Ups and downs of periods of business activity. From the close of the Civil War these " swings," back and forth from good to bad times, followed this course;

Years

Period of

Duration

1868-1873

Advance

5 years

1873-1877

Decline

4

"

1877-1882

Advance

5

"

1882-1885

Decline

3

"

1886-1892

Advance

6

"

1892-1896

Decline

4

"

1896-1902

Advance

6

"

1902-1903

Decline

1 1/2

"

1903-1907

Advance

3

"

1907-1908

Decline

1 1/2

"

1908-1910

Advance

2

"

1910-1911

Decline

1 1/2

"

1911-1913

Advance

1 1/2

"

1913-1914

Decline

1 1/2

"

1915-1916

Advance

2

"

1917-1918

Decline

1 1/2

"

1918-1919

Advance

1 1/2

"

1920

Decline

Note the fact that, upon the whole, the periods of depression are of shorter duration than those of advance.

" Swings " in market prices refer to the movement of prices in one direction followed by considerable change in the other. Like the action of the pendulum of a clock.