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Mr* Ralph 3 . Boa 477, Spriagfiald, Taxssont* Mr* ffe ax« ^©turaia^ bsrevrith ycwr n-suaaript or* l i n e a l Policy ant? the I t k*x& be*u raTiewad carefully by eeoaoniffta of our Division of Reae*roh afta* S t a t i s t i c s , who h«T6 Ma4a psmcil notatiOE* i a to ©all your bttdatioc to a ayftbar of aisor points. Thev fe«l tb%t no fttwriil die suasion i s n^ceaoary tu rupplaa^ct those m?t»*?, as eeript | 0 ou the wiioi^ & aounc; stAt«sit»ttr ot* thm position lB<!l«btafi thfit yen aim elr^ady ft i l i sight b«j r«iia»4i H^rticat your ivk r««>*rci to tku» qu«stloita raJlsad i a your l e t t e r of IvCLf 17# follow!atf ©onasuaats appear to b© in order! velocity of circulation refcch*u2 t=n axtror^ly lo*? the VafltMM /GOtors ©portsviBg to brii*^ about th*- •wry l<*?rg© inereaae in the aoBotftry supply did not brin;•; BlMQt ft oorreffpondinr ianr*»mso in *^>ti& 4u:«ai# Mattl lAg in &4m«»3ral bu&iaMM •••e^ivlty. What iacr#H?i«» in activity tixer« hav* ho&n nice* tlwi aspreasicm lo*e h^T# b»«a net til* increasing; Moa-^y supply* K^coatly ths alt\wtlo& hac eh^iLc of gold by the lYoamwy HB:I tha rae««t increase© i s M t«afi©4 to reduoa ^raatly the potential e^smiBt bj tasks can «xpe»3 thftir deposits, i*hile with the ourtailateist of s e c t exp«ii«^iturfe* 6^4 iiicroaaa in ree«\lpta, bnak purchases of saauritiea w i l l proaably oaaa# to he ma inportont f*ctor auklng for Xa vi»w of tJieso dav^io^aoate i t i s probable th/»t further i n g»B»r«il a c t i v i t y will b© reflected i a an inera«»s i a tl»« Teloc i t y of circul&tioa, rather thaa l a aa incr^ftfs© l a ths Deta on bnok debits are «Tt\ilable only since 1919. $« are tha l « t e s t serie« uTailable, with a cor«riag n&nDraa^^ai explnliliig the •oaawtation©. For almllar data pr^^ioua to th*t year, consult Carl Staydar'a Bnaineag Cycle a tmti Sugjiaaga Meaaureamata.. Kr« Ralph S« Th* Mather Telocity la Mow York t& attributed io ftt«d» aontally e*.rritMi tn other aceo\mt« >fh«a th*s through thoBtt soeouTtts fftiii* off # If w« e»n b« of aot b«slt&t« to JLBCJVLBS to J^HI to of
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