The single-pulse characteristics of the millisecond pulsar PSR B1937 + 21 a
re studied using the recently installed Caltech baseband recorder at the Ar
ecibo Radio Observatory in Puerto Rico. This is the first such analysis of
this object that includes both average intensity pulses as well as "giant p
ulses." Pulse ensemble-averaging techniques are developed in order to study
the characteristics of PSR B1937 + 21's single pulses since the high time
resolution signal-to-noise ratio is less than unity. This analysis reveals
that the non-giant pulse radio emission is extremely stable. All observed f
luctuations are consistent with diffractive interstellar scattering. Such i
ntrinsic stability has yet to be observed in other radio pulsars.