"c           REF 0049         LOC  402 WIDTH  9             DK   7 COL 26-34  "
"c                                                                            "
"c                                                                            "
"c              DEFLATED BANK DEBITS FOR 140 OUTSIDE CENTERS                  "
"c              --------------------------------------------                  "
"c                                                                            "
"c              NBER SERIES:  12018                                           "
"c              AREA COVERED:  U.S.--EXCLUDING NEW YORK CITY                  "
"c              UNITS:  MILLIONS OF DOLLARS                                   "
"c              ANNUAL COVERAGE:  NONE                                        "
"c              QUARTERLY COVERAGE:  NONE                                     "
"c              MONTHLY COVERAGE:  01/1928-11/1939                            "
"c              SEASONAL ADJUSTMENT:  NONE                                    "
"c              SOURCE:  FOR 1919-1928 DATA: F.R. MACAULAY,"THE MOVEMENTS     "
"c              OF INTEREST RATES, BOND YIELDS, AND STOCK PRICES IN THE U.S.  "
"c              SINCE 1856," NBER PUBLICATION #33, 1938; THEREAFTER COMPUTED  "
"c              BY NBER BY SNYDER PRICE INDEX.                                "
"c                                                                            "
"c              NOTES:  SERIES 12018 IS PRESENTED HERE AS THREE               "
"c              VARIABLES--(1)--SEASONALLY ADJUSTED DATA, 1875-1919           "
"c              (2)--ORIGINAL DATA, 1928-1939  (3)--SEASONALLY ADJUSTED       "
"c              DATA, 1919-1939.                                              "
"c                   DATA FOR 1919-1927 WERE COMPUTED BY BUSINESS CYCLE FROM  "
"c              MACAULEY'S LOGS. THE FIGURES APPEAR IN THE SOURCE IN TABLE    "
"c              30, COLUMN 1.  BEGINNING IN 1928, BUSINESS CYCLES             "
"c              SUBSTITUTED IT'S OWN SEASONAL CORRECTIONS.  DATA FOR MAY      "
"c              1933-NOVEMBER 1939 WERE DERIVED BY NBER FOLLOWING THE SAME    "
"c              METHOD.                                                       "
"c                   MARCH 1933 DATA IS INCOMPLETE DUE TO BANK HOLIDAYS.      "
"c              THE FIGURE IS BASED ON DATA TAKEN FROM THE SURVEY OF CURRENT  "
"c              BUSINESS.  THE FIGURE IS BASED ON A 31 DAY MONTH, GIVING IT   "
"c              A DOWNWARD BIAS.  BANKS WERE CLOSED MARCH 6-9 AND MOST WERE   "
"c              GRADUALLY REOPENED BY MARCH 15.  PRIOR TO MARCH 16 CERTAIN    "
"c              BANKS WERE CLOSED BY STATE DECREE.                            "
"c              CHECKED MANUALLY; CORRECTED 10/4/93.
"c           ...............................................................  "
"c              ANNUAL COVERAGE:  NONE                                        "
"c              QUARTERLY COVERAGE:  NONE                                     "
"c              MONTHLY COVERAGE:  01/1928-11/1939                            "
"c              ANNUAL COVERAGE:  NONE                                        "
"c              QUARTERLY COVERAGE:  NONE                                     "
"c              MONTHLY COVERAGE:  01/1928-11/1939                            "