Wednesday, April 2, 2008

violent swings of the business cycle

C.E. Mallory House, for sale...

During the three decades after 1880 the American woolen industry experienced the violent swings of the business cycle which were more and more becoming a characteristic of the national economy. Since the tariffs of 1883 and 1890 generally raised rates on woolens and extended protection to a wider variety of goods, pre-1893 prosperity was laid partly to the tariff schedule.
In the finer grades of cloths and dress goods, however, importations continued in large amounts. But American mills held their own and enjoyed profitable seasons until 1893.--Harry Poindexter

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