1 MACROECONOMIC TIME SERIES: SECURITY MARKETS NATIONAL BUREAU OF ECONOMIC RESEARCH: MACROECONOMIC TIME SERIES FOR THE UNITED STATES, UNITED KINGDOM, GERMANY, AND FRANCE (ICPSR 7644) - - - PRINCIPAL INVESTIGATOR NATIONAL BUREAU OF ECONOMIC RESEARCH - - - INTER-UNIVERSITY CONSORTIUM FOR POLITICAL AND SOCIAL RESEARCH P.O. BOX 1248 ANN ARBOR, MICHIGAN 48106 - WINTER, 1980 1 ACKNOWLEDGMENT OF ASSISTANCE - ALL MANUSCRIPTS UTILIZING DATA MADE AVAILABLE THROUGH THE CONSORTIUM SHOULD ACKNOWLEDGE THAT FACT AS WELL AS IDENTIFY THE ORIGINAL COLLECTOR OF THE DATA. THE ICPSR COUNCIL URGES ALL USERS OF ICPSR DATA FACILITIES TO FOLLOW SOME ADAPTATION OF THIS STATEMENT WITH THE PARENTHESES INDICATING ITEMS TO BE FILLED IN APPROPRIATELY OR DELETED BY THE INDIVIDUAL USER. 0 THE DATA (AND TABULATIONS) UTILIZED IN THIS (PUBLICATION) WERE MADE AVAILABLE (IN PART) BY THE INTER-UNIVERSITY CONSORTIUM FOR POLITICAL AND SOCIAL RESEACH. THE DATA FOR MACROECONOMIC TIME SERIES FOR THE UNITED STATES, UNITED KINGDOM, GERMANY AND FRANCE WERE ORIGINALLY COLLECTED BY THE NATIONAL BUREAU FOR ECONOMIC RESEARCH. NEITHER THE ORIGINAL COLLECTORS OF THE DATA NOR THE CONSORTIUM BEAR ANY RESPONSIBILITY FOR THE ANALYSES OR INTERPRETATIONS PRESENTED HERE. 0 IN ORDER TO PROVIDE FUNDING AGENCIES WITH ESSENTIAL INFORMATION ABOUT THE USE OF ARCHIVAL RESOURCES, AND TO FACILITATE THE EXCHANGE OF INFORMATION ABOUT ICPSR PARTICIPANTS' RESEARCH ACTIVITIES, EACH USER OF THE ICPSR DATA FACILITIES IS EXPECTED TO SEND TWO COPIES OF EACH COMPLETED MANUSCRIPT OR THESIS ABSTRACT TO THE CONSORTIUM. PLEASE INDICATE IN THE COVER LETTER WHICH DATA WERE USED. 1 I. CONTENT AND SCOPE - DURING THE PAST FIVE OR MORE DECADES, THE NATIONAL BUREAU OF ECONOMIC RESEARCH (NBER) HAS COMPILED A MASSIVE ARRAY OF ECONOMIC TIME SERIES IN MONTHLY, QUARTERLY, AND ANNUAL FORM. THESE SERIES, PERTAINING TO THE UNITED STATES, GREAT BRITAIN, GERMANY, AND FRANCE, ARE ORGANIZED BY THE NBER IN 16 MAJOR CATEGORIES, AS FOLLOWS: 0 I. PRODUCTION OF COMMODITIES II. CONSTRUCTION III. TRANSPORTATION AND PUBLIC UTILITIES IV. SECURITY MARKETS V. STOCKS OF COMMODITIES VI. DISTRIBUTION OF COMMODITIES VII. FOREIGN TRADE VIII. INCOME AND EMPLOYMENT IX. FINANCIAL STATUS OF BUSINESS X. SAVINGS AND INVESTMENT XI. SECURITY MARKETS XII. VOLUME OF TRANSACTIONS XIII. INTEREST RATES XIV. MONEY AND BANKING XV. GOVERNMENT FINANCE XVI. INDEX OF INDICATORS OPERATING UNDER A GRANT FROM THE NATIONAL SCIENCE FOUNDATION, THE INTER-UNIVERSITY CONSORTIUM FOR POLITICAL AND SOCIAL RESEARCH AND THE NATIONAL BUREAU OF ECONOMIC RESEARCH HAVE UNDERTAKEN THE TASK OF CONVERTING THIS COLLECTION---NOW CONTAINING AN ESTIMATED 1.4 MILLION DATA OBSERVATIONS---INTO FULLY ACCESSIBLE, READILY USABLE, AND COMPLETELY DOCUMENTED MACHINE-READABLE FORM. - - 0 II. SECURITY MARKETS TIME SERIES 0 A. ORGANIZATION AND DEFINITIONS THE DATA IN THE SECURITY MARKETS CATEGORY ARE ORGANIZED, IN THE NBER ARCHIVES, IN 25 DISTINCT "SERIES". BROADLY SPEAKING, AN NBER SERIES IS A COLLECTION OF OBSERVATIONS ON AN ECONOMIC VARIABLE, OR A SET OF ECONOMIC VARIABLES, OVER TIME. 1 A SERIES IS COMPLETELY DESCRIBED BY A THREE-PART SPECIFICATION OF: 1) THE CONSTRUCT OR PROPERTY TO BE MEASURED; E.G., VALUE OF TOTAL CONSTRUCTION, FLOOR SPACE OF TOTAL CONSTRUCTION, AND SO FORTH. 2) THE UNIT OF OBSERVATION; E.G., 27 EASTERN STATES, OHIO, GLASGOW, PARIS. 3) THE OPERATIONAL DETAILS; I.E., UNITS OF MEASUREMENT, METHOD OF COLLECTING INFORMATION, FUNCTION OF TIME, AND SEASONAL ADJUSTMENTS, IF ANY. THE EXTENT OF THE SERIES COVERAGE IS ALSO GIVEN, E.G. 1791-1919, ETC. QUITE FREQUENTLY, HOWEVER, AN NBER SERIES IS NOT COMPARABLE OVER ITS ENTIRE TIME COVERAGE. FOR EXAMPLE, THE F. W. DODGE CORPORATION, A MAJOR SOURCE OF CONSTRUCTION DATA, GRADUALLY EXPANDED ITS GEOGRAPHICAL COVERAGE, FROM THE NEW ENGLAND STATES IN 1901 TO 48 STATES IN 1956. WITH EACH EXPANSION A BREAK IN COMPARABILITY OCCURS WITH ONE OR MORE YEARS OF OVERLAPPING DATA BETWEEN SEGMENTS OF A SERIES. WITH EACH EXPANSION A BREAK IN COMPARABILIY IN OPERATIONAL DEFINITIONS---BASE OF AN INDEX, CHANGES IN COLLECTION PROCEDURES, AND SO FORTH OCCURS. WHEN SUCH BREAKS OCCUR, SERIES HAVE BEEN SUBDIVIDED INTO TWO OR MORE VARIABLES. THE REASONS UNDERLYING SUCH CHANGES ARE NOTED IN THE DOCUMENTATION. THE 25 NBER SECURITY MARKETS SERIES HAVE BEEN SUBDIVIDED INTO 47 VARIABLES. ORDER OF VARIABLES WITHIN THE SECURITY MARKETS DATASETS FOLLOWS THE OUTLINE OF THE NBER CATALOG: - ***** DATASET 11A, VARIABLES 1-47 ***** 0 XI. SECURITY MARKETS A. VOLUME OF TRADING 1. STOCKS A. NUMBER OF SHARES SOLD B. VALUE OF SHARES SOLD 2. BONDS B. VALUE OF BONDS SOLD B. SECURITY PRICES 1. STOCKS A. COMMON STOCK PRICES (1) AGGREGATES (2) INDUSTRIALS (3) RAILROADS B. PREFERRED STOCK PRICES 2. BONDS A. BOND PRICES (1) AGGREGATES (2) RAILROAD BONDS 1 (3) NATIONAL GOVERNMENT BONDS (4) MUNICIPAL BONDS (***** END OF DATASET 11A *****) - IN NBER DATASETS, THE UNIT OF ANALYSIS IS AN INTERVAL OF TIME---A YEAR, QUARTER, OR MONTH. THE BULK OF OBSERVATIONS ARE MONTHLY, AND MOST VARIABLES CONTAINING ORIGINAL MONTHLY DATA CONTAIN ANNUAL VALUES AS WELL. NEXT IN NUMBER TO MONTHLY AND MONTHLY-ANNUAL VARIABLES ARE VARIABLES CONTAINING ONLY ANNUAL DATA. ALSO FOUND IN THE NBER COLLECTION ARE QUARTERLY AND QUARTERLY-ANNUAL VARIABLES. RARELY, A VARIABLE MAY CONTAIN MONTHLY, QUARTERLY, AND ANNUAL VARIABLES. IN VARIABLES CONTAINING ANNUAL AND EITHER QUARTERLY OR MONTHLY DATA, THE ANNUAL VALUE WILL BE THE SUM OR THE MEAN OF THE DATA COLLECTED AT SHORTER TIME INTERVALS, DEPENDENT UPON THE NATURE OF THE TIME SERIES. FOR EXAMPLE, IN THE CASE OF AN INDEX, THE ANNUAL FIGURE WILL USUALLY BE THE MEAN OF MONTHLY OR QUARTERLY VALUES. IN VARIABLES WHICH MEASURE QUANTITIES OR NUMBER OVER TIME, SUCH AS NUMBER OF CONSTRUCTION CONTRACTS AWARDED, THE ANNUAL VALUE WILL BE THE SUM OF MONTHLY OR QUARTERLY DATA. THE NBER SECURITY MARKETS DATASETS CONTAIN TWO CASE IDENTIFICATION VARIABLES: THE "TIME INTERVAL" AND "INTERVAL TYPE" VARIABLES. THE TIME INTERVAL VARIABLE IS A FIVE-DIGIT NUMBER OF WHICH THE FIRST THREE DIGITS EQUAL THE LAST NUMBERS OF THE YEAR OF THE OBSERVATION (911 FOR 1911, 889 FOR 1889) AND THE LAST TWO DIGITS IDENTIFY THE YEAR OR QUARTER. FOR EXAMPLE, AN OBSERVATION FOR JANUARY 1901 WOULD HAVE A VALUE OF 90101 FOR THE TIME INTERVAL VARIABLE; THE FIRST QUARTER OF 1901 WOULD BE EQUAL TO 90103. THE INTERVAL TYPE VARIABLE SPECIFIES WHETHER THE CASE CONTAINS MONTHLY, QUARTERLY, OR ANNUAL DATA. IT IS A ONE-DIGIT INTEGER HAVING A VALUE OF 1 FOR ANNUAL CASES, 2 FOR QUARTERLY CASES, AND 3 FOR MONTHLY CASES. USED TOGETHER, THE TIME INTERVAL AND INTERVAL TYPE VARIABLE UNIQUELY IDENTIFY EACH CASE. FOR EXAMPLE, MARCH, 1901 AND THE FIRST QUARTER 1901 WOULD BOTH HAVE A TIME INTERVAL VALUE OF 90103; HOWEVER, THE INTERVAL TYPE VALUE OF 3 FOR THE MONTH OF MARCH AND 2 FOR THE FIRST QUARTER ALLOWS THE TWO CASES TO BE DISTINGUISHED FROM ONE ANOTHER. IN ADDITION, THE TIME INTERVAL AND INTERVAL TYPE VARIABLES CAN BE USED TO SUBSET THE DATASET BY TIME OR TYPE OF DATA OR BOTH AND WILL FACILITATE THE MERGING OF OTHER ECONOMIC, SOCIAL, OR POLITICAL VARIABLES INTO THE DATASETS. B. SEASONAL ADJUSTMENTS MANY OF THE TIME SERIES IN THE NBER COLLECTION CONTAIN A SEASONALLY ADJUSTED SERIES AS WELL AS THE ORIGINAL DATA. DR. GEOFFREY H. MOORE, DIRECTOR OF BUSINESS CYCLE RESEARCH AT NBER, HAS WRITTEN THE FOLLOWING REMARKS ON THE SUBJECT OF 1 SEASONAL ADJUSTMENTS: THE MONTHLY AND QUARTERLY DATA IN THE NATIONAL BUREAU'S COLLECTION OF TIME SERIES ARE ADJUSTED, IN MOST INSTANCES, FOR SEASONAL VARIATIONS. VIRTUALLY THE ONLY EXCEPTIONS ARE SERIES WHERE NO SEASONAL VARIATION WAS PRESENT OR COULD BE FOUND. OCCASIONALLY SEASONAL MOVEMENTS WILL DISAPPEAR FROM A SERIES FOR A PERIOD OF YEARS, AS FOR EXAMPLE WHEN PRICES ARE FIXED BY FIAT OR WHEN THE MONETARY AUTHORITIES COUNTER THE SEASONAL PRESSURES ON INTEREST RATES. THE PERVASIVENESS OF SEASONAL VARIATIONS CAN BE TRACED TO THEIR SOURCE: RECURRING CHANGES IN THE WEATHER OR CLIMATIC CONDITIONS AND CONVENTIONAL CHANGES DUE TO RELIGIOUS OBSERVANCES, HOLIDAYS, AND OTHER CUSTOMS, THE NUMBER OF DAYS IN THE MONTH, LEGAL CONDITIONS SUCH AS TAX PAYMENT DATES, OR BUSINESS PRACTICES SUCH AS QUARTERLY PAYMENT OF DIVIDENDS. FOR PURPOSES OF BUSINESS CYCLE ANALYSIS THE REPETITIVE MOVEMENTS CAUSED BY THESE FACTORS ARE LARGELY IRRELEVANT AND CONFUSING. THEY ARE REMOVED BY SEASONAL ADJUSTMENT. ONLY THE ORIGINAL AND THE SEASONALLY ADJUSTED DATA ARE REPRODUCED IN THIS FILE. THE SEASONAL FACTORS USED TO DERIVE THE SEASONALLY ADJUSTED DATA ARE NOT SHOWN. THEY CAN BE REPRODUCED, AT LEAST APPROXIMATELY, IN MOST INSTANCES, BY DIVIDING THE ORIGINAL DATA BY THE SEASONALLY ADJUSTED. IN SOME INSTANCES, NOTABLY WHERE THE ORIGINAL DATA HAVE PLUS AND MINUS VALUES, THE SEASONALLY ADJUSTED FIGURES SHOULD BE SUBTRACTED FROM THE ORIGINAL TO DERIVE THE SEASONAL FACTORS. SINCE THE SEASONAL FACTORS CHANGE FROM TIME TO TIME, SOMETIMES EVERY YEAR, IT MAY NOT BE EASY TO REPRODUCE THE FACTORS PRECISELY, BECAUSE OF ROUNDING PROBLEMS. MOREOVER, THE METHOD OF ESTIMATING THE SEASONAL FACTORS HAS NOT BEEN SPECIFIED. THE ORIGINAL FILES FROM WHICH THESE RECORDS WERE TAKEN USUALLY CONTAIN WORKSHEETS WHICH SHOW HOW THE SEASONAL FACTORS WERE ESTIMATED. MOST OF THE SERIES WERE ADJUSTED BY THE NATIONAL BUREAU AND A VARIETY OF METHODS WERE USED, WHICH WILL BE BRIEFLY DESCRIBED HERE. FOR FURTHER DETAILS THE USER IS REFERRED TO THE SOURCES LISTED BELOW. METHODS OF SEASONAL ADJUSTMENT USED BY THE NATIONAL BUREAU CHANGED DURING THE PERIOD, BEGINNING IN THE 1920'S WHEN THE DATA WERE BEING COLLECTED AND ANALYZED. THE TWO PRINCIPAL METHODS USED WERE THE "MONTHLY MEANS" METHOD AND THE "RATIO TO MOVING AVERAGE METHOD." WITH THE MONTHLY MEANS METHOD THE ORIGINAL DATA FOR ALL THE JANUARIES WERE AVERAGED OVER A PERIOD OF, SAY, TEN YEARS, THEN THE MEAN OF ALL THE FEBRUARIES WAS OBTAINED, AND SO ON. THESE TWELVE AVERAGES ARE THEN ADJUSTED FOR SECULAR TREND AND EXPRESSED AS A RATIO TO THE AVERAGE FOR THE YEAR. THE RESULTING RATIOS FOR JANUARY, FEBRUARY, ETC. ARE THE SEASONAL FACTORS TO BE DIVIDED INTO THE ORIGINAL DATA TO OBTAIN THE SEASONALLY ADJUSTED DATA FOR THE TEN YEAR PERIOD. VARIATIONS ON THIS METHOD INVOLVED TAKING AVERAGES OF THE MIDDLE ITEMS IN THE ARRAY OF JANUARIES, ETC.; APPLYING THE SEASONAL INDEXES TO A PERIOD SHORTER OR LONGER THAN THE PERIOD FROM WHICH THEY WERE DERIVED; AND OPERATING WITH DIFFERENCES INSTEAD OF RATIOS. THE RATIO TO MOVING AVERAGE METHOD RELIES ON THE 1 PRINCIPLE THAT A TWELVE MONTH MOVING AVERAGE IS NOT, AS A RULE, AFFECTED BY SEASONAL VARIATIONS BUT DOES CONTAIN ALL OF THE SECULAR TREND, MUCH OF THE CYCLICAL MOVEMENT, AND LITTLE OF THE IRREGULAR FLUCTUATION. HENCE WHEN IT IS DIVIDED INTO THE ORIGINAL DATA THE RATIOS CONTAIN ALL OF THE SEASONAL VARIATION, NONE OF THE TREND, SOME OF THE CYCLICAL MOVEMENT