Word: exempted
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...company's notes. So last week he announced a plan to sell $8,000,000 of bonds, without registering them with the Federal Trade Commission. Wall Street blinked in astonishment at the scheme's simplicity. Since BMT operates wholly within New York City its bonds were exempt from registration unless they were to be sold in interstate commerce. Normally an $8,000,000 bond issue is distributed throughout the land, but Chairman Dahl and his bankers-Hayden, Stone; Kuhn, Loeb; Lehman Brothers; J. & W. Seiigman-decided to sell BMT bonds only to bona fide residents of New York...
Surtaxes which begin at 4% on net income (after personal exemptions) of more than $4,000 and grade up to 59% on incomes over $1,000,000. (Old law: surtaxes began at 1% on net income exceeding $6,000 and graded up to 55% on incomes over $1,000,000.) Effect of these changes is to boost taxes on income from dividends which are exempt from the normal tax but not from surtaxes. The surtax brackets are arranged to scale up more steeply so that men with incomes between $25,000 and $1,000,000 will pay more. Increased revenue...
...have to go. The first changes will have to do with statutes, with constitution, with government. We shall be changing once for all and it will require the laying of rough unholy hands on many a precedent. . . . The future is becoming visible in Russia. . . . There is no private business exempt from compulsion to serve a planned public interest. The essence of business in its free venture for profits is unregulated economy. Planning implies guidance to all business. To take away from business its freedom of venture and expansion, and to limit the profits it may make, is to destroy...
Miss Burroughs admitted making "some errors" in her report, but the 69-year-old Bishop's defense claimed that all campaign funds not reported had been spent only within the State of Virginia, were therefore exempt from the Corrupt Practices Act. Having deliberated three hours, a jury in the District of Columbia's Supreme Court chose to believe the Bishop's story...
...vaults. Last week Chase's Chairman Winthrop Aldrich, still raking Mr. Wiggin's cabbage patch, dug out the 150,000 shares of Corn Exchange stock, sold them to Lehman Brothers, bankers. No price was revealed. Two days later Lehman offered 78,000 shares of the bank stock (exempt from the Securities Act) to the public at $54 a share...