"threats of victory"? Can we remove "of victory" and the meaning will remain intact?

Context:

Hooker, too, proved unable to defeat Lee's army; despite outnumbering the Confederates by more than two to one, he was humiliated in the Battle of Chancellorsville[167] in May 1863. Gen. Stonewall Jackson was mortally wounded by his own men during the battle and subsequently died of complications. Gen. Hooker was replaced by Maj. Gen. George Meade during Lee's second invasion of the North, in June. Meade defeated Lee at the Battle of Gettysburg[168] (July 1 to 3, 1863). This was the bloodiest battle of the war, and has been called the war's turning point. Pickett's Charge on July 3 is often considered the high-water mark of the Confederacy because it signaled the collapse of serious Confederate threats of victory. Lee's army suffered 28,000 casualties (versus Meade's 23,000).[169] However, Lincoln was angry that Meade failed to intercept Lee's retreat, and after Meade's inconclusive fall campaign, Lincoln turned to the Western Theater for new leadership. At the same time, the Confederate stronghold of Vicksburg surrendered, giving the Union control of the Mississippi River, permanently isolating the western Confederacy, and producing the new leader Lincoln needed, Ulysses S. Grant.

More:
http://en.wikipedia.org/wiki/American_Civil_War

Hooker, too, proved unable to defeat Lee's army; despite outnumbering the Confederates by more than two to one, he was humiliated in the Battle of Chancellorsville[167] in May 1863. Gen. Stonewall Jackson was mortally wounded by his own men during the battle and subsequently died of complications. Gen. Hooker was replaced by Maj. Gen. George Meade during Lee's second invasion of the North, in June. Meade defeated Lee at the Battle of Gettysburg[168] (July 1 to 3, 1863). This was the bloodiest battle of the war, and has been called the war's turning point. Pickett's Charge on July 3 is often considered the high-water mark of the Confederacy because it signaled the collapse of serious Confederate threats of victory. Lee's army suffered 28,000 casualties (versus Meade's 23,000).[169] However, Lincoln was angry that Meade failed to intercept Lee's retreat, and after Meade's inconclusive fall campaign, Lincoln turned to the Western Theater for new leadership. At the same time, the Confederate stronghold of Vicksburg surrendered, giving the Union control of the Mississippi River, permanently isolating the western Confederacy, and producing the new leader Lincoln needed, Ulysses S. Grant.

Does victory here refer to the comprehensive victory of American Civil War?

No, you can't remove victory because the Confederacy was still very much a thread, but after this point they no longer had the ability to invade and crush the Union forces, but it doesn't follow that they could be defeated. The best they could hope for at that time was stalemate.

I'm just telling you my interpretation of the text, no doubt someone else will come along and give us all a History lesson.

I took the thread to concern the logic of grammar,
not the logic of history.