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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  Preference, ­
  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  legislative ­
  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.