Hoarding?

Closest check on the flow of U. S; money, blood stream of the nation's economy, is kept by the Federal Reserve Board, and it publishes weekly reports fully as baffling to the average citizen as a doctor's statistics on blood pressure. Last week the Federal Reserve Board reported an increase of $65,000,000 in the total of money in circulation ($6,394,000,000) whereas $24,000,000 is the regular rise for that time of the year.

Since the amount of money in circulation has been falling from week to week for five months and since there was no sudden upsurge of business last week, most financial commentators at once concluded that this could mean but one thing, a resumption of hoarding. But Federal Reserve officials pooh-poohed the idea. According to them, one week's rise is insufficient evidence and may be only an accident. More likely explanation, said they, was the fact that sales last week were momentarily stimulated by the approach of Easter. For the week ending March 26 this year, which was the week before Easter last year, department store sales were off 18% from 1937. For the week ending April 2, which was two weeks before Easter this year, department store sales were off only 2%. Q. E. D. said the Federal Reserve.

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