Which exchange saw the May 9, 1873 crash later known as Black Friday?

The Vienna Stock Exchange saw the May 9, 1873 crash later known as Black Friday.

On that date, a speculative boom in Austria-Hungary collapsed at the Vienna Stock Exchange. The crash followed rapid expansion in railway construction, property development, and company formation. Easy credit and optimistic expectations had encouraged investors to buy securities at prices that proved unsustainable.

The Vienna collapse became a major early shock in the wider Panic of 1873. Financial distress spread through parts of Europe and then across the Atlantic, contributing to bank failures, falling investment, and prolonged economic weakness. In the United States, the failure of Jay Cooke & Company in September 1873 helped intensify the crisis.

The name “Black Friday” is not unique to this event. It is also used for other historical financial shocks, including the British gold-market crisis of 1869 and the U.S. stock-market crash of October 19, 1987. The date and location are therefore important for identifying the 1873 event precisely.