Per cent of increase (+) or decrease (—) in 1903, as compared with previous years, in employees, hours per week, wages per hour, weekly earnings per employee and of all employees, retail prices of food, and purchasing power of hourly wages and of weekly earnings per employee measured by retail prices of food, 1890 to 1993.

Note. The figures in this table give for each year, and for the average of the ten-year period from 1890 to 1899, the per cent of increase or decrease (indicated by and) which the figures for 1903 show as compared with the year specified. For example, the first column shows that the number of employes in 1903 was 26.4 per cent. greater than the average number in the ten-year period, 34.3 per cent greater than the number in 1894, 2.3 per cent greater than the number in 1902, etc., etc.

available showing the thousands of workmen thrown into absolute idleness by the closing down of factories and mills during Democratic rule and the thousands given employment during Republican rule, the per cent of increase in employees at work in 1903 over the number shown for 1894 would doubtless be double that given by the Bureau of Labor for the 3,429 establishments in continuous operation.

Second. Working Hours.-As regards hours of work in the establishments covered, it is seen that almost without a halt the workday has gradually been shortened during the period. The average hours worked per week in 1903 were 4.1 per cent less than in 1890, 3.5 per cent less than in 1895, 2.1 per cent less than in 1900, and .7 per cent less than in 1902. The general betterment of industrial conditions is nowhere better shown than in the figures which indicate that slowly but surely the hours of labor are decreasing and a consequently longer time is afforded the workman for rest, recreation, and improvement.

Third. Hourly Wages.-The table shows quite conclusively the reduction in wages during the years of depression and the gradual and rapid increase year by year since 1896. It is seen that the hourly wages in 1903 were 16.0 per cent higher than in 1890; they were in 1903 18.8 per cent higher than in 1894, the year of lowest wages; they were 18.3 per cent higher than in 1895, and 16.6 per cent higher than in 1896, etc. It is most interesting to note the steady and strong tendency toward higher wages during the last eight years, nor should the fact be overlooked that the wages of 1903, the last year covered, were higher than in any previous year, being 3.6 per cent higher than the year 1902. The figures do not in any way indicate that a retrograde movement has begun.

Fourth. Weekly earnings per employee. It has been stated that while hourly wages have increased greatly the daily hours of work have gradually decreased. While the decrease in hours has doubtless been due to the movement of workmen themselves for, a

shorter workday, it should be noteu also that when the decrease in hours per week is taken in connection with the increase in wages the resulting weekly earnings still show a marked increase in 1903 over preceding years. For example, the weekly earnings in 1903 were 14.9 per cent greater than in 1894, 14.1 per cent greater than in 1895, etc., etc. While the increase as shown above is quite considerable, it should be remembered that it does not by any means indicate the conditions as to weekly, monthly, or annual earnings in 1903 as compared with the years of depression, inasmuch as the figures given are based on the presumption that each employee worked full time. While figures are not available showing the extent to which establishments worked "half time" or "three-quarter time" during the years of depression, or closed dovn entirely, it is safe to say that were it possible to compare average weekly, monthly, or yearly earnings in 1903 with those for 1894, 1895, and 1896 the per cent of increase in 1903 over the latter years would be much greater than that shown in the Bulletin of the Bureau of Labor, and would reach probably between 25 and 30 per cent.

Fifth. Weekly earnings of all employes.-Some impression as to the influence of conditions of employment on the earnings of wage-workers may be gained by reference to the column of the table containing the percentages which show the increase (in 1903 over each preceding year of the period) in the weekly earnings of the employees covered by the report. It will be remembered that the report covers 67 industries and that these industries are represented by a total of 519 distinctive occupations in 3,429 establishments-all of which were in operation during each year of the entire period. If the number of workmen employed each year in the 519 occupations is considered in connection with their weekly earnings, the amount of the weekly pay roll of these workmen for each year of the period is readily obtained. While for reasons before stated the figures given do not mark the extreme decline and advance in the amount paid out in wages, they are extremely suggestive. It is seen that the per cent of the increase in 1903 over 1894 of the weekly earnings of the workmen employed in the two years mentioned reached as much as 54.4 per cent; the increase in 1903 over 1895 reached 49.7 per cent; the increase in 1903 over 1896 reached 45.1 per cent, etc., etc. The figures for the last eight years of the period again show the increasing and almost marvelous betterment of conditions during these years and their uninterrupted continuance to the last year of the period.

