The State of The Economy in 1901
News reports published in the Sherburne County Star News on May 5, 1901 noted the sale of the Merchants Hotel in Elk River. Mrs. V. S. Rubeck sold the property to M. Blanchett for approximately $10,000. A quick search of the internet for conversion charts, suggested the hotel sold for $269,000 in 2015 money. Not a bad price for the time, but that led me to question: What was life like, what was the state of the economy in 1901? What were the average wages in the United States? I came to the conclusion that poverty was rampant and life was pretty miserable. Research presented at the 1901 Pan American Exposition held in Buffalo, New York, revealed the average annual income was $449.80. Most workers put in 9 hour work days, six days each week. Doing some quick math, workers put in 2808 per year on the job. That averages 16 cents per hour! In the factories, there were no health benefits. There w...