New-York tribune., 1900-01-12


to outlying islands which are the property of
the United States, but not part of the United
States as a self-governing nation.
PRICES, AMERICAN AND BRITISH. IN 1892
The course of prices in 1899 was upward
throughout the civilized world. 1t was one Of
the most remarkable years of the century in
that respect, not much because of the un-
usual advance in this country, but because OF
the rise In nearly all countries at the time.
This was partly because few Of the most i'm
portant commodities were in measure forced
upward elsewhere by their rise here. Thus, the
great rise in cotton from Sid. to AID. in Eng
land was obviously the result OF the climatic
and speculative influences which have lifted
the price in this country. An international in
fuence of the opposite sort appears in wool,
for the great rise here has been in large meas
ure due to the reported decrease of supplies
abroad, especially of certain qualities, and to
the consequent advance in London sales The
most extensive advance on each side of the
ocean, however, has been in metals and while
the rise here has partly shut off a supply upon
which Europe had begun to rely largely, and
has removed a competition which would other
wise have retarded an advance abroad, yet the
phenomena in all countries point to a general
and extraordinary increase in consumption con-
siderably Outrunning the supply. In other prod
ucts the years changes have been less sig
nifcant
'The London Economist" just received gives
the regular comparison Of that paper for the
close of the year 1899, showing a rise in its
"index number during the year from 1.01S to
2,145. The figures become ineligible If trans
lated into their relation TO some point of COM
mon interest in price comparisons, such as
January l. 1860. The range of prices in Great
Britain, according to THE Economists" record,
began last year at 71.25 per cent and closed
at 1868 per cent of the price forty years ago
The rise in this country has been much greater,
for prior to last year prices here were remarka-
bly, low with relation to the ancient level The
average OF several hundred commodities reck-
oned according to the relative importance of
each was at the opening 6643 per cent and at
the close 1885 per cent Of the prices on January
l, 1860, in the same markets. Thus British
prices opened the year 4.S2 per cent higher than
the American with respect to the same date,
and closed only .S3 per cent higher It is only
needful to remember that by the same test
prices in the two countries practically at
the same level before the panic differing at the
start, in 1893, not one-half of per cent in their
decline since January 1, 1860, the British ratio
to that base being 1915 per cent seven years
American prices dropped heavily during and
after the panic, while the prostratlon of in
dustries lasted but have slightly more than re-
covered the loss, while British prices were to
some extent sustained for years by the en-
larged impOrtations of goods from that country
into this.
1t happened that the lowest prices ever
reached in each country were in the summer
of 1897, just before the adoption of the tariff
here under which industries have so greatly re
vived. At that point, July l, 1891 British
prices were only 1902 per cent of the level Of
1860 while American prices We're but 80 60 per
cent of the level in 1860. The British advance
from that lowest point has been in rate 1879
per cent, while the American advance has been
32.19 per cent. Prices here had to recover
from the severe depression following the panic,
and yet closed the year 1899 very little behind
prices in Great Britain with respect to the com
mon base. 1t will probably be found that in
both countries prices now abnormaIy high,
the cheapening Of products during the last
forty years by the progress of Industries and
science. inventions and concentrations Of CAPT
tai having been more than 20 per cent on both
sides of the ocean, and in the aggregate greater
in this country than in Great Britain
Comparing American prices with those Of
January 1, 1899, there is found small advance
which declined last year in the aggregate less
than SO per cent Meats are about 7.3 per
cent higher in the aggregate than at the begin
ming Of last year, dairy and garden products
about 10 per cent higher in part because they
were unusually low for the winter season a
year ago, and other food including sugar, fish,
liquors, tobacco and spices, about 1 per cent
higher The clothing class, largely because of
the rise in cotton and wool and In silk and rub
Der only produced abroad, advanced POS per
cent. Miscellaneous articles, including building
materials. chemicals, paints and drugs, have adj
vanced 81 per cent, mostly due to the recent
rise in lumber. But the greatest rise has been
526 per cent in the metals class, due in the
main TO the extraordinary demand for iron and
steel, which the vastly increased production ap-
pears to have overtaken only within the last
few weeks. What the tendency of prices in /
that department is TO be during the first half |
Of this year 1t is difficult TO say, because the |
works are at present largely engaged on con-
tracts for months ahead.