(1873) Bonds and banks fail as a depression loomsWall Street is in free fall in the wake of US railroad bonds defaulting and the biggest banks in the US failing, and the crisis will close the New York Stock Exchange for 10 days. A major worldwide economic collapse follows and will not let up in some countries for two decades.The Panic of 1873 was a financial crisis that triggered a depression in Europe and North America that lasted from 1873 until 1879, and even longer in some countries. In Britain, for example, it started two decades of stagnation known as the “Long Depression” that weakened the country’s economic leadership. The Panic was known as the “Great Depression” until the events in the early 1930s set a new standard.
Start date: 1873 End date: 1879 A bank run on the Fourth National Bank No. 20 Nassau Street, New York City, from Frank Leslie’s Illustrated Newspaper, 4 October 1873