Which exchange saw the Panic of 1873 begin after a major 1873 stock-market crash?

The Panic of 1873 began with a major crash on the Vienna Stock Exchange.

The Vienna market collapsed on May 9, 1873, a day remembered as “Black Friday” in Austria. Speculative investment had surged during the years after the Austro-Prussian War, especially in railways, construction, and property. When confidence failed, prices plunged and many banks and companies became insolvent.

The panic spread through interconnected financial markets, reaching Germany and the United States. In the United States, the failure of the banking firm Jay Cooke & Company in September 1873 helped trigger a severe Wall Street crisis and the temporary closure of the New York Stock Exchange.

The resulting downturn is often called the Long Depression. Historians debate its exact duration and severity, but it involved prolonged deflation, falling profits, and unemployment across industrial economies rather than one continuous collapse in every country.