The 1873 stock-market panic that began with the Vienna Stock Exchange crash was the Panic of 1873.
The crisis started after a speculative boom in railways, property, and finance. On 9 May 1873, panic selling hit the Vienna Stock Exchange, an event often called Black Friday. Financial stress then spread through Europe and reached the United States, where the failure of Jay Cooke & Company helped trigger a banking panic.
The downturn was linked to excessive investment, falling asset values, and weaknesses in the financial system. In the United States, the panic contributed to a long depression that lasted through much of the 1870s.
It is sometimes confused with later American panics because several crises share the “Panic of” naming pattern. The Panic of 1873 was international in reach and is also associated with the beginning of the Long Depression.