On The Nets: SEC EDGAR And The Internet Town Hall

by Greg R. Notess

DATABASE, August 1994
Copyright © Online Inc.

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     The way in which the Securities and Exchange Commission (SEC) 
has launched its Electronic Data Gathering, Analysis and Retrieval 
System (EDGAR) is an intriguing tale that demonstrates the ways 
individuals with a vision can affect the net. One player in the tale is 
Jamie Love, of Ralph Nader's Taxpayer Assets Project (TAP). Love has 
been lobbying for years to make publicly funded governmental data 
available to the public. The SEC EDGAR database was listed as one of 
the TAP "Crown Jewels" that Love argued should be made available to 
the general public. 
     Meanwhile, another net personality, Carl Malamud, had wrangled a 
book contract to travel the world and see how the net was being used 
in different countries. While some of us talk about visiting Singapore 
or Switzerland via the net, Malamud has done the opposite: he has 
traveled in person to those countries. In the process, he also promoted 
an agenda for making standards freely accessible on the net. He talked 
the International Telecommunications Union (ITU) into granting him 
permission to open an anonymous FTP site for the free distribution of 
the ITU "Blue Book," a major source of many telecommunications 
standards. It was so successful that the ITU pulled the plug on the 
project to reevaluate if they really wanted to make their standards so 
easily accessible. The whole detailed story of the trip and the 
standards fight can be found in _Exploring the Internet_ [1]. 
     Malamud found new network endeavors after his journeys. He 
formed the Internet Multicasting Service (IMS) and started the Internet 
Talk Radio. IMS broadcasts the weekly "Geek of the Week" interview 
over the Internet. It is sent as an audio file. Since the interview can 
generate a rather large file, and only certain hardware/software 
combinations can play the file, Internet Talk Radio has had a rather 
small audience. But, with the opening of the Internet site 
town.hall.org, IMS is reaching a much larger audience with EDGAR and 
other databases. 
     The availability of EDGAR on the Town Hall demonstrates the 
collaborative opportunities the Internet offers. Teaming up with New 
York University, Malamud's Internet Multicasting Service received a 
National Science Foundation grant to make EDGAR available on the 
Internet. (They also received additional support from Sun 
Microsystems, HarperCollins, Persoft, and UUNET Technologies.) The 
Internet Town Hall provides a variety of mechanisms for access to SEC 
filings, from the low-end e-mail interface to high-end Mosaic 
connections. 

WARNINGS 
There is a vast amount of useful data available through the EDGAR 
project. However, the help files make clear that this free public 
dissemination of EDGAR files is an experiment. To quote:

     _"Because this is a research project you should expect the data 
formats to change, the access methods to change, and you should 
expect fluctuations in the numbers and types of users and services 
supported. Do not become addicted to your favorite protocol or you may 
have to go cold turkey. This data is provided as-is with no warranties 
or guarantees of any kind" _[2]. 

     Many other networked information sources could use a similar 
disclaimer in their introductory materials. However, despite the lack 
of guarantees, IMS is generally dependable with their services, and 
they have been constantly improving means of access and ease of use. 
And it has certainly proved popular. Just about a month after starting 
up the service, Malamud reported sending out over 100,000 files and 
that between 10,000 and 20,000 documents were delivered each week 
[3]. 

E-MAIL and FTP 
     To their credit, the Internet Town Hall is committed to providing a 
user-friendly front end for the low-end user with only e-mail access 
to the Internet. Those with access to a gopher or WWW (World-Wide 
Web) client will be more likely to use those interactive connections, 
but those limited to e-mail and/or FTP with their Internet connection 
can still retrieve all of the same data. 
     Send e-mail to either mail@town. hall.org or edgar@town.hall.org to 
use the e-mail interface. The first two files that should be requested 
are general.txt, the general introduction, and the searching help file. 
To retrieve both, e-mail to either of the preceding addresses and 
include help on the first line and send edgar/general.txt on the second 
line within the body of the e-mail message. The subject line can be 
left blank, although for mailers that demand something in the subject 
line, putting something there will not cause a problem. 
     Finding and correctly transcribing the correct filename(s) for 
retrieval is the major disadvantage to both the e-mail and FTP 
approach. Instead of names such as microsoft.10k, the various filings 
will be more like 0000884219-94-000033.txt. Thus the first task to 
using either e-mail or FTP with EDGAR is to find what files are 
available for specific companies and what the filenames are. This can 
be done with the e-mail search engine or by retrieving one of the index 
files.
     The help file, which is retrieved with the help request, describes 
the e-mail search capabilities. In brief, it requires sending an e-mail 
message to either address and including a search argument in the text. 
The search argument should begin with the search command, followed 
by edgar, and then the keyword(s). Keywords can be joined by Boolean 
operators and or or; otherwise, the default connector for multiple 
keywords is an "and," which also requires that the keywords be listed 
in the order given. For example, the search statement search edgar 
jefferson pilot 10 k will retrieve the 10-K reports available for 
Jefferson Pilot Corp.; whereas search edgar pilot jefferson will 
retrieve nothing. 
     Old instructions for using the mail interface suggest retrieving the 
company index file, which lists the company name and form of all the 
filings available. To retrieve this file, e-mail to either of the 
addresses mentioned earlier and include send edgar/full-
index/company.idx in the body of the e-mail message. This is a rather 
large file, arranged alphabetically by company name. In addition to 
company name, it lists form type, date filed, and the filename. 
     Whatever method is used to find appropriate files, be sure to avoid 
typos in the retrieval command. To retrieve a report, include the send 
command followed by the long filename in the next e-mail message. 
For example, to retrieve the Jefferson Pilot Corp. 10-K report, use the 
command send /edgar/data1/53347/0000053347-94-000001.txt. One 
typo in the command will result in a null set or the wrong file. 
     For FTP access to the records, use anonymous FTP to connect to 
ftp.town.hall.org. EDGAR files have been appropriately placed in the 
edgar directory. The general.txt file can be retrieved from that 
directory. The rest of the information is contained in the 
subdirectories. Look in the /edgar/full-index directory for the 
company.idx file; the /edgar/forms directory for descriptions of the 
different SEC forms; and the /edgar/data1 directory for the actual 
filings. 
     The most time-efficient method for retrieval with e-mail and FTP 
is to combine the approaches. First, send the search request via e-
mail. When the results come back, then initiate the anonymous FTP 
session. With the Jefferson Pilot example, the long filename suggests 
that after connecting, you should change directories to the 
/edgar/data1/53347 directory and retrieve the file named 
0000053347-94-000001.txt. 

