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Newspaper Page Text
CHICAGO BANKERS SPRING NEW TAX WAIL
REYNOLDS ASKS A BIG DECREASE
Chicago banks have so much mo
ney in their vaults that they are gldd
to get 1 per cent interest on their
loans, according to Geo. Reynolds of
the Continental bank, who appeared
before the board of review asking for
a big decrease in taxes yesterday.
Reynolds' speech before the board of
review was quite different from his
speech to the bankers' convention
which was held here a few weeks
Then he spoke on. "Prosperity."
He said a new era was dawning for
the banks. That the profits they
were going to rake in for the next
few years would dwarf those of the
"period of depression" which had just
"It now takes the banks two
months to earn what they pay in
taxes," Reynolds told the board.
'Conditions are bad now and they
we are here for," he stated. "If we're
not making money. let's get out of
business. The only thing I want is a
square deal. They have our affi
davits, so why cloud the issue."
Miller's -speech was applauded by
thfi members of the board of review
His speech was a slap in the face to
the biggest bankers in the country.
The banks now have more money
on deposit than they ever had. The
state's attorney contends" that since
they have this money they should pay
taxes on it
"We have statements from our
clients which shows they are paying
less taxes than what we are," Rey
nolds further stated. "We want to
pay what they pay' -
By this statement Reynolds unin
tentionally intimated that the depos
itors in his banks were taxdodgers.
John P. Smulski, the big Polish
banker, said that the Chicago banks
will le worse When this war is over" were paying from 20 to 50. per cent
Our assessments should be decreased more taxes than the banks of other
by at least 20 per cent" "" I cities. Ass't State's Att'y Berger.
Last year the same delegation ap- jumped up and asked him to produce
peared and howled on the demorali- specific facts. He was unable to do
zation of- business bv the war. They
were granted a 15 per cent reduction-.
This year they have so much money
they don't know what to do with -it
and they want a 20 per pent reduc
tion. This "demoralization" was
'In other words," Ass't State's fails they get more securities. The
Att'y Schaeffer said. "They admitted
having the money on which tney
should be taxed, but they claim that
since it isn'tearning them any more
money we shouldn't tax them ori it"
The gray-haired man of finance
-who followed Reynolds stated it took
his bank three months to earn its
taxes. The next raised the time to
five months. " ,
Then J. T. Miller, president of the
Harvey State bank, arose.
"This talk of how long it takes us
q earji oir taxes Is irrevelant to. what
so and his statement was discredited.
"The banks make money when
everybody else loses," declared Ber
ger. "When business is bad they call
loans and get collateral which was
put up for security. They loan a man
half the money he needs and when he
banks also make money when every
body else is prosperous.- Then they
claim they have no money and get
high rates of interest"
IN BAD FORM
Parson Miss Jinx, I was surprised,
to see you playing golf yesterday
Miss" Jinx Well, my form was
rather rotten yesterday, I'll admit
The "high grounds" referred to by
business men are .often bluffs. , t