"c           VAR 0152      04121 WP TURP  R 900-951               MD= 1E-37   "
"c           REF 0152         LOC 1329 WIDTH  9             DK  21 COL 71-79  "
"c                                                 EXP DEC=  1                "
"c                                                                            "
"c              WHOLESALE PRICE OF GUM TURPENTINE, SAVANNAH                   "
"c              -------------------------------------------                   "
"c                                                                            "
"c              NBER SERIES:  04121                                           "
"c              AREA COVERED:  U.S.                                           "
"c              UNITS: CENTS PER GALLON                                       "
"c              ANNUAL COVERAGE: NONE                                         "
"c              QUARTERLY COVERAGE:  NONE                                     "
"c              MONTHLY COVERAGE:  04/1900-02/1913, 04/1913-07/1914,          "
"c              11/1914-10/1920, 02/1921-03/1923, 05/1923-09/1951             "
"c              SEASONAL ADJUSTMENT:  NONE                                    "
"c              SOURCE:  NAVAL STORES REVIEW                                  "
"c                                                                            "
"c              NOTES:  THERE WERE NO QUOTATIONS FOR 03/1913,                 "
"c              08/1914-10/1914, 11/1920-01/1921, OR 04/1923.  DATA FOR       "
"c              04/1913, 03/1914, 03/1916, 01/1919, 11/1922, AND 04/1926 ARE  "
"c              BASED ON ONE SATURDAY ONLY.                                   "
"c                   BEGINNING JULY 1, 1940, PUBLISHED QUOTATIONS RELATE TO   "
"c             "BULK" GUM TURPENTINE.  FORMER DATA WERE RELATED TO GUM        "
"c              TURPENTINE IN BARRELS. TO MAINTAIN COMPARABILITY IN DATA, 6   "
"c              CENTS HAS BEEN ADDED TO JUNE, 1940 FIGURE, COST OF BARREL     "
"c              ($3.00 PER 50 GALLON) TO PUBLISHED FIGURES.                   "
"c                   DATA WERE COMPUTED BY NBER BY TAKING THE AVERAGE OF THE  "
"c              CLOSING QUOTATIONS FOR THE TWO SATURDAYS NEAREST THE END OF   "
"c              THE MONTH.  WHEN THE LAST DAY OF THE MONTH IS A SATURDAY,     "
"c              THE AVERAGE OF THAT SATURDAY, THE PRECEEDING SATURDAY, AND    "
"c              THE FOLLOWING SATURDAY WAS TAKEN.                             "
"c                   IN MARCH, 1946, THE SAVANNAH NAVAL STORES REVIEW WAS     "
"c              TAKEN OVER BY A PUBLISHER IN JACKSONVILLE, FLORIDA AND WAS    "
"c              LATER ON MOVED TO NEW ORLEANS, LOUISIANA.  THE WORD SAVANNAH  "
"c              WAS DROPPED FROM THE TITLE AND THE PUBLICATION WAS CALLED     "
"c              NAVAL STORES REVIEW.                                          "
"c                   THERE WERE NO MORE REGULAR QUOTATIONS AT THE SAVANNAH    "
"c              COTTON AND NAVAL STORES EXCHANGE AFTER SEPTEMBER, 1951.  THE  "
"c              EXCHANGE WAS AT THAT TIME INVOLVED IN AN ANTI-TRUST ACTION    "
"c              WHICH, ACCORDING TO THE ISSUE OF OCTOBER 6, 1951, WAS         "
"c              SETTLED BY A CONSENT DECREE UNDER WHICH THE RULES AND         "
"c              REGULATIONS OF THE EXCHANGE WERE TO BE CHANGED AND SALES      "
"c              WERE TO BE REPORTED TO THE UNITED STATES DEPARTMENT OF        "
"c              AGICULTURE.  IT WAS ALSO ESTABLISHED THAT MEMBERS COULD NOT   "
"c              BE BUYERS AND SELLERS AT THE SAME TIME. THERE IS EVIDENCE     "
"c              SUGGESTING THAT PRICES FOR SOME TIME HAD NOT ACCURATELY       "
"c              REPRESENTED MARKET CONDITIONS AND TRADING BUT HAD BEEN        "
"c              ESTABLISHED ON THE BASIS OF ONLY A PART OF THE SALES.  THE    "
"c              REVIEW OF APRIL 5, 1952 SPEAKS OF"STALE QUOTATIONS."          "
"c              TABULATION OF THE SAVANNAH NAVAL STORES MARKET WAS DROPPED    "
"c              FROM THE REVIEW AFTER THE ISSUE OF DECEMBER 27, 1952.         "
"c                   FOR THE PERIOD APRIL, 1900-NOVEMBER, 1903 NO FRIDAY OR   "
"c              SATURDAY PRICES ARE AVAILABLE.  THE AVERAGES SHOWN WERE       "
"c              COMPUTED FROM CLOSING PRICES QUOTED ON CERTAIN DATES          "
"c              CORRESPONDING TO THE FRIDAY DATES OF THE CROP YEAR            "
"c              1903-1904.                                                    "
"c                                                                            "
"c             CHECKED MANUALLY; NO CORRECTIONS NECESSARY.                   "
"c                                                                            "
"c           ...............................................................  "