I LIBRARY OF CONGRESS.!: 
 
 • j , to j 
 
 I Chap. ./V/^2 3^' ' i i 
 
 Shelf. .Q * : 
 
 I^UNITED STATES OF AMERICA. 
 
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I LIBRARY OF CONGRESS,! 
 
 j! Chap. ./yj3z35__, ;? 
 
 li Shelf. Q 1 2r^ ^t 
 
 '] ' iJj 
 
 U ^ , _i» 
 
 ci UNITED STATES OF AMERICA. ^ 
 
THE JOURNAL OF COMMERCE AND COMMERCE 
 
 ^Jbrt <5voccinj ^vaflc 
 
 invite the closest scrutin\ , 
 lalysis and test of the qualities 
 
 MILLBOURNE 
 
 FLOUR, 
 
 j^^ claim being strength, puri 
 
 Leness and uniformity. 
 
 OMMERCIAl MARKETS. 
 
 l-n,ifUi>,''>r from Second I'age, 
 
 MiLLBOURNE MiLLS Co. 
 
 F3=Iir.xAJ3SI^g.H:T A . : 
 
 I III J !• \l ING^ 
 
 ; ,: ' BREAD FLOUR 
 
 %, ^,(5 " or- THia "woxi.IjI>. 
 
 
 HEGKER-JONES-JEWELL MILLING CO., 
 
 Export omce, !!5 Broad Street, 
 
 CAPACITY, 11,000 BBLS. DAILY. 
 
 Light, 
 
 Knickeibockcr. 
 
 Gloria, 
 
 Superlalive, 
 
 St. Lawrence, 
 
 Belle Pairle, 
 
 llanc, 
 
 Victorloso, 
 
 Metrie England 
 
 
 Old Cbanticleei 
 
 Honest John, 
 
 ?heal, 
 
 Harvest Qumd 
 
 Dos AntlUo^ 
 
 Is, 
 
 Hungarian, 
 
 Prosperity, 
 
 
 blsmarck, 
 
 
 
 Relrlevc- 
 
 Major, 
 
 ^^sm 
 
 La Favorha, 
 
 Pyrenees 
 
 ^^R ALWAYS SHIPPED FRESH. 
 
 mCTFLODEING MILLS ON EARTH. ^ 
 
 -V, narter Co., VWoku Ohio" |j*..l\lAai 
 
 jlm TUB f...lU.i. ■•l.'J.iH. 1.. 1'ITE,VT > 
 
 TER'S A No. 1.'"^^^ 
 
 Bags Choice Quality AUSTRIftN MEDIUM BEANS 
 > Bxs Choice Quality FOREIGN SULTANA RAISINS 
 
 AT LOW PRICES. 
 
 CAVANNA&EPLER, 161 Duane St. 
 
 WISEMAN 
 
 & 
 WALLAC 
 
 / 
 
 EMAN TiOCK pANDT (\im?, 126 Sonlll FroD 
 
 ■tACE. m hs mi ™.»,., 
 
 All Qi-udcs I'uio Sngiii'. 
 
 Flavored and Coin Syi'ui>s, 
 
 
 W. J. SANDS & SONS' 
 
 \ Gingei Snaps, Graham Wafers, Animals, Coinliills, Vanilla Wafers, 
 \ Honey Gonds, " Tidal Wave," Milk Biscuit, Oyster Crackers, ic. 
 
 t-TitiisT I'Atrroitv, I 
 
 American Cotton Oil Company 
 
 Qo im.o.&.xy^WA.'sr. 
 
 Csl)l© AddroM. . . - ••AluootoU." Ncw York- 
 Ai.l SRAOfS Of COTTONSEfO OIL, OILCAKE AND MEAL. 
 
 /0^^/\ I'aterson Paioliment Paper Company 
 VEGETABLE PARCHMENT PAPER. 
 
 CHiltAJTEED COSTilKlKG «0 CHE8ICAL, OIL OR PIBATFIIE 
 
 _A»k fw Sampla and Price Liil lor Ho. 60 Bntlor Pail Linine, 
 
 =i BTJLLETIN, THURSDAY, OCTOBER 4, 1894. 
 
 Mn,r9X-. but UiehlKani 
 • ?^M^. imBlpw wa-. 
 
 iS. IB 
 
 
 ..~~ : s:!a 
 
 I 
 
^ 
 
 THE JOURNAL OF COMMERCE AND COMM 
 
 Xlic «toccvtj ITA'aftjc. 
 
 > ' Tl 
 
 w!>r»-«»g^T— _ 
 
 ** '* We invite the closest scrutiny, 
 analysis and test of the qualities 
 of 
 
 IILLEOURNE 
 FLOUR, 
 
 our claim being strength, purity, 
 whiteness and uniformity. 
 
 OMMERCIAl MARKETS. 
 
 Conthiued from Second Fage. 
 
 tr.i.lp. iiiKl 11 wa« simply n ''"«";„"' "'' 
 .|.)w.i iiiKl wall for Komo '1<-VL-Ioi)monl to 
 Kiit.li' 11 clirr.Teiit plan of action. Huyi-r.s 
 make no ilenioiistratlon R« yi-t. unci there In 
 a ,o..tlnu..J al.H.-ncc of €llr«Ti .l.man. . 
 IJiiniinH liav.- prevailed of Home Htoilt »ell- 
 liii; lull Hi-.-m to be wllhoiii foumlalloM. 
 uUhom;h tli'ie was an Imi.reHslon on Ih- 
 si reel llial lellnt rH are ronimenelnR to fe'-l 
 (he need of Ktoc-k. There has been »ome ill- 
 reil arrivals to the Tnist. 
 
 Ileline.l remain nominally unohanKed. 
 There are a few orders cnverlntt Bueh odd 
 ii,ini-l» as may he rei|ulred to preserve an 
 :iveraKe workhiR assorlmenl. but no de- 
 mand that even Klves a hint of annlmatlon 
 and the market In Keneral Is Just b» dull 
 iiM over. Prices remain as last quoted. 
 HAW SUOAIt 
 
 MimciiVBilo, IWdcU- If" 
 
 Mriliu.iU'11 miKBril. RIP (ICR. tot 
 
 CenlrlfilKiil. IMl (li'K H'«l 
 
 I OVIKtV (K'l li. — (-HnC 111111:1: UHin. ai™ •— • • — ■■ 
 
 rciinlni. il'mid. Beet qulei : Octobtr, 10« Oil ; Novem- 
 
 KiK ... 
 
 £<«> .... 
 
 3«» .••• 
 
 qiilel: J«T». 1R« a<l: f«lr 
 
 'Hi. 
 
 MlLLBOURNE MlLLS Co., 
 
 fbcii-.-a.pelf3b:ia., fa.. 
 
 ,J0^^f:^O\t% THE LEADING 
 
 i^^i^m BREAD FLOUR 
 
 *''^:t^^y^^f/ ' or» THE! -WOItXiI^. 
 
 m^j0^ 
 
 ^ashburS^ Crosby Q^., 
 
 I.ONDOS, Oct. :<• »:C0 P. M.-fPrPM Ileport)-Sogw. 
 1 :)» M per cVt. for lui« ccntrlfo|f«l. VoXtTltiBstaiegx^ 
 lent, nnil IM :id for Cutm mo.covBdo, fair reSnl"*- »«' 
 BURar-OctobLT, UK Od ; .lanimryMnrcli. 10« l^d 
 
 llAVAN'A Oct. 3.-Sugor qulot. F.irlianitc-On tlic 
 Inlied staiei., ►horl nlKlit, gold, BHttlO^ premium ; on 
 London/aOaXOH premium. 
 
 KKKINED SUGAR. 
 
 Quolatlona arc for wliolcoale loin. The ouulde flKnrM 
 are the n loiallona posted by ilic rcflnlngcompanlca. «nil 
 The In»l3"ratc8 show actual coat afwr deducting rebate* 
 nV nreSent "iSwcd. New York and Philadelphia renneri 
 ".'.?.,,„". ?......„-. .-..H- rtf.rr.iini on iiiiB of 100 liarrcli 
 
 KiaoalTow i per cent tradcdlncount on lot" of jJ^J,'»"„'„'f 
 more, and on leas qi 
 
 illty ill per cent, fiiey will not 
 
 acli'iess tiian 25 barrels. For BUKar packed^ln lia^j _there 
 
 1 less man -^o uiin l-io. i v, dup,«. ....^ — -- 
 in no additional charge on Kmnulalcd, or > 
 hut We per lb. on all other grades. 
 DomlnOB.... 6 1-lOa &M Colu'hln A... 4 3-l«a 
 
 Cut loaf 
 
 cruBbe-J 
 
 Powdered . . 
 C'BC Pow'd.. 
 Granulated.. 
 Flucgran'd. 
 Course gran. 
 K.\. line gran. 
 
