Moreover, the buildings erected by the companies were too large and costly for the average investor inclined to put his money into house property.

Heredity had acted, the builders had planned things on too huge a scale, raising a series of magnificent piles whose purpose was to dwarf those of all other ages; but, as it happened, they were fated to remain lifeless and deserted, testifying with wondrous eloquence to the impotence of pride.
So there was no private capital that dared or could take the place of that of the companies.

Elsewhere, in Paris for instance, new districts have been erected and embellishments have been carried out with the capital of the country--the money saved by dint of thrift.

But in Rome all was built on the credit system, either by means of bills of exchange at ninety days, or--and this was chiefly the case--by borrowing money abroad.

The huge sum sunk in these enterprises is estimated at a milliard, four-fifths of which was French money.