Which Vienna exchange crash helped trigger the worldwide Panic of 1873?
Answer
Vienna Stock Exchange
The Vienna Stock Exchange crash helped trigger the worldwide Panic of 1873.
On 9 May 1873, known in German as Black Friday, prices collapsed on Vienna's stock exchange after years of speculative railway and property investment. Confidence had weakened following the Franco-Prussian War and the financial expansion that followed German unification.
The Vienna panic spread through European financial markets and soon reached the United States. In September 1873, the failure of the investment bank Jay Cooke & Company helped turn the American shock into a prolonged depression. The crisis is also called the Long Depression in some historical accounts.
The event is sometimes confused with a single worldwide stock-market crash, but it was a chain of banking, railway, and exchange failures rather than one synchronized trading day.