Word: exempts
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...other Princeton undergraduates who helped Gorin and Riggs start the V.F.W., one was crippled in an auto accident and is exempt from military service, one is in an essential industry (steel). The remaining eight are in the Army, Navy or Marines...
...interest yield on long-term tax-exempt bonds came last week: a bloc of Connecticut State 1½, due in 1967, changed hands at a price that will net the buyer 1%. At such a rate, it is more profitable for people in low tax brackets to buy taxable bonds and pay income taxes on their yields. But by people with really big fortunes and tremendous taxes, long-term tax-exempts are still eagerly sought after, tightly held...
...took more than ten years for Congress to exempt U.S. telegraph service from the provisions of the anti-trust laws so that Western Union and Postal Telegraph could merge (TIME, March 8). After that it took less than ten weeks for the two companies to work out the details of a combination to end useless duplication in a business where competition is costly and unproductive. The agreement announced last week: Western Union Telegraph Co. will buy out Postal, through an exchange of stock. Now all that needs to be done to make the merger a fact is for stockholders...
...trouble with local and state authorities. The U.S. Supreme Court ruled in 1940 that their children must salute the flag in public schools, in 1942 that they could not distribute literature without peddlers' licenses. Jehovah's Witnesses regard themselves as ministers, but draft boards often refuse to exempt them from Army service. This week more than 450 of the group's men of military age are in prison for refusing to heed induction notices...
This examination would include any person who entered the College before the summer term which started in June, 1942. Members of the Class of '46 will therefore be exempt, but all members of the Classes of 1944 and 1945 will have to take...