 1 16a 5)i WlmlBor A.'. « 3-10» 
 6 l-l«a 6M KldgeWd A. t S-16» 
 iH a4 15-16 PhmnlxA... 4H a 
 
 . Gran. 
 
 iH a4 15-18 Kmplre A. 
 
 iy. a* 11-16 No. 6.. 
 
 tw a-t 11-10 No. 7.. 
 
 l-H a4 l:!-lfl No. 8. . 
 
 492 al 13-16 No. 9.. 
 
 d« a« 15-16 No. 10 
 
 4.:5 at I.VIO 
 
 ; .s ii-ioa ?ryi 
 
 - 11-t 
 
 DAILY CArACITV, 
 
 TRADE MARK: $^M'^^''^?^^';^^% 
 ^^ ^.Rni-ij^ YcUow Centre to every •^^^X^:;^" 
 
 13,000 BARRELS. « -«^ '^^"^ 
 
 Every Taoltun-c Mai'lcccl 
 
 WASHBURN, CROSBY CO. 
 
 
 .... 3« a3 ll-l 
 
 -16 No.12 » 7-16» 34(i 
 
 MouTdA'.:.':* il-16a m go.l3(neti. »« a .... 
 Diamond A.. Wi a4 11-16 No. 14 (net). 3<A » •••• 
 Cuutcc's' A. Ki a 4 9-18 
 
 PHILADELPIIIA. Oct. S.-rollowlng arc the quota- 
 tloni tor rellned aupirs at Philadelphia, fu/nUhcd by 
 Win Gillespie & Sons, sugar brokers. Market steady. 
 
 brystalA 4 11-16 KeystpneB. 4 1-16 
 
 Fruit di: 4 13-10 American B. 4 
 
 Cubes 4 15-18 CentcnnlalB , ,%„ 
 
 Powdered ... .4 15-16 California B. 3 13-16 
 
 !?™ulat?d.'. ..4 11-16 KrankllnexC »M 
 
 Fine granulated 4 11-18 Keystone ex C. 8 11-16 
 
 fv.rifeeflonerB' A ..4 0-18 American ex C Jj* 
 
 li^efstSneT".*:: 4M Centennial ex C (net) |S 
 
 Amerl.MinA 4J» >o.l»net 3H 
 
 CcnliMinlal A iH 
 
 Xx'xx'powd''e™dl': B 3-16 iV;hlteStar B.. 4 3-10 
 
 '•■ulcl powdered... 4 15-10 BedStarB 4 1-10 
 
 HECKER-JONES-JEWELL MILLING CO., 
 
 export Office, U5 Broad s^treel, 
 
 CAPACITY, 11,000 BBLS. DAILY. 
 
 MAWOrAOTBREBS OP THE W E 1. 1. - K K O W N B B A If D S 
 
 • Ll^ht. Knickeibockcr, ^'?,'''*' , 
 
 'Suneriative St. Lawrence, Belle Patile, 
 
 Superlative. victorioso, Merne Eng«antl 
 
 , ' Old Cbanticleei Iionest John, 
 
 iheal Harvest Queen Dos Antilles, 
 
 is ' Hungarian, Prosperity, 
 
 > Or-^ Bismarck, '^"P'*^> 
 
 ThoB. Martin 
 gallon bl'i 
 
 Ui-d A I 
 lirnier ai 
 that 2,00" 
 uhlpiK-d 1 
 
 Cable . . 
 rivals - f • 
 ImKS; dPllv-n. 
 
 1st, 111.103 baei 
 
 iM-r ir\. 
 
 The <;i. 
 authorlly 
 ments nf 
 fiev.Tly !■ 
 Canadian I'n' 
 IjitP advice* 
 mimhroum <ro 
 francs advanc 
 artlile. .Seven 
 hind In their 
 From Mr. *'■ 
 em Parlii 
 loadx of 
 steamer 
 niKht (\N 
 peoted on Th 
 There 1b sou 
 (granulated, m 
 with continue 
 and It IB ru 
 h.-ive contract 
 rate. 
 
 Mr. J. n. 
 Eyquem, Bor 
 luxuries, ha.s 
 and will loca 
 to this count! 
 in the partlri 
 ties may dicl 
 The annual 
 New York C< 
 take place o 
 trip to Walll 
 cars has be*^ 
 and it Is exp 
 pate In the 
 It seems thi 
 Ing about th 
 canners of t 
 been made e> 
 northern par 
 Indicate that 
 was expeetei 
 Port Spain 
 Julian H. A 
 The early P 
 dry. and tl 
 to be felt, a 
 In the la.«t 1 
 ..ould contii 
 as are comli 
 from ni .'lO a 
 unclayed. S12 
 of cocoa for 
 lbs, ai;airiSt 
 
 Mail advlc 
 from ShanRl 
 son of 1833-91 
 
 ea, 
 
 Retriever 
 La Favorita, 
 
 Major, 
 Pyrenees 
 
 R ALWAYS SHIPPED FRESH. 
 
 iDPPfip T?T nnuTun mtt 1.5 n)l TPAPTH 
 
 ,,,„... ..'4 16-18 GrcenStarB 4 
 
 (iranuiitcd.;:: 4 11-18 Bluest" B.. W 
 
 Flue granulated 4 11-18 >Vhlte Siiar C J in-io 
 
 .1!. ItamondA. ...4 11-16 Ji^d star C. , SM 
 
 confectioners' A. ... 4 !M6 V.r,^!°«?i?^ SH 
 
 WhIteStarA 4M S'/'^iI'mnn SS 
 
 K'e/I Rtar A 4?R NO. IS (net) '^ 
 
 GrecnStarA..::::.: IX,.. KcW^nct) 3'i 
 
 r.lueStarA 4 5-10 
 
 W. .1. McCiihnnbranda: „ . . _, . . o-ia 
 
 Standard,gTanuUfd.4 11-16 Confectlonera' A.... 4 9-16 
 
 Fln"?gnHulBtcd....4 1i-16 Grocer.' A 4 5-16 
 
 I'owdercd 4 15-18 Vellowa 
 
 Leas a-18. conimlsalon. 
 
 SAI^T.— For fine domestic and Liverpool 
 lirnnds there Is a moderate call reDortcd 
 fo- small parcels, and with llBht «tu.r. cs 
 values hold steady, but the market s with- 
 out feature In coarse grades a fair bu^- - 
 uess is report ec' and holders are nrm. Q'lOI- 
 ,..l- 'A-;lilon's and HigKins' Kureka. $2 Wa. HI: 
 1 leiikin's, Cheshia. Worthinglon and other 
 Knglish factory filled, 80 a Sue: ••BrlBjiton,' 
 In barrels, J2 10; Liverpool ground. 50 a .i:ic, 
 domestic line, in sacks. 77',2 a SOc; domes lo 
 ground, Ooa.iTVJc: Turk's Island. JO a -1 
 Llsbon, 16c; St. Marlins, 23 a 21c. 
 
 TEAS.— The line trade is somewhat Ir- 
 rcKular but looks more promising, and It 
 Is expected will want a pretty good general 
 ai«orlment. .Jobbers do not as yet appear 
 iiarlkulHrlv anxious about replenishing sup- 
 plies, but "are looking around to some ex- 
 tent and their movements are considered 
 encouraging. At the public sale to-day there 
 were some minor irregularities, but In the 
 main the results were upon quite steady 
 basis The sMles included l.fiOO half chest.s 
 .la'paii. here and to arrive (more than hall 
 'not being due for sixty days). 
 
 (Oiiouuons are on an invoice baala.) 
 
 A.noy- J-l"t. 21 » 8* 
 
 fommon..CarE0..11 ».. Second 17 al9 
 
 i.-„lr 1'.; a.. Cargo 11 » i-J 
 
 (io,Jd'. . . . : 13a.. , roa leaf 18 « as 
 
 Sunerlor Komlnal Imperial— .„ . „ 
 
 Black 
 
 Green 
 
 Total \.. 
 l^ast year. . 
 The export i 
 830.213 lbs, £ 
 last year. 
 
 GRO 
 
 The Mont! 
 Co. sold \V< 
 lows: Moyui 
 Hyson. 'J a 2 
 liowdcr, 22c. 
 201) guiipowd 
 
 a 17 
 
 Ir 
 
 Oolong— 217 
 H'ii a 30'™e. 
 
 Wednesda; 
 .■\uctlon & 
 M., within 
 street, corn 
 sale of te 
 Moyune an( 
 seasons 1894 
 seasons: 14fl 
 koe. and 250 
 Catalogues 
 
 Thursday, 
 sell at 12 M 
 of whom it 
 tobacco: 17 
 anil Penn.» 
 fillers. I-m1 
 vana cuttit 
 logues. 
 
 Friday, O 
 
J5ULLET1N, THURSDAY, OCTOBER 4, 1894. 
 
