Source: National Bureau of Economic Research  

Release: NBER Macrohistory Database  

Units:  Millions of Dollars, Seasonally Adjusted

Frequency:  Monthly

Series Is Presented Here As Three Variables--(1)--Seasonally Adjusted Data, 1875-1919 (2)--Original Data, 1928-1939 (3)--Seasonally Adjusted Data, 1919-1939. Data For 1919-1927 Were Computed By Business Cycle From Macauley'S Logs. The Figures Appear In The Source In Table 30, Column 1. Beginning In 1928, Business Cycles Substituted It'S Own Seasonal Corrections. Data For May 1933-November 1939 Were Derived By NBER Following The Same Method. March 1933 Data Is Incomplete Due To Bank Holidays. The Figure Is Based On Data Taken From The Survey Of Current Business. The Figure Is Based On A 31 Day Month, Giving It A Downward Bias. Banks Were Closed March 6-9 And Most Were Gradually Reopened By March 15. Prior To March 16 Certain Banks Were Closed By State Decree. Source: For 1919-1928 Data: F.R. Macaulay, "The Movements Of Interest Rates, Bond Yields, And Stock Prices In The U.S. Since 1856, " NBER Publication #33, 1938; Thereafter Computed By NBER By Snyder Price Index.

This NBER data series m12018c appears on the NBER website in Chapter 12 at http://www.nber.org/databases/macrohistory/contents/chapter12.html.

NBER Indicator: m12018c