Sixth. Retail prices of food.-As previously indicated, the figures given in this column are stated by the Bureau of Labor to fairly represent not only the trend of cost of living so far as food is concerned, but also to mark the possible limits of advance and decline in the cost of all articles of family consumption. The results are especially important, as they are derived from the first comprehensive investigation into retail prices covering a long series of years. Heretofore wholesale prices have been used to indicate the trend of cost of living, although it was recognized that they were more sensitive to conditions than retail prices, that their fluctuations were considerably greater, and that they could not be used to indicate even approximately the extent of increase or decrease from year to year in cost of living. The collection of retail prices which forms the basis of the figures in the table is, therefore, of great value as indicating with great exactness the cost of living based on prices actually paid by the small consumer. It is seen that cost of living increased in 1903 over the year of lowest prices, 1896, not more than 15.5 per cent; over 1897, 14.5 per cent; over 1898, 11.8 per cent., etc., etc. It is interesting to note in this connection that the cost of living in 1903 was .5 per cent less than in 1902 and that the decline in 1903 is the first since 1896. It is also important to note that while cost of living declined in 1903, the number of workmen employed, the wages per hour, and the earnings per week continued their steady advance.

Seventh. Purchasing power of wages.-The last two columns of the table show the percentages representing the purchasing power of wages. The first of the two columns shows the facts for hourly wages, while the second shows those for weekly earnings.

Considering the retail prices of food or cost of living in connection with hourly wages, it is shown that the purchasing power of hourly wages in 1903 was 9.1 per cent greater than in 1893, 7.3 per cent greater than in 1894, 4.9 per cent greater than in 1895, 4.0 per cent greater than in 1902, etc., etc. In other words, an hour's wages in 1903 would purchase 9.1 per cent more of the commodities and articles entering into the cost of living of the workingman's family than would an hour's wages in 1893, etc., etc. The last column, which does not present so accurate a figure for reasons stated previously in connection with weekly earnings, colfirms the conclusion justified by the preceding column that, cosidering both wages and cost of living the workingman has benefited to a measurable degree from the increase in wages despite the increase in cost of living and shortening of working hours.

When it is remembered also that the betterment of industricl conditions has been greater than the figures indicate in some cases as previously explained, that it has extended in many directions not covered by the figures and not even susceptible of demonstrition by the statistical method, and that the savings of the workman during a period of high wages, although accompanied by high prices, is considerably greater than during a period of depression, it seems a safe and conservative conclusion that at no time in the history of this or any other country has there been an era of prosperity so productive of material benefit to both the workingman and the employer as the last eight years of Republican rule.

EXCHANGE VALUE OF FARM PRODUCTS.

Prices of Raw Materials Compared with Prices of Manufactured Articles, 1896 and 1903.

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

The table which follows has been prepared from official figures published in Bulletin No. 51 of the United States Bureau of Labor and shows the per cent of advance in 1903 as compared with 1896, the commodities being grouped as in the original source. The comparisons are between wholesale prices, as in the language of the original report "They are more sensitive than retail prices and more quickly reflect changes in conditions."

Comparing 1903 with 1896, farm products show an advance of 51.72 per cent, that is for every $100 received from the sale of farm products in 1896 the farmer received in 1903 $151.72 for the same quantity.

Food, etc., advanced 27.80 per cent.; cloths and clothing, 16.76 per cent; fuel and lighting, 43.4 per cent, etc. It is seen that the advance in farm products has been from two to four times as great as the advance in any of the other groups, except fuel and light, and even there the advance has not been nearly as great as in farm products. It will likewise be observed that the wholesale prices of food have increased much more than the retail prices, which are considered on pages

The purchasing power of farm products in 1903 increased materially over 1896. The same quantity of farm products would purchase in 1903 18.17 per cent more food than in 1896. It would purchase 29.94 per cent more cloths and clothing; 5.99 per cent more of the articles included in the group fuel and lighting; 20.90 per cent more metals and implements; 16.74 per cent more lumber and building materials; 24.78 per cent more drugs and chemicals; 26.21 per cent more house furnishing goods; and 22.07 per cent more of the articles included in the miscellaneous group.

This shows that no one has been benefited by the advance in prices as much as has the farmer; that in 1903 the price of farm products was 51.72 per cent, or more than one-half greater than in 1896; that even when the advance in price of other articles is considered, the purchasing power of farm products in 1903 was, when compared with other groups of articles, from 5.99 per cent. to 29.94 per cent greater than in 1896.