 Alinonili, Tnrriiffont lOMa 11 
 
 do iTlcB , 10!«» .... 
 
 Ill) itnlironiln, paper •hell • .... 
 
 (Ill Krcncli, paper •hell lHHa .... 
 
 ilo lullan. paorr ahell 12 a .... 
 
 du ('anarv, •hellrit IV a 21 
 
 du Hlclly, •helled KIMa 17 
 
 du Valuiiela, •lirlled, new 2.t a .... 
 
 do .lordan. •helled, nuw StWa 3A 
 
 llrazll null, new DHa 4 
 
 Wnlnilla, Kaplua »H* ■■■■ 
 
 do French • .... 
 
 do (Irenulile 8Ka B 
 
 do Mnrljot a V 
 
 do Chill, new a 0^ 
 
 KllherlK, Sicily a 6 
 
 du Nuplvi, lung * <> 
 
 KIga. .Smyrna, layer, new 10 a 20 
 
 do hagii, niw f>Ha (1 
 
 Macaroni, iinllan, Ibpkge «h<^ » 
 
 Taphic. Hake a 2« 
 
 do medium, pearl SMa 24i 
 
 do nne, p.arl nHa 2JS 
 
 Sanllma, haHlioie* IJ BO alB 60 
 
 do quarU!M>oxe« « 60 al2 0" 
 
 Tlio Hhlpmi'Mts of dried fruit from primary 
 Bourci's «ro roporled as follows: 
 
 atmr Si-olln-(At Deiila, Sept. 25)-3.00O bags 
 Ix-uim. 2,0011 bills, 7,i>00 half caae.s currants. 
 
 Stmr Olnilliiliis-d'ns.ied Olh. Sept. 23)— SOO 
 baKH Sli-Uy Mlberts, 1,000 do lanary seed. 
 
 Stmr Hoi'Khese— (I'nsscd Gib. Sept. 30)— 2,- 
 7(10 barrels. 100 half do. 200 ca.ses, 10.200 halt 
 
 do oiirrants baK-H TarniKona almonds. 
 
 Simr \lotorla-(r'a,>ised CJlb. Oct. 2)-34,000 
 boxes Valencia r.ilslns, 12,000 crates onions. 
 
 Slmr Slollla— (Tarrasona. Sept. 17)— .... 
 baj.'s Tarragano almonds. 
 Stmr HoUvia— LI.OOO bSLgs beans. 
 Stmr St. Oswold— 600 bags Sicily almonds. 
 3.0W) do (Ubcrts. ,, , 
 
 Kronr Llvenwol, Sept. 20—1,600 boxes Val- 
 encia almonds. 12,IXK1 do Sultana raisins, 1,750 
 cases. 4.400 bags and 300 boxes figs. 
 Slmr Alsatla— (Valencia, Oct. 1). 
 
 FOKEIGN GRRKN.— The demand for 
 lemons continues slow and unsatisfactory, 
 though a similar condition of affairs Is 
 usually witnessed at this perloil of the year. 
 New Malaga will probably arrive by the 
 17th Inst and a revival of interest Is then 
 anticipated; new Sicily are expected about 
 the 2r)th Inst, Jamaica oranges are In de- 
 mand. The steamer due to-morrow (Thurs- 
 day) Is expected to have a liberal quantity, 
 and no further scarcity Is antlcloated. 
 Pines are about out of market for the time. 
 Bananas are In better demand and firmer. 
 Ginger Is dull at $0. Onions now offer at 
 SO a 90c for best grades. CWfoanuts rre 
 maintained at iK 00 a 47 30. with a good job- 
 bing demand experienced. 
 
 Lemons, choice Sicily, SOOa 2 60 t 2 76 
 
 ilo extra, choice Sicily, 300a :! 00 a 3 25 
 
 do fancv Sicily, 300« 3 76 a 1 00 
 
 do extra fancy SIcIlT, 300a 4 60 a 4 76 
 
 do choice Sicily. 3aoa 175 a 2 00 
 
 do extra choice Sicily, saoa « 2 26 
 
 do fancy Sicily, 300« a 3 00 
 
 do extra fancy Sicily, 360a 3 26 a 3 60 
 
 do common to fair 160 a 
 
 CO Sorrento, SOOs, choice a 3 75 
 
 do do 3008, fancy 4 60 a 6 60 
 
 do Malorl, choice, 300a a 3 75 
 
 do do fancy, 300a 4 60 n 6 60 
 
 Oranges, Sicily, l(«)s a .... 
 
 do do 2iXn a 
 
 do do 3008 a 
 
 do do HOOr a 
 
 do Sorrento, 300« " a 
 
 do do 200a a ... 
 
 do do leoa ,1 .... 
 
 do RodI,200B K .... 
 
 do do lOOa a .... 
 
 do .Tamnica, original, per bbl 00 a 
 
 do HAvnDH, original a — 
 
 Bannuaa, Asplnwall. ursta, per bunch 100 a 
 
 do do Boconas 70 a — 
 
 do Jamaica, first run 80 a 1 10 
 
 do do scrunds 46 a 60 
 
 do do thirds 30 a 45 
 
 do Port LIraon, nrst run 1 00 a 1 10 
 
 do do seconde 60 a 66 
 
 do Baraooa, firsts a — 
 
 do do aeconds a — 
 
 do do thirds a 
 
 do Banes, firsts 7S a 90 
 
 do do seconds 46 a 60 
 
 do do thirds SO a .... 
 
 rineapplei!, Havana, sugar loaf, per 100. .. 6 00 alO 00 
 
 do do strawberry. . I a 
 
 Cocoanuta. Porto Klco, porM Nono 
 
 do P>arncoa a 
 
 do Si. Andreas a .... 
 
 do SanUlas 45 00 a47 60 
 
 do Jamaica a — 
 
 do Carthagena None 
 
 Limes, Jamaica, per hill 1 00 a 3 00 
 
 Ginger, .lamalca. green, per bbl a 00 
 
 onions, Valoniia. per crate 80 a I'll 
 
 The following s'lipments comprise the 
 green fruit now In transit to this and other 
 ports: 
 
 Stmr Gladiolus— (Passed Gib. Sept. 23)— 3,000 
 boxes Messina leiTions. 2.500 do Palermo. 
 
 Stmr Alesla— (Passed Gib. Sept. 24)— About 
 1.500 boxes SorrerJio lemons. 
 
 Stmr Kronprlnz l-'riedrlch Wllhelm— (Passed 
 Gib. Oct. 1). 
 Stmr Tarifa— (Naples, Sept. 24). 
 Slmr St. Oswald— (Palerom, Sept. 27)— SOU 
 boxes Messina lemons. 
 
 Slmr BorKhetili^( Passed Gib. Sept. 30)— 
 lO.liOi) Iwrrels AJmerla grapes. 
 
 Stmr San GIf rgio— (I'assod Gib. Oct. 1 for 
 New Orleans)/ -2 000 boxes Palermo lemons. 
 
 I^Yom Liveypool Sept. 29—800 boxea Paler- 
 mo lemons. ' 
 
 ' TRADE NOTES. 
 
 such ii.-iilirs are or ever have boon mem- 
 bers of the ICxchange, and on investigation 
 by the SuperliiKiidenl of the Kxchange no 
 such pnrtien are located at 32 Desbiosses 
 street, that building being occupied by a 
 Western Union Telegraph office and a cigar 
 store, but aftei considerable Innulry the 
 party In charge of the cigar store admit- 
 ted that somebody calling themselves King 
 & Co. had their mall directed there and 
 called for It once or twice a week. 
 
 O. S. Durllng & Co. recelve<l onother car 
 of Smock |)C«ches to-day from Ohio. .\s 
 with yesterday's car the fruit arrived here 
 In a heiited ami dee.iyed condition, and 
 barely realized enough to cover freight 
 charges. It Is thought that If the car had 
 be^n proi>crly iced and taken care of while 
 in transit the fruit woulil have kept well 
 and brought extreme prices. The peaohes 
 were .shipped in large round bushel baskel.s. 
 
 THE FOLLOWING QUOTATIONS ARH FOB 
 WHOLESALE BUSINESS FROM FIRST HANDS. 
 BRANS AND IKAS.-Recelpts to-day, 33G 
 bbis beans. New marrow have fallen to 
 $2 fiO under a continued dull trade, and old 
 are nominal at $2 :!5 a 2 40. New medium 
 not very plenty and generally held at $1 S5. 
 but pea dull and not exceeding |1 80. Red 
 kidney In small supply and held about the 
 same In price. Lima continues firm. For- 
 eign beans quiet and ea-sy. Green peas are 
 slow. 
 
