The August 1969 issue of this Review contained three papers dealing with the adequacies of the observed money stock as an indicator of Federal Reserve policy actions. In the first paper, Emanuel Melichar asserted, on the basis of my analysis, that the money stock is an inaccurate measure of policy actions. He suggested as an alternative my neutralized money stock — the observed money stock after removal of the impact of the business cycle. In the second paper Michael Keran argued that observed money is a better indicator than neutralized money because the Federal Reserve offsets the impact of the business cycle on the money stock. Finally, in the third paper, Leonall Andersen examines empirically the argument that the money stock is influenced by the business cycle. He concludes that it is not.