Railroad crash

If not otherwise explained, the collapse of several railroad stock corporations in Europe beginning in 1847 due to (by reason of) overindebtedness. Many companies budgeted the construction costs too low and therefore used up the capital raised by issuing shares prematurely and now no longer seemed creditworthy to the banks.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
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