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Minutes of actions taken by the Board of Governors of the Federal Reserve System on 'Wednesday, August 1, 1951. PRESENT: Mr. Mr. Mr. Mr. Szymczak, Chairman pro tern Evans Vardaman Powell Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Minutes of actions taken by the Board of Governors of the Pederal Reserve System on July 261 1951, were approved unanimously. Minutes of actions taken by the Board of Governors of the Pederal Reserve System on July 27, 30, and 31, 1951, were approved and the actions recorded therein were ratified unanimously. Memorandum dated July 30, 1951, from Mr. Margot, Director, -°n of International Finance, recommending an increase in the ba3be salary of Frank H. Golay, Economist in that Division, from $5,100 t° $5,225 per annum, effective August 5, 1951. Approved unanimously. Letter to Mr. De'loss , Vice President of the Federal Reserve °f *Dallas, reading as follows: lett In accordance with the request contained in your ,61 'or July 24, 1951, the Board approves the appoint11, -4.- of Maurice Allen Tharp, Jr., as an assistant examiner eot the Federal Reserve Bank of Dallas. Please advise us the date upon which the appoin tment becomes effective." Approved unanimously. Letter to Mr. DeMoss , Vice President of the Federal Reserve Ot 411a5, reading as follows: 8/1/53. -2- "The interpretation of the 'free gift' principles of Regulation WI outlined in your letter of July 24, as they apply to the plan of Sears, Roebuck & Company to offer a coupon book good for $50 worth of merchandise is quite correct. "You will recall that in our telegram to you of July 26 it was emphasized that giving a customer unlimited selection of merchandise in a store such as Sears, Roebuck would be the equivalent of a cash rebate. It has seemed possible to us to distinguish cases where the customer has an unlimited selection of goods and cases where the free gift has been pre-selected by the Registrant or where the customer's choice is limited to a relatively few articles. "It is understood that Sears, Roebuck feels that this distinction is a rather close line to draw, but it applies Particularly in the case of a store such as theirs where such a wide variety of merchandise is offered." Approved unanimously. Telegram to the Presidents of all Federal Reserve Banks, reading "olloms. "In answer to an inquiry concerning section 5(e) of Regulation X, it is the opinion of the Board that the applicability of the exemption extends to tenants as well aS owners of structures destroyed or substantially damaged by flood, fire, or other similar casualties." Approved unanimously.
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