The sun., 1894-03-04
Some Record-brealSing Prices.

Attention has been directed to the fact
that prices for wheat. silver. cotton, iron.
steel. many textiles. and varieties Of other
commodities are lower than for half a
century or more: and that while the vol
ume Of products exchanged has been large.
especially of real and hypothetical grain.
the aggregate OF values. as compared with
that Of last year. has shrunken greatly.
These unsatisfactory conditions are not
ephemeral. nor the result OF occult causes.
but relate directly back to influences which
have long been operative. yet have been
believed to make for concurrent and con-
tnued prosperity.
That present economic and Industrial con-
ditions result from causes long active. ap-
pears from the course Of prices for products
OF necessary daily and universal consump-
tion. All forms OF swine products are higher
than in any year Of the last five except last
year. when prices were advanced unnat-
urally by manipulations at Chicago. Butter
maintains its price though competing with
increasing quantities of cheap substitutes; /;
and the price for coffee has for long period
shown a steady trend upward. despite
fluctuations resulting from varying eli
matte conditions in the regions OF produc-
tion. and from operations upon the ex-
change. On the other hand. the price for
wheat is the lowest in nearly q century,
and cattle are exceedingly cheap. although
the better class OF animals bring a higher
price than In some recent years.
These dissimilar trends In the direction
Of prices for indispensable articles OF nearly
universal consumption. result primarily
from no disturbance of monetary condi-
tions. nor yet from fear OF legislation az
fecting commercial relations. for the article
relatively the cheapest. as we'll as the least
dispensable. has suffered the most steadily
in price; nor can these different trends OF
price be due TO the fact that the countries
using . silver standard have. alone been
able to food the worlds markets with
cheap wheat. They plainly result from
the fact that the supply Of butter has
not increased as rapidly as home require
ments; the production OF coffee has Jagged
in the rear OF the worlds augmentlng con-
sumption, and the worlds supply OF swine
has. relatively TO the consuming popula-
tions. diminished IL per cent. within four
years; while the bread-eating worlds sup
ply Of wheat has. for eleven years out OF
the last twelve. teen in excess OF the
requirements. in ratios varying from II
per cent. in the 1882 50 harvest year. 10 II
per cent. after the harvesting Of the great
crop grown in 1884. and by as much as GA
per cent. in 1892 90. and more than 2 per
cent in 1898 "a. Only in one year OF the
twelve (IsSO- 81 was the supply no greater
than the years requirements: and as re-
suit of that parity OF supplies and re-
quirements the average years price ad-
yanced p cents a bushel.
The continued excess Of supplies during
50 long a period does not imply that each
crop Of the series, or even Of a majority OF
them. equalled each particular years re-
quirements; but simply shows that the
seasons product. when supplemented by
Tumsinders from previous hGrVests. sx-
eeeded in the aggregate the years needs in
the measure stated. There were great 40
eumulations Of wheat from the crops haF-
vested " Is61 IssA 1Rd 1877, The whole Of