By 1890, there were nearly 4500 people living in Iron County, supported primarily by the mining and timber industries. However, the Panic of 1893 caused a depression in iron prices that lead to the closing of nearly all iron mines in the county and a severe curtailing of lumbering activities. County residents turned to agriculture to support themselves. The economy of the area rebounded around the turn of the century as major mining companies, such as the M. A. Hanna Company and Pickands, Mather and Company bought up smaller mines in the area. Logging of hardwoods began in the county around the same time, and a long period of sustained growth stretched until the Great Depression.