Which 1873 financial crisis began after a major stock-market crash in Vienna?

The 1873 financial crisis that began after a major stock-market crash in Vienna was the Panic of 1873.

The Vienna Stock Exchange crashed in May 1873 after a period of intense speculation in Austrian companies and real estate. The shock spread through European financial markets and soon reached the United States, where the failure of the investment firm Jay Cooke & Company in September helped trigger a banking panic.

The crisis contributed to a long period of economic weakness often called the Long Depression. Banks failed, investment contracted, and many railway companies faced financial trouble. The effects varied by country, so historians debate how severe and continuous the depression was in different regions.

The Panic of 1873 is sometimes confused with the later Panic of 1893, another US crisis involving railroads and banking failures. They were separate events, although both exposed the risks of speculative railway finance.