igeto Iforfe £?tate College of Agriculture at Cornell ©nibersitp atftata, &. J9. Htbrarp HB235.U5U5 e r niVerSi,yLibrary * comparison of prices during the civil 3 1924 013 980 671 Wr. 'K Cornell University Library The original of this book is in the Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924013980671 A COMPARISON OP PRICES DURING THE CIVIL WAR AND PRESENT WAR. November, 1918 Price Section Division of Planning and Statistics War Industries Board. CONTENTS (See also Alphabetical Index and Classification following) Page I» The Basic Chart 1 i • • A. Medians of 92 Commodities at wholesale during the Civil War and the Present War. ■ • '- II. Materials and Methods used in Making the Chart , . 1 III. 'What the Comparison Shows 2 IV. Economic Factors Affecting Prices During the Two Wars 2 V. A Comparison of the Food, Building Materials and Chemical Groups. ....... .3 -4 VI. A Comparison by Single Commodities 5 A. The Selected Charts. 1 Cattle 5 Corn 9 Lead Pipe 13.ff03ln 2 Coal, Anthracite 6 Hides 10 Potatoes 3 Coal, Bituminous 7 Hogs 11 Sugar 4 Copper 8 Iron Wire 12 Wheat VII. Fluctuations of Wholesale Prices, Retail Prices and V/ages, after the close of the Civil War 6 A. Chart of Wholesale and Retail Prices and Wages after the Civil War VIII. A Tabulation of the Relative Prices of 92 Commodities During the Civil V/ar and the Present War * ■ 8-30 INDEX OF COMMODITIES QUOTED Page Alcohol 8 Alum , 8 Barley , 8 Beans 8 Bichromate of Potash 9 Boston Crackers 9 Brick, common, domestic, building 9 Brimstone. 9 Butter 10 Butts 10 Candles 10 Carpets 10 Cement 11 Cheese 11 Chestnut .~ 11 Clover Seed 11 Coal, Anthracite 12 Coal, Bituminous 12 Copper , Ingot 12 Copper , Sheet 12 Copperas 13 Corn , 13 Cotton / 13 Cotton Textiles 13 Eggs 14 Pish 14 Flaxseed 14 Flour , Rye 14 Flour , Wheat 15 Fruit, Apples, dried 15 Fruit, Currants 15 Fruit, Raisins..,. 15 Furniture, Chairs 16 Furniture, Tables 16 , Hemlock 16 Hides 1« Iron Wire 17 Lard 17 lead 17 Leather 17 Lime 18 Linseed Oil 18 Matches 18 Meal 18 Meat, Beef........ 19 Meat , Beeves 19 Page Meat , Hogs 19 Meat , Mutton 19 Meat , Pork 20 Meat , Sheep 20 Mercury 20 Milk, Fresh.. 20 Molasses. 21 Muriatio .tcid 21 Oars 21 Opium 21 Oxide of Zinc 22 Pails 22 Pine Boards 22 Pine, Lumber in log............. 22 Powder 23 Putty 23 Quicksilver , 23 Quinine 23 Rice 24 Rope 24 Rubber 24 Rye 24 Salt 25 Ship Biscuit , 25 Shovels 25 Silk 25 Soap 26 Soda 26 Spruce 26 Starch , launary 26 Starch, culinary 27 Sugar 27 Sugar of Lead 27 Sulphuric Acid 27 Tallow. 28 Tar 28 Timothy Seed. 28 Tobacco , Wrappers 28 Tobacco, Burley 29 Tubs 29 Turpentine 29 Vegetables. 29 Whes.t 30 Wind jw Glass 30 Wood Screws 30 'Wool 30 Classification of the 92 Commodities. I. Food Group 1 Barley 10 Flour, Rye 19 Meat, Hogs 28 Salt 2 Bean3 11 Flour, Wheat 20 Meat, Mutton29 Ship Biscuit 3 Boston Crackers 12 Fruit, Apples, dried 21 Meat, i>ork 30 Starch, Corn 4 Butter 13 Fruit, Currents 22 Meat, Sheep 31 Sugar 5 Cheese 14 Fruit, Raisins 23 Milk 32 Timothy Seed 6 Clover Seed 15 Lard 24 Molasses 33 Tobacco Wrapper 7 Corn 16 Meal, Corn 25 Oats 34 Tobacco, Bur ley 8 Eggs 17 Meat, Beef 26 Hice 35 Vegetables 9 Fish, Cod 18 Meat, Beeves 27 Itye 36 Wheat II, Clothing 1 Carpets 3 Cotton Textiles 5 Leather 7 Wool 2 Cotton 4 Hides 6 Silk III. Rubber, Paper and Fibre Group 1 Rope 2 Rubber IV. Metal Group 1 Butts 2 Copper, Ingot 3 Copper, Sheet 4 Iron Wire 5 Lead 6 Mercury 7 Quicksilver 8 Shovels 9 Wood Screws V, Building Materials Group 1 Brick 6 Furniture, Tables 2 Cement 7 Hemlock 3 Chestnut Lumber 8 Lime 4 Flaxseed 9 Linseed Oil 5 Furniture, ChairslO Oxide of Zinc VI. Fuel Group 1 Candles VII. Chemical Group 1 Alcohol 2 Alum 3 Bichromate of Potash 2 Coal, Anthracite 4 Brimstone 5 Copperas 6 Muriatic Acid 7 Opium 11 Pails, Wooden 16 Tar 12 Pine Boards 17 Turpentine 13 Pine in Log 18 Tubs 14 Putty 19 Window Glass 15 Spruce 3 Coal, Bituminous 4 Matches 8 Powder 9 Quinine 10 Soap 11 Soda 12 Starch, Laundry 13 Sulphuric Acid 14 Sugar of Lead 15 Tallow A Comparison of Prices during the CIVIL WAR and PRESENT WAR 1- The Baaio Chart The chart on the following page presents graphically a comparison be- tween the average fluctuations of commodity prices during the Civil War and during the Present War. 2. Materials and Methods Used in Making the Chart - The Civil War data are taken from "Gold, Prices, and Wages under the Greenback Standard", by Wesley C, Mitchell (ierkeley, 1908). This book gives a table showing the relative wholesale prices of 92 commodities, by quarters, 1860-1880 (pp. 23, 24). The table is made from quotations print- ed in the exhibits of the well-known "Aldrich Report" of 1893. (1) The actual quotations of all the commodities (92 in number) for which the Al- drich Report gives approximately complete prices were reduced to relatives on the basis, prices in 1860 equal 100. For averages, medians were chosen instead of arithmetic means, since the arithmetic means were much affected by the exceptionally high prices of a few southern products, notably cotton, which had a relative price of 1410 in July, 1864. The median for any date is the middle point in the scale of relative prices arranged in order from lowest to highest. That is, one-half of the 92 commodities on a given date had relative prices equal to or lower than the median, and the other half had relative prices equal to or higher than the median* In order to make the comparison between American price fluctuations in the two great wars as accurate as possible, we have matched each of the 92 commodities quoted during the Civil War with the same article or the nearest equivalent for which current quotations are available. Further, we have reduced these quotations to relatives on the basis of prices in the year before the war broke out, and used medians as averages. The question of matching dates presents some difficulty. Fort Sumpter was fired upon in April, 1861. That is usually counted the opening of the Civil War. But at the time, men remained uncertain whether 'the erring sis- ters might not go in peace 1 «ntil Congress met in extra session at President Lincoln's call, July 4, 1861. The present conflict opened July 28, 1914, with Austria-Hungary's declaration of war upon Serbia. It seems justifiable, therefore, to put July, 1861, against July, 1914. Of course, in a price com- parison, it' is highly desirable to match the months of different years against each other, because of the powerful influence exercised upon prices by the seasonal factor. (1) Wholesale Prices, Wages, and Transportation. Report by Mr. Aldrich from the Committee on Finance, March 3, 1893. Senate Report No. 1394, 52nd Congress, 2nd Session, Part II. -1- 3. What the Comparison Shows (1) The movement of prices in the two great wars is strikingly similar on the whole . (2) The chief differences in movement are the following: (a)The rise began earlier in the Ci^il War. The median rose from 96 to 1C in the iirst six months of the Civil War; while in the later case the median did not change from its pre-war level until the end of a year of hostilities. (b)The rise was core extreme in the Civil War. The highest point touched was 216 in January, 1865. This is 49 points higher than the median on the corresponding date in the present war (177 in January, 3.918;. (c)The fa?.l began earlier in the Civil War- A drop of 26 points had oc- curred when Lee surrendered in April, 1865. The German surrender came in the Autvjsn of the corresponding