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Many investors indulge in some small 
speculative transactions, or hold, for personal 
reasons, small interests in some particular 
enterprises. These minor holdings form no 
part of the real Investment Scheme ; they 
should be treated like a petty cash account ; 
otherwise these extraneous holdings will 
obscure the results which the Investment List 
is producing, and impede its proper working. 
Investors derive no benefit from holding 
two or more stocks which are subject to 
the same Trade Influences. Every additional 
stock held entails additional labour in super 
vising its progress, and as it is futile to 
create additional work which can be produc 
tive of no beneficial results, the number of 
stocks held should be reduced to as low a 
point as is compatible with adequate Geo 
graphical Distribution. 
2— The Quality of the Stocks held. As to 
the quality of the stocks, which an investor 
elects to buy, he must be guided by his own 
Income Requirements. 
Investors who are content with a yield 
of 4 per cent, or under should make their 
selection among high-grade securities, similar 
to those which in British stocks rank 
immediately behind the gilt-edged group. 
Those who desire a yield of from 4 to 5 per