In 1890, Dallas annexed the city of East Dallas, which was larger geographically than Dallas. The annexation made Dallas the most populous city in Texas. In 1893, following the national financial panic, numerous industries and five Dallas banks failed. Cotton prices dipped below five cents a pound, and the lumber and flour markets had all but vanished, so many people began leaving the city. By 1898, the city began to recover and grow again. In 1894, Parkland Memorial Hospital opened just west of Oak Lawn. In 1903, Oak Cliff, a city across the Trinity River, was annexed.