in  the  International  Chart,  grouped  together
the  price-movements  of  the  stocks,  each  of
which  is  subject  to  a  different  trade  influence,
and  as  a  result  it  is  seen  that  :—
If  an  investor  divides  his  capital  equally
among  a  number  of  stocks,  every  one  of  which
is  under  a  different  trade  influence,  then  each
of  these  divisions  of  his  capital  will  constitute
a  distinct  investment  risk,  and  a  true  system
of  averaging  investment  risks  is  thereby
established.
The  charts  depicting  price  movements,
hitherto  given  in  this  book,  have  displayed
in  every  instance  the  fluctuations  of  the  individual ­
  stocks  only.  In  order  to  show  that,
when  groups  of  stocks  are  taken,  and  when
charts  are  prepared  depicting  the  price  movements ­
  of  these  groups,  the  results  obtained  are
similar  to  those  from  individual  stocks,  we
here  reproduce  a  chart  which  appeared  in
the  Financial  Review  of  Reviews  for  June,
1907.  This  chart  was  prepared  from  the
aggregate-value  figures  of  387  representative
securities  published  in  the  Bankers'  Magazine
month  by  month.  The  groups  given  by  the
Bankers'  Magazine  were  divided  into  two
sections.  The  upper  section  represents  groups
of  purely  British  securities,  and  the  lower
section  represents  groups  of  stocks  situated