 Beans, marrow, 1894, choice a 2 50 
 
 do marrow, 1838, choice S 86 « 2 40 
 
 do marrow, fair to good 2 00 a 2 26 
 
 du medium, 1894, choice 1 90 a I 95 
 
 do medium, choice, 1893 176 a 1 80 
 
 do pctt, 18W, choice a 1 80 
 
 do medium and pea, fair to good 1 40 a 1 00 
 
 do morrow foreign, 1893 a .... 
 
 do medium, foreign 1 35 a 1 45 
 
 do pen. foreign 160 a 1 00 
 
 do white kidney, 189.1, choice a .... 
 
 do red kidney, 189.1, choice 2 20 a 2 26 
 
 do rod kidney, 1894. choice a 2 50 
 
 do Black Turtle soup, 1893 1 95 a 2 00 
 
 do Yellow Eye, 1893, choice a .... 
 
 do Lima. Cal.. 1893 (BO-lbs.) 2 75 a J 80 
 
 Green peas, bbls, per br.8h al 10 
 
 do bags, per uush 
 
 do Scotch, bags.. 
 
 BKESWAX.— Pure wax quiet, but is held 
 steadily at 26H a 27c, occasionally 27V2C, per 
 pound. 
 
 ICGGS.— Receipts to-day, 180 bbls and 9,144 
 cases. The arrivals continue quite heavy, 
 evidently attracted by the higher prices of 
 last week, and with a very slow demand, 
 stocks largely accumulating and consider- 
 able pressure to realize, the market shows 
 further weakness and has settled to 19c 
 for finest Northwestern, and good marks of 
 far Northwestern and Central Western ob- 
 tainable at 18',^c. and lots ithat show a mix- 
 ture of held eggs sitill cheaper. Ice-house eggs 
 are in liberal supply, very dull and weak. 
 Limed eggs have very little call. Inferior 
 fresh by the case are selling slowly, though 
 held about the same. Sales on 'Change 
 under the Call included 50 cases Northern 
 Ohio at 19',4c; 100 do Western Iowa, 100 do 
 a known mark and !iO do Northern Indiana, 
 free delivery, all at 19c. Further receipts 
 of Canadia eggs are here, including a car 
 yesterday and a car to-day. Holders ask 
 1S^/2C, but denn.and very slow and that price 
 Impossible to reach. 
 
 Newlald, fancy (nearby), at mark 21 a 22 
 
 " ■■ "■ ■ fresh gathered, firsts.. 19Ha 20 
 iz a 19 
 
 State and f - 
 ('aniulrt. choice, piT c 
 
 Michigan, Ac fancy 
 
 Western and Xorthweel;ern, average best. . . 
 Western and Southwestern, good to prime.. 
 
 18)ia 19 
 17 a 18 
 lfl« 
 
 Western & S'western, fair to good,percase.. 3 60 a4 60 
 
 Western & S'western, Inferior, per case 2 50 a3 25 
 
 Western seconds, per esse 2 60 a3 50 
 
 Western, limed, per doz . 16><ia .. 
 
 BOSTON. October .■!.— Eggs firm. 
 
 CHICAGO. October 3.— Eggs steady; fresh 
 stock, 16Hal7c per dozen. 
 
 FRESH FISH.— I,eading varieties have a 
 verj- good demand ail fair prices. 
 riaH. 
 
 Per Ih. 
 
 Whitehallbut 13 al5 
 
 Gray halibut 10 «13 
 
 do live 7 a 9 
 
 do market 5 a 7 
 
 Pullock 4 a 5 
 
 Haddock 6 a 7 
 
 Bluefish, large 7 alO 
 
 do small 7 alo 
 
 WeakOsh. large.... 6 a 8 
 
 do small a 8 
 
 Smelts 20 a24 
 
 FInke 4 a I! 
 
 Flounders 6 a 9 
 
 Blackash 10 B12 
 
 Seabass 12 al4 
 
 Pontics 8 aio 
 
 Mackerel, large. ..18 a22 
 
 do small. ..12 at7 
 
 Spanish mackerel. IH 823 
 
 smoked haddle — 7 aU 
 
 Herring 3 a 4 
 
 Pompano 25 a .. 
 
 Oregon salmon 20 a.. 
 
 Ssiuked salmon... 10 al8 
 
 Hard crabs, per 100 
 
 Soft crabs, per doz 
 
 Prawn, per gal 
 
 Salmon, Een'bec., 
 
 fresh 26 aSO 
 
 Shecpshead 18 a20 
 
 Red snapper 12 al.T 
 
 Catfish 
 
 Shad, roe 
 
 do bucks.. 
 Cut shad. 
 
 Salmon trout 10 al5 
 
 Wild trout a .. 
 
 Cultivated trout.. 
 
 White perch. 
 
 Yellow perch.. 
 
 Eels, dressed.. 
 
 KIngQsh 
 
 Whitebait 
 
 Pickerel 
 
 Whltefibh 
 
 ClBcoes 
 
 Black baas 
 
 Lobatcrs, lire 10 al2H 
 
 2 60 a 3 00 
 
 75 « .... 
 
 1 00 a 1 35 
 
 .12 al4 
 .12 al4 
 15 817 
 
 .10 a 12 
 . 3 a 5 
 .10 al5 
 
 and selling slowly. Snipe and plover steady 
 for choice. Wild ducks unchanged. Fresh 
 venison wanted, and choice Minnesota 
 
 would bring 20c, but Michigan rarely salable 
 above Iti a I8c. 
 
 Partridges, near-hy, fresh, per pair 76 ft 1 OO 
 
 do WcHtern. fresh, per pair 60 » 70 
 
 Orousc, dark, fresh, per pair 60 a 70 
 
 ('•rouse. Pin-tall, per pair 46 a 55 
 
 Partridges and (iroosc, poor, per pair 20 n 36 
 
 Woodcock, fresh, per pair 75 a 1 26 
 
 English snipe, per doz 1 25 a 1 50 
 
 Plover, (lolden, per dor I S6 a 1 60 
 
 Keiil birdH, Jersey, per duz 40 a 76 
 
 Wild ducks, canvas, per pair a — 
 
 do red heads, per pair ft .... 
 
 do mallards, per pair 40 ft 60 
 
 do leal, per pair Zt a 30 
 
 do common, per pair 20 a 25 
 
 Venlsonsaddles, fresh, prime, per lb 16 » 20 
 
 Uabblts, per pair 20 ft 40 
 
 Uares. per pair ft .... 
 
 HONEY.— Comb honey Is In large supply 
 
 and weak, with prices lower and top fig- 
 ures extreme. Extracted imchanged. 
 
 White clover, lib boxes, per lb 13 a 15 
 
 White clover, 21b boxes, per lb 12 a 13 
 
 Buckwheat, 1-lb boxes, per lb 11 a 12 
 
 Buckwheat. 2-lb boxes, per lb 10 a 11 
 
 Kxtracted, California, per lb 6Mft 7W 
 
 Extracted, State, per lb 6 a 6^ 
 
 Extracted, Southern, per gallon 50 a 60 
 
 HOPS.— Purchases continue free In the In- 
 terior at about the same prices that have 
 ruled for about a week past. The move- 
 ment has been sufficient to stiffen prices a 
 Utile In some quarters, but otherwise there 
 Is no evidence of change. London advices 
 state that the English crop Is turning out 
 poorer In quality than was expected, and 
 that prices for finest selections therefore 
 tend to harden. The German market was 
 again quoted higher, making an advance 
 recently equivalent to about 2c per pound. 
 
 State N. y., crop of 1894, choice » alO 
 
 do do med. to prime ^a SW 
 
 do do common 6 at 
 
 i^.o crop of 1893, choice 7 a8 
 
 do do med. to prime 6 ft 6^ 
 
 do do common to med 3 ft 4){ 
 
 do old olds 2 ftB 
 
 Pacific Coast, crop of 1804, choice 9 alO 
 
 do 00 med. to prlmB 7ii» M 
 
 do crop of 1893, choice 7Wft (M 
 
 do do medium to prime . . 6 > 7 
 
 .10 do common 4)^ 6 
 
 Bavarian, new (to arrive) 22 ft24- 
 
 Bohemlan. do do 23 a2A 
 
 Altinarks, do do 18 aSO 
 
 LIVE POULTRY.— Receipts to-day, 15 car- 
 loads of Western. The Jews were out In 
 force after their New Year holiday, and 
 notwithstanding the heavy supply market 
 ruled firm and higher. Fowls advanced to 
 10V2 a lie. with some extra heavy even 
 higher, and chickens ranged from 9 a 10c as 
 to size and condition. Old roosters firm, 
 with most sales at GVtc per lb. Turkeys 
 had a good outlet for prime old, and choice 
 ducks and geese are a shade firmer. Pigeons 
 we»k. 
 
 Spring chickens, prime local, per lb 9Hft 10 
 
 Rjirlng chickens, West'n & S'th'rn, per lb. 9 ft 10 
 
 Fowls, local, tier lb 10«ft 11 
 
 do Western, per lb lOjift 11 
 
 do Southern, per lb lOitn .... 
 
