Which stock exchange suffered the initial 9 May 1873 crash associated with the Panic of 1873?

The Vienna Stock Exchange suffered the initial 9 May 1873 crash associated with the Panic of 1873.

The event, known in Austria as the Gründerkrach, followed a period of intense speculation in railway and property companies. On 9 May, confidence collapsed at the Vienna Stock Exchange, producing a severe sell-off and many business failures.

The panic spread through interconnected European financial markets. Later in 1873, a banking crisis in the United States intensified after the failure of Jay Cooke & Company, helping turn the episode into a broad international depression. Falling investment and weak demand then affected industry and trade.

Some accounts call the 1873 episode the Long Depression, although historians differ over the exact boundaries and severity of that label. The Vienna crash is nevertheless a clear early landmark in the wider financial crisis.