The European stock exchange crash of 1873 that began after speculation collapsed in Vienna is known as the Panic of 1873.
A speculative boom in property and securities ended with the Vienna Stock Exchange crash on May 9, 1873, a day remembered as Black Friday in Austria. The shock spread through financial markets, including Germany and the United States. Excessive railway investment, easy credit, and speculative company formation had made the system vulnerable.
In the United States, the failure of the banking firm Jay Cooke & Company in September 1873 helped spread the panic. The resulting long downturn is often called the Long Depression, although its length and severity varied by country. This event is not the same as the 1929 Wall Street Crash, which occurred more than five decades later.