"c VAR 0022 11024 PI STOCK R 898-939 MD= 1E-37 " "c REF 0022 LOC 159 WIDTH 9 DK 3 COL 35-43 " "c " "c " "c INDEX OF STOCK PRICES " "c --------------------- " "c " "c NBER SERIES: 11024 " "c AREA COVERED: FRANCE " "c UNITS: 1913=100 " "c ANNUAL COVERAGE: NONE " "c QUARTERLY COVERAGE: NONE " "c MONTHLY COVERAGE: JANUARY, APRIL, JULY, AND OCTOBER, 1898, " "c 01/1899-07/1914, 01/1919-12/1939 " "c SEASONAL ADJUSTMENT: NONE " "c SOURCE: 1890-1914 DATA ARE FROM SOCIETE DE STATISTIQUE DE " "c PARIS, JOURNAL, FEBRUARY, 1929, PP.80-83; 1919-1931 DATA ARE " "c FROM INDICES GENERAUX DU MOUVEMENT ECONOMIQUE EN FRANCE DE " "c 1901 A 1931; 1932-1939 DATA ARE FROM BULLETIN DE LA " "c STATISTIQUE GENERALE. " "c " "c NOTES: THIS SERIES MAY BE COMPARED WITH THE ANNUAL INDEX " "c GIVEN IN THE MAY, 1928 ISSUE OF THE JOURNAL (DESSINER) FOR " "c 54 SECURITIES. SINCE THE MOVEMENT WAS VERY SIMILAR, THIS " "c SERIES WAS ADJUSTED SLIGHTLY TO HAVE ITS ANNUAL AVERAGES THE " "c SAME AS THOSE OF THE ANNUAL SERIES. THIS INDEX WAS FELT TO " "c BE SUPERIOR SINCE IT COVERED A LARGER NUMBER OF SECURITIES. " "c 1. FROM QUOTATIONS NEAR THE END OF EACH MONTH: " "c A. JANUARY, APRIL, JULY, AND OCTOBER 1898 AND " "c MONTHLY FROM JANUARY, 1898-JULY, 1900 THE FOLLOWING STOCKS " "c WERE USED: BANQUE DE FRANCE, BANQUE DE PARIS, BANQUE " "c TRANSATLANTIQUE, ACIENES DU NORD ET DE L'EST, CAMPAIGNE " "c FRANCAISE DES METAUX, CHANTIERS DE LA LOIRE, THOMSON " "c HOUSTON, DYNAMITE CENTRALE, LYON, NORD, COMPAGNIE GENERALE " "c TRANSATLANTIQUE, GAZ POUR LA FRANCE ET L'ETRANGER, COMPAGNIE " "c GENERALE DES EAUX, COMPAGNIE PARISIENNE DU GAZ, PRINTEMPS, " "c ENTREPOTS ET MAGAZINS GENERAUX DE PARIS, SUEZ. THE GENERAL " "c INDEX WAS COMPUTED ON THE BASE DECEMBER, 1899=100. " "c B. FOR JULY, 1900-DECEMBER, 1901 THE MEAN OF THE " "c INDEXES IS OF THE FOLLOWING GROUPS, ON THE BASE JANUARY 1, " "c 1900=100 (SEE REFORME ECONOMIQUE): FRENCH CREDIT " "c ESTABLISHMENTS (7 SECURITIES); FRENCH RAILWAYS (6 " "c SECURITIES); METALLURGY AND MINES (16 SECURITIES); " "c TRANSPORTATION (10 SECURITIES); MISCELLANEOUS (7 " "c SECURITIES); FIRE INSURANCE (5 SECURITIES); COAL (30 " "c SECURITIES). " "c C. DECEMBER, 1901-DECEMBER, 1905 ARE AFTER PRICE " "c QUOTED AND ARE ARITHMETIC MEAN OF INDEXES (ON THE BASE JUNE, " "c 1903=100) OF 23 SECURITIES (THE 25 QUOTED FOR THE PERIOD " "c 1909-1914 LESS LENS AND DOUYES). " "c D. DECEMBER, 1905-DECEMBER, 1908 (ON BASE " "c 1908=100), 41 SECURITIES ARE USED. THESE INCLUDE THE 25 " "c USED FOR 1909-1914 (SEE BELOW) AND CREDIT LYONNAIS, COMPTOIR " "c D'ESCOMPTE, BETHUNE, COMMENTRY--FOUR CHAMBAULT, " "c CONSTRUCTIONS MECANIQUES, ELECTRO METALLURGIE DE DRIVES, " "c CHANTIERS DE LA DE LA GIRONDE, PHOSPHATES DE GAFSA, ORLEANS, " "c MIDI, MESSAGRIES MAORTIMES, COMPAGNIE FRANCAISE