Euphoria over the military victory against France in 1871 and the influx of capital from the payment by France of war reparations fueled stock market speculation in railways, factories, docks, steamships – the same industrial branches that expanded unsustainably in the United States.
Eufori over den militære sejr over Frankrig i 1871 sammenkædet med store franske krigsskadeserstatninger, tilskyndede aktiemarkedet til at spekulere i jernbaner, fabrikker, havne, dampskibe – kort sagt de samme erhverv som overekspanderede i USA.