26 Aliiinie Throop England 



age spread for the four countries is 12. i per cent, while for the 

 crisis of 1873 it is 20.6 per cent. 



By adding the average time at which prices begin to fall before 

 the crisis, to the average time w4iich elapses after the crisis be- 

 fore prices begin to recover, plus one year for the crisis year, the 

 total period of falling prices is obtained. This depression period 

 is longest in France ; the United States is a close second ; Eng- 

 land comes next in order, and Germany last. For the crisis of 

 1857 the period of falling prices is i year each for England and 

 Germany, 2 years for the United States, and 5 years for France. 

 The crisis of 1864-66 is accompanied by a depression period of 

 4 years in Germany and 6 years in both England and France. 

 The crisis of 1873 resulted in 6 years of falling prices in England 

 and Germany, and 7 years in the United States and France. The 

 average period of falling prices in the four countries is 6 years 

 and 6 months for the crisis of 1873. and 2 years and 3 months 

 for the crisis of 1857 — further evidence that the crisis of 1873 

 was the more severe one. 



In all countries prices are longer in recovering after the later 

 crises than after the earlier ones. In the United States there is 

 also, in the later crises, a tendency for prices to fall earlier than 

 formerlv. The period of depression is thus still further 

 lengthened. 



66 



