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 indi 
vidual stocks only. In order to show that, 
when groups of stocks are taken, and when 
charts are prepared depicting the price move 
ments 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