year said was not preceded, so far as we know, by a decline of prices. But, to repeat, these differences are on the whole less striking than the general similarity of the movements. This similarity exists in spite of a great contrast in the underlying economic factors which influenced prices in the two wars. *• Economic Factors Affecting Prices JParing the Two Wars The dominant factor in determining imerican price fluctuations during the Civil War was the existence of an inconvertible paper-money standard. The Treasury suspended specie-payment 3 at the end of 1861; and the issue of legal-tender "greenbacks" was authorized in February, 1862. There-after> commodity prices followed the premium on gold, with a certain lag in time and with certain aberrations due, chiefly, to the scarcity of southern staples. The next chart shows graphically how closely commodities followec. gold. Indeed, if we reduce oonmodity prices to the gold basis by dividing the medians of each quarter by the -corresponding prices of gold, the Ameri- can price level is brought into close correspondence with contemporary Eu- ropean price movements. In England, France, and Germany the maximum rise of prices did not exceed 6 to 10 per cent. It would be going too far to say that during the present war monetary changes have had no effect upon prices. But certainly they have played no such dominant causative role as in 1862-65. On the other hand, interrup- tions in 'che supply of commodities, and changes in demand, have exercised a much greater influence than they did in the Civil War. In 1862-65 the United States was the only great nation at war; the southern states were the only great producing area whose output disappeared from the markets of the world. In 1914-18 all the great nations became involved in the strugg? as well as several of the minor ones. Moreover- the countries at war mo- bilized their economic resources for military purposes with a drastic thor- oughness never attempted before. There resulted an extraordinary intensi- fication in the demand for articles needed to sustain military efficiency and civilian morale, as well as a ruthless reduction in the supply of othe' articles. Thes-j changes in demand and supply are the outstanding feature in commodity markets in 1915-18, as the depreciation in the gold value of the dollar was in 1862-65. -2- oo o - JANf- _ Apft- V JULY - > OCT _ - AH — t APK.^- i July! OCT 1 - JAN — ., AP* - - •* Juiy- o ; OCT - - JAM - D ,"» JULY - ^JAN - APE -JULY - OCT , APR- juiy- fcft - ! july! ■ JAM - Are - CT> - OCT - JAN llf* - july- OCT - JAM ArcZ- Juurl. OCT '_ JAH : — APE- JULY 1 OCT L ■ jm* — Are - 1 July — OCT - JAH ahe! July '_ -jJAN - APE — '■ JULY - OCT — Jan - apb. - JULY _: oer — JAH - APR - JULY J OCT — Jam - APR -JULY - OCT — Jan - APR -JULY - OCT o a 2 E 6 | 1/ g JULY OCT JAH - APR JULY The currenoy changes in the later war, like the huge loans in bothvrarB, resulted from the necessity under which governments la- bored of getting goods and services, whatever they cost. It was primarily because governments had to have enormou3 supplies in a hurry that prices rose; because prices rose and requirements were large, money could not be prooured and payments made in the ordi- nary faBhion; hence, extraordinary financial, banking, and monetary measures beoame necessary. These measures enabled the governments and their citizens to pay the high prices they had to bid. The pro- cess was cumulative. After one set of financial, monetary, and banking adjustments had been made, there came a new rise of prices, then a new aeries of adjustments, and so on. So far as the United States is concerned, it seems clear that the impetus toward higher prices came from abroad. Prices rose in England and France earlier than they rose here, and the start then gained has been maintained to the present time. Direot and indirect European influenoe3, indeed, dominated American markets from the end of 1915 (when the rise began on this side) until we entered the war ourselves in April, 1917. Then we began to make the same sort of changes in the supply of and demand for commodities that European belligerents had made three years earlier. There followed a further rise of prices, and the adjustment of our financial, banking, and monetary policies to the needs created by gigantio requirements con- tracted for at high prices. 5, Comparisons by Groups of Commodities Among the 92 commodities included in the general index numbers presented above, there are three groups represented by a sufficient number of commodities to make significant comparisons possible. These groups are food, building materials, and chemicals. Charts similar in construction to that for the 92 commodities are present- ed below. These charts indioate that the advance in food and chemical prices during the present war did not fall far short of the Civil War record. Building materials, on the other hand, lagged behind the Civil War rise by wiae margins until the great fall in prices caused by the oollapse of the Confederacy. -3- MEDIANS OP RELATIVE PRICES OP COMMODITIES AT WHOLESALE During the CIVIL WAR AKD'TBE PFiJSENT WAR ALL COMMODITIES FOODS BUILDING MATERIALS Civil Present Civil Present War War War War Civil Pre sent War War QIEKICALS Civil Present War War Numbe: r of • d Commodities 92 92 36 36 19 19 1860 Jan. 100 100 100 100 100 100 and. April 100 100 100 100 100 100 1913 July 100 100 98 100 100 100 Oct. 100 100 99 100 100 100 1861 Jan. 100 v 100 98 100 100 100 and April 96 100 94 ICO 100 100 1914- July 96 ' 100 88 100 100 100 Oct. 97' 100 91 105 102 100 1862 Jan-. 100 " 100 99 107 106 100 and April 100' 100 96 105 112 100 1915 July 100' 102 93 105 107 • 100 Oct. 111' 102 100 102 116 100 1863 Jan. 125 114 116 110 133 104 and April 137 115 125 113 143 109 1916 July 134 119 117 117 139 110 Oct. 135' 130 125 127 145 117 1864 Jan. 156 142 152 142 160 124 and April 169 157 161 162 177 137 1917 July 194 169 184 169 189 152 Oct. 200 ' 174 194 193 200 152 1865 Jan. 216 178 232 188 200 161 and April 190 182 189 199 196 172 1918 July 158 187 156 194 171 181 Oct. 175 170 200 1866 Jan. 182 168 200 and April 173 162 200 1919 July 181 173 200 Oct. 173 161 199 15 15 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 117 100 107 100 109 115 125 126 130 138 142 187 142 187 133 156 153 152 161 175 189 177 200 196 222 192 182 197 153 193 170 182 139 167 164 71864^19171 1665 ^d1918T1866ahd1919 f ' i ns Hi I.I 1. 5 ^ MEDIANS Or RELATIVE PRICES or FOOD MADE FROM A LI<3T OF 56 IDENTICAL COMMODITIES DURING THE CIVIL WRP. ^PRESENT WR — - CIVIL VtfAR PRESENT YRR 1860ftHDl9l5 1861 *mo 1^4 1062^1915 I865»m>1916 * S 5 h i * 2 S i 2 X £ 5 S 300 £80 Z60 £40 2Z0 £00 180 160 140 120 100 80 60 1860 "°1915 1 1861 »H914| 166£^°I915 1 1865 »*°1916 1 1864^1317 1 186W918 J866H9I9 Tlfl64"»19I7Tifl65»"»19ial'l666'"»19I9 T ~" r tu ^ i- r u >< t- r & ir MEDIANS OF RELATIVE PRICES OF BUILDING MATERIALS MADE FROM A LIST OF 19 IDENTICAL COMMODITIES DURING THE CIVIL VffiR. -PRESENT WR --- CIVIL WAR PRESENT WAR ]fl60u»19l5 1861 *«° 1914 1862 *«° 1915 1865 <*° 1916 8 1 5 h 5 !f S h 5 £ " | " I ' ' I ' ' I ' ' I " i 1 ' I " | " I ' ' I " I rn3?0 500 260 260 Z40 ZZO 200 180 180 140 120 100 80 60 I860 »"»1915 1 1fl61— 19M| 186g™>1915 1 1863 ""1916 ll864^°1917 1 1865^19151 1066H9I9 ~ | 1B64»hd1917'| 1665 ^ol9]&Tl666 ^^°1919 I H ! 5 jj S 3 S 3 * S S MEDIANS OF RELATIVE PRICED CHEMICALS MADE FROM A LIST or 15 IDENTICAL COMMODITIES DURING THE CIVIL WAR *»»PfeC5ENT WAR — CIVIL WAR PRESENT WAR. 4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 f ■? 