over 1888. The
cotton, corn, and oats crops were the largest ever raised, and the wheat
crop was almost the largest. But cotton brought fair prices, and cotton
manufactures and production of iron were also considerably ahead of any
previous year, while petroleum played an important part at good prices.
Railroad earnings showed a wonderful recovery from 1888, and many
reports gave the largest figures ever recorded.
During this year many consolidations and a number of foreclosures
occurred. Railroad building fell to 5,000 miles compared to 7,000 in
1888. In general business, manufacturing and trade were extremely
active, yielding plenty of work, good wages, and fair profits.
But the wool crop and its manufacture, a decline in the anthracite coal
production, farm-mortgage pressure in the middle West, and low rates for
corn and oats were untoward circumstances. Speculation on the general
exchange was small, indicating a growing congestion, as was proved by
the low bank reserves, especially in the last quarter of the year; but
there was a heavy absorption of investment securities.
Gold, to the amount of $37,000,000, was exported in the first six
months.
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