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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.