1 1 [ ii f i ii i . 320 300 280 £60 1* ■■'■* ■ * I I L ........... .. . I8T.V«1915 1861^19141 I86£>h° 1915 186>°1916 1864"">1917 1865"°I9I8 1866^»I919 6. Comparisons by Single Commodities Charts have been made for a few of the most important commod- ities. They show that the price fluctuations in the two wars pre- sent great diversity. In some articles the Civil War riss was vastly greater than the rise during the present war. Anthracite coal is in this class, and in a lesser degree, lead pipe, sugar, and hogs. Still more striking is the case of cotton; but cotton is not charted because the Civil War rise was so extreme that a chart drawn to the scale used here would, be over a yard high. Other articles, on the contrary, such as wheat, wool, and hides have risen higher during the present war than they did in the sixties. Finally, there are a number of cases in which the course followed by prices was not notably different: for example, iron wire, cattle, corn, copper, bituminous coal, and potatoes, " 7 1864--1917] 1865 »■» 1918 RELATIVE PRICES OF COAL ANTHRACITE DURING THR CIVIL WARgpRESENT WAR CIVIL WAR. PRESENT WAR 1861 ">° 1914 186e»->1915 1863^1916 240r 3 5 16 1* l " l' ' | " | l"l"l" TT T r T7 i 1866»"]91§T ~ TTT -sio -500 280 ■260 Z40 220 T^ ' I ■ ' I ■ ■ I ' a o ■220 ZOC ■200 18C 180 160 ■160 14C 140 ■ISO 100 **+*" 80 80 60 Inl.il. 1 1 1 1 1 ■ i I ■ 1 1 ■ ■ I ■ ■ i ■ ■ I :!■< I- ■ I. LlJj I i i J i i I i l 60 HJ 5 t- a 3 S n 1861»hb1914 1862^1915 1665^916 1 1664"">19I7 leeS^lSie I666»*©19 b — i , - 3 - 5 1 3 »- x V 5 F" 6. 5 U * A. p O REL/OTVEr PRICES OF COAL BITUMINOUS DURING THE CIV1LWARS 1914 1862*>»>1915 1865a*>19I6 1864 w,d 1917/ i S 5 u i u 5 ■ K- r ? 2 «r £ o Jrf « a- o u «i i 3 I I | I I ] I i | I I I I I | I I | I I | I I I I I | II | I I | I I I I I | I I | I l| II | I 1 | I II I l|ll|l I | I riMo 300 280 260 240 ZZ0 ZOO 180 220 200 \ 160 HO 120 100 80 80 60 6C£ I I I I I I I I I I I ll I I I I I I I h I I ! I I I I I I I I I I w >. v- 5- oj >. l -r m >: i_ I I I I I 1 I 1 I I 1 I I I I I 1 I 1 I 1 I I I l 1 I I 1 M I I I h c cj 5 h n u 5" I 1861ano1914 1862an»1915 I 1865ahb1916 I 1864 1918 |~ia66«">1919 1 , s s ? i 5 5 p ^ ■* «v Q-"-a ■* -a o -RELATIVE PRICES OP COPPER DURING THE CIVIL W^R^PRESCNTWAR CIVIL WAR PRESfiNT WAR. [ 1861 »•"> 1914 | 186g"°1915 5 | S fc TTT 60 1863«ol916 186+«o1917 i 1 1 1 1 1 1 1 I i i i 1 1 i 1 1 i 1 1 i 1 1 I " I ' ' I ' ' I 2 I I 5 1 1 1 1 1 i I ■ 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i . 1 1 1 1 1 1 1 1 1 1 i I 1 1 1 1 1 1 1 1 1 1 i § b J >; (• i i 5 9: 3 u •< ft a 300 280 Z60 Z40 EZO 200 ISO 160 140 120 100 80 60 1861«»1914 1862««>1915 1863*™>]916 1864"">1917 1865m*1918 1866fc>«>1919 ["l864«HDlflt77l665»>'°1918Tl 866,w ' 1919 T RELATIVEPRICE.50F CORN DURING THE CI YIL WAR SpRaSfiNTViAR. CIVIL WAR PRESENT WAR 320 ■500 Z80 rn|' ' ' ' ' ' ■ ' I ' ■ '■ s W 5 y n 01 5 n =f ll I I I II I I I I I ll I ll ii ll il i ■! i . h i 1 h i ? S h 5 «Th I86i»«>i9i4 186Z"<°1915 1865<«ol9l6 18641918 186GM<49ig " 1 1865*-I9I8 f 1666*»1919~| * t 3 t 5 * § b «« ^ O -^ dC -j o KEUflTVE PRICES OF HIDES DURJNQ THE CIVIL WAR &pRE32NT WAR CIVIL WAR. — — PRESENT WAR 1861 «° 1914 186E«»1915 I863»«»19I6 1864«">1917 i 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 rprrj l' | I l|' l I [ I 300 280 260 lflfilAMi.1914 I 1862 »"° 1915 1863*™1916 1864««»19I7 1665»">>19I8 1866»«»I9I9 RELATIVE PRICES OF IRON WIRE, DURING THE CIVIL WARSJ5RE3ENTWAR CIVIL WAR PRESENT VjWR 1861 mo 1914 1862w»I915 1864 *»° 1917T 1865 »«>I916 fl866 "">19I9~f I " I " I ' ' »- ft 4 I i"i"r i"i"i" 300 zeo 260 Z40 ZEO ZOO 180 160 140 120 80- 100 80 60 60, 1 1 . . I 1 ' I ■ ' I ■ ' * ■ ■ ■ ■! ■ I. . I I..I I I £ 1861 ""1914 186E"«»1915 1863 ""-1916 1864—1917 1865»"°1918 1866"»1919 Gl6l°«999l 8lSIo«Q99l 2.l6t»"Wai 9ISl°«298l ST6F»«299l frlGI<>«l99I oy i 1 1 1 1 1 1 ' | i ' 1 1 i | "i p 1 1 1 1 1 I i 1 1 1 1 1 1 1 [ 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 y 1 1 1 1 1 I i i 1 1 1 1 1 1 1 1 1 08 09 1 1864 "-1917T 1665 ™°1918 Fia66>"°1919 f 360 RELATIVE, PRICES OF LEAD PIPE DURING THE CI VI L WAR ^PRESENT WAR CIVIL VffiR. PRESENT WAR 6l61«««999l ei6I°«"?991 ZISloH^99l 916i™»S99I SI6I«"299l M6t ««* 1991 Ofr 09 08 ov 09 08 001 n = iijrj =n»r> = i ip5S^ p '' c "• 2 1 £ "" * 1 ' 1 ' ' 1 1 • 1 > ■ 1 1 1 1 1 1 1 ' 1 ' ' 1 * T ' " I'M " 1 " \ - f \ — Ik ' \ j r TJ864 wd 191711865 *md19»Ti866m'^919| " RELATIVE PRICES OF POTATOES DURING THB CIVIL WAR^RESENT WAR CIVIL WAR. PRESENT WAR 1861^1914 1862 ««> 1915 1865»»»1916 240 arS<£jt-5J!i>i>-z«<>Jl- *d < o o o «t ^ o *-3 «i *o o* EZO £00 180 160 140 ieo I I I I I I M I I I | I I I I I I I I | ' I I I I I I I I I 'l"|"l " I 1864^q1917 Tl865*»°1916 f~1866*"°l919 F RELATIVE- PRICES OF SUGAR DURING THC CIVILWAR<51915 1863«»°1916 1864*™>1917 1865"">1918 1866»"°1919 Tl864*»»1917 1 t865»HPl9I8l 1866»"19I9 RELATIVE PRICES Or WOOL DURING THE CIVIL V/AP4PRE5ENTWAR CIVIL WAR PRESENT WAR i3?0 1861»»°19I4 186£»«>1915 1863»4916 1864 ""49I7 1865»«>191ft I666»»1919 Fluctuations of Wh olesale Prices, Retail Prices, and Wages After the Close of the Civil Wai* . Since hostilities have ceased, it is interesting to note what changes prices and wages underwent at the close of the Civil War. The following chart, based on tables in "Gold, Prices, and wages un- der the Greenback Standard", shows the salient facts for the period of the war and seven years after its close. In brief: Wholesale prices broke violently as soon as it appeared that the war was approaching its end. They re-acted sharply from the low point of July, 1865, and then sagged slowly downwards for half- a-dozen years. Retail prices are shown only once a year, and therefore we can trace their course only in general terms. The striking fact is that they seem not to have fallen immediately after the war, but by 1867 they entered on a decline corresponding to that of whole- sale prices. Wages had lagged behind retail prices during the war, as retail prices had lagged behind wholesale prices. After the war they rose rath- er rapidly until January, 1867. The break which occurred then was temporary, and the rising trend was resumed until the panic of 1873 caused widespread unemployment. One other important fact may be added. The break in wholesale prices between January and July, 1865, though unprecedented in vio- lence and accompanied by the unsettling influence of the ending of a great war, produced no business crisis or depression. Indeed, business continued fair in the United States for several years and then became brisk in the great speculative movement which preceded the panic of 1873. While these developments at the close of the Civil War show that wage reductions and business demoralization are not inevitable concom- itants of demobilization^ it by no means follows that our experience in 1919-26 will be like that of 1865-72. The difference in the con- trolling economic factors which forced prices upward in the two wars may well result in widely different sequels on the return of peace. -6- 8 . A Tabulatio n of th e Relati ve Pric e s of 92 Commodities Daring the Ci vi l '.i's.v and Present Far There follows a tabular comparison of the relative prices of 92 identical ocmmoditisn at wholesale during the Civil War (1860-1866) and the Present Tar (1913-1918). The basic for the ohoioe of the particular commodities which follow was the adop- tion of the sel'.otxori made in "(Jjld, Prioes and Wages rudder the Greeribaok Standard 1 ' by Wesley C. Kit one 11 (Berkeley.. 