Which U.S. stock exchange was forced to close for ten days after the Panic of 1873 began?

The New York Stock Exchange was forced to close for ten days after the Panic of 1873 began. The exchange shut on September 20, 1873, after the failure of Jay Cooke & Company triggered a financial shock and threatened the stability of brokers and banks.

Jay Cooke’s firm had heavily promoted bonds for the Northern Pacific Railway. When investors lost confidence in the railroad’s financing and broader economic conditions, the firm could not meet its obligations. The failure spread through the financial system, and the New York Stock Exchange closure was intended to slow panic selling and give institutions time to organize.

Trading resumed on September 30, but the crisis continued. Railroad failures, bank suspensions, deflation, and business failures contributed to a long depression in the United States. The panic was part of an international downturn often associated with the collapse of the Vienna Stock Exchange in May 1873.

The New York Stock Exchange’s ten-day closure is distinct from modern circuit breakers, which pause trading temporarily within a session. In 1873, the exchange remained closed for consecutive calendar days while the financial system confronted a major liquidity crisis.