"c           VAR 0036      11014 SPI RAIL R 887-935               MD= 1E-37   "
"c           REF 0036         LOC  285 WIDTH  9             DK   5 COL 35-43  "
"c                                                 EXP DEC=  1                "
"c                                                                            "
"c              SECURITY PRICE INDEX, BRITISH RAILWAY COMMON SHARES, STOCK    "
"c              EXCHANGE VALUE                                                "
"c              ----------------------------------------------------------    "
"c                                                                            "
"c              NBER SERIES:  11014                                           "
"c              AREA COVERED:  GREAT BRITAIN --LONDON                         "
"c              UNITS:  1913=100                                              "
"c              ANNUAL COVERAGE:  NONE                                        "
"c              QUARTERLY COVERAGE:  NONE                                     "
"c              MONTHLY COVERAGE:  04/1887, 07/1887-06/1888,                  "
"c              09/1888-12/1890, ALL MONTHS EXCEPT AUGUST FOR THE YEARS       "
"c              1891-1894, 01/1895-12/1895, ALL MONTHS EXCEPT JULY FOR 1896,  "
"c              01/1897-12/1897, ALL MONTHS EXCEPT JULY FOR THE YEARS         "
"c              1898-1904, ALL MONTHS EXCEPT JUNE FOR THE YEARS 1905-1906,    "
"c              01/1907-08/1914, 01/1915-12/1915, 02/1916-07/1921,            "
"c              09/1921-03/1935.                                              "
"c              SEASONAL ADJUSTMENT:  NONE                                    "
"c              SOURCE:  BANKERS' MAGAZINE, LONDON AND COMPUTED BY NBER (SEE  "
"c              NOTE BELOW).                                                  "
"c                                                                            "
"c              NOTES:  THIS INDEX WAS COMPUTED BY NBER FROM ORIGINAL DATA    "
"c              IN THOUSANDS OF POUNDS STERLING PUBLISHED IN BANKERS'         "
"c              MAGAZINE. ADDITIONS TO OR SUBTRACTIONS FROM THE NUMBER OF     "
"c              SECURITIES INCLUDED HAVE BEEN MADE FROM TIME TO TIME.  DATA   "
"c              FROM THE OLD AND NEW SERIES ARE LINKED BY THE NBER AND THE    "
"c              RESULTANT INDEX IS CONSTRUCTED BASED UPON THE 1913 AVERAGE.   "
"c              IN ORDER TO CONSTRUCT INDEXES COVERING THE ENTIRE PERIOD      "
"c              THESE AGGREGATE TOTALS AS COMPUTED BY BANKERS' MAGAZINE HAVE  "
"c              BEEN FURTHER TREATED BY THE NBER.  AT THE POINTS OF THESE     "
"c              REVISIONS IN THE SERIES THE VALUE FOR THE GIVEN DATE          "
"c              ACCORDING TO BOTH THE OLD AND THE NEW DATA ARE AVAILABLE.     "
"c                   BY MULTIPLYING DATA FROM ONE PERIOD BY A COEFFICIENT     "
"c              EQUAL TO THE RATIO OF THE OLD TO THE NEW, A SINGLE SERIES     "
"c              CAN BE CONSTRUCTED, INCLUDING THE DATA FROM BOTH ORIGINAL     "
"c              SECTIONS. CONSEQUENTLY, THE VARIOUS SECTIONS OF ORIGINAL      "
"c              DATA HAVE BEEN TIED TOGETHER AT THEIR OVERLAPPING POINTS,     "
"c              AND OUR
"c              EQUALING THE MONTHLY AVERAGE OF 1913.                         "
"c                   THE FOLLOWING IS A SUMMARY OF THE TIME PERIODS, THE      "
"c              NUMBER OF SHARES, OR SECURITIES INVOLVED, AND THE PAR VALUE,  "
"c              IN THOUSANDS OF POUNDS.                                       "
"c                   04/1887-12/1895, 19 SHARES, PAR VALUE OF 201,166;        "
"c              12/1895-12/1906, 19 SHARES, PAR VALUE OF 213,007;             "
"c              12/1906-12/1921, 26 SHARES, PAR VALUE OF 310,750;             "
"c              12/1921-12/1922, 28 SHARES, PAR VALUE OF 376,460;             "
"c              12/1922-1935, 13 SHARES, PAR VALUE OF 315,325.                "
"c                   JULY 30, 1914 WAS THE DAY OF CLOSING FOR THE EXCHANGE.   "
"c              THE STOCK EXCHANGE WAS CLOSED FOR THE MONTHS OF               "
"c              SEPTEMBER-DECEMBER, 1914.                                     "
"c                  "HAD OUR VALUATION BEEN PUBLISHED... THE ONE AND ONLY     "
"c              FEATURE WOULD HAVE BEEN A SUBSTANTIAL IMPROVEMENT IN THE      "
"c              ORDINAIRY STOCKS OF ENGLISH RAILWAYS.  THIS IMPROVEMENT,      "
"c              HOWEVER, HAS SINCE BEEN LOST AND THERE IS VERY LITTLE         "
"c              MOVEMENT TO NOTE WHEN COMPARED WITH TWO MONTHS AGO."  (NBER   "
"c              NOTE REGARDING TO THE MISSING DATA FOR AUGUST, 1921)          "
"c                                                                            "
"c              CHECKED MANUALLY; NO CORRECTIONS NECESSARY.                   "
"c                                                                            "
"c           ...............................................................  "