1908), from the report on "Wholesale Prices, Wagoo and Transportation" by Mr- Aldrioh from the Committee on Finance, March 3, 1893. (Senate Report No. 1294, 52nd Congress, 2nd Seeaicn, Part II). Twenty-nine of the 92 aeries represent commodities for which averages of two or more quotations were lieed, and the remain- ing 63 series represent commodities for which but one quota- tion was available. The Civil War prioee heve teen matched by averages and single quotations as nearly identical ap possible during the Present War. The actual prioe for January, 1860 (or in some few oases that for July or Ootober or the averages for the months available during the year) was taken as a base equal to 100 in figuring the relative prices for the Civil War period and the average actual prioe from July 1, 1913, to June 30 v 1914, as a base iqu*,! to ICO in figuring relative prices for the Precent War. These two bases were taken as fair repre- sentations of the respective pre-war prices. -7- ALCOHOL ALUM BARLEY BEANS (1) (2) (3) h J Civil Present Civil P resent Civil Present Civil Present War War War War War ~~ War War War 1860 Jan, 100 102 100 100 102 100 100 112 and April 85 100 106 100 109 94 93 102 1913 July 82 99 100 100 93 92 93 108 Oct. 85 100 100 100 93 110 120 100 1361 Jan. 74 101 94 100 77 103 100 96 and April 67 101 94 100 80 92 103 96 1914 July 63 101 94 100 64 86 120 98 Oct. 74 105 94 153 70 105 120 124 1862 Jan, 74 104 94 140 77 122 137 123 and April 89 101 100 137 97 124 117 147 1915 July 107 102 100 130 101 120 173 153 Oct. 122 102 133 226 103 94 153 155 1863 Jan. 143 105 156 239 164 123 146 180 and April 174 106 167 233 189 118 153 176 1916 July 161 106 167 220 195 119 180 258 Oct. 193 106 133 220 172 171 w 130 231 1864 Jan. 343 108 161 220 192 193 161 284 and April 380 117 16.1 220 199 220 147 343 1917 July 657 159 200 253 233 227 147 406 Oct. 639 231 267 253 240 210 147 363 1865 Jan. 815 197 256 243 239 245 173 368 and April 796 197 222 226 184 277 143 355 1918 July 759 197 189 256 132 181 107 312 Oct. 833 183 145 120 1866 Jan. 824 200 123 153 and April 833 189 121 127 1919 July 815 172 106 153 Oct. 880 178 158 180 (1) Alcohol: (Civil War) (Present War) (2) Alum: (Civil War) (Present War) (3) BaEiay: (Civil War) (Present War) (4) Beans : (Civil War) (Present War) Base price $.54 per gallon. Grain 190 proof U.S. P., Market New York;Base price$2.5170 Base price $.0225 per lb. Lumps, Market New York, Base price $.0188. Average of $.7983 New York and .5913 Chicago Market. Fair to good or Standard Grade, Market Chicago, Base pric $< 6225 . Base price $1,875 per bu. Medium choice, Market New Y«irk, Base price $3.7854. - 8 - BICHROMATE OF POTASH BOSTON CRACKERS (6) BRICK (?) BRIMSTO (8) M. (5) Civil Present Civil Present Civil Present Civil present War War War War War War War. War :.860 Jan. 100 114 100 100 114 117 100 100 and April 95 107 100 100 97 117 100 100 1913 July 100 107 100 100 100 113 12.2 100 Oct, 100 102 100 100 103 101 129 100 1861 Jan. 100 97 114 100 103 101 133 100 and April 100 97 116 100 91 94 96 100 1914 July 100 93 115 100 80 92 89 100 Oct. 95 92 115 100 86 88 89 100 1862 Jan. 100 88 120 100 86 92 133 100 and April 95 122 123 108 91 99 96 100 1915 July 98 146 123 115 91 97 98 ICO Oct. 95 137 123 115 94 105 107 100 1863 Jan. 105 298 138 •108 137 147 111 100 and April 114 367 131 108 140 134 122 132 1916 July 114 186 129 1C8 137 120 111 159 Oct. 107 188 128 123 149 130 117 159 1864 Jan* 114 268 157 123 206 130 128 159 and April 139 188 161 154 171 138 151 •205 1917 July 133 lv)3 161 169 160 143 189 205 Oct. 133 174 161 215 217 lbl 167 205 18S5 Jan. 143 192 140 183 211 197 222 159 and April 133 19.1 144 - 217 197 200 - 1918 July 105 186 134 - 171 - 214 139 - Oct. 105 131 263 133 1866 Jan. 114 125 274 100 and April 119 126 274 151 1919 July 117 126 234 89 Oct. 105 126 263 93 (5) Bichromate (Civil War) of Potash : (present War) (6) Boston ; (Civil War) Crackers : (Present War) (7) Brick : (Civil War) (Present War) (8) Brimstone : (Civil War) (Present War) Base price $.21 per lb. Blue Vitriol, Market New York; Base price $.0504. Average of grade 1 at $.07, grade 2 at $.085 and extra grade at $.12 per lb. Oyster, Market New York; Base price $.065. Ease price $4,375 per M. ; common, domestic building. Market New York, Base price $5.9583; common, domestic building. Crude, Base price $45.00 per ton. Crude, domestic, Market New York; Base price $22. per t -9- BUTTER Civil Present War War 1860 Jan. 100 115 and April 81 118 1913 July 81 94 Oct. 95 105 BUTTS (10) C J v il_ Present War 1861 Jan. 81 109 and April 86 86 1914 July 62 94 Oct. 64 104 1862 Jan. 90 110 and April 98 104 1915 July 74 92 Oct. 90 96 1863 Jan. 117 107 and April 119 124 1916 July 93 98 Oct. 114 124 1864 Jan. 145 135 and April 231 154 1917 July 157 136 Oct. 202 156 1865 Jan. 250 176 and April 150 149 1918 July 143 159 Oct- 205 1866 Jan. 202 and ipril 250 1919 *uly 195 ,Ct « J. »/ c 100 100 93 90 90 SO 90 90 90 90 112 133 133 133 140 140 179 207 267 309 War 100 100 100 100 100 100 100 100 133 133 133 133 229 229 229 229 347 347 424 424 309 424 309 424 277 465 277 277 277 277 277 CAUDLES fll) CARPETS (3.2) i Civil : Present^ Civil I Ireaent War War' War ssE 100 100 100 99 100 100 .29 99 96 100 96 101 95 100 96 101 96 100 97 99 96 100 97 99 96 3.00 * 97 99 S6 100 96 99 93 109 104 99 89 100 105 99 89 190 112 104 89 100 118 104 96 100 139 114 103 133 164 116 10 Z) i§o 157 129 100 100 148 129 100 ica. 159 138 100 100 181 150 104 103 279 151 148 1*0 263 151 148 170 267 159 148 179 201 170 111 179 205 205 111 223 122 223 111 215 111 215 ill 223 <$) fttter: Civil V/arJ: Base Price $.,,*! per lb, ■'Present War): Extra firsts, Market Chicago; Base Price $.2724. (10) Busts \» ^ivil War): loase joint cast 3x3 m., Ease Price $.57 per doz. prs. [Present War): Losse pins, wrought steel 3§x3§- in., Market New York; Base Price $>7;. (11) Candles: 'Civil War): Best adamantine, Base Price $.27 per lb, - (Present War): A&£2£atine, Market New York; Base Price $.1075. (12) Carpets: (Civil War); Average of Brussels at $1.30 per yd., Ingrain at $.7077 per yd., and Wilton at $1.85, (Present War): Average of Wilton, 5 frame, Sigelsw; Lowell, Axminster, 3-4; Brussels, 5 frame Bigelow; Market New York. -10- OMMI i CHEESE CHES TNUT CLOVER SEED (13) (14) (15) (16) Civil Present Civil Present Civil Present Civil P resent Yfer War War War War War War War 1860 Jan. 80 100 100 107 100 - 101 139 and April 100 100 110 89 100 105 91 148 1913 July 100 100 75 90 100 102 99 125 Oct. 100 100 100 100 104 101 109 89 1 861 Jan.. 100 100 100 112 104 98 103 112 and April 90 100 90 104 108 99 90 93 1914 July 90 102 60 91 108 94 90 101 Oct. 90 102 60 88 108 91 92 110 1862 Jan. 90 102 70 97 117 92 85 131 and April 90 97 75 97 125 92 102 114 1915 July 90 95 65 97 133 90 86 112 Oct, 90 95 80 93 133 96 96 166 1863 Jan. 90 103 110 117 133 100 125 161 and April 120 109 145 111 133 98 112 131 1916 July 120 109 105 99 133 96 120 125 Oct. 120 103 120 129 133 . 