, 1923-08-06
Wages and Prices

The New York Herald presents some interesting
figures showing what the farmers bnshel of wheat
50 cents he receives for 1t, 1t will purchase today.
In other words the price Of wheat Is reduced to
terms of commodities.
"He bought a heavy weight buffalo flannel shirt
In 1912 for two and one-half bushels Of wheat; to-
day he pays five bushels. He bought a pair of
heavy work shoes in 1912 for four bushels of
wheat; today they cost him five bushels. He bought
a pair of overalls In 1912 for anywhere from a
bushel Of wheat to half a bushel; today they cost
him moro than two and one-half' bushels. Four
pound all wool blankets go by 80 inches; cost ths
farmer rs bushels of wheat a pair in 1912; their
present price is lob bushels. The farmer could buy
a dozen pairs of work socks in 1912 for 1.2 bushels
OF wheat; today he has to lay out 26 bushels.
When it comes to farm machinery and implements
the wheat farmer has not made out any better than
he has with his clothes"
The farmer who bought In 1912 was buying when
the tariff law Of 1909 (the Payne law was in op-
Grafton. The duty on his shirt is somewhat less
under the present law than it was in 1909, and tho
duty on wool generally is lower under the Fordney
law than it was under the Payne law.
Shoes paid a duty of 15 per cent under the
Payne law. They are So per cent under the pres
ent law. Tho work socks, probably of cotton
pay a far lower duty under the Fordney law than
they did under the Payne law. Agricultural ma.
chinery and implements which paid a duty of from
15 to As per cent under the Payne law, are free
under the present law, except for ono or two items.
The other day the census bureau published a
summary of the census of manufactures for the
United States for 1921. Among other matters of In.
terest 1t was noted that in 1914 there were 177,109
manufacturing establishments employing 1858 (723
salaried employees and wage earners, salaries and
wages that year totaling $5,342Ib7,0 900. In 102l
there were 196,267 establishments employing s,Gs4,-
sos salaried employees and wage carners to whom
was paid an aggregate Of $10.7G5 1000. Here we
have less than a three per cent increase In the NM
Der of employees and over 100 per cent increase in
the amount paid out in salaries and wages. The
per capita earnings of these employees WIS in 1914
about $3.50, In 1921 it was 81 ,331. But 1921 was con-
stdered a poor year and there was a great deal
lnf no - ftmn xuArL Nh ~ afI No. - h.-l--
than they were then and there arc more Jobs than
men That fact is vouched for by the movement
of help from farm to factory.
Again the cost of materials In 1914 was s14,35o,.
100000 and s25, 1888, 000, 900 in 1921. And the manu-
facturers undoubtedly have been pa ying fully MS
much, il not more, for these materials during the
past year. The materials in themselves have in
creased in value chiefly because of the labor neces.
sary to get them to the factories, for a ton of coal
or iron is only potentially valuable until labor has
dug it out of the earth and transported it to its
destination. Materials and wages enter into cost of
production and selling price. Possibly a hint is
conveyed as to some reasons for higher prices.