Every year the various engineering and industrial magazines print curves showing the rise and fall of metal stocks throughout the year. to the ordinary reader, these curves are seldom intelligible; he sees the ups and downs; he knows that the prices have risen and fallen; but he rarely knows what causes these changes -- and the curves themselves never tell. This paper tries to remedy this defect; it draws its curves, and, in the light of historical events, which it recounts, tries to determine the causes for the fluctuations in the market. it further places these factors on the curve sheet, thereby rendering it intelligible to the average reader --page 3