| PRICES. | ||
| Risen. | Fallen. | Unchanged. |
| Flour. | Oats. | Dyes, S. Hayti. |
| Rye. | Shorts. | Dyes, extracts. |
| Corn. | Cotton. | Rosin. |
| Cod. | Print cloths. | Pitch. |
| Herring. | Mackerel. | Tar. |
| Hay. | Rye straw. | Petroleum. |
| Oat straw. | Hemp—Manilla. | Salt. |
| Dyes, N. Hayti. | Jute butts. | Tallow. |
| Whale oil. | Hides, domestic and foreign. | Lard. |
| Sperm oil. | Hops. | Pa. wrappers. |
| Lard. | Opium. | |
| Pork. | Hemlock bark. | |
| Butter. | Pig iron. | |
| Cheese. | Lead. | |
| Potatoes. | Copper. | |
| Havana wrappers. | Spelter. | |
| Sumatra wrappers. | Leather—all kinds. | |
| Tea. | Molasses. | |
| Coffee. | Lumber. | |
| Beef. | Turpentine. | |
| Linseed. | ||
| Beef hams. | ||
| Rice. | ||
| Sugar. | ||
| Rubber. | ||
| Cornstarch. | ||
| Wool. | ||
| Eggs. | ||
| Potatoes. | ||
| Onions. | ||
| Squash—Marrow. | ||
| Apples—Gravenstein. | ||
| Mutton. | ||
| Veal. | ||
From these tables it is obvious that there has been, in the first place, no general rise of prices such as was confidently predicted by the panic-mongers of last year. On the contrary, the large majority of prices show a downward tendency. But more important than this is the fact made obvious by these tables that the price of the protected product has not risen. The foreign goods have advanced in some instances and been shut out in consequence, but domestic goods have taken their places, the price being kept down by domestic competition. In a word these tables prove that except for the enormous reduction in the cost of sugar, the new tariff has had but slight effect if any on the course of prices of the necessaries of life, and that the statements of the free traders as to a general rise of prices was entirely false.
The following extract is from a letter from one of the largest wholesale clothing firms in Boston. It tells its own story:—
“In reply to yours of the 10th inst., would say that we sold clothing in every grade in August, 1891, at fully 10 per cent. less in prices than in August, 1886; for instance, a cassimere suit sold then for $12.00 which we sell now for $10.50, and one sold for $13.50 and we sell the same now for $12.00. An overcoat sold then for $11.50 which we sell now for $10.00. Another grade sold then for $16.50 and sells for $15.00 now. This difference will run through all grades in proportion to prices. The difference in prices between August, 1890, and ‘91, is very little, if any; less rather than more in ‘91.”
As to the development of manufacturing under the McKinley bill I will quote first the opinion of a disinterested witness. The British Consular General at New York, in his report of May 8, 1891, speaks as follows:—
“Influenced by the new and higher duties afforded for the benefit of American manufacturing interests, new life has been imparted to the cotton, worsted, woollen, and knit underwear industry. Everywhere, especially in the Southern States, new textile mills have been going up with surprising activity, and all the old corporations have been operated on full time….
“As a rule, all the cotton mills have had a year of unusual activity. The production has been of larger volume than in any previous year, and the goods have found a ready sale generally but at comparatively low prices, considering the high prices which prevailed during the first six months of the year for cotton. Market prices, except in a few cases, did not vary with the price of cotton. Opening generally at low rates, cotton goods have been steady, the home and export demand being sufficient to absorb the supply of all standard and staple makers of brown, bleached, and colored goods, if we except printing cloths and calicoes….
“The worsted goods industry has been marked by fresh life since the new tariff has, to a great extent, cut off the importation of the lowest grades of such goods. All the old factories have started up, and are making goods on safe orders; and new mills are being erected by European and British capitalists with a view to manufacturing a finer class of dress goods, etc., than ever before has been produced in this country. The woollen goods industry, apart from ladies’ cloths, does not show any perceptible signs of improvement, but keeps on a slow, steady gait, apart from carpetings and woollen underwear. Both of the latter industries have been unusually busy during the last six months at fairly profitable prices.”
To give a complete list of the new industries started since the passage of the McKinley bill would be impossible, and would occupy more space than The Arena could spare. I give, therefore, a partial list compiled from the Boston Commercial Bulletin, and covering only the first three months after the passage of the law, that is, from Oct. 1, 1890. These are the months most unfavorable to the bill, but the statistics show what the growth of new and old industries has been under the tariff of 1890 in three months, and indicate what the future increase is likely to be.
SHOES AND LEATHER.