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Updated: May 4, 2025
If, on the other hand, the price decline results from the occurrence of those short periods of forced liquidation known as crises, and is accompanied by that state of recuperative and cautious business activity known as depression, profits in most industries are apt to be quite low. Such was the 1893-96 period in the United States.
During the four years from 1893-96 Spain's trade with the colony averaged $11,402,888 annually, and the United States, $5,028,544. The total value of Porto Rican exports for 1896 was $18,341,430, and of imports, $18,282,690, making a total of $36,624,120, which was an excess over any previous year. The exports consist almost entirely of agricultural products.
During the years 1893-96 the President stoutly defended the Company in the Volksraad, and by his influence and the solid vote of his ignorant Dopper Party completely blocked all legislation tending to control the Company.
They would have us forget that each of the industrial depressions of 1873-78 and 1893-96 followed long operation of a high protective tariff.
"Scientific results of Norwegian North Polar Expedition, 1893-96," vol. iii, p. 357. The drift was always to the left of the actual wind-direction. This effect is due to the rotation of the earth, a corresponding deviation to the right of the wind direction being noted by Nansen during the drift of the Fram.
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