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There  is  abundant  and  conclusive  evidence,
therefore,  that  there  was  some  third  force
at  work  altering  the  values  of  these  apparently
unalterable  securities,  and  that  this  force  is
universal  and  equable  in  the  influence  which  it
exercises.  We  have  already  called  this  third
force  the  “  Market  Influence  ”  ;  that  is  to  say,
the  influence  which  is  prevalent  on  the  Stock
Exchange  where  the  securities  are  either
solely,  or  mainly,  dealt  in.  In  fact,  the  force
of  any  market  influence  on  any  stock  may  be
said  to  be  in  direct  proportion  to  the  extent
in  which  the  particular  Stock  Exchange
controls  the  stock.  Thus,  on  Consols,  British
Trustee  Stocks  generally,  and  on  the  majority
of  British  Industrial  Securities,  the  influence
for  the  time  being  prevalent  on  the  London
Stock  Exchange  has  full  force  ;  whereas  on
Argentine  and  other  South  American  issues
it  plays  a  much  smaller  part,  the  influences
prevailing  on  the  Stock  Exchanges  of  the
issuing  countries  themselves,  as  well  as  those
on  the  Paris,  Berlin  and  New  York  Exchanges,
bearing  their  proportionate  share  in  this  third
force  of  the  Market  Influence.  We  will  now
trace  shortly  the  chief  factors  that  cause
variation  in  the  nature  of  this  all-powerful
influence  which  a  large  number  of  investors
have  hitherto  not  sufficiently  appreciated.