AND ALL OF THE IRREGULAR. BY AVERAGING ALL THE JANUARY RATIOS FOR A PERIOD OF, SAY, SEVEN YEARS, THEN ALL THE FEBRUARY RATIOS, ETC., ONE OBTAINS A SET OF SEASONAL INDEXES IN WHICH THE RESIDUAL CYCLICAL AND IRREGULAR MOVEMENTS HAVE LARGELY CANCELED OUT. VARIANTS OF THIS METHOD INVOLVED USING WEIGHTED MOVING AVERAGES INSTEAD OF A SIMPLE TWELVE MONTH AVERAGE, ALTERING THE PERIODS OVER WHICH THE RATIOS WERE AVERAGED OR ALTERING THE METHOD OF AVERAGING, AND USING DIFFERENCES INSTEAD OF RATIOS. THIS METHOD BECAME THE BASIS FOR THE WIDELY USED ELECTRONIC COMPUTER METHOD OF SEASONAL ADJUSTMENT DEVELOPED BY JULIUS SHISKIN, VAROUSLY CALLED X-11, CENSUS METHOD II, ETC. A NUMBER OF THE SERIES IN THE BUREAU'S COLLECTION WERE ADJUSTED BY THE COMPUTER PROGRAM. THE RATIO TO MOVING AVERAGE METHOD IS READILY ADAPTED TO PRODUCING A MOVING SEASONAL ADJUSTMENT, I.E. SEASONAL FACTORS THAT CHANGE EVERY YEAR IN A SMOOTH, PROGRESSIVE FASHION. ANOTHER METHOD USED TO ADJUST THE SEASONAL FACTORS FROM ONE YEAR TO ANOTHER IS CALLED AMPLITUDE ADJUSTMENT: THE PATTERN OF THE FACTORS DURING THE YEAR IS HELD CONSTANT BUT THE SIZE OF THE SEASONAL SWING IS MADE LARGER IN SOME YEARS THAN IN OTHERS BY MEANS OF A REGRESSION ADJUSTMENT. MANY SERIES HAVE BEEN ADJUSTED, USUALLY BY THE COMPILERS, BY AN IMPLICIT MOVING SEASONAL. SEASONALLY ADJUSTED COMPONENTS ARE SUMMED TO FORM THE TOTAL, AND SHIFTS IN THEIR MAGNITUDES CAUSE CHANGES IN THE IMPLICIT SEASONAL ADJUSTMENT OF THE TOTAL. FINALLY, IN SOME INSTANCES A SPECIAL METHOD, DEVISED BY ARTHUR F. BURNS, FOR ELIMINATING SEASONAL VARIATIONS FROM HIGHLY IRREGULAR SERIES HAS BEEN USED. IT INVOLVES MULTIPLYING THE SEASONAL FACTORS (EXPRESSED AS DEVIATIONS FROM 100) BY A SMOOTHED VERSION OF THE SERIES (A TWELVE-MONTH MOVING AVERAGE) AND SUBTRACTING THE RESULTING PRODUCTS FROM THE ORIGINAL DATA. THE METHOD ASSUMES THAT THE ABSOLUTE AMOUNT BY WHICH THE SERIES SOULD BE ADJUSTED (I.E., IN ORIGINAL UNITS) IS INDEPENDENT OF THE IRREGULAR COMPONENT OF THE SERIES. FOR FULLER EXPLANATIONS AND ILLUSTRATIONS OF THE METHODS OF SEASONAL ADJUSTMENT USED BY THE NATIONAL BUREAU OVER THE YEARS CONSULT THE FOLLOWING NBER PUBLICATIONS: KUZNETS, SIMON, "SEASONAL VARIATIONS IN INDUSTRY AND TRADE," 1933 BURNS, ARTHUR F., AND WESLEY C. MITCHELL, "MEASURING BUSINESS CYCLES," CHAPTER 3 AND ITS APPENDIX, 1946 MITCHELL, WESLEY C., "BUSINESS CYCLES: THE PROBLEM AND ITS SETTING," PP. 233-249, 1927 MACAULAY, FREDERICK R., "THE SMOOTHING OF TIME SERIES," 1931 SHISKIN, JULIUS, "ELECTRONIC COMPUTERS AND BUSINESS INDICATORS," 1957 (REPRINTED IN MOORE, GEOFFREY H., "BUSINESS CYCLE INDICATORS," 1 SHISKIN, JULIUS AND HARRY EISENPRESS, "SEASONALLY ADJUSTMENTS BY ELECTRONIC COMPUTER METHODS," 1958 1 (ICPSR 7644) 1 - DECK IDENTIFICATION IS: '01' DK 1 COL 1- 2 ---------------------------- 0 VAR 0001 ICPSR STUDY NUMBER NO MISSING DATA CODES REF 0001 LOC 1 WIDTH 4 DK 1 COL 3- 6 0 ICPSR STUDY NUMBER ------------------ THE VALUE OF THIS VARIABLE FOR ALL CASES IS 7644, THE STUDY NUMBER ASSIGNED BY THE ICPSR TO THE NBER COLLECTION. ............................................................... 0 VAR 0002 ICPSR VERSION NUMBER NO MISSING DATA CODES REF 0002 LOC 5 WIDTH 1 DK 1 COL 7 0 ICPSR VERSION NUMBER -------------------- THE VALUE OF THIS VARIABLE FOR ALL CASES IS 1, SIGNIFYING THE FIRST ICPSR RELEASE OF THIS DATASET, WINTER, 1980. ............................................................... 0 VAR 0003 PART NUMBER NO MISSING DATA CODES REF 0003 LOC 6 WIDTH 3 DK 1 COL 8-10 0 PART NUMBER ----------- A UNIQUE ALPHANUMERIC CODE HAS BEEN ASSIGNED TO EACH DATASET IN THE NBER COLLECTION. THE FIRST TWO DIGITS OF THIS VARIABLE CONSIST OF THE CATEGORY NUMBER DESIGNATED IN THE NBER CATALOG. THE THIRD DIGIT IS AN ALPHANUMERIC CHARACTER WHICH CAN BE USED TO IDENTIFY DIFFERENT DATASETS WITHIN EACH CATEGORY. THUS, 11A IS THE FIRST AND ONLY DATASET IN CATEGORY 11, "SECURITY MARKETS". THE VALUE OF THE PART NUMBER VARIABLE FOR ALL CASES IN THIS DATASET IS 11A. 1 2 (ICPSR 7644) - 0 VAR 0004 CASE NUMBER (YEAR/MO) NO MISSING DATA CODES REF 0004 LOC 9 WIDTH 5 DK 1 COL 11-15 0 TIME INTERVAL VARIABLE ---------------------- THE TIME INTERVAL VARIABLE DEFINES THE TIME PERIOD TO WHICH A GIVEN SET OF OBSERVATIONS (I.E., THOSE WITHIN ANY GIVEN ROW OF THE DATA MATRIX) PERTAIN. IT IS A FIVE DIGIT INTEGER OF WHICH THE FIRST THREE DIGITS IDENTIFY THE YEAR AND THE LAST TWO DIGITS IDENTIFY THE SUB-INTERVAL WITHIN THE YEAR--01 TO 12 FOR JANUARY THROUGH DECEMBER; 03, 06, 09, AND 12 FOR THE FIRST SECOND, THIRD, AND FOURTH QUARTERS; AND 00 FOR ANNUAL DATA. THUS, FOR EXAMPLE, ANNUAL DATA FOR 1945 ARE IDENTIFIED BY 94500; JANUARY, 1945 BY 94501; AND SO ON. FOR A COMPLETE DESCRIPTION, SEE THE INTRODUCTION. THE TIME PERIOD COVERED IN THIS DATASET IS 1853-1968. ............................................................... 0 VAR 0005 FILTER NO MISSING DATA CODES REF 0005 LOC 14 WIDTH 1 DK 1 COL 16 0 INTERVAL TYPE VARIABLE ---------------------- THE INTERVAL TYPE VARIABLE INDICATES WHETHER A GIVEN SET OF OBSERVATIONS (I.E., THOSE WITHIN ANY GIVEN ROW OF THE DATA MATRIX) ARE ANNUAL, QUARTERLY, OR MONTHLY. THIS VARIABLE, MORE THOROUGHLY DESCRIBED IN THE INTRODUCTION, IS CODED 1 FOR ANNUAL DATA, 2 FOR QUARTERLY DATA, AND 3 FOR MONTHLY DATA. IF A VARIABLE WHICH CONTAINS MORE THAN ONE TYPE OF DATA--BOTH ANNUAL AND MONTHLY, FOR EXAMPLE--IS USED IN ANALYSIS, A FILTERING EXPRESSION USING INTERVAL TYPE WILL USUALLY BE SPECIFIED; ELSE, BOTH TYPES OF DATA WILL BE USED BY THE PROGRAM. ............................................................... 0 VAR 0006 11002 STK SOLD R 875-966 MD=-999999 REF 0006 LOC 15 WIDTH 9 DK 1 COL 17-25 IMP DEC= 2 0 STOCKS, NUMBER OF SHARES SOLD ON THE NEW YORK STOCK EXCHANGE ------------------------------------------------------------ NBER SERIES: 11002 1 (ICPSR 7644) 3 - (CONTINUED) - AREA COVERED: U.S. UNITS: MILLIONS OF SHARES ANNUAL COVERAGE: 1875-1965 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1875-08/1966 SEASONAL ADJUSTMENT: NONE SOURCE: COMMERCIAL AND FINANCIAL CHRONICLE NOTES: DATA FOR AUGUST-NOVEMBER, 1914 ARE INTERPOLATED, AS THE STOCK EXCHANGE WAS CLOSED. ............................................................... 0 VAR 0007 11002 STK SOLD S 875-966 MD=-999999 REF 0007 LOC 24 WIDTH 9 DK 1 COL 26-34 IMP DEC= 2 0 STOCKS, NUMBER OF SHARES SOLD ON THE NEW YORK STOCK EXCHANGE, SEASONALLY ADJUSTED --------------------------------------------------- NBER SERIES: 11002 AREA COVERED: U.S. UNITS: MILLIONS OF SHARES ANNUAL COVERAGE: NONE QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1875-08/1966 SEASONAL ADJUSTMENT: SEASONALLY ADJUSTED BY NBER SOURCE: COMMERCIAL AND FINANCIAL CHRONICLE NOTES: DATA FOR AUGUST-NOVEMBER, 1914 ARE INTERPOLATED, AS THE STOCK EXCHANGE WAS CLOSED. ............................................................... 0 VAR 0008 11003 VALU STK R 885-920 MD=-999999 REF 0008 LOC 33 WIDTH 9 DK 1 COL 35-43 0 STOCKS, VALUE OF SHARES SOLD ON THE NEW YORK STOCK EXCHANGE ----------------------------------------------------------- NBER SERIES: 11003 AREA COVERED: U.S. UNITS: MILLIONS OF DOLLARS ANNUAL COVERAGE: 1885-1920 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1885-07/1914, 12/1914-12/1920 SEASONAL ADJUSTMENT: NONE SOURCE: COMMERCIAL AND FINANCIAL CHRONICLE 1 4 (ICPSR 7644) - (CONTINUED) - NOTES: THE STOCK EXCHANGE WAS CLOSED FROM JULY 30, 1914-DECEMBER 12, 1914. ............................................................... 0 VAR 0009 11003 VALU STK S 885-920 MD=-999999 REF 0009 LOC 42 WIDTH 9 DK 1 COL 44-52 0 STOCKS, VALUE OF SHARES SOLD ON THE NEW YORK STOCK EXCHANGE, SEASONALLY ADJUSTED ------------------------------------------------------------ NBER SERIES: 11003 AREA COVERED: U.S. UNITS: MILLIONS OF DOLLARS ANNUAL COVERAGE: NONE QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1885-12/1920 SEASONAL ADJUSTMENT: SEASONALLY ADJUSTED BY NBER SOURCE: COMMERCIAL AND FINANCIAL CHRONICLE NOTES: THE STOCK EXCHANGE WAS CLOSED FROM JULY 30, 1914-DECEMBER 12, 1914. SEASONALLY ADJUSTED DATA FOR AUGUST-NOVEMBER, 1914 WERE INTERPOLATED. ............................................................... 0 VAR 0010 11001 BOND SL R 889-956 MD=-999999 REF 0010 LOC 51 WIDTH 9 DK 1 COL 53-61 IMP DEC= 2 0 BOND SALES, PAR VALUE --------------------- NBER SERIES: 11001 AREA COVERED: U.S. --NEW YORK STOCK EXCHANGE UNITS: MILLIONS OF DOLLARS ANNUAL COVERAGE: 1889-1955 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1889-07/1914, 12/1914-11/1956 SEASONAL ADJUSTMENT: NONE SOURCE: 1889-1897 DATA ARE FROM THE NEW YORK TIMES. 1898-1938 DATA ARE FROM THE NEW YORK STOCK EXCHANGE (NYSE) BULLETIN, AUGUST, 1934, PP.10A TO 10B, JANUARY, 1935, P.11, AND FOLLOWING ISSUES. 1939 DATA ARE FROM THE NYSE YEARBOOK FOR 1940. JANUARY-APRIL AND OCTOBER-DECEMBER, 1940, AND JANUARY-APRIL, 1941 DATA ARE FROM "THE EXCHANGE." 1 (ICPSR 7644) 5 - (CONTINUED) - MAY-SEPTEMBER, 1940, QUOTATIONS ARE FROM THE NYSE STATISTICAL COMPILATIONS. 1942-1943 DATA ARE FROM "THE EXCHANGE." FOR 1944 AND FOLLOWING YEARS DATA ARE FROM BANK AND QUOTATION JOURNAL. NOTES: 1889-1897 DATA WERE TAKEN FROM THE NEW YORK TIMES ISSUES BEGINNING IN 1905. A TABLE WAS PUBLISHED ONCE MONTHLY UNDER THE HEADING OF "STOCK TRANSACTIONS" WHICH GIVES THE FIGURES FOR THAT MONTH BACK TO 1889. THE TABLE CONTAINS MANY MANY OBVIOUS ERRORS AND MISPRINTS--THE LATTER BEING CARRIED ON AFTER BEING MISPRINTED. THESE 1905 TABLES ARE THE EARLIEST APPEARANCE OF THE FIGURES FOR 1889-1897. THE STOCK EXCHANGE WAS CLOSED AUGUST-NOVEMBER, 1914. THE TOTAL FOR 1914 IS FOR THE EIGHT REMAINING MONTHS. BEGINNING IN 1939, THE PRICES ARE AS "REPORTED" (TRADE DATES, RATHER THAN SETTLEMENT DATES). THE PRICES ARE ALSO IN THE SURVEY OF CURRENT BUSINESS AS "FACE VALUE, EXCLUSIVE OF STOPPED SALES." ............................................................... 0 VAR 0011 11001 BOND SL S 889-943 MD=-999999 REF 0011 LOC 60 WIDTH 9 DK 1 COL 62-70 IMP DEC= 1 0 BOND SALES, PAR VALUE, SEASONALLY ADJUSTED ------------------------------------------ NBER SERIES: 11001 AREA COVERED: U.S. --NEW YORK STOCK EXCHANGE UNITS: MILLIONS OF DOLLARS ANNUAL COVERAGE: NONE QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1889-07/1914, 12/1914-08/1943 SEASONAL ADJUSTMENT: SEASONALLY ADJUSTED BY NBER SOURCE: 1889-1897 DATA ARE FROM THE NEW YORK TIMES. 1898-1938 DATA ARE FROM THE NEW YORK STOCK EXCHANGE (NYSE) BULLETIN, AUGUST, 1934, PP.10A TO 10B, JANUARY, 1935, P.11, AND FOLLOWING ISSUES. 1939 DATA ARE FROM THE NYSE YEARBOOK FOR 1940. JANUARY-APRIL AND OCTOBER-DECEMBER, 1940, AND JANUARY-APRIL, 1941 DATA ARE FROM "THE EXCHANGE." MAY-SEPTEMBER, 1940, QUOTATIONS ARE FROM THE NYSE STATISTICAL COMPILATIONS. 