The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1892-01-15
THE SOUTH IN 1891.
A Years Progress in Commerce, In.
dustry and Agriculture.
Activity in Every Branch Of Manu-
featuring and Mining. A Period
OF Notable Achievements
Along All Lines.

trying periods through which the finan-
cial, commercial, agricultural aud indus
trial interests of this country have ever
been called upon to pass. The great f.
nancial crisis resulting from the Barring
collapse in November, 1890, overshad-
owed everything in the beginning of the
year, and the last twelve months have
been striking illustration of tho abii. ty
OF this country to recover from heavy
blow 20 its financial ard commercial in
terests. The great resources of this coun-
try have been fully equal 10 the emergen-
cy, and the advent of the year 1892 finds
us In prosperous condition, with all our
industries in state of great activity.
Unlike the great panics of 1878 and 1884,
the crisis of lS00-91 was due entirely to
outside causes, and not to conditions
created In this country England, by
Ill advised speculative ventures, prccipi-
tatcd the trouble and i'm the emergency
the United States was called upon TO
right matters. The necessities of the
case caused severe drain upon the f.
nancial resources of this country, but the
equilibrium has been once more restored,
with comparatively little injury to our
hnancial and commercial interests
The past year has been period of
slow recovery from the great blow, but
The recovery has bcen'stcady, continuous
and thorough. and the opening of an
other year brlngs prospects of the briyht
est character. Nature has come -usi-i--
to the aid Of this country with bountiful
crops of every kind, ample enough not
only to meet all requirements of home
consumption, but also to supply tho de-
ficiencics existing in other sections of the
world. The last half of the year has been
especially period of activity and pros
perity IN nearly every line of business,
and the growth Of the trade shows how
fully and how rapidly the recovery has
taken place.
Between the beginning and the end of
the past year there have been trying pc
RODS in every section of the country
Speculative ventures of many kinds have
collapsed, business enterprises without
sufficient capital have been forced to sus-
pend and unsound banks have been top
pied over All of this has had beneli-
cial effect upon the country at large, and
business interests are day in more
healthy condition than they were twelve
months ago. There has been general
clearing IF the business atmosphere, and
sound conccrns can now breathe more
iTfreety ~ - - ''r'f
! 1t has been especially interesting to
note the manner and locations in which
the reaction from the crisis Of year ago
has manifested itself, and here again the
South has cause for satisfaction. There
have been been many large failures in
business the past year, and the aggregate
of liabilities has been unusually heavy,
but the disastrous failures have been con
fined almost exclusively to the Older f.
nancial ccnters Of the North. The reac-
tlonary influences were severely felt in
| some parts of the West, where there had
been widespread collapse of speculative
ventures, but fortunately the enormous
grain crops have again brought prospect
| ty to that section. The failures i'm the
| South have been limited mainly TO a COM
parativcly few small concerns Of insecure
| footing and limited means. None of tho
more important interests in the South
have met with disaster, and we believe
| that any wcllinformcd and unprciudic-
| cd observer will admit that the South
has stood the strain of the past year in :,
| phenomena. manner. In view OF the
| great proportion of new establishments
in tho South it would not have been sur :
! l,iisinS If many oi them had collapsed
under the pressure that has overthrown
so many large and long established firms
i'll other sections Of the country. and the
fact that such has not been the G. SC is he
best possible evidence Of the stability of
the South
The South has not only held its own
against tremendous odds in 1891, hut il
has made record Of substantial progress
which, i'll many respects, has never b. en-
eIuaIlcd in the most prosperous years
Nature has been especially generous to
|
surpassed all records. an | that Of 1891.
02 will not fall far short. There ha, been
an enormous increase il the yield of
wheat and corn, the sugar crop has dis
tanced previous records and the minor
crops have been bountiful beyond all ex-
| pectation. The South has given more
| Literally of its products to the world than
Ill former years. as is indicated by the
great activity at the scaports. In the de-
vclOpmcnt Of mineral resource, and the
establishment If dependent industries
there has been goat progress, and il is
| gratifying to note that what has been
done in the past year has been done well
and with view tt pcrmanancc and
profit. There has been less of the specu-
iativc spirit and more Of sound business
| principles than ever before, and what has
|
dustrics In the past year will tell power
| fully in the future # the South The
year 1891 has not been year of unintcr.
ruptcd prosperity for any section Of the
country but it has resulted in immeas,r-
able benefit to the South. During 1891
! the South completed % blast furnaces.
| 10 rolling mills, / Bcssemer steel rail
mill in Maryland and Besscmer plant in
| Kentucky, and nearly finished . cotton
tie mills and tinplatc mil, and is about
ready to commence bulldog another tim
plate and steel mill. It's production of
pig iron was I 300, 900 tons, and OF coal
23,OOOOOO tons The assessed value of
property increased to 81 300, Geo, OOo, .
gain of 100000 over 1890, and of
III, 300, 100000 over 1880 The corn
crop was the largest ever produced, be-
ing about 5GS. coo, 900 bushels, gain of
| III, 600 900 bushels over 1900 vhilc tho