A lean crop year can probably do more to temporarily injure the actual _value_ of railroad shares than can any other single influence bearing on prices. Tonnage is affected both ways, so is passenger traffic. There is less grain or cotton to haul to the markets, and, as purchasing power has been reduced in the affected localities, there is less freight to haul back to the producers. In the last analysis, the products of a community represent to a great extent the mere exchange of these products for other luxuries and necessities, and the effect of decreased production is a two-edged sword, so far as the transporting companies are concerned. _Accidents._ The effect of accidents on stock prices has been fully discussed in a former work, and the contention offered that accidents could no more be provided against, or considered, in the investment or speculative world than in any other walk of life. It is also thought that accidents are more frequently the _excuse_ for movements than the _cause_ of them. If a market is in a bad technical or general condition, the slightest adverse happening may create panic; while if the foundation is sound, even a great calamity, such as the San Francisco earthquake, will cause only a temporary halt. The man who speculates correctly has little to fear from accidents. In the following section of this work, the writer has undertaken to touch on such features as appear of most interest and benefit to the speculator or investor. Some of the matter presented, such as the question of dividend dates, will appear to many readers so simple as to be unnecessary, but it is true, nevertheless, that many very elementary facts are misunderstood or unappreciated by a large class of public participators. VI Puts and Calls Puts and Calls, or “privileges,” have long been popular with a certain trading element, either as a protection against loss in commitments already made, or as a positive method of trading. The theory and operation of privileges may be easily understood by considering them in the light of insurance, the money paid for them as a premium, and the funds received in case the privilege is exercised, as a loss paid by the insurance company. It will be understood, that in speaking of the _seller_ of puts or calls, the insurance company is referred to, and that the _buyer_ represents the insured party. The _buyer_ of a call has the right to _call_ for his shares or commodity, at the price named in the contract at any time before its maturity. The _seller_ of a call fixes a certain price at which he agrees to _deliver_ stock, specifies the duration or time limit of the contract, and receives from the buyer a certain sum or premium.