1942-1943 DATA ARE FROM "THE EXCHANGE." NOTES: 1889-1897 DATA WERE TAKEN FROM THE NEW YORK TIMES ISSUES BEGINNING IN 1905. A TABLE WAS PUBLISHED ONCE MONTHLY UNDER THE HEADING OF "STOCK TRANSACTIONS" WHICH GIVES THE FIGURES FOR THAT MONTH BACK TO 1889. THE TABLE CONTAINS MANY MANY OBVIOUS ERRORS AND MISPRINTS--THE LATTER 1 6 (ICPSR 7644) - (CONTINUED) - BEING CARRIED ON AFTER BEING MISPRINTED. THESE 1905 TABLES ARE THE EARLIEST APPEARANCE OF THE FIGURES FOR 1889-1897. THE STOCK EXCHANGE WAS CLOSED AUGUST-NOVEMBER, 1914. THE TOTAL FOR 1914 IS FOR THE EIGHT REMAINING MONTHS. BEGINNING IN 1939, THE PRICES ARE AS "REPORTED" (TRADE DATES, RATHER THAN SETTLEMENT DATES). THE PRICES ARE ALSO IN THE SURVEY OF CURRENT BUSINESS AS "FACE VALUE, EXCLUSIVE OF STOPPED SALES." ............................................................... 0 VAR 0012 11025 PI CMSTK R 871-956 MD=-999999 REF 0012 LOC 69 WIDTH 9 DK 1 COL 71-79 IMP DEC= 1 0 INDEX OF ALL COMMON STOCK PRICES, COWLES COMMISSION AND STANDARD AND POOR'S CORPORATION ------------------------------------------------------- NBER SERIES: 11025 AREA COVERED: U.S. UNITS: 1935-1939=100 ANNUAL COVERAGE: 1871-1956 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1871-07/1914, 12/1914-12/1956 SEASONAL ADJUSTMENT: NONE SOURCE: STANDARD AND POOR'S CORPORATION'S SECURITY PRICE INDEX RECORD, 1955, AND CURRENT STATISTICS, JANUARY, 1957. NOTES: SERIES 11025 IS PRESENTED HERE AS TWO VARIABLES--(1)--ORIGINAL DATA, 1871-1956 (2)--ORIGINAL DATA, 1949-1968 FOR A MORE COMPLETE DESCRIPTION OF THIS SERIES, SEE BUSINESS CYCLE INDICATORS, VOL.II, G.H. MOORE, NBER, P.24. DECK IDENTIFICATION IS: '02' DK 2 COL 1- 2 ---------------------------- ............................................................... 0 VAR 0001 ICPSR STUDY NUMBER NO MISSING DATA CODES REF 0001 LOC 1 WIDTH 4 DK 2 COL 3- 6 0 ICPSR STUDY NUMBER ------------------ THE VALUE OF THIS VARIABLE FOR ALL CASES IS 7644, THE STUDY NUMBER ASSIGNED BY THE ICPSR TO THE NBER COLLECTION. 1 (ICPSR 7644) 7 - 0 VAR 0002 ICPSR VERSION NUMBER NO MISSING DATA CODES REF 0002 LOC 5 WIDTH 1 DK 2 COL 7 0 ICPSR VERSION NUMBER -------------------- THE VALUE OF THIS VARIABLE FOR ALL CASES IS 1, SIGNIFYING THE FIRST ICPSR RELEASE OF THIS DATASET, WINTER, 1980. ............................................................... 0 VAR 0003 PART NUMBER NO MISSING DATA CODES REF 0003 LOC 6 WIDTH 3 DK 2 COL 8-10 0 PART NUMBER ----------- A UNIQUE ALPHANUMERIC CODE HAS BEEN ASSIGNED TO EACH DATASET IN THE NBER COLLECTION. THE FIRST TWO DIGITS OF THIS VARIABLE CONSIST OF THE CATEGORY NUMBER DESIGNATED IN THE NBER CATALOG. THE THIRD DIGIT IS AN ALPHANUMERIC CHARACTER WHICH CAN BE USED TO IDENTIFY DIFFERENT DATASETS WITHIN EACH CATEGORY. THUS, 11A IS THE FIRST AND ONLY DATASET IN CATEGORY 11, "SECURITY MARKETS". THE VALUE OF THE PART NUMBER VARIABLE FOR ALL CASES IN THIS DATASET IS 11A. ............................................................... 0 VAR 0004 CASE NUMBER (YEAR/MO) NO MISSING DATA CODES REF 0004 LOC 9 WIDTH 5 DK 2 COL 11-15 0 TIME INTERVAL VARIABLE ---------------------- THE TIME INTERVAL VARIABLE DEFINES THE TIME PERIOD TO WHICH A GIVEN SET OF OBSERVATIONS (I.E., THOSE WITHIN ANY GIVEN ROW OF THE DATA MATRIX) PERTAIN. IT IS A FIVE DIGIT INTEGER OF WHICH THE FIRST THREE DIGITS IDENTIFY THE YEAR AND THE LAST TWO DIGITS IDENTIFY THE SUB-INTERVAL WITHIN THE YEAR--01 TO 12 FOR JANUARY THROUGH DECEMBER; 03, 06, 09, AND 12 FOR THE FIRST SECOND, THIRD, AND FOURTH QUARTERS; AND 00 FOR ANNUAL DATA. THUS, FOR EXAMPLE, ANNUAL DATA FOR 1945 ARE IDENTIFIED BY 94500; JANUARY, 1945 BY 94501; AND SO ON. 1 8 (ICPSR 7644) - (CONTINUED) - FOR A COMPLETE DESCRIPTION, SEE THE INTRODUCTION. THE TIME PERIOD COVERED IN THIS DATASET IS 1853-1968. ............................................................... 0 VAR 0005 FILTER NO MISSING DATA CODES REF 0005 LOC 14 WIDTH 1 DK 2 COL 16 0 INTERVAL TYPE VARIABLE ---------------------- THE INTERVAL TYPE VARIABLE INDICATES WHETHER A GIVEN SET OF OBSERVATIONS (I.E., THOSE WITHIN ANY GIVEN ROW OF THE DATA MATRIX) ARE ANNUAL, QUARTERLY, OR MONTHLY. THIS VARIABLE, MORE THOROUGHLY DESCRIBED IN THE INTRODUCTION, IS CODED 1 FOR ANNUAL DATA, 2 FOR QUARTERLY DATA, AND 3 FOR MONTHLY DATA. IF A VARIABLE WHICH CONTAINS MORE THAN ONE TYPE OF DATA--BOTH ANNUAL AND MONTHLY, FOR EXAMPLE--IS USED IN ANALYSIS, A FILTERING EXPRESSION USING INTERVAL TYPE WILL USUALLY BE SPECIFIED; ELSE, BOTH TYPES OF DATA WILL BE USED BY THE PROGRAM. ............................................................... 0 VAR 0013 11025 PI CMSTK R 945-968 MD=-999999 REF 0013 LOC 78 WIDTH 9 DK 2 COL 17-25 IMP DEC= 2 0 INDEX OF ALL COMMON STOCK PRICES, COWLES COMMISSION AND STANDARD AND POOR'S CORPORATION. ------------------------------------------------------- NBER SERIES: 11025 AREA COVERED: U.S. UNITS: 1941-1943=10 ANNUAL COVERAGE: 1945-1968 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1945-12/1968 SEASONAL ADJUSTMENT: NONE SOURCE: STANDARD AND POOR'S CORPORATION'S LONG TERM SECURITY PRICE INDEX RECORD, 1957 EDITION (1945-1956), 1959 SUPPLEMENT (1957-1958), CURRENT STATISTICS (1959-1968). NOTES: SERIES 11025 IS PRESENTED HERE AS TWO VARIABLES--(1)--ORIGINAL DATA, 1871-1956 (2)--ORIGINAL DATA, 1945-1968. FOR A MORE COMPLETE DESCRIPTION OF THIS SERIES, SEE BUSINESS CYCLE INDICATORS, VOL.II, G.H. MOORE, NBER, P.24. 1 (ICPSR 7644) 9 - (CONTINUED) - NOTE THAT THIS VARIABLE IS ON THE BASE 1941-1943=10, NOT 1941-1943=100] ............................................................... 0 VAR 0014 11007 PI CMSTK R 902-923 MD=-999999 REF 0014 LOC 87 WIDTH 9 DK 2 COL 26-34 IMP DEC= 1 0 INDEX OF COMMON STOCK PRICES, NEW YORK STOCK EXCHANGE, FRICKEY ------------------------------------------------------ NBER SERIES: 11007 AREA COVERED: U.S. UNITS: 1909-1913=100 ANNUAL COVERAGE: 1902-1923 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1902-07/1914, 10/1914-05/1923 SEASONAL ADJUSTMENT: NONE SOURCE: REVIEW OF ECONOMIC STATISTICS, AUGUST, 1921, PP.275-277; JUNE, 1923 SUPPLEMENT (STATISTICAL RECORD) P.169 NOTES: THE STOCK EXCHANGE WAS CLOSED AUGUST-NOVEMBER, 1914. THERE ARE NO DATA FOR AUGUST AND SEPTEMBER AND ONLY UNOFFICIAL DATA FOR OCTOBER AND NOVEMBER. THE DECEMBER, 1919 ENTRY WAS MISPRINTED AS 224.6 IN THE JUNE, 1923 SUPPLEMENT TO THE REVIEW OF ECONOMIC STATISTICS, P.169. HERE IT IS GIVEN AS 229.6. THE TOTAL FOR 1923 IS OF DATA FOR 5 MONTHS. ............................................................... 0 VAR 0015 11022 SPI R 887-939 MD=-999999 REF 0015 LOC 96 WIDTH 9 DK 2 COL 35-43 IMP DEC= 1 0 SECURITY PRICE INDEX -------------------- NBER SERIES: 11022 AREA COVERED: GREAT BRITAIN --LONDON UNITS: 1913=100 ANNUAL COVERAGE: 1889-1890, 1895, 1897, 1907-1913, 1915, 1917-1920, 1922-1938 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 04/1887, 07/1887-06/1888, 09/1888-12/1890, ALL MONTHS EXCEPT AUGUST FOR THE YEARS 1891-1894, 01/1895-12/1895, ALL MONTHS EXCEPT JULY FOR 1896, 01/1897-12/1897, ALL MONTHS EXCEPT JULY FOR THE YEARS 1 10 (ICPSR 7644) - (CONTINUED) - 1898-1904, ALL MONTHS EXCEPT JUNE FOR THE YEARS 1905-1906, 01/1907-08/1914, 01/1915-12/1915, 02/1916-07/1921, 09/1921-10/1939. SEASONAL ADJUSTMENT: NONE SOURCE: BANKERS' MAGAZINE, LONDON AND COMPUTED BY NBER (SEE NOTE BELOW). NOTES: THIS INDEX WAS COMPUTED BY NBER FROM ORIGINAL DATA IN THOUSANDS OF POUNDS STERLING PUBLISHED IN BANKERS' MAGAZINE. ADDITIONS TO OR SUBTRACTIONS FROM THE NUMBER OF SECURITIES INCLUDED HAVE BEEN MADE FROM TIME TO TIME. DATA FROM THE OLD AND NEW SERIES WERE LINKED BY THE NBER AND THE RESULTANT INDEX IS CONSTRUCTED BASED UPON THE 1913 AVERAGE. AT THE POINTS OF THESE REVISIONS IN THE SERIES THE VALUE FOR THE GIVEN DATE ACCORDING TO BOTH THE OLD AND THE NEW DATA WERE AVAILABLE. BY MULTIPLYING DATA FROM ONE PERIOD BY A COEFFICIENT EQUAL TO THE RATIO OF THE OLD TO THE NEW, A SINGLE SERIES WAS CONSTRUCTED, INCLUDING THE DATA FROM BOTH ORIGINAL SECTIONS. CONSEQUENTLY, THE VARIOUS SECTIONS OF ORIGINAL DATA HAVE BEEN TIED TOGETHER AT THEIR OVERLAPPING POINTS. THE TIME PERIODS USED BY NBER ARE APRIL, 1887-JUNE, 1891; JUNE, 1891-DECEMBER, 1895; DECEMBER, 1895-DECEMBER, 1906; DECEMBER, 1906-DECEMBER, 1921; DECEMBER, 1921-DECEMBER, 1922; DECEMBER, 1922-1939. ............................................................... 0 VAR 0016 11022 SPI S 887-921 MD=-999999 REF 0016 LOC 105 WIDTH 9 DK 2 COL 44-52 IMP DEC= 2 0 SECURITY PRICE INDEX, SEASONALLY ADJUSTED ----------------------------------------- NBER SERIES: 11022 AREA COVERED: GREAT BRITAIN --LONDON UNITS: 1913=100 ANNUAL COVERAGE: NONE QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 04/1887, 07/1887-12/1890, ALL MONTHS EXCEPT AUGUST FOR THE YEARS 1891-1894, 01/1895-12/1895, ALL MONTHS EXCEPT JULY FOR 1896, 01/1897-12/1897, ALL MONTHS EXCEPT JULY FOR THE YEARS 1898-1904, ALL MONTHS EXCEPT JUNE FOR THE YEARS 1905-1906, 01/1907-08/1914, 01/1915-12/1915, 02/1916-07/1921, SEASONAL ADJUSTMENT: SEASONALLY ADJUSTED BY NBER SOURCE: BANKERS' MAGAZINE, LONDON AND COMPUTED BY NBER (SEE NOTE BELOW). 1 (ICPSR 7644) 11 - (CONTINUED) - NOTES: THIS INDEX WAS COMPUTED BY NBER FROM ORIGINAL DATA IN THOUSANDS OF POUNDS STERLING PUBLISHED IN BANKERS' MAGAZINE. ADDITIONS TO OR SUBTRACTIONS FROM THE NUMBER OF SECURITIES INCLUDED HAVE BEEN MADE FROM TIME TO TIME. DATA FROM THE OLD AND NEW SERIES WERE LINKED BY THE NBER AND THE RESULTANT INDEX IS CONSTRUCTED BASED UPON THE 1913 AVERAGE. AT THE POINTS OF THESE REVISIONS IN THE SERIES THE VALUE FOR THE GIVEN DATE ACCORDING TO BOTH THE OLD AND THE NEW DATA WERE AVAILABLE. BY MULTIPLYING DATA FROM ONE PERIOD BY A COEFFICIENT EQUAL TO THE RATIO OF THE OLD TO THE NEW, A SINGLE SERIES WAS CONSTRUCTED, INCLUDING THE DATA FROM BOTH ORIGINAL SECTIONS. CONSEQUENTLY, THE VARIOUS SECTIONS OF ORIGINAL DATA HAVE BEEN TIED TOGETHER AT THEIR OVERLAPPING POINTS. THE TIME PERIODS USED BY NBER ARE APRIL, 1887-JUNE, 1891; JUNE, 1891-DECEMBER, 1895; DECEMBER, 1895-DECEMBER, 1906; DECEMBER, 1906-DECEMBER, 1921; DECEMBER, 1921-DECEMBER, 1922; DECEMBER, 1922-1939. ............................................................... 0 VAR 0017 11015 PI SPSTK R 919-930 MD=-999999 REF 0017 LOC 114 WIDTH 9 DK 2 COL 53-61 0 INDEX NUMBERS OF THE PRICE OF SPECULATIVE STOCKS ------------------------------------------------ NBER SERIES: 11015 AREA COVERED: GREAT BRITAIN UNITS: PERCENTAGE OF 1913 AVERAGE ANNUAL COVERAGE: 1919-1930 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1919-12/1930 SEASONAL ADJUSTMENT: NONE SOURCE: LONDON AND CAMBRIDGE ECONOMIC SOCIETY, MONTHLY BULLETINS FOR JANUARY, 1923, AND FOLLOWING YEARS. NOTES: DATA ARE FOR EIGHT SECURITIES SELECTED OF COMPANIES WHOSE SHARES ARE TRADED IN LONDON BUT WHOSE FIELD OF OPERATION IS ABROAD, COMPANIES WHOSE PROFITS ARE LIABLE TO FLUCTUATIONS AND WHICH INVOLVE A GREATER ELEMENT OF SPECULATION THAN DO THE GROUP MAKING UP THE INDUSTRIAL AND STOCK PRICE INDEX. THOSE SELECTIONS ARE BURMHI OIL, SHELL TRANSPORT, ANGLO-DUTCH PLANTATIONS, RIO TINTO, DE BEERS DEFERRED, BRITISH SOUTH AFRICA, LINGGHI PLANTATIONS, AND MARCONI WIRELESS TELEGRAPH. DATA ARE END OF MONTH FIGURES THROUGH 1923, AND MID-MONTH THEREAFTER. 