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Updated: May 12, 2025
Then, as success attended the scheme, new lines were undertaken and opened at a still more rapid rate until, in 1843 despite the depression caused for a time by over-speculating there were nearly 2000 miles of railway open for traffic. In 1850 there were above 6000 miles open; in 1860, above 10,000.
While it lasted, that is, while the shearing of the flock was proceeding, it was very uncomfortable. Those same joyous, winning stock-gamblers, with beaming faces, of the week before, were fear-clutched, losing stock-gamblers, with livid faces, on what they afterward called the day of the panic. It really was only a slump; rather sharper than usual. Too many lambs had been over-speculating.
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