The 1873 financial crisis that followed the Vienna Stock Exchange crash was the Panic of 1873.
The crisis emerged after speculative investment in railways and property weakened, particularly in Austria-Hungary and Germany. The Vienna Stock Exchange crash in May 1873 helped expose the fragility of heavily leveraged financial markets. Distress then spread internationally, including to the United States.
In America, the failure of the investment bank Jay Cooke & Company in September 1873 triggered a major panic. The New York Stock Exchange closed temporarily, and many banks, businesses and railroads failed or entered financial difficulty.
The downturn is also known as the Long Depression in some historical writing, although historians debate the precise duration and severity of that label. It was not one uniform global event: countries experienced different timing, banking conditions and recovery paths.