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the  prices  of  all  large  and  representative
stocks,  we  append  a  chart  showing  the  pricemovements
  of  twelve  representative  British
stocks  from  the  year  1893  down  to  the  end
of  1906,  the  last  year  for  which  completed
annual  figures  are  available  at  the  time  of
writing.
In  this  chart  the  horizontal  straight  lines
denote  the  £50  intervals  in  the  price  levels  of
stocks  and  the  vertical  straight  lines  mark  off
the  yearly  periods.  The  zigzag  lines  are  a
faithful  pictorial  presentment  of  the  pricemovements
  of  the  individual  stocks.
In  order  to  keep  the  zigzag  price  lines
at  reasonable  intervals  apart  and  within
the  limits  of  the  chart,  we  have  so  arranged
the  quantities  of  the  stocks  that  the  range
of  prices  commences  at  intervals  between
£500  and  £1,200.  It  is,  of  course,  obvious
that  the  quantity  of  stock  dealt  with  does
not  alter  the  relative  movement  of  the
lines.  Beyond  this,  the  chart  has  been  left
to  tell  its  own  story  ;  and  the  reader  who
scans  the  names  of  the  securities  we  have
chosen  before  he  addresses  himself  to  the
study  of  the  respective  price-movements,  will
admit  that  a  more  varied  selection  of  stocks
could  not  be  found  amongst  all  the  British
stocks  habitually  dealt  in.