1 12 (ICPSR 7644) - (CONTINUED) - THIS INDEX WAS DISCONTINUED AFTER DECEMBER, 1930 ............................................................... 0 VAR 0018 11011 SPI R 887-935 MD=-999999 REF 0018 LOC 123 WIDTH 9 DK 2 COL 62-70 IMP DEC= 1 0 SECURITY PRICE INDEX -------------------- NBER SERIES: 11011 AREA COVERED: GREAT BRITAIN --LONDON UNITS: 1913=100 ANNUAL COVERAGE: 1888-1890, 1895, 1897, 1900-1913, 1915-1920, 1922-1934 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 04/1887, 07/1887-06/1888, 09/1888-12/1890, ALL MONTHS EXCEPT AUGUST FOR THE YEARS 1891-1894, 01/1895-12/1895, ALL MONTHS EXCEPT JULY FOR 1896, 01/1897-12/1897, ALL MONTHS EXCEPT JULY FOR THE YEARS 1898-1899, 01/1900-08/1914, 01/1915-12/1915, 02/1916-07/1921, 09/1921-03/1935. SEASONAL ADJUSTMENT: NONE SOURCE: BANKERS' MAGAZINE, LONDON AND COMPUTED BY NBER (SEE NOTE BELOW). NOTES: THIS INDEX WAS COMPUTED BY NBER FROM ORIGINAL DATA IN THOUSANDS OF POUNDS STERLING PUBLISHED IN BANKERS' MAGAZINE. ADDITIONS TO OR SUBTRACTIONS FROM THE NUMBER OF SECURITIES INCLUDED HAVE BEEN MADE FROM TIME TO TIME. DATA FROM THE OLD AND NEW SERIES WERE LINKED BY THE NBER AND THE RESULTANT INDEX IS CONSTRUCTED BASED UPON THE 1913 AVERAGE. AT THE POINTS OF THESE REVISIONS IN THE SERIES THE VALUE FOR THE GIVEN DATE ACCORDING TO BOTH THE OLD AND THE NEW DATA WERE AVAILABLE. BY MULTIPLYING DATA FROM ONE PERIOD BY A COEFFICIENT EQUAL TO THE RATIO OF THE OLD TO THE NEW, A SINGLE SERIES WAS CONSTRUCTED, INCLUDING THE DATA FROM BOTH ORIGINAL SECTIONS. CONSEQUENTLY, THE VARIOUS SECTIONS OF ORIGINAL DATA HAVE BEEN TIED TOGETHER AT THEIR OVERLAPPING POINTS. THE TIME PERIODS USED BY NBER ARE APRIL, 1887-JUNE, 1891; JUNE, 1891-DECEMBER, 1895; DECEMBER, 1895-DECEMBER, 1906; DECEMBER, 1906-DECEMBER, 1921; DECEMBER, 1921-DECEMBER, 1922; DECEMBER, 1922-1939. THE VALUATION WAS OMITTED FOR MAY AND JUNE, 1887. IN MARCH, 1888, THERE WERE THE SAME NUMBER OF STOCKS, BUT THE PAR CHANGED. THE FOLLOWING IS A SUMMARY OF THE TIME PERIODS, THE NUMBER OF SHARES, OR SECURITIES INVOLVED, AND THE PAR VALUE, IN THOUSANDS OF POUNDS. 1 (ICPSR 7644) 13 - (CONTINUED) - 04/1887-06/1891, 20 SHARES, PAR VALUE OF 4,857; 06/1891-12/1895, 14 SHARES, PAR VALUE OF 3,714; 12/1895-12/1906, 15 SHARES, PAR VALUE OF 9,944; 12/1906-12/1921, 38 SHARES, PAR VALUE OF 36,701; 12/1921-1935, 38 SHARES, PAR VALUE OF 146,916. ............................................................... 0 VAR 0019 11011 SPI S 900-927 MD=-999999 REF 0019 LOC 132 WIDTH 9 DK 2 COL 71-79 0 SECURITY PRICE INDEX, SEASONALLY ADJUSTED ----------------------------------------- NBER SERIES: 11011 AREA COVERED: GREAT BRITAIN --LONDON UNITS: 1913=100 ANNUAL COVERAGE: NONE QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: ALL MONTHS EXCEPT JULY FOR THE YEARS 1900-1906, 01/1907-08/1914, 01/1915-12/1915, 02/1916-07/1921, 09/1921-02/1927. SEASONAL ADJUSTMENT: SEASONALLY ADJUSTED BY NBER SOURCE: BANKERS' MAGAZINE, LONDON AND COMPUTED BY NBER (SEE NOTE BELOW). NOTES: THIS INDEX WAS COMPUTED BY NBER FROM ORIGINAL DATA IN THOUSANDS OF POUNDS STERLING PUBLISHED IN BANKERS' MAGAZINE. ADDITIONS TO OR SUBTRACTIONS FROM THE NUMBER OF SECURITIES INCLUDED HAVE BEEN MADE FROM TIME TO TIME. DATA FROM THE OLD AND NEW SERIES WERE LINKED BY THE NBER AND THE RESULTANT INDEX IS CONSTRUCTED BASED UPON THE 1913 AVERAGE. AT THE POINTS OF THESE REVISIONS IN THE SERIES THE VALUE FOR THE GIVEN DATE ACCORDING TO BOTH THE OLD AND THE NEW DATA WERE AVAILABLE. BY MULTIPLYING DATA FROM ONE PERIOD BY A COEFFICIENT EQUAL TO THE RATIO OF THE OLD TO THE NEW, A SINGLE SERIES WAS CONSTRUCTED, INCLUDING THE DATA FROM BOTH ORIGINAL SECTIONS. CONSEQUENTLY, THE VARIOUS SECTIONS OF ORIGINAL DATA HAVE BEEN TIED TOGETHER AT THEIR OVERLAPPING POINTS. DECK IDENTIFICATION IS: '03' DK 3 COL 1- 2 ---------------------------- 1 14 (ICPSR 7644) - 0 VAR 0001 ICPSR STUDY NUMBER NO MISSING DATA CODES REF 0001 LOC 1 WIDTH 4 DK 3 COL 3- 6 0 ICPSR STUDY NUMBER ------------------ THE VALUE OF THIS VARIABLE FOR ALL CASES IS 7644, THE STUDY NUMBER ASSIGNED BY THE ICPSR TO THE NBER COLLECTION. ............................................................... 0 VAR 0002 ICPSR VERSION NUMBER NO MISSING DATA CODES REF 0002 LOC 5 WIDTH 1 DK 3 COL 7 0 ICPSR VERSION NUMBER -------------------- THE VALUE OF THIS VARIABLE FOR ALL CASES IS 1, SIGNIFYING THE FIRST ICPSR RELEASE OF THIS DATASET, WINTER, 1980. ............................................................... 0 VAR 0003 PART NUMBER NO MISSING DATA CODES REF 0003 LOC 6 WIDTH 3 DK 3 COL 8-10 0 PART NUMBER ----------- A UNIQUE ALPHANUMERIC CODE HAS BEEN ASSIGNED TO EACH DATASET IN THE NBER COLLECTION. THE FIRST TWO DIGITS OF THIS VARIABLE CONSIST OF THE CATEGORY NUMBER DESIGNATED IN THE NBER CATALOG. THE THIRD DIGIT IS AN ALPHANUMERIC CHARACTER WHICH CAN BE USED TO IDENTIFY DIFFERENT DATASETS WITHIN EACH CATEGORY. THUS, 11A IS THE FIRST AND ONLY DATASET IN CATEGORY 11, "SECURITY MARKETS". THE VALUE OF THE PART NUMBER VARIABLE FOR ALL CASES IN THIS DATASET IS 11A. 1 (ICPSR 7644) 15 - 0 VAR 0004 CASE NUMBER (YEAR/MO) NO MISSING DATA CODES REF 0004 LOC 9 WIDTH 5 DK 3 COL 11-15 0 TIME INTERVAL VARIABLE ---------------------- THE TIME INTERVAL VARIABLE DEFINES THE TIME PERIOD TO WHICH A GIVEN SET OF OBSERVATIONS (I.E., THOSE WITHIN ANY GIVEN ROW OF THE DATA MATRIX) PERTAIN. IT IS A FIVE DIGIT INTEGER OF WHICH THE FIRST THREE DIGITS IDENTIFY THE YEAR AND THE LAST TWO DIGITS IDENTIFY THE SUB-INTERVAL WITHIN THE YEAR--01 TO 12 FOR JANUARY THROUGH DECEMBER; 03, 06, 09, AND 12 FOR THE FIRST SECOND, THIRD, AND FOURTH QUARTERS; AND 00 FOR ANNUAL DATA. THUS, FOR EXAMPLE, ANNUAL DATA FOR 1945 ARE IDENTIFIED BY 94500; JANUARY, 1945 BY 94501; AND SO ON. FOR A COMPLETE DESCRIPTION, SEE THE INTRODUCTION. THE TIME PERIOD COVERED IN THIS DATASET IS 1853-1968. ............................................................... 0 VAR 0005 FILTER NO MISSING DATA CODES REF 0005 LOC 14 WIDTH 1 DK 3 COL 16 0 INTERVAL TYPE VARIABLE ---------------------- THE INTERVAL TYPE VARIABLE INDICATES WHETHER A GIVEN SET OF OBSERVATIONS (I.E., THOSE WITHIN ANY GIVEN ROW OF THE DATA MATRIX) ARE ANNUAL, QUARTERLY, OR MONTHLY. THIS VARIABLE, MORE THOROUGHLY DESCRIBED IN THE INTRODUCTION, IS CODED 1 FOR ANNUAL DATA, 2 FOR QUARTERLY DATA, AND 3 FOR MONTHLY DATA. IF A VARIABLE WHICH CONTAINS MORE THAN ONE TYPE OF DATA--BOTH ANNUAL AND MONTHLY, FOR EXAMPLE--IS USED IN ANALYSIS, A FILTERING EXPRESSION USING INTERVAL TYPE WILL USUALLY BE SPECIFIED; ELSE, BOTH TYPES OF DATA WILL BE USED BY THE PROGRAM. ............................................................... 0 VAR 0020 11023 PI STOCK R 870-913 MD=-999999 REF 0020 LOC 141 WIDTH 9 DK 3 COL 17-25 IMP DEC= 1 0 INDEX OF STOCK PRICES --------------------- NBER SERIES: 11023 1 16 (ICPSR 7644) - (CONTINUED) - AREA COVERED: GERMANY UNITS: 1913=100 ANNUAL COVERAGE: 1870-1913 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1870-12/1913 SEASONAL ADJUSTMENT: NONE SOURCE: VIERTELJAHRSHEFTE ZUR KONJUNKTURFORSCHUNG, SONDERHEFT 36, PP. 98-99. NOTES: SERIES 11023 IS PESENTED HERE AS TWO VARIABLES--(1)--ORIGINAL DATA, 1870-1913 (2)--ORIGINAL DATA, 1924-1935. FOR 1870-1889, THIS IS AN UNWEIGHTED INDEX OF REPRESENTATIVE STOCKS. 1890-1913 DATA ARE BASED ON A WEIGHTED INDEX ON A LARGER NUMBER OF STOCKS. ............................................................... 0 VAR 0021 11023 PI STOCK R 924-935 MD=-999999 REF 0021 LOC 150 WIDTH 9 DK 3 COL 26-34 IMP DEC= 2 0 INDEX OF STOCK PRICES (GENERAL) ------------------------------- NBER SERIES: 11023 AREA COVERED: GERMANY UNITS: 1924-26=100 ANNUAL COVERAGE: 1924-1935 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1924-12/1935 SEASONAL ADJUSTMENT: NONE SOURCE: VIERTELJAHRSHEFTE ZUR KONJUNKTURFORSCHUNG, SONDERHEFT 36, PP. 98-99 FOR DATA THROUGH SEPTEMBER, 1934. FOR THE FOLLOWING MONTHS, FROM WIRTSCHAFT UND STATISTIK. NOTES: SERIES 11023 IS PRESENTED HERE AS TWO VARIABLES--(1)--ORIGINAL DATA, 1870-1913 (2)--ORIGINAL DATA, 1924-1935. DATA ARE FOR 329 SELECTED STOCKS ............................................................... 0 VAR 0022 11024 PI STOCK R 898-939 MD=-999999 REF 0022 LOC 159 WIDTH 9 DK 3 COL 35-43 0 INDEX OF STOCK PRICES --------------------- 1 (ICPSR 7644) 17 - (CONTINUED) - NBER SERIES: 11024 AREA COVERED: FRANCE UNITS: 1913=100 ANNUAL COVERAGE: 1898-1913, 1919-1939 QUARTERLY COVERAGE: FIRST, 1898-SECOND, 1914, FIRST, 1919-FIRST, 1935 MONTHLY COVERAGE: JANUARY, APRIL, JULY, AND OCTOBER, 1898, 01/1899-07/1914, 01/1919-12/1939 SEASONAL ADJUSTMENT: NONE SOURCE: 1890-1914 DATA ARE FROM SOCIETE DE STATISTIQUE DE PARIS, JOURNAL, FEBRUARY, 1929, PP.80-83; 1919-1931 DATA ARE FROM INDICES GENERAUX DU MOUVEMENT ECONOMIQUE EN FRANCE DE 1901 A 1931; 1932-1939 DATA ARE FROM BULLETIN DE LA STATISTIQUE GENERALE. NOTES: THIS SERIES MAY BE COMPARED WITH THE ANNUAL INDEX GIVEN IN THE MAY, 1928 ISSUE OF THE JOURNAL (DESSINER) FOR 58 SECURITIES. SINCE THE MOVEMENT WAS VERY SIMILAR, THIS SERIES WAS ADJUSTED SLIGHTLY TO HAVE ITS ANNUAL AVERAGES THE SAME AS THOSE OF THE ANNUAL SERIES. THIS INDEX WAS FELT TO BE SUPERIOR SINCE IT COVERED A LARGER NUMBER OF SECURITIES. 