New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-03-11
TIE CHANGES IN PRICES.

The marked advance in many products dur
ing February has given mistaken impression
Because some manufacturing products have
risen largely and especial notice has been called
to the fact because spectators In great indus
trial stocks are interested. ii has been easy to
suppose that in greater or less degree all manu-
featured products have shared the advance.
But this Is by no means the fact. or the CHER
classes Of articles. iron and its products, copper
and chemicals only have advanced, and OF hfty-
three drug and chemical quotations, only nine
advanced in February. five declined and thlr-
ty-nine remained unchanged. The iron and
steel products are numerous and most of them
have materially gained The average Of twelve
representative kinds of cotton goods Is also I'D
per cent higher than February I, but the aver
ages of twelve kinds of woOllen goods. OF twelve
kinds of boots and shoes and Of ten kinds OF
leather are lower making the clothing class rs n
whole lower and the averages of window glass,
tin lead fertilizers, refined petroleum, pork and
lard and also of coal, not n manufactured prod
net but of Importance I'm manufactures. all de
clined in February. No change in quotations
has appeared Of silk or rubber goods, paints,
glassware. pape-, soap. bricks, lime, inseed oil,
malt liquors or whskey. The number of manu-
featured products that have advanced Is rela-
lively small II will be seen. but the iron and
steel products are Of great Importance, and
have risen largely the average Of pig iron quo
tations 90 per cent and the products Of Iron
and steel 1912 per cent.
The main advance in February was in dairy
and garden products and eggs, largely because
OF severe storms, the average rise In that class
being per cent. The metals class. including
coal ana oil. averaged an advance of = per cent,
entirely due to iron and steel products and cop
per The breadstuffs class averaged an advance
OF per cent. mostly In wheat and corn. There
was a slight rise in meats, being greater In beer
and sheep than the decline In hog products. In
the class Of miscellaneous food ana liquors
sugar slightly advanced and tea owing to de-
creasing lmportations of the poorer grades, but
rico slightly declined. with liquors. salt spices
and fish unchanged and coffee lower. Cotton
and wool slightly advanced, and silks material
w. but all their products, except cotton goods.
and the clothing class whole averaged
lower March | than February !. thus, al
though prices. reckoned according to the rela-
tive importance of articles. advanced over "a
per cent more than the entire rise Is found in
iron and steel products. in butter eggs. vegcta-
bles and hay in beef wheat and corn. 1t rarely
happcns that 50 few changes make so great a
difference in the ratio Of all prices taken to-
gcther.
If will DO observed that much the greater
part of the advance went to the account OF the
farmers. Partly because OF scarcity resulting
from storms and partly because OF difficulties
of transportation, the few farm products men
toned were 81 37l, higher March / than Feb
ruarv l. iron and steel products were 50 cents
higher on the same scale of relative Importance
while all other products taken together were ~
cents lower All farm products together adj
vanccd 80 per cent. more than the entire adj
vance being in the few articles mentioned.
while all other products advanced hut 1.3 per
cent more than the entire advance being In
iron and steel products alone. At this season
some rise in farm products is natural but has
rarely been so large. the weather in February
having been unus lally severe.
Prices of all commodities were at the lowest
point ever reached July >. 1897. shortly before
the passing of the present tariff. Since that
time the advance to March has averaged for
all products 1910 per cent, Of which 1O49 per
cent was in farm and per cent In all other
products But even now prices are much lower
than they were when Mr.. Clcvelands election
i'm 1892 made certain the overthrow of the Me
Knley tariff. Prices were then 2S.9i per cent
higher than in July 1897, just before the Wilson
tariff expired and. while more than half the
decline has been recovered n further rise equal
to 134J per cent Of prices In 1871 would be re-
aured 10 reach the level Of November |. 1892
No such rise Is likely unless extraordinary
events occur In the progress of more than six
wears great improvements have been made in
manufactures and transportation. The tendency
OF industrial development IS always To cheaper
products Of manufactures to consumers, and re-
covcrv after undue depression never takes them
back to the point from which they fell. The
collapse Of 1873 reduced all prices J6 points by
1879 and they recovered less than 20 points to
the highest In 1882. The depression in 1889 re-
duced prices % points and they recovered 11h
10 the highest In 1891. The Democratic pros
tration from 1892 to 1897 reduced prices II
points. and recovery of II has been attained
But while much reimbursement Is needed. some
prices having recovered too little and others
advanced too much. It would not be surprising
If the general advance should halt without go
ing much further Prosperity is best promoted
by prolonged season Of prices fairly main
tanned. hut not far advanced beyond the cost of
production.
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