Which stock exchange crashed in Vienna during the Panic of 1873, helping trigger a worldwide financial crisis?

The Vienna Stock Exchange crashed during the Panic of 1873, helping trigger a worldwide financial crisis.

On May 9, 1873, a severe sell-off in Vienna followed years of speculative investment and rapid credit expansion. The day became known as Black Friday in Austria. Share prices collapsed, banks failed, and the shock spread through financial connections to Germany and other economies.

The panic emerged after a period of strong growth fueled by railways, construction, and property speculation. When confidence weakened, highly leveraged investors and financial institutions were unable to sustain prices. Problems then appeared in the United States, where the failure of Jay Cooke & Company contributed to a major market disruption in September.

The Panic of 1873 is associated with the Long Depression, although historians debate the exact boundaries and causes of that prolonged downturn. The Vienna crash is distinct from the later Black Friday episodes associated with gold speculation and other markets.