Update network.md

content/stories/network.md

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-On Black Thursday, 18 September 1873, the New York banking house of Jay Cooke and Company, the financier of the Northern Pacific Railway, collapsed. The enormous cost of the Civil War, excessive railway building, inflated credit, speculation, overexpansion and capital outlays for new farmland provoked a crisis. In a domino effect, railway bankruptcies and bank failures followed. Over 18% of the country’s railway mileage was in the hands of receivers, iron and steel works were devastated, and business failures led to massive layoffs. Wages plunged by 25%. Over the next four years, busi- ness failures reached $775 million ($155 billion in 2002 dollars) and the number of unemployed rose to nearly three million (in a country of 45 million).
+On Black Thursday, 18 September 1873, the New York banking house of Jay Cooke and Company, the financier of the Northern Pacific Railway, collapsed. The enormous cost of the Civil War, excessive railway building, inflated credit, speculation, overexpansion and capital outlays for new farmland provoked a crisis. In a domino effect, railway bankruptcies and bank failures followed. Over 18% of the country’s railway mileage was in the hands of receivers, iron and steel works were devastated, and business failures led to massive layoffs. Wages plunged by 25%. Over the next four years, business failures reached $775 million ($155 billion in 2002 dollars) and the number of unemployed rose to nearly three million (in a country of 45 million).
 
-It didn’t end there. Railways burned money on a colossal scale. Textile mills, the country’s largest manufacturers, rarely cost more than $1 million ($18 million in 2002) whereas the capitalization of the four big east-west trunk lines – Pennsylvania, Erie and Northern Pacific, New York Central and Baltimore & Ohio – reached $140 million (over $25 billion today). E. H. Harriman, the bold- est proponents of the spend-money-to-make-money strategy, poured a rousing $240 million ($4.8 billion today) into expanding and modernizing the Southern Pacific Railroad. Three months after President Grover Cleveland began his second Democratic term in 1893, railway overexpansion provoked a cascading collapse of the economy that, until the 1929 Wall Street Crash, was known as the Great Depression. The 1893 slump brought down the Erie, other debt-ridden railways and 600 banks. It embittered the already discontented farm- ing regions and exhausted the silver-mining states.
+It didn’t end there. Railways burned money on a colossal scale. Textile mills, the country’s largest manufacturers, rarely cost more than $1 million ($18 million in 2002) whereas the capitalization of the four big east-west trunk lines – Pennsylvania, Erie and Northern Pacific, New York Central and Baltimore & Ohio – reached $140 million (over $25 billion today). E. H. Harriman, the bold- est proponents of the spend-money-to-make-money strategy, poured a rousing $240 million ($4.8 billion today) into expanding and modernizing the Southern Pacific Railroad. Three months after President Grover Cleveland began his second Democratic term in 1893, railway overexpansion provoked a cascading collapse of the economy that, until the 1929 Wall Street Crash, was known as the Great Depression. The 1893 slump brought down the Erie, other debt-ridden railways and 600 banks. It embittered the already discontented farming regions and exhausted the silver-mining states.