Which stock exchange suffered the 1873 crash that began the Long Depression?

The Vienna Stock Exchange suffered the 1873 crash that helped begin the Long Depression.

On May 9, 1873, panic selling struck the Vienna Stock Exchange, an event known as the Gründerkrach, or Founders' Crash. The exchange had experienced a speculative boom in companies, railways, and property after Austria-Hungary's economic expansion and the 1873 Vienna World's Fair.

When investors lost confidence, share prices collapsed and many speculative enterprises failed. Financial stress spread through Germany and other markets, contributing to banking failures and a broader international downturn. The crisis reached the United States later that year, where the failure of Jay Cooke & Company helped trigger the Panic of 1873.

Historians debate the precise length and boundaries of the resulting Long Depression, but it was a major global deflationary period. The episode is sometimes confused with the American panic because both occurred in 1873; the Vienna crash was the earlier prominent exchange collapse.