Evening star., 1949-09-28
.oIfsonGroup's 5
Transit HOLDINGS
Boosted 10 50%
No Changes Planned
Head of Florida
Syndicate Declares

Louis E. Wolfson and his asso-
ciates in the group Of Jackson
vile (Fla.) businessmen who re-
Gently acquired 109,458 shares of
Capital Transit Co. stock, have
increased their holdings to "just
about" SO per cent.
Mr.. Wolfson disclosed this
yesterday and added that the
group plans to buy additional
shares. IF the price is right" A
right price, he said, would be
about what the group paid Tor the
shares bought from the North
American Co.-$20 a share. The
stock was quoted on the Wash
ington Stock Exchange yesterday
at 221a bid and rs asked.
The 109,458 shares bought from
North American for $2,189, 100 is
1851 per cent of the 100000 Cap
ital Transit shares outstanding,
in itself effective control of the
company. Mr.. Wolfson said the
holdings now are about 10000
shares.
Mr.. Wolfson said he wanted
to give assurance that minority
stockholders will be treated no
differently from others. He said
also he had assured Edward D.
Merrill. president of the company,
that in meeting any of the COM
pany's problems I'VE will put our
selves in your shoes"
No Changes Planned.
He said the company is "in
good hands" referring to the Off
GERS who run it, and that there is
no intention of making any
changes.
On the question of representa-
ton Of the Florida group on the
Board of Directors, he said that
will be left to the decision of Mr.
Merrill and other officers of the
company.
The company's charter from
Congress provides for a Board o1
Directors of Is. nine Of whom must
be residents of Washington.
Mr.. Wolfson said that, if Mr.
Merrill wants one of the Florida
group here. that can be arranged
Mr.. Wolfson was accompanied
to Washington by four of his asso-
ciates, J. A. B. Broadwater, Jack
Surasky, E. B. Gerbert and Cecil
Wolfson. who is one Of Louis E
Wolfson's three brothers.
Want to Meet Officers.
1t was explained by Louis E
Wolfson that the purpose of the
visit. was to make the ac-
quaintance of the officers of the
company. He said he had previ-
ously met only Mr.. Merrill.
The party arrived Monday. Mr.
Wolfson said he was leaving
yesterday afternoon but that some
OF the others would remain here
for a few days.
The company has pending an
arbitration of its employees wage
demands. Mr.. Wolfson was asked
about his labor policy. He re-
Piled again that the management
of the company lis in able hands y
and added: That's their prob
lem"
MIR. Broadwater and Mr.. Wolf
son had disclosed plans earlier to
pay off the company's $4,000, 900
IN mortgage bonds. Mr.. Wolfson
said there are no plans other to
pay of this sum out Of earnings,
THE first thing a good business
does is to pay OF its debts" he
added.
There are only nine Of u.s." Mr..
Wolfson said also. referring to
himself and his associates. 1--WE
are in a position to sit in on the
company's problems. We have
a more personal interest than a
holding company" The last was
q reference to the North American
Co.
Bus Music Discussed,
Mr.. Wolfson answered uues-
tions after luncheon given by
Mr.. Merrill for Mr.. Wolfson and
those who accompanied him to
Washington. Other guests were
j. Edward Heberle,s vice president
and controller: William. b. Ben
nett. vice president and secre-
tary; E. Cleveland Giddings, vice
president in charge. OF public re-
lations, and Samuel E. Emmons,
general manager.
There was discussion of the
radio broadcasts in buses and
streetcars. Louis E. Wolfson,
Cecil Wolfson and Mr.. Surasky
said they liked them. Mr.. Broad
water and Mr.. Gerbert said mo
comment" Louis e. Wolfson said
his other brothers, Sam w. and
Saul Wolfson. could be counted
as fayoring them.
Mr.. Giddings said the radio re-
ceiving equipment has been in-
stalled In 209' Of the company's
1900 buses and streetcars. He
said the company receives q
minimum Of $6 a month per
vehicle equipped to receive the
programs. and the installations
are made at no cost to the COM