The first major panic day in the 1873 crisis at the Vienna Stock Exchange was called Black Friday.
On May 9, 1873, the Vienna Stock Exchange suffered a severe collapse after speculative investment in railways, property, and other ventures. The crash followed the boom of the Gründerzeit, a period of rapid business formation and credit expansion in the German-speaking world.
The Vienna panic helped spread financial distress through Central Europe and contributed to the international Panic of 1873. Banks and companies failed, construction slowed, and a long period of weak growth followed in several economies. In the United States, the failure of Jay Cooke & Company in September 1873 helped trigger a major market crisis and a temporary closure of the New York Stock Exchange.
The term Black Friday is not unique to this event. It is also used for other financial panics, including a 1869 U.S. gold-market corner, so the date and location are essential.