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bow quickly these individual movements 
exhaust their force and how rapidly the 
deviating stock once more swings into line 
with the general movement which controls the 
whole chart. 
For .example, take the year 1904-1905. It 
is wonderful with what unanimity nearly all 
the stocks show an upward move in that year, 
following on the long monotony of falls in the 
preceding seven or eight years. The only 
substantial exceptions are Bass, Ratcliffe Pre 
ference, and Spencer, Turner & Boldero. If 
we consider these two stocks for a moment, we 
at once recognise the reason for their distinct 
price-movements. The former was subject to 
a special influence in the state of the legisla 
tive and temperance movement, which is 
putting all Brewery investments in Great 
Britain under a shadow. The reason for the 
movement in Spencer, Turner & Boldero is at 
mice seen by a reference to the dividend table, 
wherein we discover that from 1903 to 1905 
there is a drop of £15 in the dividend paid by 
that company. 
In 1905-1906 there is a somewhat hesitating 
tendency ; indeed, a very similar state of 
affairs exists to that indicated by the chart 
iu the year 1896-1897, just prior to the 
continuous fall.