ET " "c CONTINENTALE D'ECLAIRAGE, FORCES MOTRICES DU RHONE, " "c ENTREPOTS ET MAGAZINS GENERAUX DE PARIS, PRINTEMPS, GRANDE " "c MOULIRS DE CORBEIL. " "c E. DECEMBER, 1908-1914, 25 SECURITIES (ON THE " "c BASE 1908=100). BANQUE DE PARIS, BANQUE DE FRANCE, LENS, " "c DOURGES, ACIERIES DE LA MARIUE, CHATILLON--COMMENTARY, " "c ACIERIES DU NORD ET DE L'EST, FIVES--LILLE, TREFILERIES DU " "c HAVRE, COMPAGNIE FRANCAIS DES METAUX, CHANTIERS DE LA LOIRE, " "c THOMSON--HOUSTON, DYNAMITE CENTRALE, LYON, NORD, COMPAGNIE " "c GENERALE TRANSATLANTIQUE, UNION DES GAZ, GAZ ET EAUX, " "c ECLAIRAGE ET FORCE PAR L'ELECTRICITE, SECTEUR DE CLICHY, " "c COMPAGNIE GENERALE D'ELECTRICITE, GRAND HOTEL, SAY, BOLEO, " "c SUEZ. " "c "LES MOUVEMENTS SAISONNIERE SONT APPARUS NETTEMENT " "c DESSINES, QUOIQUE PEU IMPORTANT, ET VOICI LS RESULTATS DE CE " "c CALCUL. " "c ....QUE NOUS INDIQUENS COMME NETTEMENT DESSINES DES " "c VARIATIONS SAISONNIERE POURTANT ASSEZ FAIBLES." SOURCE, " "c P.59. " "c FOR 1919-1925, THE OLD INDEX WAS USED. FOR 1926-1929, " "c A REVISION OF THE INDEX, FIRST COMPUTED IN JANUARY, 1922, " "c BASED UPON 194 SECURITIES IN 25 GROUPS, WITH EACH SECURITY " "c GIVEN THE WEIGHT OF 100 FRANCS IN THE BASE PERIOD 1901-1910. " "c THIS GAVE RISE TO CERTAIN DIFFICULTIES, BECAUSE AS ONE MOVES " "c AWAY FROM THE BASE PERIOD, DIFFERENT STOCKS BEGIN TO BE " "c WEIGHTED VERY DIFFERENTLY (AND NOT NECESARILY JUSTIFIABLY). " "c WHAT WAS DONE THEN, WAS TO COMPUTE FOR EACH SECURITY " "c ITS VALUE IN JANUARY, 1926 WHEN REFERRED TO A BASE WHOSE " "c BASE WAS ITS AVERAGE VALUE IN 1925. THESE WERE THEN " "c AVERAGED TOGETHER, SO THAT EACH SECURITY WAS WEIGHTED " "c EQUALLY IN 1925, AND THE WHOLE GROUP THEN REFERRED BACK TO " "c 1913. THE EARLIER INDEX (FROM 1919-1925) WAS KEPT THE SAME " "c EXCEPT THAT IT WAS CONVERTED FROM THE BASE 1901-1910 TO " "c 1913. BUT JANUARY, 1926 OF THE NEW INDEX (FROM 1919-1925) " "c WAS MADE EQUAL TO THE OLD INDEX (211) AND AFTER JANUARY, " "c 1926, THE SERIES REFERRED TO 288 SECURITIES IN 20 GROUPS. " "c THE GROUPS AND THE NUMBER OF SECURITIES INCLUDED IN " "c EACH GROUP ARE AS FOLLOWS: BANKS (13); TEXTILE INDUSTRIES " "c (13); INSURANCE COMPANIES (15); RAILROADS, GREAT SYSTEMS " "c (10); COAL MINES OF THE CENTER (7); RAILROADS, MISCELLANEOUS " "c AND URBAN TRANSPORT--FRANCE, ALGERIA, AND TUNIS (14); COAL " "c MINES OF THE NORTH (11); MISCELLANEOUS MINES--FRANCE, " "c ALGERIA, AND TUNIS (9); TRANSPORTATION--WATER (9); IRON AND " "c STEEL WORKS (13); GAS (12); METAL WORKS, MECHANICAL AND " "c ELECTRICAL CONSTRUCTION (24); ELECTRICITY (23); DIVERSE " "c INDUSTRIES (22); SHIPBUILDING (7); MISCELLANEOUS TRADING " "c (16); BULIDING MATERIALS (11); COLONIAL COMPANIES (25); " "c CHEMICAL PRODUCTS (16); FRENCH COMPANIES OPERATING ABROAD " "c (18). " "c THE OLD INDEX CONSISTED OF THESE GROUPS AND NUMBER OF " "c SECURITIES THEIR RESPECTIVE NUMBERS OF SECURITIES: BANKS AND " "c CREDIT INSTITUTIONS (13); MISCELLANEOUS FRENCH AND COLONIAL " "c RAILROADS (10); COAL MINES OF THE LOIRE AND CENTER (5); " "c URBAN TRANSPORT (6); NAVIGATION (6); DOCKS AND PIERS (3); " "c COAL MINES OF THE NORTH (10); IRON AND STEEL WORKS (10); " "c METAL MINES (4); SUEZ CANAL (1); METALS (4); MECHANICAL " "c CONSTRUCTION (5); GAS (12); SHIPBUILDING (5); WATER (4); " "c ELECTRICITY (26); MATERIALS AND MISCELLANEOUS"ONTILLAGES" " "c (4); FOODSTUFFS AND MINERAL WATERS (13); CHEMICAL " "c PRODUCTS--SALTS AND PHOSPHATES (11); BUILDING MATERIALS (5); " "c PRINTING (4); DEPARTMENT STORES (4); FOREIGN RAILROADS (8); " "c TEXTILES (2); FRENCH RAILROADS, MAJOR SYSTEMS (5). " "c THESE HAVE BEEN CORRECTED FOR CHANGES IN CAPITALIZATION " "c AND DISTRIBUTION OF RESERVES. " "c SEE BULLETIN, JANUARY, 1932, P.243 AND FOLLOWING, FOR " "c 1932 REVISIONS. THE METHOD AND BASE REMAINED THE SAME, BUT " "c IN 1929, THE NUMBER OF SECURITIES CHANGED FROM 288 IN 20 " "c GROUPS TO 300 IN 22 GROUPS. THE NEW GROUPS AND THE " "c RESPECTIVE NUMBER OF SECURITIES IN EACH GROUP IS AS FOLLOWS: " "c BANQUES (20); RAILROADS, MISCELLANEOUS AND URBAN (13); " "c ASSURANCES (15); HAUILLERES DU CENTRE (8); NAVIGATION (9); " "c HAUILLERES DU NORD (11); GAS (12); MISCELLANEOUS MINING (8); " "c ELECTRICITY (21); IRON AND STEEL (13); FOOD--ALIMENTATION " "c (14); MECHANICAL CONSTRUCTION(24); LARGE WAREHOUSES--GRANDS " "c MAGASINS (8); SHIPBUILDING (6); BUILDING MATERIALS (13); " "c MISCELLANEOUS INDUSTRIES (16); CHEMICAL PRODUCTS (16); " "c MISCELLANEOUS TRADING (12); TEXTILE INDUSTRY (16); COLONIAL " "c COMPANIES (20); RAILROADS, LARGE SYSTEMS (10); FRENCH " "c COMPANIES OPERATING ABROAD(15). " "c " "c CHECKED MANUALLY; CORRECTED 10/26/93. " "c " "c ............................................................... " -12 1898.01 1939.12 71.0000 NA NA 70.0000 NA NA 73.0000 NA NA 74.0000 NA NA 74.0000 78.0000 79.0000 80.0000 79.0000 76.0000 75.0000 75.0000 76.0000 78.0000 78.0000 76.0000 78.0000 81.0000 80.0000 81.0000 79.0000 77.0000 75.0000 77.0000 76.0000 74.0000 73.0000 73.0000 73.0000 73.0000 72.0000 72.0000 72.0000 70.0000 69.0000 69.0000 68.0000 67.0000 66.0000 66.0000 69.0000 69.0000 69.0000 68.0000 67.0000 66.0000 65.0000 64.0000 64.0000 64.0000 64.0000 64.0000 65.0000 66.0000 66.0000 64.0000 64.0000 63.0000 63.0000 64.0000 64.0000 66.0000 66.0000 65.0000 64.0000 63.0000 65.0000 66.0000 64.0000 65.0000 65.0000 66.0000 68.0000 71.0000 72.0000 72.0000 73.0000 75.0000 75.0000 74.0000 75.0000 74.0000 75.0000 77.0000 77.0000 78.0000 77.0000 74.0000 74.0000 76.0000 77.0000 76.0000 77.0000 76.0000 74.0000 78.0000 78.0000 74.0000 80.0000 79.0000 81.0000 