MOVEMENT OF WHOLESALE PRICES IN NEW YORK CITY, 1825-1863.

BY CARL H. JUERGENS.*

The price quotations upon which this study is based were secured from the Report of the Secretary of the Treasury on the state of the finances for the year ending June 30, 1863† This report furnishes maximum and minimum prices at the beginning of each month for about eighty-seven articles. A few of these articles, like clover and timothy seed, were omitted because they did not seem suitable for inclusion in a consumer's index number, and a few others could not be used because the same quality or grade was not quoted throughout the entire period. Yearly quotations for seventyfour articles, however, were found to be serviceable and the following statistics are based upon these articles. The maximum and minimum monthly prices of each article were averaged in the first place, and from these monthly averages an average yearly price was computed. The results of this computation appear in Table I. Then, in the second place, using the average prices of 1860 as a base or datum line, relative prices or index numbers were computed for each year covered in the investigation. The average of these seventyfour relative prices furnishes in each year the simple index number. The relative prices and index numbers appear in Table II, and a curve of the index numbers is found in Graph I. Table III and Graph II represent an attempt to produce a weighted index number. The weights employed and other details of the computation are shown in the table. The writer recognizes that the weights represent little more than careful guesses, and on the whole is not inclined to place much confidence in this section of the paper. Inasmuch, however, as the work of weighting was performed the results

*In the preparation of the charts and tables, valuable assistance was received from Mr. H. H. Siefert.

† Statement No. 27, p. 283-401.