Word: exempted
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...this lavish gift, it is locally explained, is that Louis Philippe was grateful to Bishop Flaget for presenting the Havana purse of 14,000 francs. Most convincing proof of the gift is a bill introduced in Congress in 1824 and again in 1832 asking that Bishop Flaget be exempt from paying duties on "certain paintings and church furniture presented by the then Duke of Orleans, now King of the French, to the Bishop of Bairdstown...
...railroad financing since President Roosevelt took office was announced last week when Pennsylvania Railroad sold to Kuhn. Loeb & Co. for public offering a $50,000,000 4½% bond issue, maturing in 1984. Proceeds are to be used for "proper corporate purposes." Like all railroad securities the issue was exempt from the Securities Act, though its underwriters were subject to the equally drastic Investment Bankers Code. The prospectus issued by Kuhn, Loeb contained Pennsylvania Railroad's condensed income statement for ten years and a letter from President William Wallace Atterbury reporting that the railroad is not indebted...
...issued" basis. In any event clients had better ask Baldwin B. Bane, chief of the Trade Commission's securities division. The New York Curb Exchange telephoned Mr. Bane for a ruling. Yes, said Mr. Bane, if the securities which would or might be issued were not exempt, trading was most certainly illegal. Hastily the Curb suspended trading in all when-issued securities, not stopping to learn whether the issues were actually exempt or not. The Produce Exchange and the Chicago Stock Exchange soon followed the Curb's example. The Big Board had none to suspend...
...Armour & Co.'s proposed preferred and common. After the first day of confusion it was apparent that the United units would be required to file registration statements, since they were new companies (TIME, June 4). Armour, which intended merely to exchange new issues for old, was evidently exempt. On this assumption the Chicago Stock Exchange gingerly resumed trading in Armour but the Manhattan exchanges took no chances. They felt that while Mr. Bane had told them what not to do, he had in no sense said what they could...
...loose language. Even the much disputed margin requirements (45% for a starter) may be altered by the Federal Reserve Board. Most important of all the new Federal Securities & Exchange Commission, established to administer both the Exchange Act and the Securities Act, is given broad discretionary powers to modify and exempt...