Extent in Extent in Industrials Rails Duration Date of Reaction Points Points Days Jan. 27 to Feb. 24, ’04 3.79 4.17 29 Apr. 7 to May 18 2.55 4.03 42 Dec. 5 to Dec. 12 7.46 5.93 8 Apr. 14, ’05, to May 8, ’05 9.23 9.81 25 May 12 to May 22 6.68 5.50 11 Aug. 23 to Sept. 7 4.22 4.82 16 Nov. 1 to Nov. 13 3.31 4.74 13 The year 1906 was a neutral year. Prices for Industrials declined only slightly during the year and average prices of railroad stocks were the same in December as in January. Money could have been made throughout the period, either by sales on rallies, or purchases on declines. As a consideration of a neutral year would add little to this exhibit, it will be omitted. 5.--What is the best general method of trading? The writer’s reply to this question consists principally of a summing up of points already covered in other portions of this work. It is necessary to study and understand the subject thoroughly, to know values, general conditions, the technical position of shares, and above all things to consult future probabilities rather than past performances. Study of the past has its educational value and this is also true of the present, but the future is the all-important thing. Retrospective speculation is one of the commonest and most flagrant of the numerous errors made by public participators. Get whatever of experience and information you can from history, but _speculate_ on the _future_. The man who enters the market with insufficient capital, who expects to get rich quick or who allows success to lead him into excesses and over-speculation will lose. It is as certain as death. He may succeed for a time but not for long.