Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-10-21

per cent OF safes, compared VIII
S.6 per cent in the preceding
period.
Record sales for the 53-weel
period ended August 3 wert
1898 per cent above $54, S75. al
In the preceding 52-week year
and the report commented that
o comparison for 50 weeks IL
both years would leave q sale!
gain Of 9.22 per cent.
They pointed out that fol-
the 5S-week year, the Federal
Reserve figures show a sales In
crease Of only is per cent fol
all major department stores In
this area. and added that some
of the above-average increase
as due to opening Of the new
Seven Corners store.
However. Federal Reserve
figures indicate the downtown
store sales were about 2.3 per
: cent better than the downtown
average. the report said.
Balance sheet for the years
end showed book value Of the
common stock was $59.49 a
share. compared with $57.02 q
year earlier.
TyssOwski Changes Jobs,
Higgins Added to Board
Mr.. Tyssowski. who presided
at today's meeting, surprised
stockholders by announcing his
resignation as board chairman
and abolition Of that position.
However, he was reelected q
director with other members Of
the board and was named
chairman Of the boards Execu-
tive Committee to succeed
Lloyd B. Wilson. who has re-
tired from that position. Mr..
Wilson was reelected as q
director.
Weston p. Higgins. vice pres
ident of personnel and opera
tons, was elected a director to
MI Q board vacancy left by the
death Of Charles H. Tompkins.
At the organizational board
meeting after the stockholders
session, Ludwig J. Amtmann
was promoted from assistant
vice president to vice president
and general merchandise man
ager, and Walter r. Granger.
assistant vice president. was
promoted to vice president Of
branch stores.
Ratio Indicates Need
For More Work Capital
The annual report pointed to
o decrease in the ratio Of cur
rent assets and liabilities to 2.5l
to 1 from 3.43 to / a year earlier
and said this indicated q need
for additional capital. This
need has been met by a long
term open loan for 81 million.
Current assets totaled Sl9,-
42l, 1886 at the year end
and current liabilities amounted
TO $7.725,256. A year earlier
current assets totaled SIC. 498.-
S2l and current liabilities
$4.e0S.3l3.
AS a result Of capital ex-
penditures at the Seven Cor
ners store and to some extent
to present expansion Of the
Chevy Chase store. cash re-
quirements have risen substan-
tally. the report said.
SALES at the Seven Corners
store have been most gratifying
and greatly exceed the first
years planned figures" 1t con-
tinued. Results have con-
firmed management's belief
that you grow bigger faster
IN a well-planned shopping
eenter."
Construction which started
OF the Chevy Chase store last
February will increase space 70
per cent and is expected to
be completed early in the
spring of 1858. All depart
ments will share in the in
creased space.
Elected Director in 1918.
Chairman Since 1913
Mr.. Tyssowski has been q
member Of the Woodward &
Lothrop board Of directors since
1918 and was vice president
from 1912 until July. 1913. when
he became board chairman.
As chairman he has been
responsible for formulating
major store policies and direc-
ted operations during a period
in which major suburban units
were established. sales rose
more than so per cent and
profits scared rs per cent.
A mining engineering gradu-
ate Of the University of Cali
fornia. Mr.. Tyssoswki had
broad experience with the c.
H. Post. the American Foreign
Trade Corp. and Bennett Day
Importing Co.. but returned to
mining as president Of the
Copper DEGRADATION Corp. from
1928 to 1871 when he retired.
He now raises purebred Here
ford cattle on his farms in
Fauquier County. Va. He mar
ried Miss Catherine Woodward
Of Washington in 1915.
Mr.. Wilson, formerly presi-
dent Of the Chesapeake e. Po-
tomae Telephone Co.. has been
on the Woodward a. Lothrop
board for eleven years and
chairman Of its executive COM
mittee for nine years.
New Director Joined Store
Organization In 1919
Mr.. Higgins, the new director,
became associated with Wood
wards in 1919 after holding
supervisory positions in the
personnel departments Of Pratt
g. Whitney Aircraft Corp. and
Stewart a. Company Of Balti-
more.
He became personnel rela-
tons manager In May. 1850. and
nersonnel administration direc-