Full text of Mimeograph Letters and Statements of the Board : Telegram From Secretary Morrill re Sale of Listed Article in Charge Account with Agreement for Credit to Be Converted Into Instalment Contract a Violation of Sections 5(a) and 11(a) of Regulation W, Number S-471, Volume 56, Page 201

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201

TELEGRATI/I

May 7, 19/..2

(Addressed to the Presidents of all Federal Reserve

Banks)

Sale of listed article in charge account

with an agreement, arrangement or understanding that
the credit will later be <.!onverted into ar im>tal-

ment contract violates sections 5(a) and ll(a) of
Regulation W.

YoiJ_ rna,;· use the foregoJng in local

press release if you so desire.
(Signed)




Chester Morrill