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 companies can diversify diversification. Shares in big industrial combines give diversification, and so still more widely, as has been shown, do shares in banks and discount companies and insurance companies, and a Trust company can hold all these things and many others, so that their shareholders acquire partnership in diversification carried to the highest possible point.

In security of income, derived from a well-chosen collection of investments in all parts of the world, and yielding a revenue many times as large as the interest on the debenture stocks, the debentures of the best Trust companies are hard to beat. Their preference or preferred stocks come not far behind; and the ordinary or deferred stocks and shares, when one can get them, give one a share in revenue earned by highly trained skill and experience in investing, and a share in capital value which grows by constant allocations to reserves.

Moreover, Trust companies have two great advantages over the ordinary investor; they do a considerable business in underwriting new issues, and thereby either increase their revenue or get, at the underwriting price, securities that they wish to hold; and also, as a Trust company chairman lately expressed it, "many of the best things are offered privately to the invest-