Influence of C^-edit on Prices 



29 



The fall in the prices of these two classes of goods is more 

 irregular than the rise. The expected order would be a falling 

 off in the demand for manufactured goods with its accompany- 

 ing fall in the price of manufactures, and then the check in pro- 

 duction causing the fall in the price of raw materials. This is, as 

 a general rule, what takes place. In the fifteen instances given 

 (tables XX-XXI), there are but four cases in which the prices 

 of raw materials fall first. 



Table XX 

 Ma.ru/iur/! Point in Prices Before a Crisis 



Table XXI 

 Maximum Point in Prices Before a Crisis 



69 



