Which exchange crash on May 9, 1873 helped begin the Long Depression?

The Vienna Stock Exchange crash on May 9, 1873, helped begin the Long Depression.

The Vienna crash followed a period of speculative expansion, especially in property and railway companies. The collapse damaged confidence in Austria-Hungary and contributed to financial contagion across Europe and the United States.

In the United States, the Panic of 1873 culminated in the failure of Jay Cooke & Company in September and a temporary closure of the New York Stock Exchange. The resulting downturn is often called the Long Depression, although historians debate its exact duration and severity. The crisis reflected interconnected banking, railway, investment, and monetary pressures rather than one isolated trading session.