Evening star., 1942-02-16
Tax Experts in Banks
Flooded With Pleas
From Depositors
Number Asking Help
Largest on Record,
OfficioIs Report
By EDWARD c. STONE.

By EDWARD c. STONE.
Experts on income taxes are sale
to be the busiest people in the
Washington banks at present, with
the prospect that business will gel
heavier until well into March
Hundreds of bank patrons are con-
sulting authorities regarding thell
tax returns AS in years past, many
of these returns are being mace OUT
at the banks by officers whom the
depositors have known for a long
time and who are familiar with
their accounts.
The number asking help this
wear is also larger than ever, bank
ers say, since many thousands more
residents will file returns than dld
so in 1941. These new tax GUS
toners" are making many inquiries
among officials and the free service
is building good will for the banks.
For several years the Internal
Revenue Bureau assigned experts 10
the citys banks. They were sta
toned in the lobbies and rendered
very valuable service. Later, bu-
reau officials said they did not have
sufficient assistants to continue the
service and suggested that all
puzzled taxpayers call at revenue
headquarters for any desired IN
formation. This offer is still GOOD.
Heimann Sees Buyers Market.
In his monthly letter to the
washington Association OF Credit
Men, Henry H. Heimann, executive
manager of the national assocla-
ton, analyzes today's credlt Sltua-
tion and warns management against
the widespread impression that
this wear will witness a sellers mar
ket. since war production Will eX-
pand consumer purchasing power
tremendously" He says:
True enough. the total volume OF
consumer purchasing power, eA-
pressed in dollars. will rise. But
in some areas, hard hit by war
production dislocations, there Will
definitely be lower incomes.
Then too, let it not be overlooked
that the income tax burden this
March will be assessed against a
greater number of people than ever
before in our history. There Will
be many new taxpayers who Will be
surprised by the amount the Gov
will take this year. 1hey
will curtail some of their buying.
Add to this the vast increase In
Defense bond sales and the payroll
allotment plans for the sale OF these
certifcates-and the possibility OF
deduction at source of income taxes
in advance-and there is good reason
for disagreeing with any such gllo
assertions that this year Will wit
ness a sellers market.
Quiet in Brokerage Houses.
The fall of Singapore didn't cause
a ripple in Washington brokerage
offices when the New York Stock
Exchange opened today. In some
quarters crowded boardrooms had
been expected. Brokers said the
Singapore tragedy had already been
anticipated and discounted.
The market remained calm,
opened somewhat lower, overnight
orders being cleaned UP in about 10
minutes. However, there were a
great many telephone inquiries,
showing great interest among in
vestors and traders.
Aben Joins Insurance Stall.
Cornelius G.. Aben, former owner
of the Copley Plaza Restaurant, IN
this city, has becone associated with
the washington Office of the Mutual
Life Insurance Co. of New York,
Thomas P. Morgan, jr., manager,
announced today.
His entrance into the insurance
field differs from that OF most
agents, A native of Holland, Mr..
Aben started his career in Wash
ington as a chef for the MayfloWer
Hotel in 1925. In 1927, he entered
the restaurant business for himself,
being highly successful.
He became absorbed in the in
surance business when he began
life Insurance and an
nuities.
Bis Median Insurance Age.
Insurance in force and assets OF
the New England Mutual Life In
Co. increased again during
1941 to new high levels, President
George Willard Smith stated today
in presenting the company's 90th
annual report to policyholders.
Increase in insurance in force in
1941 was s51 1893 900, bringing the
total to 100000, nearly 3S per
cent more than at the end of 1929.
New insurance of S125 ,632 600 was
issued, a gain of II per cent over
1910 The median age of those in
sured under the 81, 1874 new policies
issued was 81 years.
Banker to Speak on Trusts.
Earl G. Jonscher, assistant trust
officer, American Security & Trust
Co., will address the Life Agency
Cashiers Association at their
monthly meeting Wednesday on the
subject of Life Insurance Trusts" "
Bernard L. Wilmer, general agent,
State Mutual Life Assurance Co.,
will be the guest of honor for the
meeting which will be held at 80
Seventeenth street NV.
Howard Takes Exchange Seat.
G.. Clifford Howard has taken the
seat on the Washington Stock Ex-
change to which he was elected last
week. Mr. Howard is a veteran in
vestment dealer, has been with the
firm of Y. E. Booker & Co. for the
past 10 years and formerly held an
important position with the National
City Co.
Mr.. Howard, who is a member of
the District bar, started his f1nan-
cial career with the Union Trust
Co. His election leaves no vacant
seats on the exchange.
Firms May Report Profits.
Companies producing war goods
may publish their net profits and
most of them will be allowed to give
their sales in dollar volumes with
out violating Government censor
ship, the Wall Street Journal COM
ments, the ban on dollar figures
being in connection with war con-
tracts.