 Roosters, per lb 6 a OH 
 
 Turkeys, old, per lb 9 ft 11 
 
 do young, per lb 8ft 9 
 
 Ducks, local, per pair 60 a 80 
 
 do Western, per pair 60' a 70 
 
 do Southern, per pair 40 ft 60 
 
 Geese, local, per pair 125 ft 1 60 
 
 do Western, per pair 1 12 ft I 37 
 
 do Sonthern & S'western, per pair. . . 1 00 a 1 in 
 Pigeons, per pair 20 ft £5 
 
 DRESSED POULTRY.— "The receipts con- 
 tinue large and Invoices for balance of the 
 week liberal, while there is still a consider- 
 able accumulation of fowls and chickens 
 from previous arrivals, and with very little 
 improvement in the demand as yet prices 
 are not a particle better, though it is hoped 
 with the natural Increase of demand toward 
 the close of the week, that the bottom has 
 been reached for choice fowls or chickens. 
 Dry picked fowls and scalded chickens are 
 freely offered at £c for best lots, and It is 
 extreme for chickens, and plenty of stock 
 of both fowls and chickens that have lost 
 theii' fresh appearance are offering lower. 
 Scalded fowls rarely possible above 8Uc, 
 while dry picked chickens continue to show 
 Irregular quality and a wide range. Spring 
 turkeys very dull and weak. Long Island 
 and Eastern spring d/"ks in light supply 
 and firm. Eastern geese urchanged. Choice 
 squabs about steady. 
 
 FBBSn nRESBXD POULTBT— ICED FAOKSD. 
 
 Turkeys, spring, dry picked, per lb 8 a 9 
 
 do bpring, scalded, per lb ft 8 
 
 do spring, Inferior, per lb 3 a 6 
 
 ^prlngchlckcns, Phil., fancy, per lb 18 a 20 
 
 do Phil, fair to good .....1... 14 a 16 
 
 do W'n, dry pkd, av'gomlx'd-w'H. 9 a 10 
 do W'n.scalded, av'gonilxedf w'ta.. 8}i» 9 
 
 do West'n common J. 7 ft 8 
 
 Spring ducks, L. I ./. 15 a 16 
 
 do Boston ,1 15 ft JO 
 
 do Western J 8 a Jo 
 
 Spring geese. Bnst.on and L. I / 1:4 a 18 
 
 Fowls, state and Penn J „' a 9 
 
 do Western, dry picked, prlmeL... 4 a 9 
 
 do do scalded, prime !,,#-. ft 8J»,', 
 
 do do falrtogccC ....J.'. ,7X« 8 
 
 Old roosters, per lb I ,» 5^ 
 
 Squabs, tame, white, per doz i 2 60 ftS,".' * 
 
 do do iTtKed lots, per doz 2'''' ; 
 
 do do darlC.and poor, per doz C, 
 
13 
 
 HI 
 
 ^m?T?nm v^ nnDTwn WTTTQ nu TAPTTI 
 
 T Amoy— 
 
 1 Citnmion. 
 „„ Knir 
 
i' 
 
 THE )01R\AL/^' COMMERCE AND COMH „, . , „ ,, 
 
 = /■ ji^ a^lA.. BtTLLETIN. THURSDAY, 00T6BER 4, 1894. 
 
 £l)e Souiiuil of iSoiniiKrcc 
 nnfi ifliimmcinnl Bnllttm 
 
 
 :^ SAUERBECK'S CHA»^oF_^^^^jg^p^^^^^ 
 
 ( of Average Prices of General Co 
 
 pinodities in England (Average of 1867-77 being 100) 
 
 Compilcil by AUGUSTUS 
 
 IsiOERBEOK, F. s. B.. London. 
 
 % 
 
 PBIOiS or OOHUODIIIIS IN EHOLAIID. 
 
 ^1, I 
 
 When you sco Ihe handsome 
 new clothes in and around us 
 this Fall think of this : "Hand- 
 some is as handsome does," and 
 if your suits don't "do" as 
 handsome as they loolv we want 
 to give you your money back. 
 
 Are you sure you understand 
 
 JiUttatlinis ^mautcfl., 
 
 
 
 
 
 
 , 
 
 ~ 
 
 
 "V- 
 
 
 
 
 _1 
 
 
 
 
 
 
 
 
 1 
 
 - 1 
 
 
 
 
 
 
 
 
 
 1 
 
 
 
 
 
 
 
 r ^^ 
 
 \ 
 
 
 
 
 
 
 ^' 
 
 
 
 1 
 
 / 
 
 
 
 
 
 
 
 
 
 ° 
 
 \ 
 
 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 1 
 
 
 
 
 5 
 
 i 
 
 
 
 
 
 
 
 
 
 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 ;:'iE; 
 
 
 
 
 
 
 
 
 
 
 
 I 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 i ._. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 ^ 
 
 > 
 
 
 
 
 
 - 
 
 < 
 
 H 
 
 
 
 [2_ 
 
 
 
 i " 
 
 
 
 
 
 1^ 
 
 ,_ 
 
 
 
 s 
 
 
 
 
 y 
 
 
 
 
 
 
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 A 
 
 
 
 
 
 
 
 ■ 
 
 w-^ 
 
 
 
 
 r 
 
 
 
 ^' 
 
 
 
 
 
 1 
 
 1 
 
 
 
 
 / 
 
 
 
 
 
 
 
 
 ! 
 
 
 1 1 1 
 
 
 o 
 
 
 
 
 
 
 
 >l 
 
 '~~"t 
 
 1 
 
 ^-i- 
 
 
 
 
 n 
 
 ! .'■ 1 1 
 
 Tl^i 
 
 1 
 
 
 
 
 
 
 1- 1 M 
 
 
 
 
 ' A 
 
 f ' 
 
 Mi' 
 
 
 i 
 
 
 
 f\ 
 
 
 1 i 
 
 
 
 
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 1 M 1 f j 
 
 
 . 
 
 
 
 1 
 
 . 1 i 1 : ' 
 
 
 
 
 
 II ' 1 ' 
 
 
 
 
 
 ' 1 1 1 : 
 
 
 
 
 
 
 1 1 . 1 i 
 
 1 
 
 
 
 
 
 1 1 i 1 : ; 1 
 
 
 
 
 
 
 
 3SgSS.-:i'««*aSs*S 
 
 obATnoitiiE iiulaitfr 1 1 
 
THE .lOliRNAL/OF COMMERCE AND COM 
 
 v2:i)c JJournnl of (Scimmcicc 
 nub (Ecimnurcial Cullclin, 
 
 yj i:i;a\kk siui;i:t and ci nusv ht. 
 <AUUi<h:.sH ALL. i.i;rn;iis uox lauo.) 
 
 KnlTr-) lit 111" I''-t nffl'-"-. N-w York. N. Y.. ilh 
 
 I. 1894. 
 
 III iimillirr ii>liiiiiii, \vc- iin-miit ii clliirt 
 t-liiiuiiiK llm loiirtM" of inUi-s ill Grnil 
 Jtriliiiii from llu- ynir ISIM to ]!*•;!, iiu-lii- 
 bivi'. Tin- ••xliiliit is i-oiiiiiIUhI by ilr. A. 
 SSiimrlMTk, mi riiiiimit Krvli>li sliitisliciiiii, 
 nu<l fi»llii\v» llic uii'ilioil i>f iLiiiimiisou \>y 
 "iniloi iiuinl«-i»." Wlmt lliat iiifthoil is, 
 tup conipilcr i'.\iiliiins iu ii fout iiotf tu his 
 rbnrt. Tho cumimriuoii i» luiiJe uiiou ii 
 Bi-.ir.ber of sclrrli'd arlii'lt-s. wliioh miroscut 
 tlio loiidiug ipduslrii'8 aiiil cover u lurK<' 
 proporliou (jn'rhiips SO piT cent) of the en- 
 tire viihio nnd bulk of marketed eouiiuodi- 
 ties; it beiug iissuiueil that the prices of 
 the omitte<l articles follow those of the 
 tommodities on which the estimntes are 
 based. Some objections have been raise<l 
 to the "index-uuiuber" method of estimate, 
 especially on the charge that it docs not 
 Biifficieutly re<'ogiii/.e tho relative differ- 
 ences in tho bulk of tho articles selected 
 for comparison. It is timiuos-tionable, how- 
 ever, that this luethiid meets with very 
 general ncceptanco among economists and 
 htatisticiaus ns tho best available, whilst 
 no hotter seems to have been so far pre- 
 sented; and it is worthy of note that 
 Saiierbei-k iifGnns that he has tested 1h« 
 results shown on his ohi.rt by cinnputatiims 
 on the relative bulk of tho articles, with the 
 result of eonfimiinp his index numbers. To 
 establish what may be called a par stand- 
 ard, a nnmVier of coii.secutive years arc so- 
 li'ited which are presumed to represent con- 
 ditions as much normal and as little excep- 
 tional as possible. The average of this 
 period of nonral prices is expressed by ItX): 
 mill all comparisons of other years or 
 periods are made with that suppose<l normal 
 standard. There seems to be no good reason 
 for doubting the sufficiency of this method 
 of i-omputafion for all practical purposes. 
 iilthoiu.il it may not claim the exact accu- 
 racy of a scientific ealciUation. 
 