1. FROM QUOTATIONS NEAR THE END OF EACH MONTH: A. JANUARY, APRIL, JULY, AND OCTOBER 1898 AND MONTHLY FROM JANUARY, 1898-JULY, 1900 THE FOLLOWING STOCKS WERE USED: BANQUE DE FRANCE, BANQUE DE PARIS, BANQUE TRANSATLANTIQUE, ACIENES DU NORD ET DE L'EST, CAMPAIGNE FRANCAISE DES METAUX, CHANTIERS DE LA LOIRE, THOMSON HOUSTON, DYNAMITE CENTRALE, LYON, NORD, COMPAGNIE GENERALE TRANSATLANTIQUE, GAZ POUR LA FRANCE ET L'ETRANGER, COMPAGNIE GENERALE DES EAUX, COMPAGNIE PARISIENNE DU GAZ, PRINTEMPS, ENTREPOTS ET MAGAZINS GENERAUX DE PARIS, SUEZ. THE GENERAL INDEX WAS COMPUTED ON THE BASE DECEMBER, 1899=100. B. FOR JULY, 1900-DECEMBER, 1901 THE MEAN OF THE INDEXES IS OF THE FOLLOWING GROUPS, ON THE BASE JANUARY 1, 1900=100 (SEE REFORME ECONOMIQUE): FRENCH CREDIT ESTABLISHMENTS (7 SECURITIES); FRENCH RAILWAYS (6 SECURITIES); METALLURGY AND MINES (16 SECURITIES); TRANSPORTATION (10 SECURITIES); MISCELLANEOUS (7 SECURITIES); FIRE INSURANCE (5 SECURITIES); COAL (30 SECURITIES). C. DECEMBER, 1901-DECEMBER, 1905 ARE AFTER PRICE QUOTED AND ARE ARITHMETIC MEAN OF INDEXES (ON THE BASE JUNE, 1900=100) OF 23 SECURITIES (THE 25 QUOTED FOR THE PERIOD 1909-1914 LESS LENS AND DOUYES). D. DECEMBER, 1905-DECEMBER, 1908 (ON BASE 1908=100), 41 SECURITIES ARE USED. THESE INCLUDE THE 25 USED FOR 1909-1914 (SEE BELOW) AND CREDIT LYONNAIS, COMPTOIR D'ESCOMPTE, BETHUNE, COMMENTRY--FOUR CHAMBAULT, CONSTRUCTIONS MECANIQUES, ELECTRO METALLURGIE DE DRIVES, CHANTIERS DE LA DE LA GIRONDE, PHOSPHATES DE GAFSA, ORLEANS, 1 18 (ICPSR 7644) - (CONTINUED) - MIDI, MESSAGRIES MAORTIMES, COMPAGNIE FRANCAISE ET CONTINENTALE D'ECLAIRAGE, FORCES MOTRICES DU RHONE, ENTREPOTS ET MAGAZINS GENERAUX DE PARIS, PRINTEMPS, GRANDE MOULIRS DE CORBEIL. E. DECEMBER, 1908-1914, 25 SECURITIES (ON THE BASE 1908=100). BANQUE DE PARIS, BANQUE DE FRANCE, LENS, DOURGES, ACIERIES DE LA MARIUE, CHATILLON--COMMENTARY, ACIERIES DU NORD ET DE L'EST, FIVES--LILLE, TREFILERIES DU HAVRE, COMPAGNIE FRANCAIS DES METAUX, CHANTIERS DE LA LOIRE, THOMSON--HOUSTON, DYNAMITE CENTRALE, LYON, NORD, COMPAGNIE GENERALE TRANSATLANTIQUE, UNION DES GAZ, GAZ ET EAUX, ECLAIRAGE ET FORCE PAR L'ELECTRICITE, SECTEUR DE CLICHY, COMPAGNIE GENERALE D'ELECTRICITE, GRAND HOTEL, SAY, BOLEO, SUEZ. "LES MOUVEMENTS SAISONNIERE SONT APPARUS NETTEMENT DESSINES, QUOIQUE PEU IMPORTANT, ET VOICI LS RESULTATS DE CE CALCUL. ....QUE NOUS INDIQUOUS COMME NETTEMENT DESSINES DES VARIATIONS SAISONNIERE POURTANT ASSEZ FOIBLES." SOURCE, P.59. FOR 1919-1925, THE OLD INDEX WAS USED. FOR 1926-1929, A REVISION OF THE INDEX, FIRST COMPUTED IN JANUARY, 1922, BASED UPON 194 SECURITIES IN 25 GROUPS, WITH EACH SECURITY GIVEN THE WEIGHT OF 100 FRANCS IN THE BASE PERIOD 1901-1910. THIS GAVE RISE TO CERTAIN DIFFICULTIES, BECAUSE AS ONE MOVES AWAY FROM THE BASE PERIOD, DIFFERENT STOCKS BEGIN TO BE WEIGHTED VERY DIFFERENTLY (AND NOT NECESARILY JUSTIFIABLY). WHAT WAS DONE THEN, WAS TO COMPUTE FOR EACH SECURITY ITS VALUE IN JANUARY, 1926 WHEN REFERRED TO A BASE WHOSE BASE WAS ITS AVERAGE VALUE IN 1925. THESE WERE THEN AVERAGED TOGETHER, SO THAT EACH SECURITY WAS WEIGHTED EQUALLY IN 1925, AND THE WHOLE GROUP THEN REFERRED BACK TO 1913. THE EARLIER INDEX (FROM 1919-1925) WAS KEPT THE SAME EXCEPT THAT IT WAS CONVERTED FROM THE BASE 1901-1910 TO 1913. BUT JANUARY, 1926 OF THE NEW INDEX (FROM 1919-1925) WAS MADE EQUAL TO THE OLD INDEX (211) AND AFTER JANUARY, 1926, THE SERIES REFERRED TO 288 SECURITIES IN 20 GROUPS. THE GROUPS AND THE NUMBER OF SECURITIES INCLUDED IN EACH GROUP ARE AS FOLLOWS: BANKS (13); TEXTILE INDUSTRIES (13); INSURANCE COMPANIES (15); RAILROADS, GREAT SYSTEMS (10); COAL MINES OF THE CENTER (7); RAILROADS, MISCELLANEOUS AND URBAN TRANSPORT--FRANCE, ALGERIA, AND TUNIS (14); COAL MINES OF THE NORTH (11); MISCELLANEOUS MINES--FRANCE, ALGERIA, AND TUNIS (9); TRANSPORTATION--WATER (9); IRON AND STEEL WORKS (13); GAS (12); METAL WORKS, MECHANICAL AND ELECTRICAL CONSTRUCTION (24); ELECTRICITY (23); DIVERSE INDUSTRIES (22); SHIPBUILDING (7); MISCELLANEOUS TRADING (16); BULIDING MATERIALS (11); COLONIAL COMPANIES (25); CHEMICAL PRODUCTS (16); FRENCH COMPANIES OPERATING ABROAD (18). 1 (ICPSR 7644) 19 - (CONTINUED) - THE OLD INDEX CONSISTED OF THESE GROUPS AND NUMBER OF SECURITIES THEIR RESPECTIVE NUMBERS OF SECURITIES: BANKS AND CREDIT INSTITUTIONS (13); MISCELLANEOUS FRENCH AND COLONIAL RAILROADS (10); COAL MINES OF THE LOIRE AND CENTER (5); URBAN TRANSPORT (6); NAVIGATION (6); DOCKS AND PIERS (3); COAL MINES OF THE NORTH (10); IRON AND STEEL WORKS (10); METAL MINES (4); SUEZ CANAL (1); METALS (4); MECHANICAL CONSTRUCTION (5); GAS (12); SHIPBUILDING (5); WATER (4); ELECTRICITY (26); MATERIALS AND MISCELLANEOUS "ONTILLAGES" (4); FOODSTUFFS AND MINERAL WATERS (13); CHEMICAL PRODUCTS--SALTS AND PHOSPHATES (11); BUILDING MATERIALS (5); PRINTING (4); DEPARTMENT STORES (4); FOREIGN RAILROADS (8); TEXTILES (2); FRENCH RAILROADS, MAJOR SYSTEMS (5). THESE HAVE BEEN CORRECTED FOR CHANGES IN CAPITALIZATION AND DISTRIBUTION OF RESERVES. SEE BULLETIN, JANUARY, 1932, P.243 AND FOLLOWING, FOR 1932 REVISIONS. THE METHOD AND BASE REMAINED THE SAME, BUT IN 1929, THE NUMBER OF SECURITIES CHANGED FROM 288 IN 20 GROUPS TO 300 IN 22 GROUPS. THE NEW GROUPS AND THE RESPECTIVE NUMBER OF SECURITIES IN EACH GROUP IS AS FOLLOWS: BANQUES (20); RAILROADS, MISCELLANEOUS AND URBAN (13); ASSURANCES (15); HAUILLERES DU CENTRE (8); NAVIGATION (9); HAUILLERES DU NORD (11); GAS (12); MISCELLANEOUS MINING (8); ELECTRICITY (21); IRON AND STEEL (13); FOOD--ALIMENTATION (14); MECHANICAL CONSTRUCTION; LARGE WAREHOUSES--GRANDS MAGASINS (8); SHIPBUILDING (6); BUILDING MATERIALS (13); MISCELLANEOUS INDUSTRIES (16); CHEMICAL PRODUCTS (16); MISCELLANEOUS TRADING (12); TEXTILE INDUSTRY (16); COLONIAL COMPANIES (20); RAILROADS, LARGE SYSTEMS (10); FRENCH COMPANIES OPERATING ABROAD. ............................................................... 0 VAR 0023 11009 PI INSTK R 897-916 MD=-999999 REF 0023 LOC 168 WIDTH 9 DK 3 COL 44-52 IMP DEC= 2 0 INDUSTRIAL STOCK PRICE INDEX, DOW-JONES --------------------------------------- NBER SERIES: 11009 AREA COVERED: U.S. UNITS: DOLLARS PER SHARE ANNUAL COVERAGE: 1897-1913, 1915 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1897-07/1914, 12/1914-09/1916 SEASONAL ADJUSTMENT: NONE SOURCE: DATA WERE COMPILED BY DOW JONES AND COMPANY FROM QUOTATIONS IN THE WALL STREET JOURNAL. DATA ARE FROM THE DOW-JONES AVERAGES, 13TH EDITION, 1948, AND SUPPLEMENTARY 1 20 (ICPSR 7644) - (CONTINUED) - AVERAGES (BARRON'S PUBLISHING COMPANY). NOTES: SERIES 11009 IS PRESENTED HERE AS TWO VARIABLES--(1)--ORIGINAL DATA, 1897-1916 (2)--ORIGINAL DATA, 1914-1958 A DETAILED DESCRIPTION OF METHODS OF CONSTUCTING AVERAGES IS GIVEN IN "BASIS OF CALCULATION OF DOW-JONES AVERAGE" AVAILABLE FROM THE WALL STREET JOURNAL. FOR A MORE DETAILED DESCRIPTION OF THE SERIES, SEE BUSINESS CYCLE INDICATORS, VOL. II, MOORE, NBER. THIS INDEX IS BASED ON DAILY CLOSING PRICES ON THE NEW YORK STOCK EXCHANGE. AVERAGES OF HIGHEST AND LOWEST INDEXES FOR THE MONTH ARE USED. ............................................................... 0 VAR 0024 11009 PI INSTK R 914-968 MD=-999999 REF 0024 LOC 177 WIDTH 9 DK 3 COL 53-61 IMP DEC= 2 0 INDUSTRIAL STOCK PRICE INDEX, DOW-JONES --------------------------------------- NBER SERIES: 11009 AREA COVERED: U.S. UNITS: DOLLARS PER SHARE ANNUAL COVERAGE: 1915-1958 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 12/1914-12/1968 SEASONAL ADJUSTMENT: NONE SOURCE: DATA WERE COMPILED BY DOW JONES AND COMPANY FROM QUOTATIONS IN THE WALL STREET JOURNAL. THROUGH JUNE, 1952, DATA ARE FROM THE DOW-JONES AVERAGES, 13TH EDITION, 1948, AND SUPPLEMENTARY AVERAGES (BARRON'S PUBLISHING COMPANY). THEREAFTER, THROUGH 1968, DATA ARE FROM BARRON'S NATIONAL BUSINESS AND FINANCIAL WEEKLY. NOTES: SERIES 11009 IS PRESENTED HERE AS TWO VARIABLES--(1)--ORIGINAL DATA, 1897-1916 (2)--ORIGINAL DATA, 1914-1958 20 STOCKS ARE USED THROUGH SEPTEMBER, 1928 AND 30 STOCKS THEREAFTER. A DETAILED DESCRIPTION OF METHODS OF CONSTUCTING AVERAGES IS GIVEN IN "BASIS OF CALCULATION OF DOW-JONES AVERAGE" AVAILABLE FROM THE WALL STREET JOURNAL. FOR A MORE DETAILED DESCRIPTION OF THE SERIES, SEE BUSINESS CYCLE INDICATORS, VOL. II, MOORE, NBER. THIS INDEX IS BASED ON DAILY CLOSING PRICES ON THE NEW YORK STOCK EXCHANGE. THROUGH 1948, AVERAGES OF HIGHEST AND LOWEST INDEXES FOR THE MONTH ARE USED. FOR 1949-1968, 1 (ICPSR 7644) 21 - (CONTINUED) - AVERAGES OF DAILY CLOSING INDEXES ARE USED. ............................................................... 0 VAR 0025 11010 P INDSTK R 901-935 MD=-999999 REF 0025 LOC 186 WIDTH 9 DK 3 COL 62-70 IMP DEC= 2 0 INDUSTRIAL STOCKS, AVERAGE PRICES --------------------------------- NBER SERIES: 11010 AREA COVERED: U.S. UNITS: JANUARY, 1901=100 ANNUAL COVERAGE: NONE QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: ONLY THE MONTHS OF JANUARY AND JULY FOR THE YEARS 1901- 1934 AND JANUARY, 1935 SEASONAL ADJUSTMENT: NONE SOURCE: THESE DATA WERE TAKEN DIRECTLY FROM DWIGHT C. ROSE'S "INDEX B" AT SAIDDER, STEVENS, CLARK, 90 BROAD STREET ............................................................... 0 VAR 0026 11012 SPI INDU R 867-914 MD=-999999 REF 0026 LOC 195 WIDTH 9 DK 3 COL 71-79 IMP DEC= 1 0 INDEX OF PRICES OF INDUSTRIAL SHARES, TOTAL ------------------------------------------- NBER SERIES: 11012 AREA COVERED: GREAT BRITAIN UNITS: PER CENT OF JUNE, 1890 (JUNE, 1890=100) ANNUAL COVERAGE: 1868-1913 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 07/1867-06/1914 SEASONAL ADJUSTMENT: NONE SOURCE: ROYAL ECONOMIC SOCIETY, MEMO NO.47, JUNE, 1934, PP.8 AND FOLLOWING. NOTES: SERIES 11012 IS PRESENTED HERE AS THREE VARIABLES--(1)--ORIGINAL DATA, 1867-1914 (2)--ORIGINAL DATA, 1919-1924 (3)--ORIGINAL DATA, 1925-1934. DATA ARE FOR THE END OF THE MONTH. THE SOURCE SHOWS THE NUMBER OF SHARES AT THE BEGINNING OF EACH YEAR. NBER HAS INCLUDED THE FOLLOWING NOTE ON THE ORIGINAL DOCUMENT: "THE GENERAL ADVANCE IN SHARES AT THE END OF 1879 IS SAID TO HAVE BEEN DUE TO RECOVERY AFTER THE GLASGOW 1 22 (ICPSR 7644) - (CONTINUED) - CRASH. HOWEVER, FROM SEPTEMBER, 1878 FEBRUARY, 1880, THE MOVEMENT IN GROUP I, IRON AND STEEL, ETC., IS VERY GREATLY INFLUENCED BY THE EXTRAORDINARY FALL AND RECOVERY IN EBBW SHARES. DECK IDENTIFICATION IS: '04' DK 4 COL 1- 2 ---------------------------- ............................................................... 0 VAR 0001 ICPSR STUDY NUMBER NO MISSING DATA CODES REF 0001 LOC 1 WIDTH 4 DK 4 COL 3- 6 0 ICPSR STUDY NUMBER ------------------ THE VALUE OF THIS VARIABLE FOR ALL CASES IS 7644, THE STUDY NUMBER ASSIGNED BY THE ICPSR TO THE NBER COLLECTION. ............................................................... 0 VAR 0002 ICPSR VERSION NUMBER NO MISSING DATA CODES REF 0002 LOC 5 WIDTH 1 DK 4 COL 7 0 ICPSR VERSION NUMBER -------------------- THE VALUE OF THIS VARIABLE FOR ALL CASES IS 1, SIGNIFYING THE FIRST ICPSR RELEASE OF THIS DATASET, WINTER, 1980. ............................................................... 0 VAR 0003 PART NUMBER NO MISSING DATA CODES REF 0003 LOC 6 WIDTH 3 DK 4 COL 8-10 0 PART NUMBER ----------- A UNIQUE ALPHANUMERIC CODE HAS BEEN ASSIGNED TO EACH DATASET IN THE NBER COLLECTION. THE FIRST TWO DIGITS OF THIS VARIABLE CONSIST OF THE CATEGORY NUMBER DESIGNATED IN THE NBER CATALOG. THE THIRD DIGIT IS AN ALPHANUMERIC CHARACTER WHICH CAN BE USED TO IDENTIFY DIFFERENT DATASETS WITHIN EACH CATEGORY. THUS, 11A IS THE FIRST AND ONLY DATASET IN CATEGORY 11, "SECURITY MARKETS". 1 (ICPSR 7644) 23 - (CONTINUED) - THE VALUE OF THE PART NUMBER VARIABLE FOR ALL CASES IN THIS DATASET IS 11A. ............................................................... 0 VAR 0004 CASE NUMBER (YEAR/MO) NO MISSING DATA CODES REF 0004 LOC 9 WIDTH 5 DK 4 COL 11-15 0 TIME INTERVAL VARIABLE ---------------------- THE TIME INTERVAL VARIABLE DEFINES THE TIME PERIOD TO WHICH A GIVEN SET OF OBSERVATIONS (I.E., THOSE WITHIN ANY GIVEN ROW OF THE DATA MATRIX) PERTAIN. IT IS A FIVE DIGIT INTEGER OF WHICH THE FIRST THREE DIGITS IDENTIFY THE YEAR AND THE LAST TWO DIGITS IDENTIFY THE SUB-INTERVAL WITHIN THE YEAR--01 TO 12 FOR JANUARY THROUGH DECEMBER; 03, 06, 09, AND 12 FOR THE FIRST SECOND, THIRD, AND FOURTH QUARTERS; AND 00 FOR ANNUAL DATA. THUS, FOR EXAMPLE, ANNUAL DATA FOR 1945 ARE IDENTIFIED BY 94500; JANUARY, 1945 BY 94501; AND SO ON. FOR A COMPLETE DESCRIPTION, SEE THE INTRODUCTION. THE TIME PERIOD COVERED IN THIS DATASET IS 1853-1968. ............................................................... 