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In page Walden, New York:

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In the early 1890s, President Grover Cleveland lowered tariffs on many imported goods, including knives.[citation needed] Competitively priced German cutlery began to flood the American market, and together with the Panic of 1893 and the economic slowdown that followed for several years, the knife companies and their owners went heavily into debt and it looked for a while as if they might not survive.[citation needed]