The Primary Postwar Depression

1920-1922

Saturn was in opposition to the mid^heaven of the New York Stock Exchange during the first three months of 1921 and Jupiter was in orb of a conjunction aspect with Saturn. Mars passing over the mid-heaven of the same Chart was in unfavorable aspect to Saturn and Jupiter. This indicated falling stock prices, falling bond prices and high interest rates. The Business Curve dropped to 26 points below the normal line. During most of the year of 1921 Saturn was in conjunction with Jupiter and both planets

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were in opposition aspect to Uranus. This double influence pointed to the depression experienced during 1921.

The Moon's North Node moved into Libra, February 28, 1921, and the technically correct position for the Business Curve was slightly above normal where it would have been, if it had not been for the presence of the unfavorable secondary factors mentioned above.

In October, 1921, both Saturn and Jupiter moved into Libra and the Business Curve rose five points through December.

During 1922, a rapid recovery set in from the depression of the previous years and the Business Curve rose 22 points by September. During the first part of the year Saturn, Jupiter and the North Node were in conjunction in Libra. During the last three months of 1922, Jupiter was in a favorable 120 degree angle with Uranus (trine aspect).

On September 16, 1922, the North Node moved into Virgo. This lifted the natural position of the Curve to a position slightly under the high point (Leo) on the Business Cycle Chart.

The combined influence of the North Node's passage into Virgo and the favorable Jupiter-Uranus aspect lifted the Business Curve 9 points above the normal line by the end of December, 1922.

During the first four months of 1923, the Business Curve rose from 9 points above normal to 15 points above the normal line. This rise of 6 points was due to Jupiter being trine Uranus and semi-sextile Saturn.

From May through December, 1923, the Business Curve dropped steadily, losing 11 points. This was due to the presence of the secondary factor, Uranus in opposition to the North Node. This unfavorable aspect lasted practically during the entire year.

In December, 1923, Saturn formed an unfavorable sesqui-quadrate aspect (135 degrees) with Uranus which was in force through the fall of 1924.

Except for a three point rise in the Business Curve during January and February, 1924, when Jupiter was in favorable aspect (semi-sextile—30 degrees) to Saturn, the Business Curve dropped sharply below normal through November, 1924, Uranus was in sesqui-quadrate aspect to Saturn and in square aspect to Jupiter. The Curve reached its low of 13 points below normal in June.

The North Node moved into Leo, the sign on the "high" point of the Business Cycle Chart, April 4, 1924. This transit into Leo indicated that the technically correct position of the Business Curve had reached its high point and that business activity should be booming at this time if there were no unfavorable secondary factors present to keep the Business Curve down. Since there were present unfavorable secondary factors during 1924, as soon as they passed, the Business Curve was bound to rise and adjust itself to its technically correct position above the normal line. The Business Curve rose 13 points through the summer and fall and crossed the normal line in December. It had a further rise of 4 points by the end of the month, which marked the beginning of the three-year period of above normal prices known in history as the "Coolidge Prosperity Period."

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