Evening star., 1949-10-14
Woodward & LothroE
Reports Sharp Rise
In Year S Earnings
By Edword G, Stone

~ 60W6t0 -. StOHS
Net profits on Woodward &
Lothrop common stock for the
year ended July 81, 1949,
amounted to $500 per share COM
pared with $2.51 a share in the
previous year, an increase of $1.4S
or So per cent. Andrew Parker,
president, stated in the annual
report just out.
Sales for the year totaled $38.-
799.163 against $38,891. .140 for the
year ending July 81, 1948, small
decrease of $91 .977 or OF per cent,
the report showed.
Net profits reached $1,092,271
for the year in comparison with
$757,050 in the preceding year, a
substantial increase of $685., ,221 or
44.3 per cent. During the year
taxes increased $177,400 or IS
per cent.
The outlook for this year ap-
pears relatively stable, Mr.. Parker
said. He expects prices generally
to remain where they are for some
time. The report showed total
current assets of $11,658.962 and
current liabilities of $3,829, ,230.
AS already noted, ground is now
being broken for a big suburban
store in nearby Maryland. to cost
around S2,O0o,000 and be ready
for use late in 1850.
Hecht Sales Increase.
Sales of the Hecht Co. Wash
ington and Silver Spring stores
totaled s50,351,0 ,099 for the -
months ended July 81. Charles B.
Dulcan. sr.. vice president and
general manager, announced to-
day.
Sales increased 94 per cent over
the similar II month period a
year ago when sales amounted to
SAC, 6,038,545, Mr.. Dulcan added.
The annual convention Of the
Maryland Savings and Loan
League will be held in Baltimore
next Tuesday when several Wash
ington building and loan execu-
tives will be special guests. Ma
tional experts in the field will
speak.
Insurance Affiliate Formed.
Leo Goodwin, sr.. president OF
Government Employees Insurance
Co.. today announced the forma-
ton of an automobile finance
company which will be affiliated
with the company.
The new affiliate will be known
as Government Employees Corp.
1t will specialize in the financing
of automobiles for Government
employees who are-or who be-
come-policyholders of Govern
ment Insurance Co.
The corporation will have initial
capital and surplus of $300.0 900,
comprised of 10000 shares of SIS
par value capital stock. The di-
rectors will be Leo Goodwin. who
also is president; Benjamin
Graham. D. L. Kreeger, ]. A. New
man, Leo Goodwin, jr.; D. j. CAL
lahan, jr.; F. M Shea, w. K.
Jacobs, jr.. E. r. Jones and r. j.
Marony.
Banks Heavy Bondholders.
About As per cent Of assets of
Maryland'S mutual savings banks
are in United States Government
bonds, the total at the end Of
1948 standing at $4i5, ,18o, 900,
Banking Commissioner j. Millard
Tawes has just reported.
Total loans in State banks and
trust companies amounted to
S247,999,213 and in mutual savings
banks to s47,78s,136. Three new
credit associations were estab-
lished during the year, max
ing total Of SO. Fifteen more
firms have gone into Industrial
financing.
Assistant Administrator Walter
c. Thompson and Chief Auditor
William P. Bogardus of the Sales
Tax Office, and Doren D. Vest,
vice president, Washington Chap
ter, National Association of Cost
Accountants, will give a radio
broadcast over Station WWDC at
z o'clock this evening, on the sales
tax.
Vance M. johnson, formerly
with the industrial chemicals Sec
ton of the OPA, has joined the
Washington Office of the New
England Life Insurance Co.
John H. Kroll and Charles M.
Boteler, officials of the Mutual
Insurance Agency, are attend
ing the national convention in
Chicago.
Potomac Electric Power COM
mon, selling at 1873, reached an
other new 1949 high on the Wash
ington Exchange yesterday.
Directors of the Washington
Loan g. Trust Co. have declared
the regular quarterly dividend of
So per share, payable November
to stockholders of record October
20. This rate has prevailed for
years.
Three hundred shares of Wood
ward 81 Lothrop common sold on
the Washington Exchange at 81
today. up from 1924. due to the
annual raDOrt