 Tho (luctnations of prices in Great Britain 
 may be taken . as closely indicating the 
 oscillations iu the world at large. A nation 
 whose prices are unaffected by tariffs and 
 whose markets are in close contact with 
 every iioint of the world's prtKhiction af- 
 fords an ideal expression of the course of 
 natural values; and a groat national market 
 conducted upon the basis of natural prices 
 very largely determines the drift of prices 
 in countries where it is attempted to regu- 
 late valuee through artificial legislative con- 
 trivances. For this reason, tho wide oscil- 
 lations exhibited by this chart may be re- 
 garded lis rellecting the movement that has 
 ' prevailed in the coii.nicrcial world at large. 
 \ In order to racilitatc reference to the de- 
 \ iails of the chart, we concentrate the dates 
 ' mid index numbers into the following sum- 
 juMiT table, sepamting the data into five- 
 yiMis periodsl 
 
 Index Years— 
 
 Ttflrn- 
 
 1*0 ; 
 
 IWI 
 
 1M2 
 
 JfOS 
 
 1824 
 
 Aver'sr (5 yM...; 
 
 isa 
 
 S26. 
 
 No«. 
 
 Inile 
 
 ■w. 
 
 101 AVer's; B ym.. 
 
 J21 !««> 
 
 awu ,gfi2 
 
 117 isns 
 
 lOl ISGl. 
 
 Ave 
 
 'K R yr 
 
 IIKI 
 
 lor. 
 
 a gciienil iiusellleiiient of intornalional n 
 liitioiis and iiincli reillHlribution of uatiiiiiaU 
 territory, n-snlliiig uolably in wm- hrt w n-i/, 
 I'niisiii and Aiisiria and l.ilwmi Italy aiul 
 .\nslria. In this i-oiinlry, oci'urri'd the 
 i;n-atcsl luililary sIriiKgle of tli.- century- 
 The firsl effift of war nimn eon nierce Is to 
 cheek business ami eonse'|Uelitly to moiueil- 
 tarily deiiress prices; the next result is to 
 coniracl ]iroilueiioii by witlidniwing i>io- 
 iliicers from the field and the factory into 
 the army or navy nnd to criiile a large de- 
 mand for certain articles of war conitinip- 
 lioii. Both thi'so effects of war conduce 
 directly to relative srarcity and therefore 
 to the enhaiicenn-nt of prices. I'rom these 
 
 causes il les to pass that, of llie last 
 
 seven decjidi^,— excepting only that of isa.>- 
 2!),— this one (l.StKMiiM has been distin- 
 guished by a ver>- high range of prii.'cs. The 
 year I.StiO sliowe<l an important recovery 
 from the depression incident to the panic of 
 1.S57; and at tho conclusion of our civil war 
 the average of commercial values had risen 
 to 105. Tho relief I'onsequent upon peace 
 in this country, however, sen'cd as n ma- 
 terial counteraction of the inflating effects 
 of hostilities in Europe; and, after 1864, tho 
 average range declined to OS in 1800. The 
 average of prices for the whole of this pre- 
 eminently militant decade was 101. 
 
 Tho next decade (1870-70) opened with tho 
 great military struggle between (lemiany 
 and France,— an event directly conducive 
 to restraint of production in the two leading 
 industrial nations of Continental Europe. 
 In 1S70, prices had fallen 4 points below 
 Mr. Sauerbeck's par: but in 187'!, the aver- 
 age had risen to 111, or 15 points above 
 the range of 1870. The culmination of the 
 previous decade of military devastation, to 
 gether with our great railroad inflation 
 which created 30,000 miles of road within 
 five years, had prepared the way for the 
 great explosion of abnormal conditions 
 which found expression first in this city in 
 187-^. and then, sympathetically, in every 
 commercial and financial centre throughout 
 the world. From that period dates the most 
 remarkable ilecline in prices that has oo- 
 curred within this prc-emiuently comraer<'ial 
 century- AVithin the six years following 
 the '7:'. panic, prices <iecline<l steadily from 
 111 to S;5— a fall of 28 points. 
 
 .Tudging from antecedent eiperieuce, it 
 might have been expected that such an ex- 
 treme fall would be followed by nn upward 
 reaction. For a brief periotl and to a moder- 
 ate extent this was the case. The decade 
 ljvS(|.,s',) opened with generally sound con- 
 ditions. Five years of conservatism had 
 pai)duce<l largo accumulations of wealth and 
 in Kiiiopc, and especially in KuKland and 
 Cerniany extraordinary efforts were made 
 to foster comnercial expansion in all parts 
 of the world. In this country, similar iuflue- 
 eiiccs had been at work, to which was euper- 
 adiUxl the resumption of sptvie payments, 
 with a consequent universal strengthening 
 of public confidence. Tnder these stimuli 
 we nished into another cra7,o of railroad 
 speculation and, within the four years 18S0 
 to 188:'. inclusive, added :'..'>.O0O miles to our 
 system of roads. During these years, prices 
 averagi'd respectively SS, .85, 84 and 8"J. 
 This over-doiug developed its consequences 
 in the panic of 1884, when prices fell to 
 76; from which point, with some slight 
 oscillations, thej have declined to G8 in 
 18'.)-' and 1.S83. 
 
 The most si ggcstive feature in Saner- 
 beck's chart is the almost unbroken descent 
 in prices for the last t^venty years. The 
 fall is so pei-sistent, so unusual iu extent, 
 1 ..*t».^.i. /s»-ni- oni^h n lor-' oeriofl. as 'o 
 
 SAUERBECK'S CH. 
 
 Course of Average Prices of General 
 
 ■-Ld ,cr 
 
 Compiled by AUGV 
 
 
\HVZ 
 
 \ri 1K73 
 
 HC lK7-< 
 
 I't Avpr*|E 5 9'ra.i 
 
 ii;; 1K7S 
 
 ill 
 
 M: 
 
 iT'K S J r«.. 
 
 •g a > ra., 
 
 IWIII 
 
 1 N 1, 
 
 \» . 
 
 r'aiaiyri'J.'. 
 
 
 
 
 
 
 
 A< t 
 
 r'lir'i' »»■;.■.; 
 
 18.V6 
 JHft? 
 
 
 ti7 IKs;! 
 
 Nil l.HfH 
 
 v:i .\ver'K 5 > m.. 
 
 77 INN« 
 
 7;. l(f8U 
 
 7H Aver'ir S yra.. 
 
 IKIK) T^ 
 
 IWl 7J 
 
 imc' UH 
 
 l»tl!l OH 
 
 Aver'HT*! yra..., 7U 
 lun 
 
 'i'hi- iionipnrinuli boitiiiB with llu> ilcciiili* 
 IM-tlirj, wliirli, n.niiily owiuK •<' Hn' long 
 rliwk iiiioii iiniiliiflioii nlU'iullui; tlio gronl 
 wHm of tlui lu'riy pari uf I In- icutury nnd 
 mI«ii to II j-iKiiniisly (•x('li:i>ivi> fori'iBU coin- 
 iiiiTCiiil pi.liny, TiiiH n jicrioil of iimiRiially 
 IiIkIi lirifi'n; tl»> hvitiiko f"r ISlil) bciiiK 
 rcpriixoiittil by lliu iiuli'X inmibor 11- ami 
 for ISlTi by 117, while for tlio wliolc t(>n 
 years llui iivi>rnK»' was UK!. Attor tlii.s, 
 I'inii' a (iifjulo of Bliaily roiunn'ivlal rc- 
 irovcry duriiii; wliicli llii' aTcrago of prices 
 fell lo 'M, or a points bi-low wliat SaiUT- 
 \>ti-k vtxnriU iih it uoriual sveraK''. UuHiik 
 th.- .l.^■a(ll< l.s|(l.4!», ojiiiio tli.- sr.'at fri'i- 
 teatlo flKilntioii, wilU tint ri-»iilt of tlirotviug 
 thi' UritiHh iiiarkfts ojcn lo tlio clicapi'.st 
 supplies llui worlil bad lo offer, nnd tlie ex- 
 dni'tioii of III,, iirlilieial iiitlalioii of priees 
 <X>iise<|iipnt upon proteetivo dnties. This 
 dfrndo opeiuil with a rauKe of prie^-s repni- 
 BtmliMl by U>;{ on ibo Sauerbecli gcale of 
 I'ompariKun, ami elo.si-d with an avcrnKo of 
 "4, tho fall of 2!) points having been mainly 
 eaiiio'il bj- tho eheaponinir loudonoies of the 
 new fn-e-irado policy; the average for this 
 (I'll years, however, was 88. 
 
