The funds available for investment, which gradually absorb securities, come chiefly from the following sources, the first two of which have already been suggested :

1. Savings banks deposits - representing, not an expansion of commercial credit, but the savings of the common people.

2. That portion of the deposits of commercial banks which represents the accumulation of the profits of business and which may be withdrawn from business.

3. The funds of life and fire-insurance companies.

4. The funds of educational, charitable, and benevolent institutions.

5. The funds of estates in cases where the executors decide to exchange the assets at risk of general business for permanent investments, which call for no business management on the part of the owner.

6. The funds of retired business men who follow the same course for similar reasons.

7. The investment accounts of commercial banks maintained for the purpose of having some assets which can be converted into cash immediately in case of need.

8. That portion of the increment derived from former investments which the holders do not spend.