Evening star., 1950-10-23

Mr.. Harrison. Mr.. Buckingham.
ers meeting Robert E. L. johnson
was elevated to vice president in
charge of suburban stores. He has
been assistant vice president.
Sales and Profits Down.
The annual report presented by
President Parker showed that a
2.9 per cent drop in sales for the
year ended July 81 resulted in a
1926 per cent decrease in earn
ings and listed a number of
changes in store policies already
instituted or contemplated.
The years sales declined to
$37,675,533 VS.. s38.799l6 in the
previous fiscal period. Net in
come of s849,098 compared with
$1.092,271 in the preceding year.
President Parker pointed out,
however. that the ratio of current
assets to liabilities stood a $50
to l on July. 81 VS.. 3.04 a year
earlier.
store P0IlcleS heViSed.
Operations of the main store
were typical for stores of its type
throughout the country. but ex-
penses in the North Building were
too high and accounted in part for
the less favorable earnings results
the report said.
Increased warehouse efficiency
a shopping plate system. better
stocking plans, improved merchan-
disc controls, resumption of in
tensive employe training and a
revision of advertising methods
were listed as steps taken by the
store to improved operations.
Development of a master plan
for more efficient utilization of
space in the Main and North
Buildings has been placed in the
hands of the Raymond Loewy
Corp. Plans also are being de-
veloped for a parking garage for
customers and a customer tunnel
to connect the Main and North
Buildings.
The annual report paid tribute
10 the company's more than 4.200
employees. 538 of whom have
worked for the company 20 years
or longer.
Commenting on the company's S
growth of the last Is years, the
report said that in that time, the
book value of it's common stock
has increased from $17.06 a share
to $4342.
New Directors Well Known.
Mr.. Harrison, one of the new di-
rectors. is general counsel, a di-
rector and a member of the Exec
utive Committee of Riggs Ma
tional Bank. He is a member of
the American Bar Association and
the District Bar Association and
Is general counsel for the latter.
Mr.. Butler is past president of
the Washington Automotive Trade
Association and is president of
United Community Services, a
member of the boards of Emer-
gency Hospital and Potomac
School. He also is a director of
Potomac Electric Power Co.
Mr.. Buckingham has been with
Woodward & Lothrop for Is years
and has been vice president
since 1948. He is a graduate of
Central High School and George
Washington University, member
of the KiWanis Club and is on
the board of the National Capital
Area Council of the Boy Scouts.
Mr.. johnson, the new vice pres
ident, is native of Philadelphia
and graduate of Swarthmore
College and the Harvard School of
Business Administration He was
with Strawbridge & Clothier of
Philadelphia for II years. He
came to Woodward's in 1948 and
was elected assistant vice presi-
dent last March.
40 Years of Growth.
AS the Washington suburban
area has grown, SO has the Sub
urban National Bank of Silver
Spring, which will celebrate its
40th anniversary tomorrow by
serving cake and punch to its
customers.
1t started on October "a. 1910
with $25, ,634 of resources. The to-
tai grew to $347,545 in 1920, then
to $1,401 .002 in 1880 and 5,772, ,561
in 1910. Now it is $29, ,387, ,O62
Deposits on the last bank call Oc-
tober 4, amounted to $27.409, ,571
LUTC Graduates Listed.
The District Life Underwriters
Association will present certifi-
Gates to the first graduates of its
two-year life underwriters train
ing course at a luncheon meeting
at the Mayf1ower Hotel Thursday
noon.
Glasses for the third year of the
course will start this week. The
IL graduates of the course in
clude:
Rudolph Arkin, A. M Beck William o
Cremen, Thomas Elgen, Mary E. Fort
Henry Harrison, I. ]. Kline, Sidney Spindel
Charles r. suter. James A. Thomson anc
Vernon w. Zimmerman.