42 
displayed by Japanese stocks is furnished 
by the shares of the Tokyo Tramway Com 
pany. The face value of these shares is 
50 yen apiece. They rose from 43| yen to the 
enormous price of 405 yen between 1892 and 
1896. From this point they steadily continued 
to shrink in value, until in 1904 they were 
quoted at 65 yen. The feat of a Tramway 
Ordinary share rising over 800 per cent, could 
only be possible in a country where the working 
of Joint Stock enterprise was but dimly under 
stood. As the general movement of some of the 
principal Japanese stocks is rather curious, 
we here illustrate them in the form of a chart. 
JAPANESE PRICE-MOVEMENTS, 
Names of Slocks. 
Price Movement During 
189211893 1894 1835 1396 1897 1898 1899 1900 1901 1302 1903 1904 
(J) Hokkaido Rly. Comp. 
Ord Share* 
© Tokyo City Bond* 6% 
(D Imp. 61 Con*. Loan 
© Yokohama Specie 
Bank Ord. Shares 
(6) Bank of Japan Ord. 
Shares 
© Japan Rly Co. Or 
Shares .... 
© Kwansal Rly. 
Ord. Shares 
© Japan Steamship C 
Ord. Shares 
© Kyûshü Rly. Co. On 
Shares .... 
© Osaka Steamship Co. 
Ord. Shares 
© Sanyo Rly. Co. Or 
Shares .... 
© Tokyo Tramway 
Ord. Shares