What was the cause and effect of the panic of 1873?

The panic of 1873 or economic crisis of 1873 is the name by which a wave of United States economic panic is known for the bankruptcy of the banking entity Jay Cooke and Company, of the city of Philadelphia, on September 18, 1873, next to the previous fall of the Vienna Stock Exchange on May 9, 1873. It was one of the series of economic crises that hit the economic life of the last part of the nineteenth and early twentieth centuries. It marked the beginning of a severe economic depression of global reach, known as the Great Depression of 1873 (in English: Long Depression, literally translated as prolonged depression), which lasted until 1879, coinciding with the beginning of the Second Industrial Revolution. It is the first of the great depressions or systemic crises of capitalism.