Which stock exchange saw the first major panic of the 1873 financial crisis?

The Vienna Stock Exchange saw the first major panic of the 1873 financial crisis.

On May 9, 1873, heavy selling in Vienna followed a speculative boom connected with rapid industrial expansion, railway investment, and property development. The collapse became known as the Gründerkrach, or founders’ crash, and helped trigger a broader international financial downturn.

The panic spread through financial links to Germany and other European markets. In the United States, the failure of the prominent banking firm Jay Cooke & Company in September 1873 intensified pressure and contributed to the closing of the New York Stock Exchange for several days.

The resulting downturn is often called the Long Depression, although historians debate the label and its exact duration. It involved falling prices, bankruptcies, weak investment, and prolonged industrial trouble rather than one uniform global recession.