commodity. For example: the United States Steel Corporation is now reported to be taking steps toward making all its own pig iron instead of buying a large part of it from outside dealers, as at present. This would undoubtedly effect a further cheapening of production for the big corporation, but it could hardly be regarded as an effort to monopolize the industry, inasmuch as the withdrawal of the steel corporation from the pig iron market would leave, if anything, a clearer field for independent manufacturers in the purchase of their raw material.

These constant efforts to save useless expense are undertaken, of course, in the hope of increased profits of operation, and for a time that is the concrete result. But every such economy effected is simply one more prop taken from under any given price level, which always rests upon the basis of the highest cost portion of the product required by the market. The net result in time is a decline of prices, thus yielding much, if not all, the final advantage of the new economies to the consuming public.

Current Price
Comparisons

The following are the latest wholesale price quotations, showing comparison with previous dates:

Dun's Review shows index-number aggregate prices per unit, of 350 commodities, averaged according to importance in per capita consumption, for June 1 and comparison with previous dates, as follows:

Jan. 1, June 1, June 1, June 1, June 1, May 1, June 1, 1892 1898 1899 1900 1901 1902 1902 Breadstuffs. . . $17.700 $15.388 $13.610 $13.289 $15.635 $19.959 $19.241 Meats .. 7.895 7.786 7.726 8.687 9.224 10.968 II.269 Dairy and garden 13.180 11.946 11.703 11.409 13.161 14.737 13.657

Other food.

9.185 8.554 9.183 9.324 9.116 8.742 8.744 13.430 14.783 15.051 16.746 14.882 15.527 15.539 14.665 11.857 15.608 15.799 15.249 15.702 15 903 13.767 12.614 12.914 16.575 16.532 16.654 16.815

$89.822 $82.928 $85.795 $91.829 $93.799 102.289 101.168

The advance of the warm weather season is resulting at last in some yielding in prices of grain, dairy and garden products, but as yet the changes are slight. Meats continue to advance, in response to the continued high prices of live stock available for meat supply, a condition which, so long as it exists, will keep meat prices high regardless of government proceedings against the so-called beef "trust."

There are slight advances in the metals and miscellaneous groups: that in metals being largely due to the continued advances in pig iron, while staple manufactured metals, like steel rails and wire nails, remain stationary. Raw tin, which advanced during May, is now on the decline; although it still remains higher than on April 21st, tinplates meanwhile remaining unchanged. Neither in iron nor tin, evidently, are the fluctuations sufficiently important or indicative of a sufficiently permanent tendency to affect the prices of the staple finished products.

THE ADMINISTRATION AND CUBA

Every friend of good government, regardless of party, must regret the muddle in which the administration has become involved regarding Cuba. When Mr. Roosevelt succeeded to the presidency he did not represent, and could hardly be said to have, the entire confidence of the managers of the party machine in the different states. He represented the spirit of clean, frank, strong Americanism, was thoroughly democratic, conspicuously honest, and above all, open-handed and straightforward.

Whatever else might happen, the nation was united in believing that his administration would be "as clean as a hound's tooth." His first message to congress was a masterpiece of clear statement, and was sound on the money, tariff and other great questions of national importance. The only misgiving entertained regarding him was that he might be indiscreet, and through inexperience make some mistakes, but the people felt that they would only be mistakes of judgment and never of purpose.

But in assuming office under the peculiar circumstances the president labored under certain disadvantages. He did not have the advantage of the close and confidential advice of the men of greatest experience. Elihu Root and General Leonard Wood seem to have exercised the controlling influence as his advisers. Mr. Root being secretary of war made this specially unfortunate, as he was directly more in touch than any other member of the administration with our relations to Cuba, under the period of military government. Mr. Root is an able lawyer and tenacious worker, but he never was conspicuous for his interest in or knowledge of great public questions of industrial and fiscal policy.

On protection, for instance, he was always a half-hearted weakling, more favorable to a revenue than a protective tariff. Naturally, therefore, in dealing with the industrial policy towards the new possessions, his opinions at once asserted themselves in the direction of free trade or minimum protection through reciprocity. It was through his influence that free trade was established with Porto Rico, which was the first opening of this disturbing question of the tariff, which now threatens to sever the republican party in two sections.

In dealing with Cuba Mr. Root's anti-protection influence in the administration has been conspicuous. It is quite clear from all of the president's utterances that his great desire was to assume a liberal policy twoards Cuba, but a policy entirely consistent with adequate protection to American industries. Mr. Root, who is a bright but doggedly pugnacious man, insisted on having his way and proceeded to project the policy of a low tariff for Cuban products. In this he easily commanded the co-operation of General Wood, who was his subordinate, and equally indifferent to the policy of protection. It was evidently his purpose to apply as much as possible of his Porto Rican policy to Cuba. Accordingly, in their reports to congress, both the secretary and Governor-General Wood made reduction of duties to Cuba the burden of their official papers. In this way they practically started a campaign for either free sugar or as low duties on Cuban products as possible.

This, of course, elicited the praise and support of the pronounced free trade journals of the country. Under this influence the Cubans' agents organized a movement to ask for a reduction in the duty on sugar and tobacco and presented a petition to the president, who very wisely refrained from any special endorsement of the movement, always assuming a sympathetic inter