In this table the average relative prices of farm products are based on 16 articles; of food, etc., on 53 articles from 1890 to 1892 and from 1904 to 1907, and 54 from 1893 to 1903; of cloths and clothing, on 70 articles in 1890 and 1891, 72 in 1892, 73 in 1893 and 1894, 75 in 1895, 1896, 1906, and 1907, and 76 from 1897 to 1905; of fuel and lighting, on 13 articles; of metals and implements, on 37 articles from 1890 to 1893, 38 in 1894 and 1895 and from 1899 to 1907, and 39 from 1896 to 1898; of lumber and building materials, on 26 articles from 1890 to 1894 and 27 from 1895 to 1907; of drugs and chemicals, on 9 articles; of house furnishing goods, on 14 articles, and of miscellaneous, on 13 articles.

A study of the table shows that the group of farm products reached the lowest average in 1896 and the highest in 1907; that of food, etc., the lowest in 1896 and the highest in 1907; that of cloths and clothing, the lowest in 1897 and the highest in 1907; that of fuel and lighting, the lowest in 1894 and the highest in 1903; that of metals and implements, the lowest in 1898 and the highest in 1907; that of lumber and building materials, the lowest in 1897 and the highest in 1907; that of drugs and chemicals, the lowest in 1895 and the highest in 1900; that of house furnishing goods, the lowest in 1897 and the highest in 1907, while in the miscellaneous group the lowest average was reached in 1896 and the highest in 1907. The average for all commodities combined, as before stated, was lowest in 1897 and highest in 1907. Of the nine groups, it is seen that one reached its lowest point in 1894, one in 1895, three in 1896, three in 1897, and one in 1898. The highest point was reached by one group in 1900, by one in 1903, and by seven in 1907.

In order to follow the movement in the two great classes-raw and manufactured commodities-the following table has been prepared. The articles included under each of the two groups are indicated on page 286.

RELATIVE PRICES OF RAW AND OF MANUFACTURED COMMODITIES, 1890 TO 1907, AND PER CENT OF INCREASE IN PRICES FOR 1907 OVER PRICES FOR EACH PRECEDING YEAR.

These figures are correct; those given for 1906 in Bulletin No. 69 were slightly in error.

In 1890, when prices in general were high, the relative prices of raw commodities were higher than those of manufactured commodities and remained so until 1893, when prices of raw commodities declined and those of manufactured commodities were slightly above the prices of 1892. From 1894 to 1896 there was a marked decline in both groups, the raw commodities being lower than the manufactured in each of these years. In 1897 raw commodities advanced and manufactured declined. From 1898 to 1900 there was a decided advance. in both groups each year, raw commodities advancing to a higher point than manufactured. In 1901 there was a very slight decline in raw and a more marked decline in manufactured commodities. In 1902 both raw and manufactured commodities made a decided advance, raw commodities much the greater, and in 1903 both slightly advanced. In 1904 both raw and manufactured commodities declined slightly, but in 1905 both raw and manufactured commodities advanced. In 1906 both raw and manufactured commodities made a sharp advance, and another sharp advance, equally great, was made in both groups in 1907. In 1907 both raw and manufactured commodities reached the highest point during the 18 years considered.

For the 18 years included in this table, with the single exception of 1893, it will be seen that during the years of high prices raw commodities were higher than manufactured, and during the years of low prices, with the exception of 1898, raw commodities were lower than

manufactured. This is clearly shown in the graphic table which follows:

RELATIVE PRICES OF RAW AND MANUFACTURED COMMODITIES, 1890 TO 1907.

To give an opportunity to study the movement in prices in each of the 9 groups before named, month by month for a few years back, a table is now given showing the relative prices in each group and for all commodities for each month from January, 1902, to December, 1907, inclusive:

RELATIVE PRICES OF COMMODITIES FOR EACH MONTH, 1902 TO 1907, BY GROUPS. [Average price for 1890-1899=100.0.]

120.8 106.3 110.4 143.6 108.9 123.6 111.7 111.9
127.2 108.3 112.1 141.9 109.0 124.4 110.4
130.3 108.7
111.9 138.7 109.6 123.5 110.6
129.2 107.4 111.7 130.6 111.0 123.6 111.8
127.6 105.2 110.9 129.1 110.6
126.8 105.1 110.5 129.4 109.3 125.5 110.6
125.2 105.2 108.8 127.8 108.6 124.4 109.9
125.3
106.3 108.6 128.2 108.3 123.6 109.6
126.0 108.5
108.4!
128.8 107.6 120.4 108.5
125.4 107.8 108.4 129.1 107.7 119.5 108.2 111.8 111.6
126.4 110.2 108.3 130.8 110.7 119.4 107.7 111.8 109.7
122.2 111.4 108.6 133.9 113.4 120.1 109.1 111.8 111.5

110.2

113.2

111.5 111.2

114.4

111.5 1

112.9

114.6

111.5 112.6

114.0

123.9 112.3 111.8 112.7

113.2

111.8

111.6

112.9

111.8

112.9

112.0

Average, 1904.

126.2 107.2

109.8 132.6

109.6

122.7 110.0 111.7 111.7

113.0

124.1 112.2 109.6 130.8
125.9 113.6 108.5 132.8
127.1 110.3 108.7 130.5
127.0 109.0 108.8 125.8
125.2 104.6 109.0 124.0 122.3 124.5 109.0 109.1 112.1
126.2 102.7 110.1 124.4 121.2 130.7 108.8 109.1 112.9 114.1
128.9 103.2 111.5 124.3 120.8 128.0 106.4 109.1 110.6
125.3 105.9 113.8 125.3 122.3 131.6 108.1 109.1 111.6
120.4 108.3 114.5 126.5 123.2 131.9 110.0 109.1 111.8
120.1 108.8 115.2 132.2 124.2 133.4 110.2
119.7 110.2 116.1 134.5 126.3 134.2 109.5
121.8 112.1 117.1 134.7 129.3 132.1 108.8

115.2 120.1 108.9
119.7 121.9 109.4
122.6

120.7 110.0
122.8 110.5

Average, 1905.

124.2 108.7 112.0 128.8

122.5