Extent in Extent in Industrials Rails Duration Date of Reaction Points Points Days Nov. 20 to Dec. 8, ’00 5.09 1.67 19 Dec. 27, ’00, to Jan. 19, ’01 6.29 4.39 24 May 1 to May 9 7.55 14.49 9 June 17 to July 15 8.80 11.30 29 July 29 to Aug 6 3.89 6.64 9 _4.--The Movement of 1902._ The year 1902 is particularly interesting, as it shows what occurred in the market the year prior to a period of industrial relaxation. This year cannot be called either a bull or bear year, as while railroad stocks advanced and closed the year with net gains, the Industrial stocks suffered material declines. As the declines in Industrial stocks was greater than the advance in Rails, we will arbitrarily designate the year as a bear period and examine the homogeneous movement for rallies, instead of reactions. From Dec. 12, 1901, to Dec. 15, 1902, Industrial shares declined 5.74 points and rails advanced 3 points. Intermediate rallies were as follows: Extent in Extent in Industrials Rails Duration Date of Rally Points Points Days Feb. 20 to Mar. 21, ’02 2.84 3.45 30 Apr. 10 to Apr. 24 2.49 4.91 15 May 19 to May 24 2.09 3.99 6 June 24 to July 28 3.61 7.44 35 Aug. 21 to Sept. 19 2.44 4.05 30 Sept. 29 to Oct. 3 2.51 4.37 5 Oct. 11 to Oct. 17 2.73 4.96 7 Nov. 14 to Nov. 21 2.32 4.80 8 _5.--The Bear Market of 1903._ This decline began Jan. 8, 1903, and culminated Nov. 9th, of the year, 10 months. The average gross decline in Industrial shares was 24.18 points, or about 36½%. The decline in Rails was 32.48 points, or about 27%. The intermediate rallies were as follows: Extent in Extent in Industrials Rails Duration Date of Rally Points Points Days Jan. 20 to Feb. 16, ’03 3.51 1.38 28 Mar. 10 to Mar. 20 1.85 3.11 11 Apr. 13 to Apr. 30 3.77 5.07 9 June 10 to June 12 2.60 4.48 3 Aug. 8 to Aug. 17 6.50 8.14 10 _6.--The Bull Market of 1904 and 1905._ The advance began Jan. 6, 1904, and culminated Jan. 22, 1906--a little over two years. The average advance in Industrial shares was 55.93 points, or about 119%. The average advance in Rails was 49.56 points, or about 55%. The intermediate reactions were as follows: