The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
S-335 Reg. W-61 INTERPRETATION OF LAW OR REGULATION (Copies to be sent to all Federal Reserve Banks) TELEGRAM September 13, 1941 Young - Boston Sproul - New York Williams - Philadelphia Fleming - Cleveland Leach - Richmond McLarin - Atlanta Young - Chicago Davis - St. Louis Peyton - Minneapolis Leedy - Kansas City Gilbert - Dallas Day - San Francisco An inquiry which, may be stated as follows has been received under Regulation W: "The X Electric Company purchases substantial numbers of automobiles for cash and sells them to its salesmen on a monthly payment plan, with payments spread over 12 to 18 months. The X Electric Company does not make such sales to anyone except its salesmen. Is the X Electric Company 'engaged in the business' as described in section 3(a)? Must these extensions of credit comply with the down-payment and other requirements of the regulation?" Both parts of the question should be answered in the affirmative Morrill
@FedFRASER