400 Trices of Commodities during last Seven Years ( 1886 - 92 ). 
The grand total column for all commodities gives a clear view of 
the rapid fall in the years 1884-87 ; of the improvement at the end 
of 1887 and in 1888 and 1889 — which, however, raised prices only 
very slightly above the 1885 level, of the year of transition, 1890, 
when the crisis commenced, and of the fall afterwards. Silver, 
though before 1888 considerably higher than commodities, experi- 
enced similar movements till the middle of 1888, when it fell below 
the line of commodities, still however fluctuating in a similar direc- 
tion until the new United States silver legislation carried it far 
beyond the general level of prices. From the second half of 1891 
the movements were again in the same direction, but stronger, and 
more in sympathy with corn and materials only. 
A comparison of the figures for vegetable and animal food shows 
that they frequently move in quite opposite directions. It will be 
difficult to find a satisfactory explanation for this phenomenon ; the 
simplest reason that would suggest itself would, of course, be that if 
vegetable food is cheap people may spend more money upon meat, 
&c., and the reverse. This may be right in the case of great move- 
ments as in 1891, but it would not explain the minor fluctuations, 
as retail prices do not follow wholesale prices so very closely. Years 
of prosperity and high wages would, of course, tell on the prices of 
animal food ; for instance, 1871—74, 1880-83, 1888-89. But even 
here we have to handle figures carefully ; from 1880-83 prices of 
animal food kept abnormally high, as the number of live stock in 
this country had so greatly diminished up to 1882, while the impor- 
tation of live cattle and fresh meat gained greater importance only 
from 1883. Since then these large importations have gone hand-in- 
hand with an increase in live stock. 1892 was exceptional, merely 
through the influence of high prices for pork. Corn was on a low 
level from the end of 1884 till the end of 1890, and after the rise in 
1891 it declined 21 per cent, within the last year. 
If we inquire as to the influence of certain seasons of the year 
on prices, the averages recorded in Table V. will be of interest. As 
the year 1884 was a year of transition with falling prices, a better 
average will be obtained by leaving it out and taking simply the eight 
years 1885-92, the low price period, in which the average index 
number fluctuated only between 72 and 68. 
Table Y. — Average Quarterly Values. 
Average of Eight 
Tears, 1885-92 
Actual Average of Index 
Numbers, 1867-77= ioo 
Percentages, 1885-92 = 100 
I 
Quarter 
II 
Quarter 
ITI 
Quarter 
IV 
Quarter 
I II 
Quarter Quarter 
nt 
Quarter 
IV 
Quarter 
Vegetable food (corn, ) 
&c.) 1 
Animal food . . . 
All 45 commodities 1 
including materials J 
67-45 
83-72 
67-30 
83-05 
66-68 
84-86 
67*26 
83*01 
100*42 100*19 
9989 99 * 8 1 
99-27 
101-25 
100*13 
99*04 
71-00 
70*18 
70-24 
70*81 
100*62 99*46 
j 
99-55 
100-36 
