The crisis of 1873 was preceded by four years of general economic activity, which was by no means confined to the United States. In agriculture, manufactures, and transportation much real progress was made, but, as subsequent events proved, the pace was more rapid than was consistent with healthy development. Facilities for the production of many commodities were provided beyond the limits of profitable demand, and many enterprises which were enlarged upon a quite insufficient foundation of working capital went to the wall when subjected to the strain of crisis and depression.0 As in 1857, the most serious weakness was disclosed in connection with railroad building. Bonds often sold at a heavy discount had provided the means for building many roads which were in advance of any considerable population, and whose traffic proved insufficient to meet fixed charges. The situation of other roads was even more unsatisfactory.