Evening star., 1950-03-31
Safeway Stores Profit
Up Sharply in 1949,
New Stores Planned
By Edword c. Stone

LuW0Iu -. StOHe
The annual report of Safeway
Stores, Inc, today showed l949
earnings on common stock of $5.2c
per share against $3.50 in 194S
and S2.76 in 1947.
Net profit in 1949 amounted to
$14,369.124, an increase of A per
cent over 1948.
Sales 'totaled $1,095 ,O63,62l. a
decrease of ITO per cent from
1949.
President L. A. Warren said
tentative plans have been made
for construction of approximately
1000 retail locations in the next
flve years and to remodel and
modernize existing stores which
are to be retained.
The report states that much
new parking space is to be added
during 1850 and many prepack-
aged meat sections are to be in
stalled.
The company expects to ado
from 10 to II new stores yeal
for the next five years in the D. c
division, making a total of about
60. The exact number will de-
pend on building and other con-
ditionS.
The report stated that the COM
mon stock will be placed on a 81
yearly basis tomorrow. On Decem-
Der 81 current assets exceeded cur
rent liabilities by s69,391,143 a
ratio of 2.95 to l.
d. c. Bank Clearings Soar.
Bank clearings in Washington
In March registered striking
gain of S41,713,085 over the same
month a year ago, slightly more
than IL per cent.
March clearings totaled S376,-
127 lot in comparison with 1894
414,022 in March, 1949, George H.
Bright. clearing house manager,
announced today.
ClearingS in the first quarter
climbed to s1,049, ,3O6, ,427, as COM
pared with $914.951,8 ,813 in the first
three months of 1949, a jump of
S134,354,614, or 14.7 per cent.
Bankers believe the sharp
March gain in Cancelled checks
was mainly due to an increase in
Federal and District taxes paid
during the month.
Clearings so far in 1850 COM
pare as follows with the CORE
spending months in 1949:
1850. 1949.
January $371 ,334,453 S296,546,165
February 301 ,844,866 283 ,991 ,625
March, 376.127,107 334,414,022
Six Directors Nominated.
Six directors have been nom
mated by the District Life Under
writer's Association, three to be
elected at the April meeting. They
are Mitchell Curtis, Lincoln Ma
tional: Frederick v. McNair, JEFF
ferson Standard; William L. Porte
Mutual Life; Carney Smith, Mu-
tuel Benefit; Laurence w. Brown,
jr.. Reliance Life, and William
Macy, Phoenix Mutual.
w. j. McCausland, president,
introduced "a new members at
yesterdays Mayflower luncheon.
The association now has an all
time record of more than 425
members. E. K. Morris presented
the association with a gavel from
the Boys Club of Washington,
while H. Cochran Fisher, as ma
tional trustee, reported on the re-
cent meeting in Oklahoma City.
Plans for next falls national con-
vention here are taking shape
rapidly.
Stanley E. Martin of Dallas,
Tex, gave an inspirational ad-
dress on new ways to sell life
insurance.
Utilities Experts Meet.
The Maryland Utilities Associa-
ton is holding an annual confer
ence today in Baltimore, with R.
Roy Dunn, vice president and
treasurer of the Potomac Electric
Power Co., presiding as associa-
ton president.
Officials of all the other Wash
ington utility companies are
attending the all-day session
Speakers are Calvin D. Johnson,
former Representative from Illi-
nois; Charles G. Glavin, vice pres
ident, First Boston Corp: and
Elmer L. Lindseth, president of
the Edison Electric Institute.
New officers and directors were
to be elected late in the afternoon,
with an annual banquet this eve
ming.
George j. Frank has been ap-
pointed sales promotion manager
of the Simon Distributing Corp, of
Washington and Baltimore, it was
announced today by President j. H
Simon.
Savings Continue Growth.
Savings of American people in
the leading types of financial in
stitutions and in United States
savings bonds increased by more
than Sc billion dollars during 1949
continuing the steady growth of
recent years, the Home Loan
Bank Board announced. Long
term savings covered by the
Boards report reached new high
OF $l69 billions. Except for postal
savings. the amount reported in
each category showed some gain
during 1949.