The Stock Exchange crash of 1873


On Black Friday, 9 May 1873, triggered by uncontrolled speculation, there was a massive fall in the value of shares on the Vienna Stock Exchange and a wave of panic selling. The crash also led to a fall in the number of visitors to the Vienna World Exhibition being held at the time. A further consequence was that a stock exchange commissioner was appointed to supervise compliance with a new law regulating the exchange. The economic boom years of the so-called Gründerzeit were now followed by a period of severe recession.