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Arendal crash

Axel Nicolai Herlofson, who defrauded customers of Arendals Privatbank and thereby caused the Arendal crash

The Arendal crash (Arendalskrakket) was an economic crisis in Arendal, Norway, that occurred when the bank Arendals Privatbank went bankrupt in 1886 and the bank's co-owner Axel Nicolai Herlofson was revealed to have defrauded customers and co-owners systemically. The crash led to several other bankruptcies and unemployment in Southern Norway, and marked the end of Arendal as an important shipping town. It took over 80 years to overcome the effects of the crash.[1][2] Herlofson was sentenced to six years penal labour.

References

  1. ^ Arendals Tidende - Arendals mørke historie Archived April 17, 2012, at the Wayback Machine
  2. ^ "Da alt raknet for sørlendingene", Aftenposten Amagasinet, 12 July 2013 (feature on Axel Nicolai Herlofson and the Arendal crash)

Literature

  • Johannes G. Torstveit: Storsvindel bankkrakk og nytt politisk parti 1886-88, Arendal 1886-1888, Arendals Tidende, 2012
  • Axel Smith: Av en ældre Arendalsmands erindringer fra de sidste 50 aar (1870–1920). I Arendal fra fortid til nutid. Utgitt ved byens 200-års jubileum som kjøpestad 7. mai 1923