Which stock exchange crash began the international Panic of 1873 when the Vienna Stock Exchange collapsed?

The Vienna Stock Exchange crash began the international Panic of 1873 when the Vienna Stock Exchange collapsed.

The panic is commonly dated to May 9, 1873, a day remembered in German-speaking Europe as Black Friday. A speculative boom in Austrian and German securities had been encouraged by rapid investment, credit expansion, and expectations of continued economic growth.

When confidence broke in Vienna, share prices plunged and financial failures spread through central Europe. The crisis soon affected Germany and then crossed the Atlantic, contributing to the U.S. financial panic of September 1873 and a long international depression.

The Panic of 1873 had several causes, including the aftermath of the Franco-Prussian War, railroad speculation, and changing monetary conditions. The Vienna crash was the immediate market shock, not the only cause of the worldwide downturn.