EXCHANGE VALUE OF FARM PRODUCTS.

PRICES OF RAW MATERIALS COMPARED WITH PRICES OF MANUFACTURED ARTICLES, 1896 AND 1901.

During the last few years, when prices in general have advanced, it is interesting to determine in what degree the producer of the farm products has been benefited by the rise.

The table which follows has been prepared from official figures recently published, and shows the per cent of advance in 1901 as compared with 1896, the commodities being grouped as in the original source. The comparisons are between wholesale prices, as in the language of the original report "They are more sensitive than retail prices and more quickly reflect changes in conditions." Comparing 1901 with 1896, farm products show an advance of 49.30 per cent, that is for every $100 received from the sale of farm products in 1896 the farmer received in 1901 $149.30 for the same quantity.

Food, etc., advanced 26.37 per cent; cloths and clothing 10.62 per cent; fuel and lighting 14.57 per cent, etc. It is seen that the advance in farm products has been from two to four times as great as the advance in any of the other groups.

The purchasing power of farm products in 1901 increased materially over 1896. The same quantity of farm products would purchase in 1901 18.15 per cent more food than in 1896. It would also purchase 34.97 per cent more cloths and clothing; 30.31 per cent more of the articles included in the group, fuel and lighting; 25.02 per cent more metals and implements; 19.49 per cent more lumber and building materials; 20.01 per cent more drugs and chemicals; 26.55 per cent more house furnishing goods; and 27.05 per cent more of the articles included in the miscellaneous group.

This shows that no one has been benefited by the advance in prices as much as has the farmer; that in 1901 the price of farm products was 49.30 per cent, or almost one-half greater than in 1896; that even when the advance in price of other articles is considered, the purchasing power of farm products in 1901 was, when compared wivh other groups of articles, from 18.15 per cent to 34.97 per cent greater than in 1896.

They are Our priceless They go with 16, 1899.

No imperial designs lurk in the American mind. alien to American sentiment, thought, and purpose. principles undergo no change under a tropical sun. the flag.-President McKinley at Boston, February

The following table shows the comparisons:

Comparative advance in the price of farm products and other groups of commodities, 1901 compared with 1896.

[Compiled from Bulletin No. 39, United States Department of Labor.]

It is interesting to notice in the tables which follow the comparative advance in the price of certain related commodities. The average price in 1901 has been compared with the average price in 1896. In practically every case the raw material advanced more than the finished products.

The first table shows that live cattle advanced 32.05 per cent, while fresh beef advanced but 12.82 per cent; beef hams 27.81 per cent, and mess beef 24.12 per cent, an average advance of 21.58 per cent for beef products, which the wage-earner must buy, against 32.05 per cent for cattle, which the farmer has to sell. From this it is plainly seen that the advance is benefiting the proper ones— that is, the farmers. With the same weight of live cattle 17.04 per cent more fresh beef or 8.61 per cent more beef products could be purchased in 1901 than in 1896.

Hogs advanced 71.78 per cent, bacon 80.98 per cent, hams 13.99 per cent, and mess pork 74.74 per cent. An average advance for bacon, hams, and mess pork of 56.57 per cent, against 71.78 per cent for live hogs. Again the profit is easily traced to the stock raiser and feeder. With the same weight of live hogs 9.71 per cent more products could be bought in 1901 than in 1896.

Sheep which the farmer sells advanced 16.90 per cent, mutton which the workingman buys advanced but 7.96 per cent. With the same weight of sheep 8.28 per cent more mutton could be purchased in 1901 than in 1896.

Corn advanced 92.63 per cent, while corn meal advanced but 49.22 per cent. With the same quantity of corn 29.09 per cent more corn meal could be purchased in 1901 than in 1896.

Wheat which the farmer raises advanced 12.06 per cent, while wheat flour for everybody's use declined 4.17 per cent. That is, with the same quantity of wheat 16.94 per cent more flour could be purchased in 1901 than in 1896.

Raw cotton advanced 8.92 per cent, cotton bags 10.26 per cent, calico declined 4.74 per cent, cotton flannels advanced 1.60 per cent, cotton thread 20.58 per cent, cotton yarns 5.70 per cent, denims 5.92 per cent, drillings 2 per cent, ginghams 4.89 per cent, cotton hosiery declined 5.08 per cent, print cloths advanced 9.24 per cent, sheetings 4.52 per cent, shirtings 1.02 per cent, and tickings declined 0.52 per cent. The average advance for cotton goods being but 4.26 per cent, against 8.92 per cent for the raw cotton. With the same quantity of raw cotton 4.47 per cent more manufactured cotton goods could be purchased, in 1901 than in 1896.

