Here Comes EDGAR

The newest recruit at the Securities and Exchange Commission is not a Harvard Business School graduate but a computer named EDGAR (for electronic-data gathering, analysis and retrieval). The device promises to become the most useful investment aid since the stock market ticker made its debut in 1867. When fully operational in 1986, EDGAR will allow investors using personal computers and a telephone to get instant access to the 5 million pages of corporate financial information filed annually with the SEC. By interrogating EDGAR, investors will be able to identify companies with poor earnings performance or pinpoint firms whose stock is selling below book value. Claims SEC Chairman John Shad: "EDGAR has the potential to revolutionize the methods under which investment decisions are made and executed."

EDGAR began business last week as a pilot project involving 150 companies. The firms, which include Citicorp, GM, IBM, Mobil, Sears and Xerox, agreed to file all their financial data with the SEC in computerized form rather than on paper. For now, however, the information from EDGAR will be available only at SEC offices in Washington, New York City and Chicago.