A Moment In Time 1913

A Moment in Time
Consumers Ice and Cold Storage Co 1913
40.64 x 50.8 cm
Oil on canvas

1913 was a year of constitutional expansion, financial reform, and social activism. Prices reflected a growing urban economy, with modest inflation and wage increases, but the year’s lasting impact was the creation of the Federal Reserve, the income tax, and the direct election of senators—changes that shaped U.S. economic and political life for decades.

• February 3 – The Sixteenth Amendment was ratified, authorizing a federal income tax, overturning the Pollock v. Farmers’ Loan & Trust Co. (1895) ruling that had barred direct income taxation
  .

• March 4 – Woodrow Wilson became the 28th U.S. President, defeating incumbent William Howard Taft and Progressive Theodore Roosevelt in the 1912 election
  .

• December 23 – The Federal Reserve Act was signed, creating the Federal Reserve System to stabilize the banking system after the Panic of 1907
  .

• March 3 – The National Woman Suffrage Procession in Washington, D.C., drew over 5,000 women, highlighting tensions in the women’s suffrage movement

• February 2 – Grand Central Terminal opened in New York City, a major transportation hub

• February 4 – Rosa Parks was born in Tuskegee, Alabama

• April 26 – The murder of Mary Phagan in Atlanta led to the lynching of Leo Frank, a notorious civil rights injustice

  
  Prices

In 1913, the U.S. experienced relatively low prices, with $100 then equivalent to about $3,373 today, reflecting an average inflation rate of 3.16% per year.

General Price Overview

The year 1913 marked the beginning of official Consumer Price Index (CPI) tracking in the United States. Prices were significantly lower than today, reflecting the purchasing power of the dollar at the time. For example, $100 in 1913 would buy what costs roughly $3,372.91 in 2026 due to cumulative inflation of over 3,272

.

Typical Costs of Common Items

While exact prices varied by region, typical costs in 1913 included:

• Bread (per loaf): around $0.05

• Milk (per quart): approximately $0.09

• Eggs (per dozen): about $0.38

• Coffee (per pound): roughly $0.27

• Gasoline (per gallon): $0.10

• New car: around $600–$700

• Average house: approximately $5,000–$6,000
  These prices illustrate the low nominal costs of everyday goods and services compared to modern standar