Full text of Mimeograph Letters and Statements of the Board : Letter From Asst. Secretary Bethea re Storage and Repair Service for Fur Coats Not Included Within Meaning of Section 5(c), Number S-509, Volume 56, Page 262

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262

BOARD OF GOVERNORS
OF' THE

•

FEDERAL RESERVE SYSTEM
WASHINGTON

S-509

ADOIIIIE • • DP'P'ICIAL CDIIIIIIIE.JODNOIENCIE
TD THIE .DAIIIO

-

June 17, 1942

•

Dear Sir:
The Board recently received an inquir.y relative to the application of Regulation Wto the storage,
cleaning and glazing, alteration or repair of fur coats.
The question is whether, under section 5(c), the account of the customer is in default if charges for these
services have not been paid for within the time specified in that section.
The Board is of the opinion that such service
is not an "articlen (either listed or unlisted) within
the meaning of section 5(c), and that therefore the account is not in default where the service is not paid
for within the time specified. It is assumed that in
these cases the value of any materials used in repairing
or altering the coat is insignificant in comparison with
the total cost of such services.
Ver,y truly yours,

~··
L. P. Bethea,
Assistant Secretar.y.

_,..,




TO THE PRESIDENTS OF ALL FEDERAL RESERVE BANKS