In the 1873 Panic, which major European stock exchange crash began in Vienna on May 9?

In the 1873 Panic, the major European stock exchange crash began at the Vienna Stock Exchange.

On May 9, 1873, panic selling struck Vienna after a period of intense speculation in shares and real estate. The day became known as Gründerkrach, or the Founders’ Crash. The collapse damaged banks and companies connected to Austria-Hungary’s speculative boom.

The crisis spread beyond Vienna. Financial distress reached Germany and then the United States, where the failure of the investment bank Jay Cooke & Company in September helped trigger a banking panic. The resulting downturn became known as the Long Depression.

The Vienna event is sometimes confused with the American Panic of 1873 or with later crashes called Black Friday. The dates are connected within the same international crisis, but the initial European exchange shock occurred in Vienna.