100 135 138 1864 Jan. 120 117 140 149 133 106 152 150 and April 140 129 170 158 133 126 161 148 1917 July 150 131 150 144 133 130 161 158 Oct. 160 '131 205 162 133 135 222 196 1865 Jan. 160 132 225 159 133 151 ' 318 215 *>nl April 160 138 210 146 133 155 296 235 1918 July 150 145 125 156 133 - 252 192 Oct. 175 150 133 219 1866 Jan. 175 180 133 159 :Xnd April 175 215 133 ■ 119 1919 July 175 190 133 137 Oct. 175 • 145 133 160 .13) Cement: (Civil War): Rosindale; Base Price $1,00 per bbl. (Present War): Average of Portland Domestic Spot; Rosindale; Market, New York. \l4) Cheese: (Civil War): Base Price $.110 per lb, (Present War); Whole milk, American; Market Chicago;- Base Price $.1466 ;.15) Chestnut: (Civil War): Lumber in log, base price $12.00 per M. Ft. (Present War): Average of Tenn. Hardwood #1 Common 4/4; Ky. Hardwood No. 1 Common 4/4; West Virginia Hardwood No. 1 Common 4/4; Tenn. Hardwood Sound, Wormy 4/4; West Virginia Hardwood, Sound, Wormy 4/4, (16) Clover Seed: (Civil War): Average of New York market at $.0856 per lb, and Chicago market at $4,375 per bu, (Present War): Average of Poor to Choice at Toledo* and Prime at Cincinnati; no description, Detroit. -rll- COAL: ANTHRACITE COAL: BITUMINOUS COPPER' : INGOT COPPER ; SHEET (17) (16) 7': IV ) (. SO) * Civil Present. Ci.Tii Present Civil Present Civil Pre (seat War War War_ War "War. War far vter 1860 Jan* 100 102 100 92 100 117 100 113 and April 100 95 105 92 98 101 100 1C3 1913 July 95 99 102 94 89 97 100 98 Oct. 1C9 102 105 103 90 110 100 108 16 SI Jan, 109 102 108 101 81 99 10® 100 and April 101 95 96 101 81 96 93 97 1914 July 1C0 99 92 101 77 39 93 93 Oct. 101 102 97 101 87 78 93 84 1862 Jan. 100 102 97 101 113 87 93 91 and April 91 95 135 101 94 106 103 103 1915 July 90 98 122 101 98 132 103 123 Oct. 91 102 180 101 119 120 103 113 1863 Jan. 99 103 160 101 132 152 129 143 and April 163 103 150 101 130 179 144 170 1916 July 174 106 150 101 130 177 135 184 Oct. 198 109 160 172 138 190 129 184 1864 Jan. 222 109 173 206 161 197 3 63 206 and April - 103 180 229 172 227 2?8 216 1917 Jaly 271 118 199 229 193 212 195 197 Oct . '■■ 227 122 233 151 200 157 237 172 3 865 Jan,, 252 130 256 165 209 157 220 155 aud April - 126 250 165 145 137 169 155 1918 July 182 133 1S5 188 121 170 153 175 Cct . 287 200 138 169 1866 Jan. 308 200 174 185 ai>.d April - 193 126 169 1919 July 192 IS5 140 153 Oct. - 155 130 153 (17) Coal, anthracite: {Civil War,': Average of Chestnut at $3 S 15, Egg at $3.80, Grate at $3.70 and Steve at 53.90. (Present War): Average of Anthracite Chestnut, Arthracite Egg, Anthracite Broken Anthracite Stove; at llsw York. (18) Coal, bituminous: (Civil War): Base Price $5. per ton. (Present War): Pittsburgh Run of mine; Cincinnati, f.o.b. cars; Base Price $2.18 (19) Copper Ingot: (Civil War): Base Price $.235 per pound. (Present War): Electrolytic, Market. New York; Ease Price $.1501. (20) Copper Sheet: (Civil War): Base Price $.295 per pound. (Present War): Hot rolled, Market Hew York; Base Price $.2035 -12- COPPERAS COM COTTON CCTTOM TEXTILES (21) (22) (23 ) (24) Civil Present Civil Present Civi_l Preeent Civil Present War War War. War !§£. War Wav I§£ 1860 Jan. 100 91 122 72 101 98 100 101 and April 125 91 97 81 101 95 101 100 1913 July 125 91 87 91 98 95 101 98 Oct. 125 97 94 102 99 106 101 102 1861 Jan. 125 106 97 90 112 98 96 101 and April 125 10S 88 98 117 101 94 99 1314 July 125 85 65 104 136 101 94 99 Oct. 113 85 75 107 197 53 110 91 1862 Jan. 150 85 89 105 336 62 133 81 and iipril 125 85 79 110 253 76 135 85 1915 July 125 79 75 114 346 69 149 87 Oct. 150 70 82 93 515 94 229 93 1863 Jan. 200 70 109 111 618 94 268 100 and April 200 212 126 111 668 92 321 107 1916 July 175 212 103 118 631 100 295 112 Oct. 150 167 119 140 773 135 332 131 1864 Jan. 175 152 178 144 741 134 353 150 and April 175 152 178 204 695 152 359 163 1917 July 188 152 217 299 1410 196 547 201 Oct. 250 152 217 283 1101 209 544 216 1865 Jan. 238 152 257 ' 260 1096 243 515 247 S.Zli April 200 170 196 243 343 250 309 314 1918 July 150 216 102 243 430 232 362 355 Oct. 250 125 426 417 1366 Jan. 200 127 469 363 -M April 225 106 354 296 1919 Jaly 200 120 325 283 Oct. 200 130 373 280 (21) Copperas; (Civil War): Base Price $.01 per pound. (Present War): Market New York; Base Price $.825 per cwt. (22) Corn: (Civil War): Market New York; Base Price $.7293 per bushel. (Present War): Contract grades, cash; Market Chicago; Ease Price $.6840. (23, (24! Cotton: (Civil War): Average of middling, and Upland middling, market New York. (Present War): Average of Upland middling at New York & middling at New Orleans. Cotton Textiles: (Civil War): Average of Cocheco Prints at $.095, Denims at $.145, Drillings at $.0846, Print Cloths Metacomet at $.0533, print Cloths Standard at $.0563, Shirt- ings bleached at $.1457, Sheetings brown at $.08 and Tickings at $.18 per yard. (Present War): Average of Calico, American Standard at New York; Drillings, Brow.. Pepperell at New York; Print Cloths, 27 in. 7.60 yds. to lb.; Sheeting, Indian Head, brown, at Boston; Sheetings, Ware Shoals at New York; Sheetings, 10-4 Peppt ell, bleached, at New York, Shirting, Hough Eider 4x4 Bleached, at N. Y. -13- EGGS (25) FISH (26) FLAXSEED (27) FLOUR, BYE (28) Civil Present Civil Present Civil Present Civil Present War War War War War War. War War 1860 Jan. 149 100 100 93 99 85 100 108 and ■april 89 73 100 93 100 85 100 104 1913 July 79 72 113 97 101 92 95 11.1. Oct. 83 109 125 101 100 97 100 107 1861 Jan. 103 131 125 101 97 100 93 95 and April 89 75 125 101 92 106 95 95 1914 July 65 78 125 101 92 107 75 96 Oct. 75 94 125 101 94 95 88 154 1362 Jan. 135 143 125 108 113 110 100 193 • cid April 75 79 125 104 137 127 100 195 1915 July 69 70 300 104 118 116 88 172 Oct. 83 106 125 111 119 121 106 166 1363 Jan. 115 120 150 111 182 147 119 168 and April 135 84 125 113 241 149 113 152 1916 July 112 92 150 119 156 122 106 156 Oct. 115 128 150 119 165 166 125 215 1964 Jan. 166 170 200 119 206 194 138 222 and April 120 134 175 124 225 201 128 305 1917 July 1<*6 132 200 129 236 193 181 342 Oct. 166 154 - 137 218 224 188 314 1865 Jan. 252 231 388 140 241 244 213 322 a:ad April 106 137 225 147 176 277 144 433 1918 July 152 155 450 142 132 300 128 331 Oct. 183 200 204 169 1866 Jan. 224 313 197 131 and April 135 ,. 250 173 113 1919 July 135 200 219 169 Oct. 158 200 221 150 (25) Eggs: (Civil War); Base Price $,1744 per dozen. (Present War); Fresh Firsts, Market Chicago; Base Price $.2408 per dozen. ^26) Fish: (Civil War): Cod, Base Price $.04 per lb. Prices for Feb., May, Aug. and Nov. (Present War); Large Shore Cod, cured, Market Gloucester; Base Price 6,9583 cwt, (27) Flaxseed; (Civil War); Average of $1.63 per bu., $1,59 per bu. at II. Y. and $1.10 per bu. at Cincinnati. (Present War); No. 1 Cash, Market Minneapolis; Base Price $1.4722 per bu. (28) Flour, Eye: (Civil War): Base Price $4.0C per bbl. (Present War): In Jute, carlots; f.o.b. New York; Base Price $3.2146 per bbl. -14- FLOUR FRUIT. APPLES FRUIT FRUIT WHEAT HP IED CURRANTS R4I3INS (29) "(30 r (31) (32) Civil Present Civil Present' Oivil Present Civil Present War War War War War War War War I860 Jan, 100 • 98 100 79 100 110 100 93 and April 109 101 90 70 104 108 103 93 1913 July 109 104 87 74 92 103 107 85 Oct. 97 98 77 93 79 105 124 85 1861 Jan. 103 98 77 107 75 99 89 114 and April 103 100 52 118 75 98 68 116 1914 July 103 101 103 115 67 98 50 116 Oct. 97 126 77 115 158 111 102 121 1862 Jan. 109 150 97 76 150 100 139 99 and April 100 169 90 91 158 105 139 94 1915 July 94 154 71 91 167 105 136 99 Oct. 101 121 71 88 179 128 154 101 1863 Jan. - 145 84 86 175 136 152 96 and April - 136 87 69 233 157 174 93 1916 July - 133 90 70 250 189 185 93 Oct. - 203 84 76 242 229 180 91 185, 95 per case of 144 boxes. (44) Meal: (Civi 1 War) $ Corn, Base ■ price $4.15 pe r bbl. (Pres ent War) : Cornmeal, White , in Bulk; f.o.b. Terre Haut 3 ; Base p rice $1.6962 per 100 lbs. -18- MEAT: Beef (45) Civil Present. War War I860 Jan. 100 105 and April 95 104 1913 July 93 100 Oct. 90 100 MAT: Beeves (46) Civil Present LIE AT: Hogs MEAT: Mu-ttrai (4?) (48) Civil Present Civil Present 1861 Jan* and April 1914 July Oct. 1862 Jan. and April 1915 July Oct. 91 100 93 100 86 103 89 116 91 109 90 94 91 102 94 100 1863 Jan. 99 99 and April 104 100 1916 July 100 107 Oct. 101 111 1864 Jan. 107 114 and April 127 132 1917 July 175 143 Oct. 142 151 1865 Jan. 182 150 and April 199 166 1918 July 159 182 Oct. 158 1866 Jan. 173 and April 177 1919 July 188 Oct. 181 War 101 113 96 91 102 102 92 86 86 95 91 83 93 131 115 100 118 155 168 175 185 240 166 193 175 169 196 182 War ~98 98 100 100 101 102 107 112 100 93 108 105 102 106 117 118 124 143 147 176 152 177 202 War War War war 106 89 100 91 99 106 120 133 85 108 100 104 111 99 100 96 106 99 110 99 90 104 £10 107 66 104 100 96 62 94 90 96 63. 