0 VAR 0005 FILTER NO MISSING DATA CODES REF 0005 LOC 14 WIDTH 1 DK 4 COL 16 0 INTERVAL TYPE VARIABLE ---------------------- THE INTERVAL TYPE VARIABLE INDICATES WHETHER A GIVEN SET OF OBSERVATIONS (I.E., THOSE WITHIN ANY GIVEN ROW OF THE DATA MATRIX) ARE ANNUAL, QUARTERLY, OR MONTHLY. THIS VARIABLE, MORE THOROUGHLY DESCRIBED IN THE INTRODUCTION, IS CODED 1 FOR ANNUAL DATA, 2 FOR QUARTERLY DATA, AND 3 FOR MONTHLY DATA. IF A VARIABLE WHICH CONTAINS MORE THAN ONE TYPE OF DATA--BOTH ANNUAL AND MONTHLY, FOR EXAMPLE--IS USED IN ANALYSIS, A FILTERING EXPRESSION USING INTERVAL TYPE WILL USUALLY BE SPECIFIED; ELSE, BOTH TYPES OF DATA WILL BE USED BY THE PROGRAM. 1 24 (ICPSR 7644) - 0 VAR 0027 11012 SPI INDU R 919-924 MD=-999999 REF 0027 LOC 204 WIDTH 9 DK 4 COL 17-25 0 PRICE INDEX OF INDUSTRIAL SECURITIES ------------------------------------ NBER SERIES: 11012 AREA COVERED: GREAT BRITAIN UNITS: 1913=100 ANNUAL COVERAGE: 1919-1924 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1919-12/1924 SEASONAL ADJUSTMENT: NONE SOURCE: LONDON AND CAMBRIDGE ECONOMIC SERVICE, JANUARY, 1923 AND FOLLOWING ISSUES, ALSO SPECIAL MEMORANDUM NO.33, P.14 FOR A REVISED INDEX. NOTES: SERIES 11012 IS PRESENTED HERE AS THREE VARIABLES--(1)--ORIGINAL DATA, 1867-1914 (2)--ORIGINAL DATA, 1919-1924 (3)--ORIGINAL DATA, 1925-1934. THESE ARE FIGURES FOR THE LAST DAY OF THE MONTH THROUGH DECEMBER, 1922 AND FOR MID-MONTH THEREAFTER (SEE LONDON AND CAMBRIDGE ECONOMIC SERVICE, VOL. II, NO.1, 1-23-1924). DATA REFER TO THE 16TH OR THE 17TH OF THE MONTH IF THE 15TH FALLS ON A SATURDAY OR SUNDAY (IBID., VOL. III, NO.12). ............................................................... 0 VAR 0028 11012 SPI INDU R 925-934 MD=-999999 REF 0028 LOC 213 WIDTH 9 DK 4 COL 26-34 0 INDEX OF PRICES OF INDUSTRIAL STOCKS ------------------------------------ NBER SERIES: 11012 AREA COVERED: GREAT BRITAIN UNITS: 1924=100 ANNUAL COVERAGE: 1925-1934 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1925-01/1934 SEASONAL ADJUSTMENT: NONE SOURCE: LONDON AND CAMBRIDGE ECONOMIC SERVICE NOTES: SERIES 11012 IS PRESENTED HERE AS THREE VARIABLES--(1)--ORIGINAL DATA, 1867-1914 (2)--ORIGINAL DATA, 1919-1924 (3)--ORIGINAL DATA, 1925-1934. DATA ARE MID-MONTH FIGURES. DATA REFER TO THE 16TH OR 17TH OF THE MONTH IF THE 15TH FALLS ON A SUNDAY OR SATURDAY. 1 (ICPSR 7644) 25 - 0 VAR 0029 11013 SPI COAL R 887-935 MD=-999999 REF 0029 LOC 222 WIDTH 9 DK 4 COL 35-43 IMP DEC= 1 0 SECURITY PRICE INDEX, COAL, IRON, AND STEEL SHARES -------------------------------------------------- NBER SERIES: 11013 AREA COVERED: GREAT BRITAIN --LONDON UNITS: 1913=100 ANNUAL COVERAGE: 1888-1890, 1895, 1897, 1907-1913, 1915, 1917-1920, 1922-1934 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 04/1887, 07/1887-12/1890, ALL MONTHS EXCEPT AUGUST FOR THE YEARS 1891-1894, 01/1895-12/1895, ALL MONTHS EXCEPT JULY FOR 1896, 01/1897-12/1897, ALL MONTHS EXCEPT JULY FOR THE YEARS 1898-1904, ALL MONTHS EXCEPT JUNE FOR THE YEARS 1905-1906, 01/1907-08/1914, 01/1915-12/1915, 02/1916-07/1921, 09/1921-03/1935. SEASONAL ADJUSTMENT: NONE SOURCE: BANKERS' MAGAZINE, LONDON AND COMPUTED BY NBER (SEE NOTE BELOW). NOTES: THIS INDEX WAS COMPUTED BY NBER FROM ORIGINAL DATA IN THOUSANDS OF POUNDS STERLING PUBLISHED IN BANKERS' MAGAZINE. ADDITIONS TO OR SUBTRACTIONS FROM THE NUMBER OF SECURITIES INCLUDED HAVE BEEN MADE FROM TIME TO TIME. DATA FROM THE OLD AND NEW SERIES ARE LINKED BY THE NBER AND THE RESULTANT INDEX IS CONSTRUCTED BASED UPON THE 1913 AVAERAGE. IN ORDER TO CONSTRUCT INDEXES COVERING THE ENTIRE PERIOD THESE AGGREGATE TOTALS AS COMPUTED BY BANKERS' MAGAZINE HAVE BEEN FURTHER TREATED BY THE NBER. AT THE POINTS OF THESE REVISIONS IN THE SERIES THE VALUE FOR THE GIVEN DATE ACCORDING TO BOTH THE OLD AND THE NEW DATA ARE AVAILABLE. BY MULTIPLYING DATA FROM ONE PERIOD BY A COEFFICIENT EQUAL TO THE RATIO OF THE OLD TO THE NEW, A SINGLE SERIES CAN BE CONSTRUCTED, INCLUDING THE DATA FROM BOTH ORIGINAL SECTIONS. CONSEQUENTLY, THE VARIOUS SECTIONS OF ORIGINAL DATA HAVE BEEN TIED TOGETHER AT THEIR OVERLAPPING POINTS, AND OUR ÕNBER'Så COMPUTED INDEXES HAVE A BASE OF 100 EQUALING THE MONTHLY AVERAGE OF 1913. THE VALUATION WAS OMITTED FOR MAY AND JUNE, 1887. THE FOLLOWING IS A SUMMARY OF THE TIME PERIODS, THE NUMBER OF SHARES, OR SECURITIES INVOLVED, AND THE PAR VALUE, IN THOUSANDS OF POUNDS. 04/1887-02/1888, 8 SHARES, PAR VALUE OF 6,008; 03/1888-12/1895, 8 SHARES, PAR VALUE OF 6,758; 12/1895-12/1906, 7 SHARES, PAR VALUE OF 6,055; 12/1906-12/1921, 8 SHARES, PAR VALUE OF 11,910; 12/1921-1935, 14 SHARES, PAR VALUE OF 58,294. 1 26 (ICPSR 7644) - (CONTINUED) - JULY 30, 1914 WAS THE DAY OF CLOSING FOR THE EXCHANGE. THE STOCK EXCHANGE WAS CLOSED FOR THE MONTHS OF SEPTEMBER-DECEMBER, 1914. ............................................................... 0 VAR 0030 11013 SPI COAL S 895-913 MD=-999999 REF 0030 LOC 231 WIDTH 9 DK 4 COL 44-52 0 SECURITY PRICE INDEX, COAL, IRON, AND STEEL SHARES, SEASONALLY ADJUSTED --------------------------------------------------- NBER SERIES: 11013 AREA COVERED: GREAT BRITAIN --LONDON UNITS: 1913=100 ANNUAL COVERAGE: NONE QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 04/1887, 07/1887-12/1890, ALL MONTHS EXCEPT AUGUST FOR THE YEARS 1891-1894, 01/1895-12/1895, ALL MONTHS EXCEPT JULY FOR 1896, 01/1897-12/1897, ALL MONTHS EXCEPT JULY FOR THE YEARS 1898-1904, ALL MONTHS EXCEPT JUNE FOR THE YEARS 1905-1906, 01/1907-08/1914, 01/1915-12/1915, 02/1916-07/1921, 09/1921-03/1935. SEASONAL ADJUSTMENT: SEASONAL ADJUSTMENT BY NBER SOURCE: BANKERS' MAGAZINE, LONDON AND COMPUTED BY NBER (SEE NOTE BELOW). NOTES: THIS INDEX WAS COMPUTED BY NBER FROM ORIGINAL DATA IN THOUSANDS OF POUNDS STERLING PUBLISHED IN BANKERS' MAGAZINE. ADDITIONS TO OR SUBTRACTIONS FROM THE NUMBER OF SECURITIES INCLUDED HAVE BEEN LINKED IN ON THE BASIS OF OVERLAPPING DATA. IN ORDER TO CONSTRUCT INDEXES COVERING THE ENTIRE PERIOD THESE AGGREGATE TOTALS AS COMPUTED BY BANKERS' MAGAZINE HAVE BEEN FURTHER TREATED BY THE NATIONAL BUREAU OF ECONOMIC RESEARCH (NBER). AT THE POINTS OF THESE REVISIONS IN THE SERIES THE VALUE FOR THE GIVEN DATE ACCORDING TO BOTH THE OLD AND THE NEW DATA ARE AVAILABLE. BY MULTIPLYING DATA FROM ONE PERIOD BY A COEFFICIENT EQUAL TO THE RATIO OF THE OLD TO THE NEW, A SINGLE SERIES CAN BE CONSTRUCTED, INCLUDING THE DATA FROM BOTH ORIGINAL SECTIONS. CONSEQUENTLY, THE VARIOUS SECTIONS OF ORIGINAL DATA HAVE BEEN TIED TOGETHER AT THEIR OVERLAPPING POINTS, AND OUR ÕNBER'Så COMPUTED INDEXES HAVE A BASE OF 100 EQUALING THE MONTHLY AVERAGE OF 1913. THE VALUATION WAS OMITTED FOR MAY AND JUNE, 1887. THE FOLLOWING IS A SUMMARY OF THE TIME PERIODS, THE NUMBER OF SHARES, OR SECURITIES INVOLVED, AND THE PAR VALUE, 1 (ICPSR 7644) 27 - (CONTINUED) - IN THOUSANDS OF POUNDS. 04/1887-02/1888, 8 SHARES, PAR VALUE OF 6,008; 03/1888-12/1895, 8 SHARES, PAR VALUE OF 6,758; 12/1895-12/1906, 7 SHARES, PAR VALUE OF 6,055; 12/1906-12/1921, 8 SHARES, PAR VALUE OF 11,910; 12/1921-1935, 14 SHARES, PAR VALUE OF 58,294. JULY 30, 1914 WAS THE DAY OF CLOSING FOR THE EXCHANGE. THE STOCK EXCHANGE WAS CLOSED FOR THE MONTHS OF SEPTEMBER-DECEMBER, 1914. ............................................................... 0 VAR 0031 11006 AV P STK R 890-915 MD=-999999 REF 0031 LOC 240 WIDTH 9 DK 4 COL 53-61 IMP DEC= 1 0 AVERAGE PRICES OF 40 COMMON STOCKS ---------------------------------- NBER SERIES: 11006 AREA COVERED: U.S. UNITS: 1890-1899=100 ANNUAL COVERAGE: 1890-1915 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1890-07/1914, 10/1914-12/1915 SEASONAL ADJUSTMENT: NONE SOURCE: FOR 1890-1911 DATA, SEE W.C. MITCHELL, BUSINESS CYCLES, 1913 ED., PP.208-214; 1910-1915 DATA ARE FROM JOURNAL OF POLITICAL ECONOMY, JUNE, 1913, PP. 515-516, IBID, FEBRUARY, 1916, PP.149-150. NOTES: THE STOCK EXCHANGE WAS CLOSED FROM AUGUST-NOVEMBER, 1914. FIGURES FOR OCTOBER AND NOVEMBER ARE BASED ON BROKERS' CIRCULARS. ............................................................... 0 VAR 0032 11005 P RR STK R 855-937 MD=-999999 REF 0032 LOC 249 WIDTH 9 DK 4 COL 62-70 IMP DEC= 2 0 AMERICAN RAILROAD STOCK PRICES ------------------------------ NBER SERIES: 11005 AREA COVERED: U.S. UNITS: DOLLARS PER SHARE ANNUAL COVERAGE: 1855-1913, 1915-1936 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1855-07/1914, 12/1914-01/1937 1 28 (ICPSR 7644) - (CONTINUED) - SEASONAL ADJUSTMENT: NONE SOURCE: F.R. MACAULAY, "SOME THEORETICAL PROBLEMS SUGGESTED BY THE MOVEMENTS OF INTEREST RATES, BOND YIELDS, AND STOCK PRICES IN THE UNITED STATES SINCE 1856," (NBER 1938), PP.A142-A161. NOTES: SERIES 11005 IS PRESENTED HERE AS THREE VARIABLES--(1)--ORIGINAL DATA, 1855-1937 (2)--ORIGINAL DATA, 1918-1957 (3)--ORIGINAL DATA, 1949-1964. THE 1855 AND 1856 FIGURES ARE AN UNWEIGHTED ARITHMETIC INDEX SPLICED ON TO THE WEIGHTED INDEX IN JANUARY, 1857. THEY ARE NOT CONSIDERED RELIABLE BY NBER. THE UNIT FOR THIS VARIABLE IS DOLLARS PER SHARE. THE INDEX IS A CHAIN INDEX MADE UP OF 13 MONTH SEGMENTS CHAINED TO THE SEGMENT 01/1926-01/1927. THE INDEX IS WEIGHTED ACCORDING TO THE NUMBER OF SHARES OUTSTANDING EACH YEAR. ............................................................... 0 VAR 0033 11005 P RR STK R 918-957 MD=-999999 REF 0033 LOC 258 WIDTH 9 DK 4 COL 71-79 IMP DEC= 1 0 AMERICAN RAILROAD STOCK PRICES ------------------------------ NBER SERIES: 11005 AREA COVERED: U.S. UNITS: 1935-1939=100 ANNUAL COVERAGE: 1918-1956 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1918-02/1957 SEASONAL ADJUSTMENT: NONE SOURCE: 1918-1940 DATA ARE FROM STANDARD AND POOR'S CORPORATION, LONG TERM SECURITY PRICE INDEX RECORD (THROUGH DECEMBER 31, 1940) PP.9-10; 1941-1942 DATA ARE FROM THE SECURITY PRICE INDEX RECORD, 1941 AND 1942; 1943-1946 DATA ARE FROM CURRENT STATISTICS COMBINED WITH BASIC STATISTICS ANNUALLY; 1947 DATA ARE FROM CURRENT STATISTICS; 1948-1957 DATA ARE FROM THE SURVEY OF CURRENT BUSINESS. NOTES: SERIES 11005 IS PRESENTED HERE AS THREE VARIABLES--(1)--ORIGINAL DATA, 1855-1937 (2)--ORIGINAL DATA, 1918-1957 (3)--ORIGINAL DATA, 1949-1964. FIGURES ARE FOR 20 RAILROAD STOCKS. DECK IDENTIFICATION IS: '05' DK 5 COL 1- 2 ---------------------------- 1 (ICPSR 7644) 29 - 0 VAR 0001 ICPSR STUDY NUMBER NO MISSING DATA CODES REF 0001 LOC 1 WIDTH 4 DK 5 COL 3- 6 0 ICPSR STUDY NUMBER ------------------ THE VALUE OF THIS VARIABLE FOR ALL CASES IS 7644, THE STUDY NUMBER ASSIGNED BY THE ICPSR TO THE NBER COLLECTION. ............................................................... 