As a means of better understanding the evolution of optically selected
galaxies we consider the distribution of galaxies within the multicol
or space U, B-J, R(F), and I-N. We find that they form an almost plana
r distribution out to B-J = 22.5 and z < 0.3. The position of a galaxy
within this plane is dependent on its redshift, luminosity, and spect
ral type. While in the original U, B-J, R(F), and I-N space these prop
erties are highly correlated, we can define an optimal rotation of the
photometric axes that makes much of this information orthogonal. Fitt
ing the observed spectroscopic redshifts with a quadratic function of
the four magnitudes we show that redshifts for galaxies can be estimat
ed to an accuracy better than Delta z = 0.05. This dispersion is due t
o the photometric uncertainties within the photographic data. Assuming
no galaxy evolution we derive a set of simulated galaxy fluxes in the
U, J, F, and N passbands. Using these data we investigate how the red
shift is encoded within the broadband magnitudes and the intrinsic dis
persion of the photometric-redshift relation. We find that the signal
that defines a galaxy's photometric redshift is not related to specifi
c absorption or emission lines but comes from the break in the overall
shape of the galaxy continuum at around 4000 Angstrom. Using high sig
nal-to-noise photometric data we estimate that it is possible to achie
ve an intrinsic dispersion of less than Delta z = 0.02. (C) 1995 Ameri
can Astronomical Society.