[...] A glance at the chart will show a striking similarity in the date of the turning points. Furthermore, contrary to expectations, the behavior of the two curves during the whole year is similar. The lowest prices for common stocks in the New York and London Stock Exchanges were reached in the first half of July 1932 [...] The [third] chart shows the curious fact that the recession in the last quarter of 1932 is also visible in the solar curve. And it is interesting to note that the solar curve makes a second low in February, 1933, turning up again in the following months. Although this is a fact, too much should not be expected of comparisons for the year 1933 because, except for clear solar changes which are sudden and which can be associated with the turning points, it is too much to hope for an exact month-to-month correlation. In the years in which the speculative curves moved steadily up or down, such as in 1930-31 and previous to 1929, no clear moth-to-month relation has been found between solar and speculative short swings, except for the seasonal movements of the speculative curve in the down swing, which perhaps can be associated with the similar seasonal variations of the solar-terrestrial physical curves such as magnetic activity and aurora borealis.
