The 19th-century financial panic associated with the failure of the Vienna stock exchange in 1873 was the Panic of 1873.
The Vienna stock-market crash occurred on May 9, 1873, a date remembered in Austria as Black Friday. It followed years of speculative investment in railways, construction, and property. The collapse spread through financial connections and confidence effects, contributing to banking failures and market declines across Europe and the United States.
In the United States, the failure of the investment bank Jay Cooke & Company in September 1873 helped trigger a major Wall Street crisis. The New York Stock Exchange closed temporarily for the first time in its history, remaining shut from September 20 to September 29. The resulting depression was especially severe and long-lasting in several countries.
The panic is often linked to the end of the post-Civil War boom and the beginning of the Long Depression. Economists debate the exact causes, including monetary policy, railroad overbuilding, speculative finance, and international capital flows. It is distinct from the Panic of 1893 and the Panic of 1907, which were later US crises.