Evening star., 1941-07-11
Capital Store Sales
Soar 81 Peri Cent
Above Year Ago
Fifth District Shows
23 Per Cent Gain
Over 1910 Week
BY EDWARD c. STONE.

from the Federal Reserve Bank OF
Richmond, announced today.
Sales in Capital stores in the
week ended July 5 scared 81 per
cent above the record for the cor
responding week ended July a
year ago. This was better gain
than the % per cent advance in the
whole fifth district, 10 per cent in
Baltimore and 10 per cent in group
of cities.
Cumulative sales in Washington
stores in the foM weeks ended
July 5 was 25 per cent ahead of the
like 1910 period, were up % per cent
in the fifth district, 18 per cent in
the group of cities and 10 per cent
in Baltimore, the report says.
Washington sales were off % per
cent from the previous week this
year, chiefly because of the Fourth
OF July holiday. Fifth district sales
were 81 per cent lower than in the
previous week, 19 per cent in the
group of cities and 81 per cent in
Baltimore, the bank review said.
Banks Will Assist Taxpayers.
Washington banks will take part
In the TreaSury's new plan to make
it easier for taxpayers to meet the
unprecedented tax bills required by
the national defense program, 1t
was learned in the financial district
today. Under this plan two series
of notes will be issued, both dated
August /, 1941, and maturing Au-
gust l, l943
The banks will receive applica-
tons for the notes and obtain them
from the Federal Reserve Bank of
Richmond, the procedure being
much the same as that connected
with the distribution of the United
States Defense bonds. The banks
will make it very easy for patrons
who wish to adopt the new plan
which is intended to provide money
in advance for the payment of
taxes.
Bank officials report many in
1uiries about the tax payment notes.
Following those to be dated
August l, on January of each year
two new series will be provided so
that a taxpayer can always pur-
chase notes during the entire year
for payment of taxes in the follow
ing year. this being the reason for
the two-year notes, Secretary Nor
Eanthau says.
All Notes to Be Sold at Par.
All notes are to be sold at par
end accrued interest, if any, and
will be redeemed at any time after
three months from the month of
issue, but not before January, 1912,
when presented in payment of in
come taxes at par and accrued in
terest up to and including the month
IN which such taxes are paid. Inter-
est will not accrue beyond the
maturity of the notes.
If not presented in payment of
Income taxes, they will be re-
deemed for cash under certain
specified conditions at the pur-
chase price paid for the notes. The
taxpayer, in this case, gets back
just the amount he paid for the
notes and no more.
The notes will not be registered,
but will have the purchasers name
end address inscribed thereon so
that the collector of internal revenue
ran compare the purchasers name
with that on his tax return. They
will not be transferable; nor can
they be used as collateral.
Details About New Series.
Notes of Tax Series A 1943 will
be issued in denominations of S25,
$50 and 500. The amount of this
series which can be presented in
payment of income taxes will be
limited to $1,000 III any one tax
gear by any one taxpayer. The
notes will provide return of about
192 per cent a year, but the rate
per cent will not be expressed
For $25 denomination, it will be
expressed at cents a month, $50
denomination at cents a month,
and for the 500 denomination at
Is cents a month. BY following
this method it is made simple to
compute the cost when the tax
payer purchases the notes and
simple both to the taxpayer and
she collector of internal revenue to
compute the credit that may be
epplied to the taxes due.
Notes of Tax Series B 1943 will be
issued in denominations Of 500,
$500. $1,000, $4,000 and 100000,
Secretary Morganthau has an
sounced. The amount of the notes
which can be presented in payment
Of taxes is limited only by the
amount of taxes due.
The notes will provide return OF
slightly less than half Of l per
cent (about 048 per cent? a year.
The rate will be cents month for
a 800 denomination 20 cents for
a $500 denomination, and SO on,
plans so far outlined show.
Potomac Power Sales Mount.
Kilowatt-hour sales of the POto-
mac Electric Power Co. in the Dis
trict of Columbia in June showed
further sharp advances, it was an
nounced today. June sales totaled
s3.717,395 kiloWatt- hours, against
70,976.569 in June, 1910, an increase
of 12.740.827. or 1895 per cent.
This was the first time sales have
crossed the 10000 cook mark,
the best month in the history of the
company. Railroads and railways
used 20,27 per cent more power than
year ago street lighting showed a
decrease, but other sales were up
1916 per cent.
wilkins Dividend Declared.
Directors of the John H. Wilkins
Co. have declared per cent semi
annual dividend on the outstanding
preferred stock and Sl.50 per share
on the common stock, both payable
on July Is, President John H. Will
kins announced today.
Washington brokers today ex-
pressed wide interest in the advance
ment of Edmund Burke. jr., to be a
member of the Securities and Ex-
change Commission. He has been
director of the reorganization divi-
sion. He and Ganson Purcell, the
other recent appointee. are only 36
o1l ~ ic Il 70