ABSTRACT
Gerruuny and Holland, more farseeing than England taken as a whole, and better informed perhaps by their emigrants as to the prospects of eventual victory, ha.cl steadily backed the North during the Civil War, and had continuously purchased American securities at low prices during the whole of the struggle. When the fight was over they reaped their reward, and their successful investments in United States bonds encouraged them to take up those American railway securities with which Em·ope was now flooded. The development of railways in the United States had attained a height quite unparalleled in Europe, rapidly as railways had been constructed in Great Britain and elsewhere to meet the necessities of increasing trade. In America railways were r.,aJly the only permanent roads over va~t
