tag:blogger.com,1999:blog-5723709701684173708.post2773135093916177708..comments2024-03-28T17:55:31.180-04:00Comments on The Gossips of Rivertown: 1874 in HudsonCarole Osterinkhttp://www.blogger.com/profile/16010623982526286408noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-5723709701684173708.post-41142035462888238692010-06-01T10:40:46.252-04:002010-06-01T10:40:46.252-04:00"The Panic of 1873 or Depression of 1873 mark..."The Panic of 1873 or Depression of 1873 marked a severe international economic depression in Europe and United States that lasted until 1879, and even longer in some countries. It began with financial failures in Vienna ... that spread to most of Europe and overextended American banking in late 1873. ...<br /><br />"The American Civil War was followed by a boom in railroad construction. Fifty-six thousand miles (90,123 km) of new track was laid across the country between 1866 and 1873. Much of the craze in railroad investment was driven by government land grants and subsidies to the railroads. At that time, the railroad industry was the nation's largest employer outside of agriculture, and it involved large amounts of money and risk. A large infusion of cash from speculators caused abnormal growth in the industry as well as overbuilding of docks, factories and ancillary facilities. At the same time, too much capital was involved in projects offering no immediate or early returns. ..."<br /><br />http://en.wikipedia.org/wiki/Panic_of_1873Anonymousnoreply@blogger.com