83 100 97 70 86 100 132 52 88 90 110 65 96 100 97 85 86 100 111 82 115 125 132 81 116 120 132 68 116 125 124 127 128 120 138 145 184 140 166 164 183 160 146 208 208 150 192 267 193 190 193 209 206 190 244 172 212 170 206 243 170 205 160 180 170 177 180 185 160 (45) Meat, Beef : (Civ.il War) :Average of Louis at $.18 per lb., Ribs at $.15 per 11 and Salt mess, at $11.50 per bbl. (Present War): Average of Salt, extra mess; Grad, Native Steers; Native Side Fresh; Market New York. (46) Meat, Beeves: (Civil War) :Average of $5.46 per 100 lbs. at New York, and $3,625 per 100 lbs. at Cinn. and $3.10 per 100 lbs. at ChiCL (Present War) .'Average of Cattle-Steers, Chrice to Prime, and Cattle-Steers, Good to Choice; Market Chicago. (47) Meat, Hogs; (Civil War) :Average of $6.2813 per 100 lbs. at New York, and $4.9625 per 100 lbs. at Cinn. (Present War): Ave rage of Regs, heavy; Hogs, light; Common to choice Market Chicago. (48) Meat, Mutton: (Civil War) ;Base Price $.10 per lb. (Present War): Dressed; Base Price $.0994 per lb. ■19- MEAT VOW. MEAT SHEEP MER.CT7RY MILK: FPESH (49) U :>o; (tfi) (52) Civil War Pre font CivU Present Oi.T^J. l£i Present War :'. vil Present. ISE. War 1860 Jan. 100 83 106 109 100 102 100 105 and April 109 95 3.24 116 100 .100 100 97 1913 July 110 99 83 97 100 104 100 93 Oct. 117 103 83 91 100 105 100 105 1861 Jan. 102 102 120 105 100 100 100 113 and April 109 99 112 114 10C 100 100 89 1914 July 97 102 67 104 10C 95 100 93 Oct. 91 94 91 99 82 191 100 113 1862 Jan. 75 65 93 109 82 145 30 113 and April 77 83 110 145 82 218 80 85 1915 July 65 80 85 115 82 236 80 97 Oct. 71 72 102 116 109 227 80 101 1863 Jan. 86 65 97 138 127 336 105 and April 98 105 159 160 127 464 97 1916 July 85 317 101 139 127 200 93 Oct. 86 133 109 137 142 191 117 1864 Jan. 118 139 146 189 151 191 117 and April 145 168 190 227 200 318 142 1917 July 276 182 114 194 282 318 124 Oct. 255 203 157 225 345 316 194 18S5 Jan. 212 217 191 230 251 332 183 and April 162 229 244 291 182 320 153 1918 July 164 2CS 109 237 96 355 140 Oct. 214 138 96 - 1866 Jan. 186 164 100 130 and April 161 160 164 130 1919 July 198 126 164 130 Oct. 203 120 173 180 (49) Meat, Pork: (Civil War): Salt Mess, Base Price $16.50 per bbl. (Present War)s Mess Pork, old to new; Market, New York; Base Price $23.2575 per (50) Meat, Sheep: (Civil War): Average of $5.4375 per 100 lbs. at New York and $3,625 per head at Cincinnati. (Present War): Average of Ewes, poor to best; and Lambs, good to prime; Market, Chicago. (51) Mercury; (Civil War): Base Price $.55 per lb. (Present War): Quicksilver, jobbing lots; Market, New York; Base Price $.55. (52) Milk: Fresh: (Civil War): Base Price $.05 per quart. (Present War): Chicago Platform; Market, Chicago, Base Pricev$.0382. - 20 - ( MO LA S3ES MURIATIC (54 Civil P ACTD resent OATS (oC) Civil P H3L resent War OP' (: Civil War r UM (53) Jivil Present Wax. Sax 56) Present I2£ 1860 and Jan, April 100 100 100 100 ICO 100 100 100 111 103 83 88 100 122 105 101 1913 July 96 100 100 100 95 101 96 98 Oct, 100 100 100 100 92 9? 104 94 1861 and 1914 Jan. April July Oct. 81 79 70 111 100 100 100 122 100 100 100 100 100 100 100 100 90 80 • 72 83 98 97 94 119 83 91 96 100 98 106 112 160 1862 and 1915 Jan. April July Oct. 105 93 97 112 122 100 100 100 117 117 117 117 100 100 135 154 99 93 103 138 134 142 134 95 87 87 109 125 146 123 115 135 1863 and 1916 Jan, April July Oct. 116 112 117 139 100 100 100 100 100 100 100 100 154 212 212 154 166 200 178 168 121 113 103 125 146 174 148 170 180 188 187 172 1864 and 1917 Jan. April July Oct. 152 192 254 268 100 100 100 123 133 133 133 133 135 135 135 145 224 214 238 208 142 166 194 150 170 204 243 300 221 410 442 491 1855 and 1918 Jan. April July Oct. 287 196 201 250 152 153 153 150 . 150 150 150 154 231 173 261 212 177 144 203 222 195 122 117 103 126 491 405 370 1866 and 1919 Jan. April July Oct. 197 203 211 197 167 167 167 167 122 115 147 137 151 109 109 126 l " (Civil ffwrj (Present War) (54) Muriatic Acid: (Civil War) (Present War) (55) Oats: (Civil War) (Present War) (56) Opium: (Civil War) (Present War) ! Average of New Orleans Prime at $.53 per gal. and Prrto Rice best at ,38 per gal, : New Orleans, open kettle, Market New Orleans; Base price $.45 per gal. Base price $,03 per lb. 20 degrees; Market, New York; Base price $.013 per lb, Market, New York; Base price $.4175 per bushel. Contract grades cash; Market Chicago; Base price $.3929 bu. Base price $5.75 per lb. Natural, in cases; Market New York; Base price $6.1042 lb, -21- OXIDE OF ZINC (57) pi: r .LS 58) PINE B0ABDS P7NE (£0) ( 59) Civil Present, Civil P:,- e sent Civil Present Cv2il Present War War War VS'f.U" Wx.c W?r 1<2£. Wax* 1860 Jan. 111 100 100 97 1C3 •- 100 - and April 111 100 100 100 JLuo 107 100 102 1913 July 100 100 100 100 100 102 , 100 102 Oct. 100 100 100 100 106 102 125 99 1851 Jan. 100 100 99 100 106 97 *125 99 and April 100 100 99 100 106 101 125 100 1914 July 100 100 99 100 106 96 125 98 Oct. 100 100 98 100 106 e5 125 100 1862 Jan. 100 100 93 100 106 86 188 99 and April 100 100 95 100 110 89 188 99 1915 July 100 142. 107 100 106 90 188 100 Oct. 100 142 120 100 110 112 194 103 1863 Jan. 100 160 123 100 110 114 200 105 and April 144 160 150 103 132 109 200 104 1916 July 144 181 139 103 132 110 200 110 Oct. 139 181 140 103 148 121 200 115 1864 Jan. 144 181 160 108 148 129 . 200 123 and April 156 181 . 