Which exchange suffered the Vienna stock-market crash that helped begin the Panic of 1873?

The Vienna Stock Exchange suffered the crash that helped begin the Panic of 1873.

On May 9, 1873, widespread speculation in Austrian securities ended in a dramatic collapse known as the Gründerkrach, or Founders’ Crash. The exchange had been buoyed by rapid investment, railway expansion, and easy credit following the Austro-Prussian War.

The shock spread through European financial markets and reached the United States, where the failure of the banking firm Jay Cooke & Company in September 1873 helped trigger a major panic. A long period of falling prices and weak business activity followed, often called the Long Depression.

The crash was part of a broader international financial crisis rather than an isolated exchange malfunction. Rapid railway construction, speculative real estate and securities markets, and changes in monetary conditions all contributed. The Vienna crash is sometimes confused with the later American events because the panic became global.