Which stock exchange was the epicenter of the 1873 crash known as the Gründerkrach?

The Vienna Stock Exchange was the epicenter of the 1873 crash known as the Gründerkrach.

The term Gründerkrach means “founders’ crash” and refers to the collapse of a speculative boom in Austria-Hungary. After the Austro-Hungarian Compromise of 1867, rapid economic expansion encouraged new companies, railway projects, and banks. Share prices rose far beyond what many ventures could justify.

On May 9, 1873, panic selling struck the Vienna Stock Exchange. The crash spread through European financial markets and was followed by banking failures and a long period of weak growth often called the Long Depression. The United States experienced its own major panic later that year, after the failure of Jay Cooke & Company.

The event is sometimes simply called the Panic of 1873, but that broader label covers an international crisis. Vienna identifies the first major exchange-centered shock in this sequence.