Influence of Credit on Prices 



17 



Table XI 

 Maximum Point Be/ore a Crisis 



In the United States and France in each case the fall in com- 

 modity prices occurs before the contraction of loans ; England 

 gives the same average movement, but the crises of 1873 and 

 1900 in England and 1883 and 189 1 in Germany show a reverse 

 order — a contraction of loans and a fall in prices. From these 

 facts the conclusion is reached that commodity prices frequently 

 fall before the contraction of loans begins, but that the order of 



57 



