E  2

49

Buenos  Ayres  Western  Railway  Ordinary;
General  International  Investments,  Direct
Spanish  Telegraph  Preference  Shares.  The
price-movements  of  all  the  stocks  on  the
chart  show  that  no  two  of  them  display
similar  fluctuations  throughout  the  whole
period.  Here  and  there,  but  during  different
years,  there  is  a  curious  temporary  parallel  of
movement  between  some  of  the  stocks  ;  but  the
very  fact  that  these  seemingly  sympathetic
tendencies  affected  different  stocks  at  different
times  only  tends  to  preserve  the  Capital  stability
of  the  whole  list  during  the  various  years  which
we  have  illustrated.
The  representative  British  security  in  this
chart  is  the  London  and  North  Western
Railway  Ordinary  stock,  and  this  stock,  being
influenced  by  British  trade,  is  of  course
similar  in  price-movement  to  the  stocks
depicted  on  the  chart  of  all-British  stocks  which
we  have  already  given  in  the  preceding  chapter.
It  is  significant  to  see  how  entirely  all  the  rest
of  the  Geographically  Distributed  stocks  differ
in  their  price-movements  from  the  British
stock.  It  is  this  individuality  of  movement  on
the  part  of  each  security,  included  in  a  welldistributed
  Investment  List,  which  ensures  the
first  great  essential  of  successful  investment,
namely,  Capital  Stability.