 I'liriiig tho snceeoling tenVyoars, 185()-*S). 
 oienrred (he great eoninioreill ami finaneinl 
 inUntion ineident to the go\j discoveries. 
 Williiii that period, no less than f;55.'j,(KX),- 
 • KHI of gold was produpiNl in this eounlry 
 nlone; in Australia, the conteiupora neons 
 proiluct was si.inewhat larger: and for the 
 whole world the ontpnl was !i;i.4(J(l.(lOO,- 
 CHHI,— a ten years' yield never I'nualed before 
 or since. The tirst effect of this sii.lden and 
 eiiorimins increase in the inetallie circiila- 
 liou was to fitimulnto banking operations 
 and, through that, to create a great eom- 
 mereinl oiiaiision. Simultaneously, arose a 
 gri-!it extcii.sioii of railroad building. 20.(100 
 miles being built in this country alonp dor 
 ing the decade. The withdrawal of pro- 
 ducers from their accustomed einploymenta 
 to the mining ci>ntres had tho triplt» effect 
 of ohecking the orilinar>- home production, 
 of tipeniiig important new irarkets in (Cali- 
 fornia and AiislTalia, and of causing a 
 gem-ral rise in wages; the result of these 
 combined causes l«'iiig a rise in prices. 
 That advance expresseil itself in a bound 
 from 7S in ia52 to O.'i in 1853. nnd in a 
 furl her gradu>il ascent to 105 in IS." — the 
 rise between l.^^'iO and^^lS." being 2S points. 
 ■ T from 77 to 10,"i. Tn l.'Nii. came the cul- 
 mination of this great inflation in uni- 
 versal lianic; nnd between that year and 
 ]8u'.> average prices fell from 105 to !»!. but 
 recovered to iU in 1S.">;». Tho averagi- of 
 prices for the whole of this rcm.irkablc 
 ilccado was '.12: the low range for the pnst 
 three years ami the decline during the two 
 last years havimr largely offset the gi-ertt 
 rise of the interrcning five years. 
 
 The .<mcce<><liiig decide. l.SfiO-Oft. was ,T 
 perio<l of great wars. In Kurope, there was 
 
 porlnnt ofTect upon values. Wars were iin- 
 doubteilly the moot ai'tive factors causing 
 IliH oHi'illniioua in prices up to 1.S7,'!, and 
 the last twenty years of comparative ux- 
 cuiption fri'iii war intlnciicex iimy be sup- 
 posed by Home to ac(y>uiit for this iileiidy 
 det'limt in vnlui>M. But that conclusion is 
 largely invalidalod b.v the fact that, during 
 lliis period, tbn world has been so burlhoned 
 by un increase in anaed forces nnd in naval 
 and military expenditureH that the anneil 
 peace has proved almost as effective in ar- 
 resting piiMliielion as aitiial warfare would 
 have bis'ii. As, by a historic coincidence, 
 till' begimiiilg of this decline in prices dates 
 from the period when the Latin Union 
 countrii^R ceased lo coin silver, it will no 
 doubt be mainlnined, by the friends of that 
 iiielal, that (lie downward course of values 
 is directly and niaiul.v the efftH't of what 
 they falsel.v designate "the demonetization 
 of silver" The misfortune of their reason- 
 ing is. however, (hat they are unable to 
 •how that, although the Latin I'nion nations 
 have suspended She coinage of this metal, 
 it is less u.sed for monetai-y purposes tlian 
 it was Iwent.v yours ago. Although Europe 
 has almost ceased to coin silver, yet its 
 nilver circulation has not been on the whole 
 dimiiiislicd. whilst the amount appropriated 
 in this countr.v to money purposi's has 
 largely eiceedml what Europe had been ac- 
 customed to take for coinage. As, there- 
 fore, there has lK<en no tlecrease in the 
 world's progrossivo accretions of silver 
 money, and as nearly the whole stock has 
 (he same home purchasing power as it had 
 before its .so-callwl "demonetization," tlii.s 
 factor is not to be accepted as at all ex- 
 planatory of this great decline in prices. 
 
 We are unable to find any rational or 
 sufliciont explanation of this phenomenon 
 except in the fact that the recent inventions 
 in motive power and in labor-saving ma- 
 chines havo so cheapened the costs of pro- 
 duction, and so augnieute<l the proiluctive 
 [ilant of the world as to exceed the capacity 
 for consumption at tho former scale of 
 prices. Wo h.iYe frequently had occasion 
 to cite evidences of this disproportion be- 
 tween both productive capacity and actual 
 production, on tho one hand, and the pur- 
 chasing abilit.v of consumers, on the other: 
 and therefore nec<l not now further eluci- 
 date that point, except to suggest that the 
 extraordinary fall in prices is but a natural 
 process of adjusting the disparity betwoi'n 
 tho respective capacities for production and 
 consumption. The relative increase of pro- 
 duction has called for lower prices; and the 
 great fall in prices demonstrate.* .i cov- 
 icsponding excess of supply over demand. 
 
 The foregoing data show a very extra- 
 onlinary decline in prices within the last 
 twenty j-ena-s From an average of 111 in 
 1S7.'{. there has Iteeii an almost nnremit- 
 ttnt fall to OS in 1893.— or a descent of 4:". 
 points. What has been the correlative 
 course of wages? Jlr. David A. Wells, 
 in his nouiblo work "Recent Economic 
 t'hanges," demonstrates that, in Great 
 Britain, the income of the manual labor 
 classes has gone up from £171.000,000. in 
 184.">. to £.">0.000,000. or at the rate of 220 
 per (/'lit. while their luunbers have in- 
 creased onl.v 30 per cent during the interval. 
 Or. to take a more recent (>xpericnce in the 
 l'i)ite<l States.^lhe last census shows that 
 the average annual earnings of labor in 
 seventy-one i-ities inlSl>0 amounted to $.")42 
 per lieaij, while in 1S,S0 the average in the 
 same cities was only ?.'!.Sr«.— an ini'rease in 
 the ten years of 4.0 per cent; and yet. with- 
 in the same decade, there w"as a decline in 
 prices of 16 per cent. Rapidly rising wages 
 
 -Average Prices of 10 years ending with the year named, viz: 
 
 Dotted line in 1S02. SI', being Average of tile 10 years 1S43- 
 
 • O O' Dotted line in 1S7;!. 102. being Average of the 10 years ISftt- 
 
 Dotted line in 1M«. 71. being Average of the 10 yeajs 18S4- 
 Thla dotted line gives the best picture of the gradual movem 
 eiage prices of whole periods as the fluctuations from year 
 t*>lueratt-i. 
 
 -f- 
 
 
 
 
 
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 ■ ■ ■ 1 -f t l- 
 
 : : ; ; i 
 
 VI Vj VI 
 
 C) Kj *, O^ ^ <^ 
 
 along with rapidly falling prices form the 
 basis of the persistent demand for higher 
 pay by which labor is obstrneting industry 
 nnd thereby throwing large masses of the 
 lower grades of workmen out of employ- 
 ment. Reasonable meu must see that this 
 
 .sort of prcfis 
 Vxtcnt that 
 
 For 
 
 a 1111,^ 
 
 of 
 
 part 
 
 fast iii^reasin 
 
 g^in acer 
 rtniAfsliij, o; 
 
iwm 
 
 4N!IU 
 
 Avpr'ir B rra.. 
 
 iT'»R > r».... 
 
 i-r'lif ft." jrr 
 
 «•"' lX?i::::::::::::: 
 
 1IN> 
 
 
 
 
 
 [M Avrr*iKS>r»... 
 
 ,^; 1M7:V 
 
 IIM 
 
 
 
 "" int;::::::;::::;: 
 
 
 
 
 i->' iKw::::::;:::::;" 
 
 111 \\rr'tsajrm... 
 
 HI 
 HI 
 
 ,;^ iNti::::;;:;;::::. 
 
 "'■ IMN2 
 
 .M 
 
 
 
 Vf' Aver'v B ym.,.. 
 
 74 1««« 
 
 J{ 1«» 
 
 "' 1SH7 
 
 m:( 
 
 iiH 
 
 
 
 
 "■' 
 
 7« Aver'tc 5 yra.... 
 
