Prepaid Memorandum - Eastward from New York - 11 November 1898
Prepaid Steamship Ticket - Second Cabin - American Line 1898.
Prepaid Memorandum Summary
- Date of Purchase / Voyage: 11 November 1898
- Steamship Line: American Line
- Steamship: Not Stated
- Route: Eastward from New York
- Ticket Type: Prepaid Memorandum
- Voyage Class: Second Cabin
- Name on Contract: Lloyd E. Brown and Leslie D. Brown
- Etnicity of Passenger(s): American
- Contract Terms: Not Stated
- Cost of Ticket: $88.00 / $2,830.00 in 2020 USD
This receipt was prepared by the ticket agent and represent the left side of the prepaid steamship passage contract that would have been forwarded to the immigrants named in the contract.
No. 56559
AMERICAN LINE.
SECOND CABIN—PREPAID
Memorandum
To be kept by Purchaser.
Buffalo, NY
Date issued November 11, 1898
NAMES OF PASSENGERS.
- Lloyd E. Brown
- Leslie D. Brown
Bought By: M. D. Lloyd
17 Glenwood Ave
City (Presumed to be Buffalo, New York)
Amount of Ocean Fare: $ 88.00
Amount of Inland Fare: $ 0
Total, $88.00
Should the passenger refuse to come out, within the specified time for which the Certificate is available, the Company will refund the amount paid, less 10 per cent. discount, on the production of this Memorandum, together with the corresponding Certificate of passage.
Money forwarded to INTERNATIONAL NAVIGATION COMPANY, 6 Bowling Green, New York, for the use of the passenger on arrival, will be delivered on application and identification.
Relative Cost of Passage Ticket in Today's Currency Value
In 2020, the relative values of $88.00 from 1898 ranges from $2,400.00 to $101,000.00.
A simple Purchasing Power Calculator would say the relative value is $2,830.00. This answer is obtained by multiplying $88 by the percentage increase in the CPI from 1898 to 2020.
This may not be the best answer.
The best measure of the relative value over time depends on if you are interested in comparing the cost or value of a Commodity, Income or Wealth, or a Project.
If you want to compare the value of a $88.00 Commodity in 1898 there are three choices. In 2020 the relative:
- real price of that commodity is $2,830.00
- labor value of that commodity is $15,300.00 (using the unskilled wage) or $22,400.00 (using production worker compensation)
- income value of that commodity is $22,400.00
- economic share of that commodity is $101,000.00
If you want to compare the value of a $88.00 Income or Wealth, in 1898 there are four choices. In 2020 the relative:
- real wage or real wealth value of that income or wealth is $2,830.00
- relative labor earnings of that commodity are $15,300.00 (using the unskilled wage) or $22,400.00 (using production worker compensation)
- relative income value of that income or wealth is $22,400.00
- relative output value of that income or wealth is $101,000.00
If you want to compare the value of a $88.00 Project in 1898 there are three choices. In 2020 the relative:
- real cost of that project is $2,400.00
- labor cost of that project is $15,300.00 (using the unskilled wage) or $22,400.00 (using production worker compensation)
- relative cost of that project is $22,400.00
- economy cost of that project is $101,000.00
Source: www.measuringworth.com Samuel H. Williamson, "Seven Ways to Compute the Relative Value of a U.S. Dollar Amount, 1790 to present," MeasuringWorth, 2022.
