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is inclined to purchase. Such a firm will also 
inform him as necessity arises how all his 
stocks are valued on those Stock Exchanges 
on which they are principally dealt in. 
If the question of what people think of 
stocks and what they consider safe is analysed, 
we come again to a point of geography pure 
and simple. A Swede will consider Swedish 
the safest National Loans, and an American 
will entertain a preference for those of the 
United States. The Scotchman will prefer the 
British Linen Company Bank to the London & 
Westminster, the Londoner vice versa. If an 
Englishman were told to buy the Austrian 
North Railway Debentures he would hesitate, 
while an Austrian might consider London 
& North Western Debentures to be highly 
speculative. As a matter of fact, both these 
debentures are equally safe, as can be proved 
by statistics ; therefore, why should an investor 
allow local feeling to interfere with his 
obtaining investment safety ? 
When the various Stock Exchanges of the 
world are reviewed, and when we consider that 
each Stock Exchange deals in quite a number 
of stocks which have only a very limited, if 
any, market in other countries, yet which stand 
high in the estimation of local investors, wß see 
more clearly how wide may become the area of