179 119 164 161 200 144 1917 July 189 191 179 136 196 173 200 155 Oct. 200 191 180 136 196 171 200 157 1865 Jan. 200 186 180 - 196 181 200 167 and April 200 186 179 - 196 187 200 178 1918 July 178 185 144 - 196 - 200 - Oct. 2C0 212 228 200 1856 Jan. 200 193 228 200 and April 200 187 238 200 1919 July 222 179 228 200 Oct. 222 179 228 200 (57) Oxidf; z..: Zinc: t dvii ■; ! *. Base Price $.045 per pound. [Vr?.22 t #'i'r)j Standard; Market, New York; Base Price $.0538 per lb. (58) Pails; (Civil War): Wooden, average of 2-hoop No. 1 at $1.40 per doz., and 2-hoop No. 2 at $1.35 per doz., and 3-hoop at $1.60 per doz. (Present War): Oak Grained; Market New York; Ease Price $1.80 per doz. (59) Pine Boards: (Civil War): Base Price $31.25 per M feet. (Present War): Average of Yellow Pine Texas Timber, Timber S~l S-l-E, Alabama S-l S-l-E, La. Timber S-1-S-l-E, 6'*x9"~16 r , (f.o.b. Mills #6007, #8005, #4006, #550v (60) Pine, Lumber in Lag: (Civil War): Base Price $8.00 per M feet. (Present War): Average of Northern Pine and Wisconsin Boards No. 2 l"x8 ,, -12 l and No. 3 Boards 12>'xl0"-20' (f.o.b. Mills #6004, #6008, #6010, #6009) - 22 - POWDE R (61) Civil Present War War FUTTY (62) Civil Pre War :ent 1860 Jan. 100 100 and April 100 100 1913 July 100 100 Oct. 100 100 1861 Jan. 100 100 and April 100 100 1914 July 120 100 Oct. 120 100 1862 Jan. 140 100 and April 120 100 1915 July 130 100 Oct. 130 100 1863 Jan. 130 104 and April 135 117 1916 July 185 117 Oct. 147 109 1864 Jan. 145 117 and April 152 130 1917 July 174 152 Oct. 172 178 1865 Jan. 180 170 and April 175 170 1918 July 170 170 Oct. 170 1666 Jan. 170 and April 155 1919 July 150 Oct. 150 100 100 100 100 War 100 100 100 100 117 100 117 100 117 100 117 100 133 100 133 100 133 100 133 100 150 230 150 287 150 287 150 287 167 287 167 287 167 391 167 391 183 391 183 391 183 470 183 200 200 200 200 CJJICKSILVER pun-inr E 1 63) (64) Civil Present Civil Present War War War War 100 103 100 80 112 101 123 88 113 103 136 88 114 103 159 94 113 101 155 107 109 97 173 107 99 94 - 107 96 147 191 127 96 129 227 107 88 173 205 107 115 242 236 123 129 230 259 164 140 407 255 3C8 164 465 286 308 164 207 264 308 160 199 227 205 185 209 232 226 256 302 273 308 390 274 295 308 308 261 305 308 256 327 295 3C8 195 318 232 308 154 323 200 369 174 268 256 232 174 223 181 245 174 241 Cf61 ) Pi rwfOP^ ' !C'i I War /.-Rifle; Base Price 05. CO per 25 lb. keg (j.'resre'it War);Base Price .'jl.15 per 25 lb. keg (62) Putty r y : (Civil War^:Base Price $.03 per lb. (Present War ■) :. Commercial; Market, New York; Base Price §.0115 per lb. (63) Quicksilver: (Civil War) -.Base 'Price $.4875 per lb. (Present Wari:Spot Virgin; Market. New York; Base Price 038-7083 per flask of 75 lbs. ( 64 ) Quinine : j. (Civil Warr):Base Price $1,10 per oz. (Present V/ar ^Market New York; Base Price $.2438 per oz. - 23 - RICE ROPE RUBBER EYE (65) (66) (67) (68) Civil Present Civil Present Civil Present Civil Present War War War & War War War War 1860 Jan. 100 90 100 90 100 145 107 101 and April 106 93 100 92 109 120 100 98 1913 July 112 102 98 95 123 117 99 98 Oct. 115 103 99 102 118 103* 94 103 1861 Jan. 91 95 100 102 100 87 „„ 96 and April 94 100 108 102 68 100 77 97 1914 July 135 102 101 92 82 83 - 97 Oct. 171 90 96 99 77 76 82 144 1862 Jan. 182 93 120 80 87 102 101 185 and April 171 94 123 77 91 77 94 183 1915 July 176 92 121 80 105 77 87 163 Oct. - 83 144 83 122 73 75 157 1863 Jan- _ 86 154 97 159 128 107 157 and April - 87 191 112 155 100 126 152 1916 July 86 175 110 132 85 121 152 Oct. - 85 170 125 136 96 130 205 1864 Jan. _ 90 181 135 145 100 152 227 and April - 128 198 135 151 107 151 291 1917 July - 133 212 154 173 94 236 350 Oct. - 147 254 161 218 76 173 284 1865 Jan. 282 151 243 170 218 '72 203 301 and April 259 180 219 189 155 74 145 416 1918 July 229 178 219 236 127 85 101 268 Oct. 282 234 136 119 1866 Jan. 282 248 182 121 and April 277 202 145 101 1919 July 282 199 141 143 Oct. 341 210 136 149 (65) Rice: (Civil War ) : Base Price 0*0425 per It, (present War) : Honduras, Head Domestic Clean, ; Market New Orleans; (66) Rope (Civil War ) : (Present War ) : (57) Rubber: (Civil War): (present War) (68) Rye (Civil War): Base Price $.0526 per lb. Average of Manilla at 0»O825 per lb. Tarred .jnerican at v.0925 per lb. Tarred Russian at $.095 per lb. Average of Jute Cordage Rope No.l, Jute Cordage Rope No. 2, Cotton Cordage Rope 1st Grade; Market New York. Para; Base Price 0.55 per lb. Para; Market Nev; York; Base Price 0-6938. Base Price 0.8375 per bu. (Present War): No. 2 Cash, Market Chicago; Base Price y.6369 per bu. - 24 - (69) Civil Present SHIP - BISCUIT (70) Civil Present SH0V3LS (VI) Civil Present SILK (72) Civil Pre; ent ,",ar war '.Tar War War War 1860 «jan. 100 100 and April 84 100 1913 July 99 100 Oct. 91 100 1861 Jan. 84 100 and April 89 100 1914 July 91 100 Oct. 103 100 1862 Jan. 94 105 and i *.pril 106 105 1915 July 121 105 Get. 130 105 1863 Jan. 130 105 and April 165 115 1916 July 174 115 Oct. 176 115 1864 Jan. 192 142 and April 212 157 1917 July 266 157 Oct. 378 171 1865 Jan. 287 172 and April 206 191 1918 July 211 200 Oct. 244 1866 Jan. 209 and April 215 1919 July 202 Oct, 178 100 100 100 100 100 100 100 100 113 100 113 100 100 100 100 100 100 100 100 108 100 115 100 115 125 108 125 108 125 108 125 123 194 123 194 154 194 169 194 215 188 183 188 235 138 255 138 162 162 169 169 100 ■ 95 100 100 100 100 100 100 100 100 100 100 100 100 100 100 95 100 95 86 99 86 99 86 103 ' 95 — 95 _ 108 123 114 136 120 161 120 200 149 200 162 184 162 184 175 134 175 134 134 134 142 142 War \.ar 100 87 100 87 106 96 ICO 106 100 99 83 97 78 99 72 89 72 73 72 77 83 75 81 81 75 106 72 132 67 120 67 132 69 147 75 141 89 159 94 - 89 _ 100 - 111 - 100 103 94 103 106 (69) Salt: (Civil War): Average of Ashton's at &1.95 per 224 lbs. and Turk's Island at #.20 per bu. (Present War): American Medium; Market Chicago; Base Price ^1.02 per bbl. (70) Ship- (Civil War) Base Price ,;,04 per lb. Biscuit: (Present War)Boston; Soda in boxes; Market New York; Base Price ')«C65. (71) Shovels: (Civil War): Base Price £10.83 per doz. ( Present ) War) Ames BJo. 2; Base Price $7,850 per doz. (72) Silk (Civil War); Raw Italian; Base Price &9.00 per lb. (Prosent)War)Ra\7 Italian; Base Price §4.5938 per lb. _ 25 - SOAP SODA SPRUCE LAUNDRY STARCH (73) (74) (75) (76) 1 3ivil present Civil P re sen- t Civil : Present Civil Present War War War War War War War War 1860 Jan* 100 101 100 _ 92 97 100 84 and April 115 101 100 - 92 108 100 91 1913 July 118 101 95 64 100 103 100 91 Oct. 109 101 89 - 100 101 100 110 1861 Jan. 115 101 89 — 100 100 100 104 and April 112 101 89 - 100 100 100 97 1914 July 118 95 79 136 88 95 100 97 Oct. 141 95 105 131 83 93 94 104 1862 Jan. 153 90 121 131 83 91 94 104 and April 159 90 111 131 83 90 94 lo4 1915 July 156 90 105 136 79 88 94 lo4 Oct. 165 90 116 455 98 86 102 104 1863 Jan. 171 88 126 545 98 95 118 104 and April 203 88 142 591 98 102 126 104 1916 July 200 88 142 500 131 96 118 117 Oct. 194 92 142 568 127 97 118 130 1864 Jan. 218 . 101 153 541 127 104 142 130 and April 206 101 168 584 177 131 157 143 1917 July 282 151 221 520 202 139 173 149 Oct. 247 151 205 616 192 144 194 162 1865 Jan. 294 168 274 545 192 146 205 159 and April 247 176 111 480 169 167 205 162 1918 July 194 176 89 400 169 181 173 144 Oct, 253 137 169 173 1866 Jan. 232 274 169 173 and April 212 189 202 157 1919 July 224 105 202 157 Oct. 212 337 183 157 (73) Soap; (Civi! L War) : Cast: ile; Base price $1,085 per lb. (Present War) : Laundry, Market Cincinnati; Base price $3.1167 ; per box. (74) Soda: (Civil War ) : Ash; Base price $• .02375 pe: r lb. (Present War) : Ash Light 58$ (on basis of 48$), Market New York; Base price up t O D per 100 lbs. (75) Spruce: (Civil War) ; Boards; Base ; price $12.00 per m. ft. (Present War) : Average of Sp ruce covered boards, Sp ruce matched Boards; Market Boston * (76) Starch: (Civi] . War) : Average of Ontario at $.045 per lb. , Pearl at $ .054 per lb. , Pure at $.0585 per lb. , Refined at $. 