0 VAR 0002 ICPSR VERSION NUMBER NO MISSING DATA CODES REF 0002 LOC 5 WIDTH 1 DK 5 COL 7 0 ICPSR VERSION NUMBER -------------------- THE VALUE OF THIS VARIABLE FOR ALL CASES IS 1, SIGNIFYING THE FIRST ICPSR RELEASE OF THIS DATASET, WINTER, 1980. ............................................................... 0 VAR 0003 PART NUMBER NO MISSING DATA CODES REF 0003 LOC 6 WIDTH 3 DK 5 COL 8-10 0 PART NUMBER ----------- A UNIQUE ALPHANUMERIC CODE HAS BEEN ASSIGNED TO EACH DATASET IN THE NBER COLLECTION. THE FIRST TWO DIGITS OF THIS VARIABLE CONSIST OF THE CATEGORY NUMBER DESIGNATED IN THE NBER CATALOG. THE THIRD DIGIT IS AN ALPHANUMERIC CHARACTER WHICH CAN BE USED TO IDENTIFY DIFFERENT DATASETS WITHIN EACH CATEGORY. THUS, 11A IS THE FIRST AND ONLY DATASET IN CATEGORY 11, "SECURITY MARKETS". THE VALUE OF THE PART NUMBER VARIABLE FOR ALL CASES IN THIS DATASET IS 11A. 1 30 (ICPSR 7644) - 0 VAR 0004 CASE NUMBER (YEAR/MO) NO MISSING DATA CODES REF 0004 LOC 9 WIDTH 5 DK 5 COL 11-15 0 TIME INTERVAL VARIABLE ---------------------- THE TIME INTERVAL VARIABLE DEFINES THE TIME PERIOD TO WHICH A GIVEN SET OF OBSERVATIONS (I.E., THOSE WITHIN ANY GIVEN ROW OF THE DATA MATRIX) PERTAIN. IT IS A FIVE DIGIT INTEGER OF WHICH THE FIRST THREE DIGITS IDENTIFY THE YEAR AND THE LAST TWO DIGITS IDENTIFY THE SUB-INTERVAL WITHIN THE YEAR--01 TO 12 FOR JANUARY THROUGH DECEMBER; 03, 06, 09, AND 12 FOR THE FIRST SECOND, THIRD, AND FOURTH QUARTERS; AND 00 FOR ANNUAL DATA. THUS, FOR EXAMPLE, ANNUAL DATA FOR 1945 ARE IDENTIFIED BY 94500; JANUARY, 1945 BY 94501; AND SO ON. FOR A COMPLETE DESCRIPTION, SEE THE INTRODUCTION. THE TIME PERIOD COVERED IN THIS DATASET IS 1853-1968. ............................................................... 0 VAR 0005 FILTER NO MISSING DATA CODES REF 0005 LOC 14 WIDTH 1 DK 5 COL 16 0 INTERVAL TYPE VARIABLE ---------------------- THE INTERVAL TYPE VARIABLE INDICATES WHETHER A GIVEN SET OF OBSERVATIONS (I.E., THOSE WITHIN ANY GIVEN ROW OF THE DATA MATRIX) ARE ANNUAL, QUARTERLY, OR MONTHLY. THIS VARIABLE, MORE THOROUGHLY DESCRIBED IN THE INTRODUCTION, IS CODED 1 FOR ANNUAL DATA, 2 FOR QUARTERLY DATA, AND 3 FOR MONTHLY DATA. IF A VARIABLE WHICH CONTAINS MORE THAN ONE TYPE OF DATA--BOTH ANNUAL AND MONTHLY, FOR EXAMPLE--IS USED IN ANALYSIS, A FILTERING EXPRESSION USING INTERVAL TYPE WILL USUALLY BE SPECIFIED; ELSE, BOTH TYPES OF DATA WILL BE USED BY THE PROGRAM. ............................................................... 0 VAR 0034 11005 P RR STK R 949-964 MD=-999999 REF 0034 LOC 267 WIDTH 9 DK 5 COL 17-25 IMP DEC= 2 0 AMERICAN RAILROAD STOCK PRICES, 25 RAILROAD STOCKS -------------------------------------------------- NBER SERIES: 11005 1 (ICPSR 7644) 31 - (CONTINUED) - AREA COVERED: U.S. UNITS: 1941-1943=10 ANNUAL COVERAGE: 1949-1964 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1949-12/1964 SEASONAL ADJUSTMENT: NONE SOURCE: STANDARD AND POOR'S CORPORATION, SECURITY PRICE INDEX RECORD, 1957 EDITION, FOR 1949-1956 DATA; THE 1959 SUPPLEMENT, FOR 1957-1958 DATA; CURRENT STATISTICS THEREAFTER. NOTES: SERIES 11005 IS PRESENTED HERE AS THREE VARIABLES--(1)--ORIGINAL DATA, 1855-1937 (2)--ORIGINAL DATA, 1918-1957 (3)--ORIGINAL DATA, 1949-1964. NOTICE THAT THE INDEX FOR THIS PARTICULAR VARIABLE IS BASED ON 10, NOT 100. ............................................................... 0 VAR 0035 11005AP RR STK R 857-929 MD=-999999 REF 0035 LOC 276 WIDTH 9 DK 5 COL 26-34 IMP DEC= 1 0 AMERICAN RAILROAD STOCK PRICES ------------------------------ NBER SERIES: 11005A AREA COVERED: U.S. UNITS: PER SHARE VALUE WEIGHTED BY OUTSTANDING SHARES ANNUAL COVERAGE: 1857-1929 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1857-12/1929 SEASONAL ADJUSTMENT: NONE SOURCE: F.R. MACAULAY, "SOME THEORETICAL PROBLEMS SUGGESTED BY THE MOVEMENTS OF INTEREST RATES, BOND YIELDS, AND STOCK PRICES IN THE UNITED STATES SINCE 1856 (NBER, 1938), PP.A142-A161; F.R. MACAULAY, "THE SMOOTHING OF TIME SERIES," (NBER, 1931). NOTES: THE FIGURE FOR JANUARY, 1926 IS THE PER SHARE VALUE WEIGHTED BY OUTSTANDING SHARES. ............................................................... 0 VAR 0036 11014 SPI RAIL R 887-935 MD=-999999 REF 0036 LOC 285 WIDTH 9 DK 5 COL 35-43 IMP DEC= 1 0 SECURITY PRICE INDEX, BRITISH RAILWAY COMMON SHARES, STOCK EXCHANGE VALUE ---------------------------------------------------------- 1 32 (ICPSR 7644) - (CONTINUED) - NBER SERIES: 11014 AREA COVERED: GREAT BRITAIN --LONDON UNITS: 1913=100 ANNUAL COVERAGE: 1889-1890, 1895, 1897, 1907-1913, 1915, 1917-1920, 1922-1934 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 04/1887, 07/1887-06/1888, 09/1888-12/1890, ALL MONTHS EXCEPT AUGUST FOR THE YEARS 1891-1894, 01/1895-12/1895, ALL MONTHS EXCEPT JULY FOR 1896, 01/1897-12/1897, ALL MONTHS EXCEPT JULY FOR THE YEARS 1898-1904, ALL MONTHS EXCEPT JUNE FOR THE YEARS 1905-1906, 01/1907-08/1914, 01/1915-12/1915, 02/1916-07/1921, 09/1921-03/1935. SEASONAL ADJUSTMENT: NONE SOURCE: BANKERS' MAGAZINE, LONDON AND COMPUTED BY NBER (SEE NOTE BELOW). NOTES: THIS INDEX WAS COMPUTED BY NBER FROM ORIGINAL DATA IN THOUSANDS OF POUNDS STERLING PUBLISHED IN BANKERS' MAGAZINE. ADDITIONS TO OR SUBTRACTIONS FROM THE NUMBER OF SECURITIES INCLUDED HAVE BEEN MADE FROM TIME TO TIME. DATA FROM THE OLD AND NEW SERIES ARE LINKED BY THE NBER AND THE RESULTANT INDEX IS CONSTRUCTED BASED UPON THE 1913 AVERAGE. IN ORDER TO CONSTRUCT INDEXES COVERING THE ENTIRE PERIOD THESE AGGREGATE TOTALS AS COMPUTED BY BANKERS' MAGAZINE HAVE BEEN FURTHER TREATED BY THE NBER. AT THE POINTS OF THESE REVISIONS IN THE SERIES THE VALUE FOR THE GIVEN DATE ACCORDING TO BOTH THE OLD AND THE NEW DATA ARE AVAILABLE. BY MULTIPLYING DATA FROM ONE PERIOD BY A COEFFICIENT EQUAL TO THE RATIO OF THE OLD TO THE NEW, A SINGLE SERIES CAN BE CONSTRUCTED, INCLUDING THE DATA FROM BOTH ORIGINAL SECTIONS. CONSEQUENTLY, THE VARIOUS SECTIONS OF ORIGINAL DATA HAVE BEEN TIED TOGETHER AT THEIR OVERLAPPING POINTS, AND OUR ÕNBER'Så COMPUTED INDEXES HAVE A BASE OF 100 EQUALING THE MONTHLY AVERAGE OF 1913. THE FOLLOWING IS A SUMMARY OF THE TIME PERIODS, THE NUMBER OF SHARES, OR SECURITIES INVOLVED, AND THE PAR VALUE, IN THOUSANDS OF POUNDS. 04/1887-12/1895, 19 SHARES, PAR VALUE OF 201,166; 12/1895-12/1906, 19 SHARES, PAR VALUE OF 213,007; 12/1906-12/1921, 26 SHARES, PAR VALUE OF 310,750; 12/1921-12/1922, 28 SHARES, PAR VALUE OF 376,460; 12/1922-1935, 13 SHARES, PAR VALUE OF 315,325. JULY 30, 1914 WAS THE DAY OF CLOSING FOR THE EXCHANGE. THE STOCK EXCHANGE WAS CLOSED FOR THE MONTHS OF SEPTEMBER-DECEMBER, 1914. "HAD OUR VALUATION BEEN PUBLISHED... THE ONE AND ONLY FEATURE WOULD HAVE BEEN A SUBSTANTIAL IMPROVEMENT IN THE ORDINAIRY STOCKS OF ENGLISH RAILWAYS. THIS IMPROVEMENT, 1 (ICPSR 7644) 33 - (CONTINUED) - HOWEVER, HAS SINCE BEEN LOST AND THERE IS VERY LITTLE MOVEMENT TO NOTE WHEN COMPARED WITH TWO MONTHS AGO." (NBER NOTE REGARDING TO THE MISSING DATA FOR AUGUST, 1921) ............................................................... 0 VAR 0037 11008 PI PRSTK R 902-923 MD=-999999 REF 0037 LOC 294 WIDTH 9 DK 5 COL 44-52 IMP DEC= 1 0 INDEX OF PREFERRED STOCK PRICES, NEW YORK STOCK EXCHANGE, FRICKEY --------------------------------------------------------- NBER SERIES: 11008 AREA COVERED: U.S. --NEW YORK STOCK EXCHANGE UNITS: 1909-1913=100 ANNUAL COVERAGE: 1902-1913, 1915-1922 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1902-07/1914, 10/1914-05/1923 SEASONAL ADJUSTMENT: NONE SOURCE: REVIEW OF ECONOMIC STATISTICS, AUGUST, 1921, PP.255-257; JUNE, 1923 SUPPLEMENT (STATISTICAL RECORD, 1922) P.169. NOTES: THE FIGURES HERE ARE A GEOMETRIC AVERAGE. ............................................................... 0 VAR 0038 11019 PI SECUR R 867-914 MD=-999999 REF 0038 LOC 303 WIDTH 9 DK 5 COL 53-61 IMP DEC= 1 0 INDEX OF PRICES OF FIXED INTEREST SECURITIES -------------------------------------------- NBER SERIES: 11019 AREA COVERED: GREAT BRITAIN UNITS: JUNE, 1890=100 ANNUAL COVERAGE: 1867-1913 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1867-06/1914 SEASONAL ADJUSTMENT: NONE SOURCE: LONDON AND CAMBRIDGE ECONOMIC SERVICE, SPECIAL MEMORANDUM NO. 37, P.7 NOTES: ORIGINAL END OF MONTH DATA. 1 34 (ICPSR 7644) - 0 VAR 0039 11016 P RR BND R 857-937 MD=-999999 REF 0039 LOC 312 WIDTH 9 DK 5 COL 62-70 IMP DEC= 1 0 AMERICAN RAILROAD BOND PRICES, HIGH GRADE ----------------------------------------- NBER SERIES: 11016 AREA COVERED: U.S. UNITS: DOLLARS ANNUAL COVERAGE: 1857-1913, 1915-1936 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1857-07/1914, 12/1914-01/1937 SEASONAL ADJUSTMENT: NONE SOURCE: 1857-1925 DATA ARE COMPUTED BY NBER FROM F.R. MACAULAY'S DATA ON BOND YIELDS AS PUBLISHED IN THE NBER NEWS-BULLETIN, NO.41, JANUARY 5, 1931. THEREAFTER, DATA ARE FROM NBER FILES. NOTES: THESE ENTRIES ARE OBTAINED BY INVERTING THE SERIES ON BOND YIELDS BY DIVIDING THE YIELD, EXPRESSED IN DECIMALS, INTO 4.00. SEE F.R. MACAULEY, "SOME THEORETICAL PROBLEMS SUGGESTED BY THE MOVEMENTS OF INTEREST RATES, BOND YIELDS, AND STOCK PRICES IN THE UNITED STATES SINCE 1856." (NBER, 1938). ............................................................... 0 VAR 0040 11017 CONP STK R 853-888 MD=-999999 REF 0040 LOC 321 WIDTH 9 DK 5 COL 71-79 IMP DEC= 2 0 CONSOLIDATED STOCK PRICES, THREE PER CENT STOCKS. ------------------------------------------------- NBER SERIES: 11017 AREA COVERED: GREAT BRITAIN UNITS: POUNDS PER 100 SHARES ANNUAL COVERAGE: 1853-1888 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1853-12/1888 SEASONAL ADJUSTMENT: NONE SOURCE: GENTLEMAN'S MAGAZINE, MONTHLY, FOR 1853-1856 DATA; FOR 1857- 1888 DATA, SEE THE STATISTICAL ABSTRACT OF THE UNITED KINGDOM. NOTES: SERIES 11017 IS PRESENTED HERE AS FOUR VARIABLES--(1)--ORIGINAL DATA, 1853-1888 (2)--SEASONALLY ADJUSTED DATA, 1853-1888 (3)--ORIGINAL DATA, 1888-1934 (4)--SEASONALLY ADJUSTED DATA, 1888-1928. 1 (ICPSR 7644) 35 - (CONTINUED) - 1853-1856 DATA WERE COMPUTED BY NBER BY AVERAGING THE HIGHS AND LOWS OF THE DAILY QUOTATIONS THROUGHOUT THE MONTH. DATA FROM THE STATISTICAL ABSTRACT OF THE UNITED KINGDOM ARE GIVEN DIRECTLY AND ARE "AVERAGES FOR THE MONTH." DECK IDENTIFICATION IS: '06' DK 6 COL 1- 2 ---------------------------- ............................................................... 0 VAR 0001 ICPSR STUDY NUMBER NO MISSING DATA CODES REF 0001 LOC 1 WIDTH 4 DK 6 COL 3- 6 0 ICPSR STUDY NUMBER ------------------ THE VALUE OF THIS VARIABLE FOR ALL CASES IS 7644, THE STUDY NUMBER ASSIGNED BY THE ICPSR TO THE NBER COLLECTION. ............................................................... 0 VAR 0002 ICPSR VERSION NUMBER NO MISSING DATA CODES REF 0002 LOC 5 WIDTH 1 DK 6 COL 7 0 ICPSR VERSION NUMBER -------------------- THE VALUE OF THIS VARIABLE FOR ALL CASES IS 1, SIGNIFYING THE FIRST ICPSR RELEASE OF THIS DATASET, WINTER, 1980. ............................................................... 