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., 260 BOARD OF.130VERNORS OF THE FEDERAL ·RESERVE SYSTEM ~ WASHINGTON ADORIEBB OF"F"IDIAL DORR1:8PONDIENCIE TO THIE BOARD June 6, 1942 . ' Dear Sir: The following is an excc:..'pt from a let tar sent todey to a Federal Reserve Bank regarding. Regulation W:. ~ "Viith respect. to the. meaning of the phrase 'materials and ·services•. iri Group c, the Board said in its telegram of January .30, S-4.37-b, that t.he phrase should be interpreted as meaning materials and/or services. However, since tne amendment of the Regul.tl.tion, this statement must be modified to the extant that it would make Group C refer to services alone. The phrase_ should be int\)rpretad to mean materials, o..nd any delivery, installation, or other services, ren<iered in connection therewith. It seems probable that this is the, meaning which bas been given to the phrase in practice, and it is in harJilony with other parts of the Regulation, pa.rtiC)llarly secti.ou 2(j)." . Very truzy- \ yours, ~~~-- •I L. P. Bethea, Assi~tant'Seeretary. TO THE PRESIDENTS OF ALL FEDERAL RESERVE BANKS \
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