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TeachMeFinance.com - explain Jay Cooke panic historic definition... Jay Cooke panic -- So-called ; Jay Cooke & Co., a large banking house in New York, failed September 18, 1873. A panic followed. The Union Trust Company stopped business temporarily (partly as a result of a defalcation of $500,000 by its secretary) ; the Bank of the Commonwealth closed its doors and never reopened them and numerous other financial concerns and stock brokers went down in the crash. At 11 o'clock on Saturday, September 20, the governing committee of the New York Stock Exchange ordered the exchange to be closed and it was not reopened until September 30. The failure of Jay Cooke & Co. was brought about by the collapse of their effort to finance the Northern Pacific Railroad, which was then in course of construction. The so-called Jay Cooke panic is also generally known as the panic of 1873. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.