GOPHER AND WWW 
     For those with access to a gopher or WWW client, the interface is 
even easier than the e-mail connection, with the added bonus of being 
interactive. With a gopher client, connect to gopher.town.hall.org, port 
70, then choose the SEC EDGAR option in the menu. For direct access 
with command line gopher clients, try gopher  -p  1/edgar  
gopher.town.hall.org 70.
     Figure 1 shows the IMS Town Hall gopher server menu for EDGAR. 
The search option works with the same principles as the e-mail search 
option. The "About the EDGARÉ" directory includes a number of files 
describing the project, including the general.txt file. The "SEC EDGAR 
Documentation" includes some of the technical documentation that 
comes with the distribution tapes. Of more interest is the listing of 
various SEC forms that may be required. These can be found in the 
"Guide to SECÉ" section. The other options contain the index files. 
     The interactive nature of the gopher connection offers a significant 
increase in ease-of-use over the e-mail or FTP connections. Using the 
search option will result in a list of hits, which can then be directly 
retrieved, saved, printed, downloaded, or e-mailed to a client. The 
explanations for the forms and the general information on the project 
are also all readily available with gopher. 
     The Web provides a very similar list of options to the gopher 
connection. Point Lynx, Mosaic, or another WWW client to the URL of 
http://town.hall.org/edgar/edgar. html. The directory structure is a bit 
different (Figure 2) from the gopher listing, but for most intents it 
works about the same. Since the filings are tagged with SGML, IMS may 
convert that to HTML in the future, which would create better looking 
documents for Mosaic, but that has not yet been implemented. 

ADVANTAGES AND DISADVANTAGES 

     Financial data from SEC filings have long been available in many 
other online and CD-ROM sources. Mead Data Central makes the filings 
available on Nexis. Disclosure produces Laser D, a CD-ROM set with 
images of the complete filings. Data from the 10-K and other reports 
are routinely available in a wide variety of electronic data sources. 
For libraries without access to the full SEC filings, Disclosure's 
Compact D/SEC has been a staple of many libraries' CD-ROM 
collections. What then are the advantages and disadvantages of using 
the Internet route to such data?
     Certainly, the most cited rationale for checking out the Internet 
Town Hall's EDGAR archives is cost. EDGAR access is free. Even with 
the cost of Internet access figured into the total cost, the IMS' Town 
Hall is significantly cheaper than most other sources of SEC filings. 
However, EDGAR may not be as comprehensive or include additional 
value-added information available through other sources.
     Compact D/SEC from Disclosure, Inc. is a standard source for 
company information in many libraries. As with most online sources, 
EDGAR beats out Compact D/SEC for currency. On the other hand, EDGAR 
is not yet as comprehensive and does not include all of the companies 
available in D/SEC. Not all companies file their reports with the SEC 
via EDGAR at this time. While all corporations are scheduled to be 
online with EDGAR by May 1996, they are not all there yet.
     The data contained in the different sources vary greatly. EDGAR 
includes the reports just as they are filed. Compact D/SEC and other 
services often add significant value to their products by combining 
SEC filing information with data from other sources. A quick 
comparison of an EDGAR 10-K report and a complete D/SEC record 
show that in sheer mass, the EDGAR record is about twice as long.
     For those with electronic access to the commercial versions of the 
SEC filings data or to Disclosure's Laser D, EDGAR may not be as 
comprehensive or useful. But for those with no ready access to this 
information, other than a product such as D/SEC, EDGAR provides a 
valuable supplementary source of corporate studies material. A more 
detailed study of the data elements available in the different reports 
and from the different services needs to be done. _(Editor's Note: 
Watch for an upcoming article on this in DATABASE. --PH)_ 
     Malamud, and all the others involved in bringing the SEC to the net, 
should be congratulated. The Town Hall's offering of the EDGAR 
database continues the trend of adding major database and information 
repositories to resources available on the net.

REFERENCES
[1] Malamud, Carl. _Exploring the Internet: A Technical Travelogue_. 
Englewood Cliffs, NJ: PTR Prentice Hall, 1992.

[2] _General Information about EDGAR Data_. Feb. 23, 1993 [sic, 
actually 1994] revision. URL: ftp://town.hall.org/edgar/general.txt

[3] "EDGAR Internet Project is Racking up Impressive Numbers." 
_Electronic Public Information Newsletter_ 4, No. 4, (Feb. 25, 1994). 
[Contact epin@access.digex.net about availability information for the 
newsletter.] 

Communications to the author should be addressed to Greg R. Notess, 
Montana State University Libraries, Bozeman, MT 59717-0332; 
406/994-6563; greg@notess.com ; http://www.notess.com.

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