The following table shows the comparisons:

Comparative advance in the price of farm products and other groups of commodities, 1903 compared with 1896.

[Compiled from Bulletin No. 51, United States Bureau of Labor.]

It is interesting to notice in the tables which follow the comparative advance in the price of certain related commodities. The average price in 1903 has been compared with the average price in 1896. In practically every case the raw material advanced more than the finished products.

The first table shows that live cattle advanced 19.82 per cent, while fresh beef advanced but 12.38 per cent. With the same weight of live cattle 6.62 per cent more fresh beef could be purchased in 1903 than in 1896.

Hogs advanced 75.22 per cent and smoked hams 34.86 per cent. With the same weight of live hogs 29.94 per cent more ham could be bought, in 1903 than in 1896.

Sheep which the farmer sells advanced 25.03 per cent, mutton which the workingman buys advanced 19.06 per cent. With the same weight of sheep 5.2 per cent more mutton could be purchased in 1903 than in 1896.

Corn advanced 78.61 per cent, while corn meal advanced but 61.11 per cent. With the same quantity of corn 10.86 per cent more corn meal could be purchased in 1903 than in 1896.

Wheat, which the farmer raises, advanced 23.07 per cent, while wheat flour for everybody's use advanced 6.47 per cent. That is, with the same quantity of wheat 15.59 per cent more flour could be purchased in 1903 than in 1896.

Raw cotton advanced 41.86 per cent, cotton bags 13.76 per cent, calico declined 4.00 per cent, cotton flannels advanced 13.74 per cent, cotton thread 20.58 per cent, cotton yarns 20.32 per cent, denims 14.16 per cent, drillings 9.68 per cent, ginghams 15.68 per cent, cotton hosiery declined 0.44 per cent, print cloths advanced 24.64 per cent, sheetings 13.55 per cent, shirtings 5.41 per cent, and tickings 8.44 per cent. The average advance for cotton goods being but 12.08 per cent against 41.86 per cent for the raw. cotton. With the same quantity of raw cotton 26.59 per cent more manufactured cotton goods could be pur= chased in 1903 than in 1896.

Wool shows an advance of 56.23 per cent, blankets (all wool) 23.39 per cent, broadcloths 38.39 per cent, carpets 20.40 per cent, flannels 33.84 per cent, horse blankets (all wool) 29.74 per cent, overcoatings (all wool) 27.69 per cent, shawls 20.09 per cent, suitings 24.15 per cent, underwear (all wool) 8.31 per cent, women's dress goods (all wool) 54.39 per cent, and worsted yarns 61.87 per cent. An average advance for woolen goods of 30.01 per cent, while the raw material-wool-advanced 56.23 per cent. Or with the same quantity of wool 20.14 per cent more manufactured woolen goods could be bought in 1901 than in 1896. The following table shows this information in tabular form:

Comparative advance in price of certain related commodities, 1903 compared with 1896.

[Compiled from Bulletin No. 51, United States Bureau of Labor.]

Market Value of Farm Products in 1896 and 1903 When Measured by the Wholesale Prices of Staple Articles.

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

No official retail prices, other than for certain articles of food, have been published for recent years, but the United States Bureau of Labor in its bulletin for March, 1904, published wholesale prices of the staple articles in general use. From this publication the following tables have been prepared, showing the value of corn, wheat, oats, cattle, hogs, and dairy butter in 1896 and 1903 when measured by the value of other staple articles which the farmer must buy.

While these figures do not represent the actual purchasing power (as all the prices are wholesale), yet the figures shown for the two years, 1896 and 1903, are in practically the same proportion as retail prices would show.

Ten bushels of corn in 1896 was equal in value to 20.9 pounds of Rio coffee, while in 1903 it was equal to 82.4 pounds, or about four times as much. In 1896 10 bushels of corn was equal in value to 56.9 pounds of granulated sugar, in 1903 equal to 99.2 pounds; in 1896 equal to 49.1 yards of calico, in 1903 to 91.4 yards; in 1896 equal to 54.7 yards of ginghams, in 1903 to 83.7 yards; in 1896 to 41.5 yards of Indian Head sheetings, in 1903 to 67.6 yards; in 1896 to 37.1 yards of Fruit of the Loom shirtings,