Wool shows an advance of 36.83 per cent, blankets (all wool) 13.33 per cent, broadcloths 38.39 per cent, carpets 12.97 per cent, flannels 18.03 per cent, horse blankets (all wool) 21.04 per cent, overcoatings (all wool) 21.45 per cent, shawls 20.09 per cent, suitings 19.48 per cent, underwear (all wool) 8.31 per cent, women's dress goods (all wool) 45.61 per cent, and worsted yarns 40.19 per cent. An average advance for woolen goods of 23.54 per cent, while the raw material -wool-advanced 36.83 per cent. Or with the same quantity of wool 10.76 per cent more manufactured woolen goods could be bought in 1901 than in 1896.

The table follows:

Comparative advance in price of certain related commodities, 1901 compared with 1896.

[Compiled from Bulletin 39, United States Department of Labor.]

MARKET VALUE OF FARM PRODUCTS IN 1896 AND 1901 WHEN MEASURED BY THE WHOLESALE PRICES OF STAPLE ARTICLES.

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The farmer and stock raiser measures the value of his grain and stock not only by the amount of money he will receive per bushel or per 100 pounds, but also by the value of such articles as he must buy for use by his family or on the farm.

No official retail prices have been published for recent years, but the United States Department of Labor in its bulletin for March, 1902, published wholesale prices of the staple articles in general use. From this publication the following tables have been prepared, showing the value of corn, cattle, hogs, and dairy butter in 1896 and 1901, when measured by the value of other staple articles which the farmer must buy.

While these figures do not represent the actual purchasing power (as all the prices are wholesale), yet the figures shown for the two years, 1896 and 1901, are in practically the same proportion as retail prices would show.

Wheat in 1901 was 12.06 per cent higher than in 1896. Cotton in 1901 was 8.92 per cent higher than in 1896.

According to the reports of the Agricultural Department the corn crop is the most important farm product. The farm value of the 1900 corn crop was $177,323,523 greater than the combined farm values of wheat, oats, rye, barley, and buckwheat, and even with the short corn crop in 1901 the farm value of corn was $85,408,612 greater than the combined farm values of wheat, oats, rye, barley, and buckwheat. The census office shows the commercial value of the 1900 cotton crop as $515,828,431. The farm value of the 1900 corn crop lacked but $88,123,574 of' equaling the combined value of the cotton and wheat crops of the same year.

Ten bushels of corn in 1896 was equal in value to 20.9 pounds of Rio coffee, while in 1901 it was equal to 76.9 pounds, or almost four times as much. In 1896 10 bushels of corn was equal in value to 56.9 pounds of granulated sugar, in 1901 equal to 98.4 pounds; in 1896 equal to 49.1 yards of calico, in 1901 to 99.4 yards; in 1896 equal to 54.7 yards of ginghams, in 1901 to 101.4 yards; in 1896 to 41.5 yards of Indian Head sheetings, in 1901 to 78.7 yards; in 1896 to 37.1 yards of Fruit of the Loom shirtings, in 1901 to 66.3 yards; in 1896 to 19 bushels of stove coal (anthracite), in 1901 to 32.2 bushels; in 1896 to 24.8 gallons of refined petroleum, in 1901 to 45.3 gallons; in 1896 to 95 pounds of 8-penny cut nails, in 1901 to 235 pounds; in 1896 to 88 pounds of 8-penny wire nails, in 1901 to 210 pounds. It must be borne in mind that these values are based on the average yearly prices of these articles and that comparatively little of the corn crop of 1901 reached the market before December, 1901. The prices for 1901 are largely for the big crop of 1900-2,105,102,000 bushels with a farm value of $751,220,000. The corn crop of 1901 was 1,552,519,891 bushels and the farm value $921,555,768.

The comparative values of cattle, hogs, and dairy butter presented in the tables which follow show wonderful increases and the exchange values of corn, cattle, and hogs during the present year are much greater than during 1901.

The tables are as follows:

But it is not possible ever to insure prosperity merely by law. Something for good can be done by law, and bad laws can do an infinity of mischief; but, after all, the best law can only prevent wrong and injustice and give to the thrifty, the far-seeing, and the hard-working a chance to exercise to the best advantage their especial and peculiar abilities.-Theodore Roosevelt, at Minneapolis, September 2, 1901.