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.


been called upon to pass The great fl
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 the ability
Oh this country to recover from heavy
blow to its financial and commercial in
terests. The great resources of this coun-
try have been fully equal to 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 1S00-91 was due entirely to
outside causes, and not to conditions
created In this country England, by
Ill ADVISED speculative ventures, prccipi-
tated the trouble and in the emergency
tne United States was called upon TO
right matters. The necessities of the
case caused - severe drain upon the f.
nanclal resources of this country, but the
equilibrium has been once more restored,
with comparatively little injury to our
financial and commercial interests
The past year has been period of
slow recovery from the great blow. but
INC recovery has been steady, continuous
and thorough, and the opening Of an
othcr year Drlngs 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 the 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 ton
Piled over All of this has had benefi-
cial effect upon the country at large, and
business interests arc to-day in more
healthy condition than they were twelve
months ago. There has been general
clearing If the business atmosphere. md
sound concerns can now breathe more
ffkeolysr 7ss9 szssT--s ~ F5zs7
It 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,
hut the disastrous failures have been con
fined almost exclusively to the older f.
nancial centers Of the North. The reac-
tionary 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 COM
paratively 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 well-informcd and unprcjudic-
cd observer will admit that the South
has stood the strain Of the past year in 9
phenomenal! manner. In view OF the
great proportion of new establishments
in the South it would not have been sur
prising if many of them had collapsed
under the pressure that has overthrown
so many large and long established firms
fact that such has not been the 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 it
has made record Of substantial progress
which, in many respects, has never been
equaIled in the most prosperous years.
Nature has been especially generous to
tbs south. The cotton crop of 1890. OF
surpassed all records, an | that Of 1891
02 will not fall far short. There ha, been
an enormous increase il tho yield of
wheat and corn, tn. 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
in former years, as is indicated by the
great activity at the seaports. In the de-
velopment Of mineral resource, and the
establishment of dependent industries
there has been gcat progress, and it is
gratifying to note that what has been
done in the past year has been done we'll,
and with view t. pcrmanancc and
profit. There has been less of the specu
lativc spirit and more of sound business
principles than ever before, and what has
been done in the establishment Of new in
dustries in the past year will tell power
fully in the future of the South The
year 1891 has not been year of unintcr-
rupted prosperity for any section Of the
country, but it has resulted in immeasur.
able benefit to the South. During 1891
the South completed 90 blast furnaces,
10 rolling mills, Bcssemer steel rail
mill in Maryland and Bessemer plant in
Kentucky, and nearly finished . cotton
tie mills and tinplatc mil, and is about
ready to commence bulldog another tin
plate and steel mill. Its production of
pig iron was I, 900, 900 tons, and of coal
$4,000, 600 tons The assessed value of
property increased to "a, 500, 900, 600, q
gain of $50, 600, 900 over 1890, and of
VI, 300, 900, 600 over 1880. The corn
crop was the largest ever produced, be-
ing about 668, 600, 900 bushels, gain of
1000, 900 bushels over 1890, while the
gain In wheat was 10, 900, 900 bushels.
The foreign trade Of 1890 was the largest
the South ever had, the total value Of the
exports for the IL months ended
NOyember IN havirrx h.a,, aooQ E0n mn