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Fundamental Conditions
Source: Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority.)

In market letters and financial reviews, the underlying economic factors upon which the state of business, whether active or inactive, moderate or dull, prosperous or depressed, is ascertained.  Fundamental conditions at any given time are determined by referring to comparative business statistics, to various business, banking, investment, and credit barometers, and to principles of economics.

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