The Vienna Stock Exchange crash of 1873 is commonly associated with the Panic of 1873.
The crisis began with financial failures in Austria-Hungary and spread to other economies, including Germany and the United States. Vienna’s stock-market collapse in May 1873 exposed speculative excesses connected with rapid railway construction, property development, and easy credit.
In the United States, the failure of the investment firm Jay Cooke & Company in September 1873 helped trigger a banking panic. The New York Stock Exchange closed temporarily, and the resulting downturn contributed to a long period of weak growth often called the Long Depression.
The Panic of 1873 was international, but its exact effects differed by country. Historians also debate how long the Long Depression lasted and whether it should be viewed as one continuous depression or a series of related downturns. It should not be confused with the Panic of 1893, another major U.S. financial crisis.