While interest rates for both time and call money are frequently fictitious, or of a temporary and artificial nature, and no set rules can be laid down as to certain conditions in money and their immediate effects upon security values, it is not difficult to gain a general idea of underlying conditions. We have always at hand statistics which will reflect faithfully the fundamental basis of the entire world structure. But in this important division, as in most other branches of speculation, we often find that what is really important is absolutely ignored, while matters of little moment are harped upon, or even made the basis of operations. Thus, every habitue of brokerage offices eagerly watches the bank statement or the rates on call money, and knows nothing about the expansion of credits, even when such expansion has reached a point that would make a crisis appear inevitable. No better proof of this can be offered than the fact that our heaviest business and greatest inflation, have frequently gone merrily forward for a year or more under suicidal conditions. These conditions have sometimes been so obvious, so forcible, that it would appear impossible to view them with equanimity. In a majority of cases they were probably not viewed at all, and the thoughtful men who pointed out the danger have been called calamity howlers or pessimists. There is one great check to education in this direction: great financiers who are most conversant with actual conditions, seldom find it expedient to point out the facts. Sometimes they, themselves, wish to dispose of their holdings because of the obvious peril ahead and this process would not be facilitated by gloomy predictions. On the other hand, it is too often the case that these same gentlemen, finding it to their great advantage to disperse sunshine until their goods are sold, point assiduously to the excellent business of the present, and neglect to touch on the irrepressible future, which, after all, is the most important question to the investor or speculator. V Political Influences, Crops, Etc. The possibility of legislation adverse to corporations is always present as a market factor, and at times severe declines have been recorded through such action. It is not always the case that such legislation is truly a bear factor, although it is fashionable to so interpret anything in the nature of legislative interference with corporate affairs. It is the writer’s opinion that a great deal of misunderstanding has recently arisen in regard to the attitude of certain party leaders toward the heads of great railroad corporations. The opinion has been widely fostered by opposing politicians and others that the credit of railroad corporations was being badly impaired, and the interests of stockholders jeopardized because investigations were ordered as to the methods of individuals or directorates.