Average monthly New York and London price of bar silver-Continued. 1 New York, average monthly New York price of fine bar silver per ounce (1,000 fine); London price per ounce 925 thousandths fine in pence. United States equivalent value of a fine ounce, based on average monthly London price and average rate of exchange. Exclusive of domestic silver at the fixed price of $1 per ounce provided for by the Pittman Act of Apr. 23, 1918, which price was effective from May, 1920, to June, 1923. No quotations. Average commercial ratio of silver to gold each calendar year since 1687. [NOTE. From 1687 to 1832 the ratios are taken from Dr. A. Soetbeer, from 1833 to 1878 from Pixley and Abell's tables, from 1879 to 1896 from daily cabled prices from London to the Bureau of the Mint, and since from daily London quotations.] During the period December, 1916-June, 1920, it is probable that the world's basic silver price was that of New York rather than that of London. The normal relationship between the two prices-New York a fraction of a cent below the London quotation with exchange considered-did not prevail during this period, when the average monthly New York price varied between approximately 3 cents above and 6 cents below the London price. This period appears to have been initiated by enormous coinages to meet war-time needs and large shipments from the United States to the Orient. Its close was coincident with the removal of the product of United States mines from the world market, purchases under the Pittman Act of April 23, 1918, having begun in June, 1920. The ratio of silver to gold, based on the New York price, was for this period: Calendar year 1917, 24.85; 1918, 21; 1919, 18.44; 1920, 20.27. Bullion value of the silver dollar [3714 grains of pure silver] at the annual average price of silver each year 1837-1923.1 Average price of an ounce of gold in London, and United States equivalent, 1870–1923.1 2 London quotations on gold were changed in September, 1919, from the standard ounce to a fine ounce basis. 3 Conversions on basis of legal monetary parity; exchange not a factor. 4 10 2.9 20.1284 21.9583 6.39381 3 17 10.50 18.9492 .16077 4 4 11.45+ 20.6718 .16077 18.9188 4 4 9.82 20.6387 Purchasing 2. WHOLESALE PRICE INDEX-PURCHASING POWER OF GOLD IN TERMS OF WHOLESALE COMMODITIES. Wholesale price index-Per cent of price increase or decrease from 1913-100 and purchasing power of 1913 dollar in cents, 1840-1923.1 1 Computed and compiled by H. N. Lawrie, Assistant to Commission. 2 U. S. Bureau of Labor Statistics. The numbers here given for the years preceding 1890 are from "Wholesale Prices, Wages, and Transportation" (Senate report No. 1394, Finance Committee, second session, Fifty-second Congress, Part I, page 91). As originally published, these figures were computed with 1860 as 100. They are here changed to 1913 as 100 through the figures for 1890, which is the first year included in both series of index numbers. In using these index numbers it should be borne in mind that the figures for 1840 to 1889 are unweighted while those for latter years are the regular weighted series of the Bureau of Labor Statistics. |