Show CANNOT BE TAXED washington april 22 deciding several cases brought to it by saving banks in des AI olnes 1 la a the supreme court of the united states held today that government bonds in tho the capital stock of such banks is invested aro are exempt from taxation tho test opinion delivered by justice moody aboody reversed the ruling of the iowa court which laid down down the genera general eral doctrine that the general er from state taxation alth wi t h which the bonds of the stater are clothed does not entitle the bank to deduct the amount of cf such bonds bond from the value of the bar shares stock which arc are assessed to it for the purpose ut of taxation I 1 iti jubilee alce moodis moodys opinion held that the course outlined Is clearly a direct tax on the securities of the united states and therefore not per roia sible the abe chief justice and justices harlan and pech peckham bam dis dissented seated |