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After the ball.(credit column)
At the end of the 19th Century, the United States was struggling through one of the worst economic epochs in its history. The later half of the 1880s had been primarily a boom time with almost unparalleled expansion and seemingly everybody looking to get rich off the en vogue investment vehicle of the day: rail-roads. Investments quickly grew increasingly riskier. There was little hesitation as financiers raced to carve out their own slice of the railroad pie.
Then the bubble burst.
One-third of all railroads failed. By 1893, overbuilding and the loosening of lending and financing practices to railroad start-ups led to a cataclysm of failures. Banks and ...
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Source: HighBeam Research, After the ball.(credit column)