Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1892-01-09
THE SOUTH IN 1891.
A iear's Progress in Commerce, In
dustry and Agriculture.
A Steady Forward Movement in spite of
Tremendous obstaeles-Actlvity in
Every Branch of Business.

A Steady Forward Movement in spite Of
Tremendous Obstacles Activity in
Every Branch of Business.
The Manufacturers Record, of Baltimore,
says: The year 1891 has been one Of the most
trying periods through which the financial,
comm rcial. agricultural and industrial in
terests Of this country have ever been called
upon to pass. The great financial crisis re-
sulting from the Barring collapse in Noyem-
Der, 1890, overshadowed everything at the
beginning Of the year, and the last twelve
months have been striking illustration Of
the ability of this country 10 recover from
heavy blow to its financial and commercial
interests. The great resources Of this country
have been fully equal to the emergency, and
the advent of the year 1892 finds us in pros
porous condition, with all our industries in
state of great activity. Unlike the great panies
OF 1873 and 1884, the crisis of 1S90-9l was due
entirely to outside causes, and not to condi-
tions created in this country. England, by
ilI-advised speculative ventures, precipitnted
the trouble, and in the emergency the United
States was called on to right matters. The
necessities of the case caused a severe drain
upon the financial 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 hiss been a period of slow
recovery from the great blow, but the re-
covery has been steady, continuous and thor
ough, and the opening Of another year brings
prosf ects OF the brightest character. Nature
has come nobly to the aid of this country with
bountiful erops..of every kind, ample enough
not only to meet all requirements of home
consumption, but also to supply the detcien-
cies existing in other sections of the world.
The last half of the year has been especially
periO OF activity and | roSperity in nearly
every line of business, and the growth Of
trade shows how fully and how rapidly the
recovery has taken place.
Between the b ginning and the eul of the
past year there have been trying periods in
every secti N of the couatry. Speculative
ventures OF many kinds have collapsed bust
ness enterprises without sufficient apital have
been forced to suspend and un>ound banks
have been toppled over A i of this has had
a beneficial effect upon the country at large,
and business interests are to-day in n more
healthy condition than they were II months
ago. There has been q general clearing of
can now breathe more freely.
1t has been especially interesting TO note
the manner and locations in whch the reac-
ton from the crisis of year ago has mani
tested itself, aud here again the South has
cause for satisfaction. There have been many
large failures in business during the past
year, and the asgfe gate of labil ties has
been unusually heavy, but the disastrous
failures have been confined almost
exclusively to the older financial centers
OF the North. The reactionary influences
were severely telt in some parts OF the
West, where there had been widespread
collapse of speculative ventures, but for.
tunately the enormous grain crops have again
brought prosperity to that section. The
failures in the South have been limited mainly
to comparatively lew small concerns of in
secure footing and limited means. None of
the more important interests in the South have
met with disaster, and we believe that any
well-inforned and unprejudced observer
will admit that the South has stood the strain
of the past year in phenomenal manner.
In view of the great proportion Of new
establishments n the South it would no
have been surpr sing if many Of them had
collapsed under the pressure that has over
thrown so many large and long-established
firms in other sections of the country, and the
fact that such has not been the case is the
best possible evidence of the stability of the
South
The South has not only he'll its own against
tremendous odds in 1891, but it has made a
record Of substantial progress which, in many
respects, has never been cqualled i'll the most
prosperous years. Nature has been especially
generous to the South. The cotton crop of
lS90-91 surpassed all records and that of
1912 will not fall far short. There has
been an enormous increase in the yield of
wheat and corn, the sugar crop has distanced
previous records and the minor crops have
been bountiful beyond all expectation. The
South has given more literally of its products
TO the world than in former years. as indicated
by the great activity at the sesports.- In the
development of m neral resources and the
establishment of dependent industries there
has been greater progress, and it is gratifying
to note that what has been done in the past
year has been done we'll, and with view TO
permanance and profit. There has been less
nt the speculative spirit and more of sound
business principles than ever before and
what has been done in the establishment of
new industries in the post year will tell
powerfully IN the future of the South. The
year 1891 has not been period Of unin-
terrupted prosperity for any section of the
country but it has resulted in immeasurable
benefit to the South During 1891 the South
completed IS blast furnaces. 10 rolling mfrs,
Bessemer steel rail mill in Maryland and
Bessemer plant in Kentucky, and nearly
finished cotton tie mills and tinplate mill,
and is about ready to comm nee building
another tinplate and steel mill lis produc-
ton of pig iron was l. 900. 900 tons, and of coal
%, 0C00 0 tons. The assessed value of pro-
perty increased to 81, 5000 0, COO gain of
$500, 000. 900 over 1890 AMI OF 81, 900, 600 over
1880 The corn crop was the largest ever pro-
dured. being about 56S, 900. 900 bushels, a gain
of III, 600, 900 bushels over 1870, while the
gain in wheat was 100000 The foreign
trade of 1891 was the largest the South ever
had, the total value of the exports for the IL
months ended November 80 having been
S296, 500, co., an increase of S2S, COD over
the corresponding time Of 1890. The imports
at Southern ports for the same period showed
an increase of 50, 600. 600, although the total
imports for the whole country declined about
81 .0N000, or a net decline outside Of the
South OF Sl3,0000J0. In November the ex-
ports from the en- ire country were valued at
$4,000, 600, and of this amount nearly one
half or S53, 800, 600, was from Southern ports.