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to  a  similar  extent.  These  facts  show  that
the  system  of  securing  accrued  profits  and  of
re-investing  the  proceeds  of  the  stock  thus
sold  in  some  other  temporarily  depreciated
security,  can  be  followed  alike  by  investors
holding  the  choicest  securities  and  by  those
who  select  the  more  speculative  stocks.
How  large  are  the  profits  to  be  made  by  an
investor  who  follows  this  plan  may  be  gathered
from  the  price  -  movements  given  on  the
Geographically  Distributed  Chart.  It  will  be
noticed  that  the  stocks  therein  depicted  frequently ­
  rise  15  points  in  two  years,  and  that
on  an  average  quite  a  third  of  them  do  this
during  the  period.  To  speculators,  of  course,
the  above  briefly  sketched  plan  offers  a  wealth
of  possibilities,  but  we  are  not  here  interested
in  any  speculative  questions.
By  this  time  we  trust  that  we  have  clearly
established  the  advantages  of  Geographical
Distribution.  But  it  is  important  to  remember
that  in  order  to  secure  the  benefits  of  this
system  it  is  necessary  to  apply  to  it  a
thorough  grasp  of  Stock  Exchange  markets,
combined  with  an  intimate  knowledge  of
Political  Geography.  There  are  many  intricacies ­
  attached  to  the  fact  that  so  many  stocks
are  situated  in  one  country  but  have  to  be
treated  as  belonging  to  another  country,  because