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an  investment  ;  we,  however,  are  not  of  this
opinion,  and  infinitely  prefer  absolutely  safe
stocks  which  have  a  limited  market  and  for
this  reason  fluctuate  little  in  value.  The
age  of  these  investments  need  not  necessarily ­
  be  considered,  provided  that  their
inherent  capital  and  income  safety  are  unquestionable. ­
  A  list  constructed  on  these
principles  will  give  no  cause  for  anxiety,
one  hour  in  every  year  spent  on  it  will  be
sufficient  to  keep  it  in  perfect  order  ;  the
capital  value  and  income  will  be  stable,  and
risks  of  all  kinds  reduced  to  a  minimum.  A
specimen  of  this  type  will  be  found  in  the
4  per  cent.  Chart  given  in  this  chapter.  From
this  chart  it  will  also  be  seen  which  class
of  stocks  of  this  kind  are  subject  to  wide
fluctuation.
II.  Maximum  Capital  Safety  coupled  with
a  larger  yield,  but  requiring  more  careful
supervision.
An  investor  who  desires  a  larger  yield-  than
he  would  obtain  under  Example  I.  must  be
prepared  to  take  a  certain  amount  of  trouble
over  his  investments,  and  have  them  re-valued
and  examined  at  least  four  times  in  each  year.
He  must  cover  as  many  geographical  divisions
as  his  capital  will  satisfactorily  permit,  and  he