In the Panic of 1873, which stock exchange crisis in Vienna helped begin the market collapse?

The Vienna Stock Exchange crisis helped begin the market collapse known as the Panic of 1873.

On May 9, 1873, a speculative boom in Austria-Hungary ended in a severe crash on the Vienna Stock Exchange. The date became known as Black Friday in the German-speaking financial world. Banking failures and falling share prices then damaged confidence beyond Vienna.

The panic spread to Germany and later to the United States, where the failure of the investment bank Jay Cooke & Company in September 1873 helped intensify the crisis. Railways, banks, and industrial companies were especially vulnerable because they had expanded rapidly through borrowed money.

The Panic of 1873 is often associated with the beginning of the Long Depression, a period of weak prices and economic difficulty lasting into the 1890s in some countries. The timing and severity varied considerably by region.