 7<> 
 
 JlS{g»:::::::::::::: 
 
 
 J«l 1«U3 
 
 101 Aver'K-l ym,,.. 
 
 OS 
 70 
 
 1»7 
 
 'J'lii- iiompnriKou boeiiiH widi tlu> ilpcaili' 
 1!SJ0-1"J, wliirh, uioiiilf owiiij; to llm lung 
 ilipck tipoii i>ni(liictiou nKt-iiiliii^ tln« Brt'iit 
 wars of tlio «i;rly part of llio fcntory niid 
 iilxii to a ricoriimly i'Xi-li:Kivt> foreign coiu- 
 miToial piilioj-, waM a iirrioJ of uiiusiially 
 liiffli priced; th(< avcriijto for ISliO boiiiK 
 rcpDinciittxl by tlie inilf.\ iinnilior 11- ami 
 for 1S1',"> l)>- 117, wliiit. for tlio wliole ton 
 y»<ars tlio avcrnm- wa.i W.i. After this, 
 eanie a iIih^jkIh of Bl.ady eoiiiniereiol re- 
 ••oveiy durinc wliirli the averago of prices 
 f«ll hi 'M, or li points below what Sauer- 
 lieri ivKarilK an a normal average. During 
 the dtnailo l.S4ll-4!t, eiiiue the great free 
 trade agitation, with tlm result of throwing 
 the HritiHh inai-ketM open to the ehenpest 
 supplies I ho world had to olTer, and the ex- 
 tiniliiiii of llui artitieial inllation of prices 
 con«is|uont upon proteetivo duties. This 
 ilrcado openni with a range ,>f prie^>s repro- 
 sonted by It.),'! im the Sauerbeck sealo of 
 i-ompariKun, ami elosetl with an average of 
 74, tbo fall of IS) points having been mainly 
 canned by tlio cheapening tendcncips of the 
 new fn'i>-trn<l(( policy; the average for this 
 tell yeai-s, however, was 8fi. 
 
 I Miring tho snci-eoding lenVyears, 1,85(1-5!), 
 occurred the great coinnioreiL and financial 
 inUation incident to the go^l discoveries. 
 Within that period, no less than $5.j5,<KX),- 
 IKKl of gohl was priKlucetl in this country 
 niono; in Australia, tho oontempora neons 
 product was somewhat larger; and for the 
 whole World the output was .'itl,40(l,(K)0.- 
 (Hli),— it ten .years' yield never eiin.iled before 
 or siiiie. 'I'hc first cffi ct of this siidden and 
 enornuius increase in the metallic circula- 
 liou was to sliiuulato banking operations 
 and, through that, to create a great com- 
 mercial oiiansiun. Simiiltaneousl.v, arose a 
 grcjit extension of railroad buiUliiig. 20.000 
 miles being built in this country alone dur 
 ing the dccadi-. The withdrawal of pro- 
 ducers from their accustomed employmenta 
 to the mining centres had the triple effect 
 of chei'king the ordinarj- home production. 
 i>f opening important new markets in Cali- 
 fornia niid Australia, and of causing a 
 KPUeral rise in wages: the result of these 
 lombinod caiLses being a rise in prices. 
 That advance express«l itself in a bound 
 from 78 in ia.->2 to f>5 in tS.5.^, and in a 
 fnrllicr gradual ascent to 105 in 1S57 — the 
 rise between 1.'*.5rt and IS." being 23 points, 
 or from 77 to 105. In 1.S.57. came the ciil- 
 niinatiim of this great inflation in uni- 
 versal l>anic: and between that year and 
 1850 average jirices fell from 105 to 111. but 
 rei'rtvenil to 04 in lS."i!). The average of 
 pricc.s for the whole of this remarkable 
 decade was '.12: the lov.- range for tho past 
 three years and the ileeline during tho two 
 last yenrs having largely offset the grertt 
 rise of ihe intervening five years. 
 
 Tho su<■ci^o<ling decade. I.SfiO-fiO. was a 
 perioil of great wars. In Kurope. there was 
 
 portiiiit olTect upon values. Wars were iin- 
 doubtedl.v the moot nelivi' factors eauding 
 th)> oKcillatiouii in priceH up to 1,S7.'>, and 
 the last twenty yenrs of coniparalivt; ex- 
 emption from war inlliieni'es may be suji- 
 posed by xoine to ac<v>unt for this Ktmd.v 
 dis'lino in vnlut^M. But that concluHion in 
 largely invalidated by the fact that, during 
 (his period, thu worhl haa been no burtliuned 
 by un increase in anaed forccH and in naval 
 and military expenditurcM tliat the axmed 
 peace has jiroved alnio«t as elTeelive in nr- 
 resling pnHluction as actmil warfare would 
 have Ikh'II. As, by a historic coincidence, 
 the bcgiiiuiilK of (his decline in prices dates 
 from the period when tho Latin Union 
 coiinlrieH ceased to coin silver, it will no 
 doubt lie maintained, by the friends of that 
 metal, that the downward course of values 
 is directly and mainly the ofTiHit of what 
 they falsely dcKignatc "the demonetization 
 of silver" The misfortune of their reason- 
 ing is, however, (hat they are unable to 
 •how that, although the I>atin I'niim nations 
 have su.spciided t!ie coinage of this metal, 
 it is liss used for monetary purpoBos tluin 
 it was Iwcnt.v years ago. Although Europe 
 has almost cca.sod to coin Bilver, yet its 
 silver circulation has not been on the whole 
 diminished, whilst the amount a[<propriated 
 in this countr.v to monc.v purposes has 
 largely excewliMl what Kurope had biH'ii ac- 
 cuslomed to take for coinage. As. there- 
 fore, there has been no decrease in the 
 world's progrcssivo accretions of silver 
 mime.v. and as nearly the whole stock has 
 the same home purchasing power as it had 
 before its so-called "demonetization," this 
 factor is not to bo accepted as at all ex- 
 planatory of this great decline in prices. 
 
 We are uuablo to find any rational or 
 sufficient explanation of this phenomenon 
 except in tho fact that the recent inventions 
 in motive power and in labor-saving ma- 
 chines havo so choapcneil the costs of pro- 
 duction, and so aiigmeutcd the proiluctive 
 plant of the world as to eice<Hl tho capacity 
 for oon.sumption at the former scale of 
 prices. Wo have frequently had occasion 
 1o cite eridencea of this disproportion be- 
 tween both productive capacit.r and actual 
 production, on the one hand, and the pur- 
 chasing ability of con.sumers, on the other: 
 and therefore netvl not now further eluci- 
 ilate that point, except to suggest that the 
 extraordinary fall in prices is but a natural 
 process of adjusting the disparity between 
 tho rospectivp capacities for production and 
 consumption. The relative increase of pro- 
 duction has called for lower prices; and the 
 great fall in prices demonstrates a cor- 
 lesiionding excess of .supply over demand. 
 
 The foregoing data show a very cxtra- 
 oixliiiary decline in price* within the last 
 twenty yeai's From an average of 111 in 
 IS":!, there has lieen an almost unrcmit- 
 ttnt fall to 68 in 189;!,— or a descent of 4:'. 
 points. What has been the correlative 
 course of wages? 3Ir. David A. Wells, 
 in his nofablo work "Rfcent Economic 
 f'hanges," demonstrates that, in Great 
 Britain, the income of the manual labor 
 classes has gone up from £171.000,000. in 
 1S4.'?, to £550.000,000. or at the rate of 220 
 Iier i/'iit, while their numbers have in- 
 creasal onl.v .TO per cent during the intorval. 
 (">r. to fake a more recent experience in the 
 Tiiited States. — Ihe last census shows that 
 Ihe average annual earnings of labor in 
 sevonty-one cilies inlSOO amounted to $.542 
 per heaij, while in 18.S0 the average in the 
 same citie.=! was onl.v .f.'i.SC. — an increase in 
 Ihe ten .vears of 40 p«r ccnl : and yet, with- 
 in the- same dec;id(\ there was a deeltne in 
 prices of IC por cent. Rapi<lly ri.sing wages 
 
 -Werage Piioes of 10 years ending with the year named, viz: 
 
 Dotted line in ISO-', ,s2. being Average of the 10 yeara 1M3-1.S.'.2. 
 
 ..O O' Dotted line in 1S7:1, 102. being Average of the 10 years ]S«4-l*i-;i. 
 
 Doited line In IbD:!. 71. being .Werage of the 10 yeais ISS-J-ISIIS. 
 This dotted line gives the best picture of the gradual movement of the av- 
 erage prices of whole periods as the fluctuations from year to year aie 
 c*lilerale4. 
 
 -f 
 
 
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 - W 1 i ! 
 
 
 — 
 
 
 ! ! : ^ 
 
 f^OjOi^ 'M'^^viv. ^^i^t^CK 
 
 along with rapidly falling prices foi-m the 
 basis of the persistent demand for higher 
 pay by which labor is obstrncting industry 
 and thereby throwing large masses of the 
 lower grade,s of workmen ont of employ- 
 ment. Eea.sonalile men mtist see that this 
 
 sort of pre^su 
 •IX tent that v 
 auM^rs. For 
 of R^in accr 
 paj'tiie\-ship ol 
 fast iiifereasin