The growth of New York's Business

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Growth of NYS Business

April 17, 1996

For a number of reasons, business enterprise in New

York grew by leaps and bounds between 1825 and 1860.

New York's growth between the years 1825 and 1860 can be attributed to a

number of factors. These include but cannot be limited to the

construction of the Erie Canal, the invention of the telegraph, the

developed of the railroads, the establishment of Wall Street and

banking, the textile, shipping, agriculture and newpaper industries, the

development of steam power and the use of iron products.

On October 26, 1825 the Erie Canal was opened. The canal immediately

became an important commercial route connecting the East with the Ohio

and Mississippi Valleys. With tht time of travel cut to one-third and

the cost of shipping freight cut to one-tenthof the previous figures,

commerce via the canal soon made New York City the chief port of the

Atlantic. The growing urban population and the contruction of canals,

railroads and factories stimulated the demand for raw materials and food

stuffs. In 1836 four-fifths of the tonnage over the Erie Canal came

from western New York (North, 105). Much of this cargo was in the form

of agriculture goods.

The farmer become a shrewed businessaman of sorts as he tended to

produce whatever products would leave him the greatest profit margin.

The rise of the dairy industry was by far the most significant

development in the agricultural history of the state between 1825 and

1860. Farmers discovered that cows were their most relliable

money-makers, since both the domestic and foreign market kept demanding

more dairy products (Ellis, 273). Price flucuations became increasingly

important for the farming population between 1825 and 1860. Prices rose

from the low level of the early 1820's until...