30 



Minnie Throop England 



The figures for the spread of prices agree that the prices of 

 manufactured goods are more stable than the prices of razv ma- 

 terials. ^ The formation of trusts among manufacturers has 

 doubtless had much to do with the steadying of prices in the case 

 of manufactured goods. For example, a uniform price for 

 broadcloth- is maintained from 1884 to 1891 inclusive, but the 

 price of wool fluctuates greatly within that period. It is some- 

 times said that trusts are able to maintain prices for a time at a 

 higher level than under freer competitive conditions, but that 

 when the fall of the prices of trust commodities does occur, the 

 decline is greater than that of competitive prices. The data here 

 given do not lend support to this view. 



In the crisis of 1873 in Germany, it was the half-products of 

 manufactured goods which showed the greatest spread of prices. 



^C/. Giffen, R. Economic Inquiries and Studies, London, 1904. 1:81-3. 

 "See Appendix, table U. 



70 



