Which exchange saw the first major sell-off in the 1873 Panic that helped trigger the Long Depression?

The Vienna Stock Exchange saw the first major sell-off in the Panic of 1873.

On 9 May 1873, a wave of panic selling in Vienna followed years of rapid railway and property speculation. The day became known as Gründerkrach, or the Founders’ Crash. Many newly formed companies had been promoted during a boom, and confidence collapsed when investors questioned their values and profitability.

The financial shock spread through Europe and reached the United States later in 1873, when the banking firm Jay Cooke & Company failed. The resulting downturn is commonly linked to the Long Depression, although historians debate its exact duration and the label’s usefulness. The Vienna crash is therefore a distinct starting episode, not the same event as the 1929 Wall Street Crash.