70 
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 fre 
quently 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 intri 
cacies attached to the fact that so many stocks 
are situated in one country but have to be 
treated as belonging to another country, because