The Panic of 1873 and the Panic of 1893 were started because of failures of businesses involved in which industry?

The Panic of 1873 was triggered by the failure of Jay Cooke & Company, a major bank heavily invested in railroad bonds, which led to a collapse in the railroad industry. Similarly, the Panic of 1893 was largely caused by overbuilding and speculation in the railroad industry, resulting in a series of bankruptcies that destabilized the financial system. Both events highlighted the vulnerabilities of the economy tied to the railroad sector during that era.