0 VAR 0003 PART NUMBER NO MISSING DATA CODES REF 0003 LOC 6 WIDTH 3 DK 6 COL 8-10 0 PART NUMBER ----------- A UNIQUE ALPHANUMERIC CODE HAS BEEN ASSIGNED TO EACH DATASET IN THE NBER COLLECTION. THE FIRST TWO DIGITS OF THIS VARIABLE CONSIST OF THE CATEGORY NUMBER DESIGNATED IN THE NBER CATALOG. THE THIRD DIGIT IS AN ALPHANUMERIC CHARACTER WHICH CAN BE USED TO IDENTIFY DIFFERENT DATASETS WITHIN EACH CATEGORY. THUS, 11A IS THE FIRST AND ONLY DATASET IN CATEGORY 11, "SECURITY MARKETS". 1 36 (ICPSR 7644) - (CONTINUED) - THE VALUE OF THE PART NUMBER VARIABLE FOR ALL CASES IN THIS DATASET IS 11A. ............................................................... 0 VAR 0004 CASE NUMBER (YEAR/MO) NO MISSING DATA CODES REF 0004 LOC 9 WIDTH 5 DK 6 COL 11-15 0 TIME INTERVAL VARIABLE ---------------------- THE TIME INTERVAL VARIABLE DEFINES THE TIME PERIOD TO WHICH A GIVEN SET OF OBSERVATIONS (I.E., THOSE WITHIN ANY GIVEN ROW OF THE DATA MATRIX) PERTAIN. IT IS A FIVE DIGIT INTEGER OF WHICH THE FIRST THREE DIGITS IDENTIFY THE YEAR AND THE LAST TWO DIGITS IDENTIFY THE SUB-INTERVAL WITHIN THE YEAR--01 TO 12 FOR JANUARY THROUGH DECEMBER; 03, 06, 09, AND 12 FOR THE FIRST SECOND, THIRD, AND FOURTH QUARTERS; AND 00 FOR ANNUAL DATA. THUS, FOR EXAMPLE, ANNUAL DATA FOR 1945 ARE IDENTIFIED BY 94500; JANUARY, 1945 BY 94501; AND SO ON. FOR A COMPLETE DESCRIPTION, SEE THE INTRODUCTION. THE TIME PERIOD COVERED IN THIS DATASET IS 1853-1968. ............................................................... 0 VAR 0005 FILTER NO MISSING DATA CODES REF 0005 LOC 14 WIDTH 1 DK 6 COL 16 0 INTERVAL TYPE VARIABLE ---------------------- THE INTERVAL TYPE VARIABLE INDICATES WHETHER A GIVEN SET OF OBSERVATIONS (I.E., THOSE WITHIN ANY GIVEN ROW OF THE DATA MATRIX) ARE ANNUAL, QUARTERLY, OR MONTHLY. THIS VARIABLE, MORE THOROUGHLY DESCRIBED IN THE INTRODUCTION, IS CODED 1 FOR ANNUAL DATA, 2 FOR QUARTERLY DATA, AND 3 FOR MONTHLY DATA. IF A VARIABLE WHICH CONTAINS MORE THAN ONE TYPE OF DATA--BOTH ANNUAL AND MONTHLY, FOR EXAMPLE--IS USED IN ANALYSIS, A FILTERING EXPRESSION USING INTERVAL TYPE WILL USUALLY BE SPECIFIED; ELSE, BOTH TYPES OF DATA WILL BE USED BY THE PROGRAM. 1 (ICPSR 7644) 37 - 0 VAR 0041 11017 CONP STK S 853-888 MD=-999999 REF 0041 LOC 330 WIDTH 9 DK 6 COL 17-25 IMP DEC= 2 0 CONSOLIDATED STOCK PRICES, THREE PER CENT STOCKS, SEASONALLY ADJUSTED ------------------------------------------------------------ NBER SERIES: 11017 AREA COVERED: GREAT BRITAIN UNITS: POUNDS PER 100 SHARES ANNUAL COVERAGE: NONE QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1853-12/1888 SEASONAL ADJUSTMENT: SEASONALLY ADJUSTED BY NBER SOURCE: GENTLEMAN'S MAGAZINE, MONTHLY, FOR 1853-1856 DATA; FOR 1857- 1888 DATA, SEE THE STATISTICAL ABSTRACT OF THE UNITED KINGDOM. NOTES: SERIES 11017 IS PRESENTED HERE AS FOUR VARIABLES--(1)--ORIGINAL DATA, 1853-1888 (2)--SEASONALLY ADJUSTED DATA, 1853-1888 (3)--ORIGINAL DATA, 1888-1934 (4)--SEASONALLY ADJUSTED DATA, 1888-1928. 1853-1856 DATA WERE COMPUTED BY NBER BY AVERAGING THE HIGHS AND LOWS OF THE DAILY QUOTATIONS THROUGHOUT THE MONTH. DATA FROM THE STATISTICAL ABSTRACT OF THE UNITED KINGDOM ARE GIVEN DIRECTLY AND ARE "AVERAGES FOR THE MONTH." ............................................................... 0 VAR 0042 11017 CONP STK R 888-934 MD=-999999 REF 0042 LOC 339 WIDTH 9 DK 6 COL 26-34 IMP DEC= 2 0 CONSOLIDATED STOCK PRICES, TWO AND THREE QUARTERS PER CENT STOCKS. ---------------------------------------------------------- NBER SERIES: 11017 AREA COVERED: GREAT BRITAIN UNITS: POUNDS PER 100 SHARES ANNUAL COVERAGE: 1889-1913, 1915-1934 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 03/1888-08/1914, 01/1915-12/1934 SEASONAL ADJUSTMENT: NONE SOURCE: 1888-1932 DATA ARE FROM THE STATISTICAL ABSTRACT OF THE UNITED KINGDOM; 1933-1934 DATA WERE COMPUTED BY NBER FROM DATA IN THE ECONOMIST. WEEKLY QUOTATIONS, FALLING ON A WEDNESDAY, ARE AVERAGED FOR THOSE WEEKS FALLING WITHIN A MONTH; THEY VARY FROM 3 TO 5. 1 38 (ICPSR 7644) - (CONTINUED) - NOTES: SERIES 11017 IS PRESENTED HERE AS FOUR VARIABLES--(1)--ORIGINAL DATA, 1853-1888 (2)--SEASONALLY ADJUSTED DATA, 1853-1888 (3)--ORIGINAL DATA, 1888-1934 (4)--SEASONALLY ADJUSTED DATA, 1888-1928. THE RATE OF INTEREST ON CONSOLS WAS REDUCED FROM TWO AND THREE QUARTERS PERCENT TO TWO AND ONE HALF PERCENT ON APRIL 6, 1903 AND THE FIRST DIVIDENDS AT THE LOWER RATE BECAME PAYABLE ON JULY 5. THE STOCK EXCHANGE WAS CLOSED IN THE LATTER MONTHS OF 1914. ............................................................... 0 VAR 0043 11017 CONP STK S 888-928 MD=-999999 REF 0043 LOC 348 WIDTH 9 DK 6 COL 35-43 IMP DEC= 2 0 CONSOLIDATED STOCK PRICES, TWO AND THREE QUARTERS PER CENT STOCKS, SEASONALLY ADJUSTED ---------------------------------------------------------- NBER SERIES: 11017 AREA COVERED: GREAT BRITAIN UNITS: POUNDS PER 100 SHARES ANNUAL COVERAGE: NONE QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1888-08/1914, 01/1915-12/1928 SEASONAL ADJUSTMENT: SEASONALLY ADJUSTED BY NBER SOURCE: 1888-1928 DATA ARE FROM THE STATISTICAL ABSTRACT OF THE UNITED KINGDOM. NOTES: SERIES 11017 IS PRESENTED HERE AS FOUR VARIABLES--(1)--ORIGINAL DATA, 1853-1888 (2)--SEASONALLY ADJUSTED DATA, 1853-1888 (3)--ORIGINAL DATA, 1888-1934 (4)--SEASONALLY ADJUSTED DATA, 1888-1928. THE RATE OF INTEREST ON CONSOLS WAS REDUCED FROM TWO AND THREE QUARTERS PERCENT TO TWO AND ONE HALF PERCENT ON APRIL 6, 1903 AND THE FIRST DIVIDENDS AT THE LOWER RATE BECAME PAYABLE ON JULY 5. THE STOCK EXCHANGE WAS CLOSED IN THE LATTER MONTHS OF 1914. ............................................................... 0 VAR 0044 11020 P GOVBND S 877-925 MD=-999999 REF 0044 LOC 357 WIDTH 9 DK 6 COL 44-52 IMP DEC= 2 0 PRICES OF THREE AND ONE HALF PER CENT GOVERNMENT BONDS, 1 (ICPSR 7644) 39 - (CONTINUED) - SEASONALLY ADJUSTED ------------------------------------------------------- NBER SERIES: 11020 AREA COVERED: GERMANY UNITS: PAR=100 ANNUAL COVERAGE: 1878-1913, 1915-1925 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 07/1877-07/1914, 01/1919-12/1919, 01/1921-12/1925 SEASONAL ADJUSTMENT: NONE SOURCE: VOLKSWIRTSCHAFTLICHE CHRONIK (DECIPHER ANY OF THE OTHERS ???????) NOTES: FIGURES ARE MONTHLY AVERAGES. STOCKS ARE 4% THROUGH SEPTEMBER, 1897. ............................................................... 0 VAR 0045 11021 P RENTES R 874-940 MD=-999999 REF 0045 LOC 366 WIDTH 9 DK 6 COL 53-61 IMP DEC= 2 0 PRICES OF THREE PER CENT PERPETUAL RENTES (TERME) ------------------------------------------------- NBER SERIES: 11021 AREA COVERED: FRANCE UNITS: FRANCS PER 100 FRANC SHARE ANNUAL COVERAGE: 1874-1939 QUARTERLY COVERAGE: FIRST, 1874-THIRD, 1934 MONTHLY COVERAGE: 12/1873-04/1940 SEASONAL ADJUSTMENT: NONE SOURCE: L'ECONOMISTE FRANCAIS FOR DATA FROM 1874-1897; 1898-JULY, 1914 DATA ARE FROM JOURNAL DE LA SOCIETE DE STATISTIQUE DE PARIS, FEBRUARY, 1929, PP.80-83 (COMPILED BY DESSINIER FROM REFORME ECONOMIQUE); AUGUST, 1914-1925 DATA ARE FROM BULLETIN DE STATISTIQUE GENERALE; 1926-1933 DATA ARE FROM ANNUAIRE STATISTIQUE; 1934 DATA ARE FROM L'ECONOMISTE FRANCAIS, 1935-1939 DATA ARE FROM THE BULLETIN (CITED ABOVE); 1940 DATA AND A PORTION OF 1939 DATA ARE FROM LA REVUE ECONOMIQUE ET FINANCIERE. NOTES: DATA ARE FROM THE END OF THE MONTH WITH THESE EXCEPTIONS: 1874-1897 DATA ARE THE AVERAGE OF HIGH AND LOW QUOTATIONS, END OF THE MONTH, AND WERE COMPUTED BY NBER. 1934 DATA ARE AS OF THE LAST MONDAY OR THE LAST THURSDAY IN THE MONTH. PRIOR TO JUNE, 1874, THE CLOSING PRICE ON THE LAST FRIDAY OF THE MONTH WAS USED. 1 40 (ICPSR 7644) - 0 VAR 0046 11018 SPI R 887-935 MD=-999999 REF 0046 LOC 375 WIDTH 9 DK 6 COL 62-70 IMP DEC= 1 0 SECURITY PRICE INDEX -------------------- NBER SERIES: 11018 AREA COVERED: GREAT BRITAIN --LONDON UNITS: 1913=100 ANNUAL COVERAGE: 1889, 1895, 1897, 1907-1913, 1915, 1917-1920, 1922-1934 QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 04/1887, 07/1887-06/1888, 09/1888-03/1890, 04/1890-12/1890, ALL MONTHS EXCEPT AUGUST FOR THE YEARS 1891-1894, 01/1895-12/1895, ALL MONTHS EXCEPT JULY FOR 1896, 01/1897-12/1897, ALL MONTHS EXCEPT JULY FOR THE YEARS 1898-1904, ALL MONTHS EXCEPT JUNE FOR THE YEARS 1905-1906, 01/1907-08/1914, 01/1915-12/1915, 02/1916-07/1921, 09/1921-03/1935. SEASONAL ADJUSTMENT: NONE SOURCE: BANKERS' MAGAZINE, LONDON AND COMPUTED BY NBER (SEE NOTE BELOW). NOTES: THIS INDEX WAS COMPUTED BY NBER FROM ORIGINAL DATA IN THOUSANDS OF POUNDS STERLING PUBLISHED IN BANKERS' MAGAZINE. ADDITIONS TO OR SUBTRACTIONS FROM THE NUMBER OF SECURITIES INCLUDED HAVE BEEN MADE FROM TIME TO TIME. DATA FROM THE OLD AND NEW SERIES WERE LINKED BY THE NBER AND THE RESULTANT INDEX IS CONSTRUCTED BASED UPON THE 1913 AVERAGE. AT THE POINTS OF THESE REVISIONS IN THE SERIES THE VALUE FOR THE GIVEN DATE ACCORDING TO BOTH THE OLD AND THE NEW DATA WERE AVAILABLE. BY MULTIPLYING DATA FROM ONE PERIOD BY A COEFFICIENT EQUAL TO THE RATIO OF THE OLD TO THE NEW, A SINGLE SERIES WAS CONSTRUCTED, INCLUDING THE DATA FROM BOTH ORIGINAL SECTIONS. CONSEQUENTLY, THE VARIOUS SECTIONS OF ORIGINAL DATA HAVE BEEN TIED TOGETHER AT THEIR OVERLAPPING POINTS. JULY 30, 1914 WAS THE DAY OF CLOSING FOR THE EXCHANGE. THE STOCK EXCHANGE WAS CLOSED FOR THE MONTHS OF SEPTEMBER-DECEMBER, 1914. EIGHT SHARES WERE INCLUDED FOR THE PERIOD 04/1887-12/1895. THERE WAS A CHANGE IN THE NUMBER OF SECURITIES INCLUDED (A DECREASE OF ONE, FROM EIGHT TO SEVEN) IN 12/1906. IN 12/1921, THE NUMBER OF INCLUDED SECURITIES INCREASED FROM 7 TO 9. AN NBER NOTE ATTRIBUTES THE DECLINE IN THE INDEX AFTER JUNE, 1916 TO UNUSUAL STOCK MARKET FLUCTUATIONS, THE ABOLITION OF MINIMUM RATES, AND AN INCREASE IN THE BANK RATE. THERE IS NO FIGURE FOR JANUARY, 1916 BECAUSE OF THE 1 (ICPSR 7644) 41 - (CONTINUED) - POSSIBILITY THAT THE MINIMUM WOULD BE REMOVED BEFORE THE END OF THE MONTH. THE ESTIMATE FOR THE JANUARY, 1915 PRICES IS BASED ON MARKINGS, THE OFFICIAL LIST, AND WHERE THE SECURITIES ARE INACTIVE, THE JULY 27, 1914 PRICES. THE VALUATION FOR AUGUST, 1921 WAS OMITTED BECAUSE OF STAGNATION OF THE STOCK EXCHANGE DURING THE HEIGHT OF THE HOLIDAY SEASON. ............................................................... 0 VAR 0047 11018 SPI S 925-926 MD=-999999 REF 0047 LOC 384 WIDTH 9 DK 6 COL 71-79 0 SECURITY PRICE INDEX, SEASONALLY ADJUSTED ----------------------------------------- NBER SERIES: 11018 AREA COVERED: GREAT BRITAIN --LONDON UNITS: 1913=100 ANNUAL COVERAGE: NONE QUARTERLY COVERAGE: NONE MONTHLY COVERAGE: 01/1925-09/1926 SEASONAL ADJUSTMENT: SEASONALLY ADJUSTED BY NBER SOURCE: BANKERS' MAGAZINE, LONDON NOTES: THIS INDEX WAS COMPUTED BY NBER FROM ORIGINAL DATA IN THOUSANDS OF POUNDS STERLING PUBLISHED IN BANKERS' MAGAZINE. ADDITIONS TO OR SUBTRACTIONS FROM THE NUMBER OF SECURITIES INCLUDED HAVE BEEN MADE FROM TIME TO TIME. DATA FROM THE OLD AND NEW SERIES WERE LINKED BY THE NBER AND THE RESULTANT INDEX IS CONSTRUCTED BASED UPON THE 1913 AVERAGE. 1 TERMINATION OF CODEBOOK LIST.