General economy and great caution prevail; few new enterprises are undertaken.

For those persons having available funds this is a good time to buy, and property begins to change hands.

Then hoarded money begins to come out of its hiding places.

Money and credit flow in from other countries, particularly if business conditions are better abroad than here, for when prices are lower than they have been, relative to those of other countries, a country is a good place in which to buy.

At the same time that the money in circulation thus increases, there is a general return of confidence that increases credit.