28 
The reader can easily translate into figures 
the price-movements depicted on the chart, 
by means of the horizontal price lines. These 
annual average value figures have been added 
up, and their totals displayed at the foot 
of the chart. By this means the chart not 
only pictorially illustrates the various price- 
movements, but it also gives the several total 
annual values of all the stocks depicted, year 
by year, at their respective average prices. 
The typical British stock, of course, is 
London & North Western Railway Ordinary. 
This starts at the price of 164—almost in 
the middle of the chart — gradually rises 
to 204 in the years 1896-1897, and then 
equally gradually declines, until it records 
150|- as its lowest quotation in the year 
1904. It will be noticed that the tendency 
of nearly all the stocks included in the chart 
is to slavishly follow the same direction 
as that marked out by North Western Railway 
Ordinary, both in their upward and their 
downward movements. Here and there in the 
chart an occasional short deviation occurs 
in a few of the zigzag price lines. These 
deviations are due to an exceptional individual 
increase or decrease in capital safety or 
dividend productiveness on the part of that 
particular stock. But it is curious to notice