"c           VAR 0046      11018 SPI      R 887-935               MD= 1E-37   "
"c           REF 0046         LOC  375 WIDTH  9             DK   6 COL 62-70  "
"c                                                 EXP DEC=  1                "
"c                                                                            "
"c              SECURITY PRICE INDEX                                          "
"c              --------------------                                          "
"c                                                                            "
"c              NBER SERIES:  11018                                           "
"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              09/1888-03/1890, 04/1890-12/1890, ALL MONTHS EXCEPT AUGUST    "
"c              FOR THE YEARS 1891-1894, 01/1895-12/1895, ALL MONTHS EXCEPT   "
"c              JULY FOR 1896, 01/1897-12/1897, ALL MONTHS EXCEPT JULY FOR    "
"c              THE YEARS 1898-1904, ALL MONTHS EXCEPT JUNE FOR THE YEARS     "
"c              1905-1906, 01/1907-08/1914, 01/1915-12/1915,                  "
"c              02/1916-07/1921, 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 WERE LINKED BY THE NBER AND THE   "
"c              RESULTANT INDEX IS CONSTRUCTED BASED UPON THE 1913 AVERAGE.   "
"c              AT THE POINTS OF THESE REVISIONS IN THE SERIES THE VALUE FOR  "
"c              THE GIVEN DATE ACCORDING TO BOTH THE OLD AND THE NEW DATA     "
"c              WERE 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              WAS 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                   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                   EIGHT SHARES WERE INCLUDED FOR THE PERIOD                "
"c              04/1887-12/1895.  THERE WAS A CHANGE IN THE NUMBER OF         "
"c              SECURITIES INCLUDED (A DECREASE OF ONE, FROM EIGHT TO SEVEN)  "
"c              IN 12/1906.  IN 12/1921, THE NUMBER OF INCLUDED SECURITIES    "
"c              INCREASED FROM 7 TO 9.                                        "
"c                   AN NBER NOTE ATTRIBUTES THE DECLINE IN THE INDEX AFTER   "
"c              JUNE, 1916 TO UNUSUAL STOCK MARKET FLUCTUATIONS, THE          "
"c              ABOLITION OF MINIMUM RATES, AND AN INCREASE IN THE BANK       "
"c              RATE.  THERE IS NO FIGURE FOR JANUARY, 1916 BECAUSE OF THE    "
"c              POSSIBILITY THAT THE MINIMUM WOULD BE REMOVED BEFORE THE END  "
"c              OF THE MONTH.  THE ESTIMATE FOR THE JANUARY, 1915 PRICES IS   "
"c              BASED ON MARKINGS, THE OFFICIAL LIST, AND WHERE THE           "
"c              SECURITIES ARE INACTIVE, THE JULY 27, 1914 PRICES.            "
"c                   THE VALUATION FOR AUGUST, 1921 WAS OMITTED BECAUSE OF    "
"c              STAGNATION OF THE STOCK EXCHANGE DURING THE HEIGHT OF THE     "
"c              HOLIDAY SEASON.                                               "
"c                                                                            "
"c              CHECKED MANUALLY; CORRECTED 10/26/93.                         "
"c                                                                            "
"c           ...............................................................  "