82.0000 79.0000 79.0000 78.0000 76.0000 77.0000 77.0000 77.0000 76.0000 76.0000 77.0000 78.0000 79.0000 79.0000 79.0000 78.0000 79.0000 79.0000 81.0000 81.0000 82.0000 83.0000 82.0000 84.0000 85.0000 86.0000 86.0000 87.0000 87.0000 86.0000 87.0000 89.0000 90.0000 90.0000 90.0000 92.0000 93.0000 93.0000 93.0000 92.0000 91.0000 91.0000 93.0000 94.0000 94.0000 94.0000 94.0000 96.0000 96.0000 96.0000 97.0000 97.0000 98.0000 95.0000 95.0000 93.0000 97.0000 97.0000 97.0000 97.0000 98.0000 98.0000 100.000 103.000 102.000 100.000 103.000 105.000 93.0000 101.000 101.000 103.000 103.000 102.000 102.000 101.000 96.0000 98.0000 102.000 101.000 98.0000 98.0000 95.0000 96.0000 95.0000 93.0000 93.0000 90.0000 91.0000 82.0000 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 117.000 114.000 111.000 114.000 119.000 119.000 119.000 123.000 131.000 136.000 138.000 137.000 141.000 153.000 170.000 181.000 170.000 154.000 156.000 152.000 145.000 136.000 123.000 126.000 124.000 114.000 119.000 119.000 113.000 107.000 104.000 114.000 114.000 111.000 110.000 112.000 112.000 108.000 108.000 106.000 110.000 111.000 115.000 125.000 124.000 131.000 137.000 139.000 152.000 158.000 154.000 158.000 160.000 170.000 180.000 186.000 177.000 182.000 192.000 198.000 208.000 222.000 199.000 202.000 204.000 204.000 212.000 210.000 211.000 216.000 208.000 202.000 200.000 197.000 199.000 200.000 190.000 194.000 208.000 208.000 204.000 198.000 202.000 206.000 211.000 216.000 205.000 207.000 211.000 229.000 260.000 254.000 269.000 259.000 239.000 232.000 255.000 262.000 280.000 301.000 293.000 281.000 291.000 288.000 292.000 294.000 290.000 315.000 345.000 334.000 368.000 413.000 419.000 421.000 397.000 441.000 451.000 450.000 467.000 483.000 544.000 548.000 535.000 518.000 512.000 491.000 497.000 501.000 518.000 489.000 461.000 463.000 496.000 479.000 478.000 486.000 462.000 437.000 440.000 424.000 425.000 395.000 378.000 349.000 365.000 373.000 362.000 346.000 322.000 329.000 309.000 304.000 269.000 249.000 243.000 221.000 250.000 294.000 274.000 250.000 220.000 227.000 234.000 241.000 243.000 227.000 233.000 243.000 236.000 228.000 216.000 219.000 234.000 245.000 247.000 245.000 239.000 229.000 223.000 222.000 215.000 214.000 198.000 207.000 210.000 204.000 194.000 189.000 180.000 174.000 170.000 174.000 195.000 187.000 182.000 186.000 205.000 192.000 181.000 184.000 178.000 180.000 179.000 180.000 195.000 202.000 196.000 193.000 166.000 154.000 138.000 137.000 153.000 195.000 209.000 221.000 267.000 264.000 261.000 225.000 221.000 219.000 211.000 218.000 210.000 214.000 210.000 204.000 198.000 197.000 191.000 218.000 216.000 213.000 207.000 204.000 195.000 205.000 214.000 244.000 219.000 233.000 228.000 228.000 240.000 229.000 234.000 219.000 201.000 211.000 242.000 266.000