View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Mr* Ralph 3 .
Boa 477,
Spriagfiald, Taxssont*
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

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


to J^HI to