The downturn became part of the Long Depression, a prolonged period of economic weakness in the United States and Europe. The Panic of 1873 was international rather than purely American; financial failures and market declines also affected countries including Austria-Hungary and Germany.