063 per lb. , Silver Gloss £t"C i^> < .0698 per lb. (Present War) : Laundry, Market New York; Base price $.0585 per lb. - 26 - CORN STARCH (77) SUGAR (78) SUGAR OF (79; LEAD 1 SULPHURIC (80) ACID Civil Present Civil Present Civil Present Civil Present War War War V/ar War War War War 1860 Jan. 100 100 100" 107 100 102 100 100 and April 100 100 96 100 95 102 100 100 1913 July 100 100 96 106 95 102 100 100 Oct. 100 100 90 102 98 102 100 100 1861 Jan. 100 100 79 97 100 102 109 100 and April 100 100 73 89 97 97 109 100 1914 July 100 100 71 99 97 97 109 100 Oct. 94 108 108 138 97 97 109 100 1862 Jan. ' 94 108 109 US 116 97 127 100 and April 94 108 103 141 107 97 127 100 1915 July 94 108 104 142 109 126 127 125 Oct. 100 108 125 121 133 126 127 175 1863 Jan. 112 108 132 138 162 138 109 200 and April 118 108 140 176 213 149 109 250 1916 July 112 108 145 184 187 173 109 200 Oct. 112 125 153 178 130 156 109 150 1864 Jan. 129 90 168 157 189 140 109 150 and April 141 113 193 190 211 153 109 175 1917 July 153 113 285 188 250 177 145 150 Oct. 165 123 238 201 559 196 173 175 1865 Jan. 176 119 265 179 473 190 173 200 and April 176 121 161 177 462 193 182 225 1918 July 153 111 177 178 421 193 182 140 Oct. 153 197 435 182 1866 Jan. 153 172 356 1.82 and April 141 151 341 200 1919 July 141 157 392 182 Oct. 141 154 311 164 (77) Starch: (Civil War) (Present War) (78) Sugar: ( Civil War) (Present V/ar) (79) Sugar of Lead: (Civil War) (Present War) Corn; Base price $.0675 per lb. Corn, culinary; Mai-ket New York; Base price $.06 per lb. Average of Pair refining at $.0725 per lb, ; Granulated at $10 perl 1 : Average of Sugar, 96 Centrifugal, Sugar, Granulated in bbls.; Market New York. Average of Brown at $.075 per lb,; White at $.115 per lb. Average of Acetate of Lead, ZJlite crysta i S; Market New York; Acetate of Lead, Brovm Broken; Market New York. (80) Sulphuric Acid: (Civil War) : Base price $,0275 per lb. . (Present V/ar); 66 degrees, Market New .York; Base price $.01 per lb. -27- TALLOW TAP. twc/iO seed "tosa-Jco? 186© Jan. 100 and April 102 1913 July 98 Oct, 98 1861 Jan, 83 and Apr il 95 1914 July 78 Oct , 83 1862 Jan. 93 and April 88 1915 July 93 Oct . 110 1863 Jan, 101 and April 112 1916 July 110 Oct . 110 1864 Jan. 126 and April 124 1917 July 166 Oct . 143 1865 Jan. 176 and April 107 1918 July 102 Oct . 141 1866 Jan. 122 •?.■ d April j.18 1919 July 122 Oct. 127 TALLOW "IsTT Civil Pres ent War War 100 ~93 102 96 98 94 98 107 83 100 95 97 78 92 83 94 93 92 88 96 93 89 110 93 101 120 112 141 110 133 110 145 126 161 124 194 166 248 143 211 TAR T82) Civil Pre-eent TIMOTHY SPED (83T 246 244 249 War 98 100 100 100 35 103 120 200 380 370 640 540 960 730 600 400 240 260 600 160 120 120 120 War 99 99 99 99 112 SO 101 101 CI 67 76 67 94 90 103 117 117 130 157 157 161 135 178 Civil War 88 115 116 92 94 104 Ul 62 66 71 67 66 83 73 94 95 111 106 120 194 224 179 158 160 144 149 219 123 P resent ~Iar 79 74 94 104 105 88 114 110 149 123 135 144 153 135 131 96 102 128 160 166 162 164 170 TOBACCO :WPAPPE1 Civil Present War War 108 100 98 100 93 100 97 100 98 100 95 100 91 100 S3 100 115 100 134 100 125 100 175 100 193 100 239 137 224 137 200 137 220 111 240 111 245 133 255 133 285 133 253 136 214 149 231 214 200 200 107 X8l5 Tallow:" (Civil War): Base Price $.1025 per lb. (Present War): Packers' Prime, Market Chicago; Base Price $-0716 per lb « (62) Tar: (Civil Far): Base Price $2.50 per bbl, (Present War J Pine; Market, Wilmington, N. C; Base Price *2 ,2292 per bbl, (63) Timothy Seed: (Civil War): Average of $2,604 per bw. at New York. $2.58 per bu . at Cinn.; $2,472 at Chicago-, (Present War): Average of Timothy Seed, Poor to Choice, Chicago; (No description) Milwaukee; (no description) Cincinnati; Poor to Prime, St. Louis « (84) Tobacco Wrappers: (Civil War): Av . Conn, and Pa, wrappers at New York; Base Price Conn. 17; and Base Price Penn. ,13 per lb. (Present War: Av . of Havana. Seed, Medium Dark at NaY.; Base Price $.2850 ano Havana seed light wrappers at N.Y.; Base Price $.50 per lb. TOBACCO jLSAF. TUBS TUBPENTINE VEGETi J3LES BUR. LEY (05) (06) (87) (08) Civil present Civil Present Civil Present Civil Present • War r/ar War War War War War War 1G60 Jan. 100 06 100 93 ilbo 94 122 64 and April 100 84 100 99 115 100 119 54 1913 July - 91 98 99 100 87 121 107 Oct. - 102 95 99 105 93 100 OG 1G61 Jan. — 105 91 99 GO 103 107 90 and April - 98 91 102 90 107 124 94 1914 July - 104 91 102 205 109 129 165 Oct. 64 105 89 105 363 106 110 64 1863 Jen. 145 94 04 105 350 101 121 56 end April 116 91 97 105 245 105 127 55 1915 July 148 102 101 105 325 95 103 61 Oct. 222 102 111 108 563 91 118 60 1063 Jan. 241 102 132 110 625 125 117 136 and April 204 104 137 110 675 122 119 116 1916 July 284 109 138 110 095 93 130 110 Oct. 220 109 141 116 680 102 134 179 1864 Jan. 255 123 156 128 750 124 143 246 and April 253 133 169 157 800 114 223 365 1917 July 220 148 177 174 900 92 316 325 Oct. 216 165 159 174 608 116 186 163 1865 Jan. 261 204 164 „ 513 109 241 174 and April 247 212 145 - 500 93 178 94 1916 July 273 260 150 - 338 - 128 142 u Oct. 240 156 263 176 1866 Jan. 237 208 250 154 and April 216 193 217 173 1919 July 216 184 203 349 Oct. 212 178 167 138 (05) Tobacco, Leaf Burley: (Civil War): Average of Leaf Pine at Cincinnati, Base Price §11.00, and Kentucky Leaf at New York, Base Price O.OG40-5/8 (present War): Good Leaf, Parle Bed at Louisville, Ky.; Base Price §14:. 2417. (86) Tuts: (Civil War): Average of nest of 3 at $1.25; nest of 8 at §2.00; nest of 3 at $1.45, nest of 8 at #2.25 (Present War): Oak grained, wooden; liarket, Hew York; Base Price Ol.?20G (87) Turpentine: (Civil War): Base Price $A0 per gal. (Present War): Spirits of; liarket New York; Base Price £.4509 (88) Vegetables: (Civil War): Average of potatoes at #1,75 pe r bbl., $.40 per bu. (Present War): Potatoes, Good to Choice, Market Chicago; Base price $.7306 ner bu. -29- WHEAT WINDOW GLASS WOOD - SCREWS WOOL (89) (90) (91) ' .-$2* Civil Present Civil Present Civil Present Civil Present War War ilkE. War War War War War I860 Jan. 102 105 94 104 100 126 100 115 end April 103 1C4 99 106 100 126 91 111 1913 July 104 98 ICO 102 Gl 126 96 106 Oct. 91 96 100 100 117 114 69 105 1861 Jan. 92 100 98 100 117 60 81 96 end April 94 102 102 99 117 80 75 96 1914 July 67 96 96 99 117 91 50 102 Oct. 88 121 102 96 117 103 98 105 1862 Jan. 92 151 105 96 117 114 100 118 and April 91 171 112 101 117 114 90 128 f 1915 July 82 146 117 100 117 91 94 120 Oct. 89 116 114 1C1 117 91 123 138 1863 Jan, 99 141 130 104 135 149 149 147 and April 111 132 143 123 158 194 164 157 1916 July 102 128 147 124 158 194 140 157 Oct. 102 188 135 127 119 217 161 157 1864 Jan. 116 208 147 137 158 240 157 187 and April 124 255 196 137 156 274 152 229 1917 July 194 273 219 157 216 297 194 278 Oct. 147 237 237 158 216 297 200 311 . 1865 Jan. 176 237 245 142 216 247 200 333 end April 124 237 207 156 216 247 157 333 1918 July 101 239 161 168 216 247 142 329 Oct. 144 195 216 143 1866 Jan. 128 214 216 122 and. April 115 206 216 114 1919 July 150 199 216 131 Oct. 190 199 216 119 (39) Wheat: (Civil War): Average of Spring at 01,2437 at New. York;Spring No. 2 at $.975 per bu. at Chicago; Winter at §1.3637 per bu. at Her? York. (Present War): Average of No. 1 Northern Spring cash Minneapolis; No. 2 red, Winter at Chicago,- Ho.l Northern Spring, cash at Chicago. (90) Window Glass: (Civil War): Average of American firsts, French firsts and French thirds. (Present 'War ) : Average of Window Glass AA 25 in., American Singles ; Window Glass, ,Amer. Single B„ 25 in. 6x8x10; Glass, Plate, Polished glazing, area 5-1Q sq. ft.; Market, New York. (91) Wood Screws: (Civil War): Base Price $.222 per gross. (Present War): Flat heads, Market New York; Base Price 0.0875 per gross. ( 92 ) Wool : (Civil War): Average of Ohio fleece, Coarse; Ohio fleece medium; Ohio fleece fine; Eastern Market. (Present War); Medium fleece l/4 to 3/8 grade, scoured; Markets, Br stern, -n.c-t-.n-n Tbn-irrtn-no Phi la, . and New York; Base Price 0,4363 per lb. - 30 -