Evening star., 1951-05-06
Transit
CONTINUED From First Page

ply Co.. is the foundation for the
Wolfson industrial holdings. It
was Louis Wolfson's first venture
fAto business. He and a brother
scraped together $4,000 to organ
lie it soon after he was gradu-
ated from the University of Geor-
gia in 1882. Two younger broth
ers joined later.
The Florida company deals in
mill and industrial supplies and
has offices in Jacksonville and
New York. Louis Wolfson is a
director. Cecil Wolfson, also on
the transit board, is vice presi-
dent, and Sam Wolfson is secre-
tary-treasurer.
No Outside Interests.
Mr.. Weinstein told The Star
that the shift in ownership in
transit shares did not involve any
shares of outside interests so far
as he knew. Louis Wolfson could
not be reached.
Unusual activity in transit
shares on the New York Curb
Exchange in recent weeks sug-
gests that further changes in
holdings may have taken place
In April. In the last week 600
shares were traded and in the
previous week 900 changed hands.
However, private sales would not
be made through the exchange.
In all of April only 35 shares
were traded on the Washington
Stock Exchange, the only ex-
change upon which the stock was
listed before last year.
According to the SEC report,
Louis Wolfson's direct ownership
, in Capital Transit amounted to
46,510 shares on March 81 after
sale of the $500 shares. His wife
still owned 1000 shares. Mr.. Ger
bert had 1867 shares left, Mr..
Surasky 367, Mr.. Weinstein 367,
Cecil Wolfson 366, Sam Wolfson
3,135 and his wife 100. These
were the direct holdings.
Associates Not Listed.
However, Mr.. Gerbert and Cecil
and Sam Wolfson were listed as
indirect owners of 3,679 additional
shares through an organization
called venture No. 101. M. L. & S.
Corp, in which Cecil, Louis and
Sam Wolfson had an interest,
owned TOO shares. Mr.. Surasky
and Mr.. Weinstein were listed as
indirect owners of another 260
shares each through partnership.
The N. Wolfson Trust, with
Louis and Sam Wolfson as trustees,
had ia shares and a children's S
trust gave Sam Wolson control of
300 shares.
The SEC report gave far from
a complete report of the total
transit holdings of the Wolfson
group. Only shares owned by Off
GERS or directors of the company
were listed. The group is known to
include others.
Referring to Louis Wolfson and
his associates, a recent biogra-
phical sketch of the new board
chairman issued by Capital
Transit Co., quoted Mr.. WolfSon
as saying he never went into any,
thing without consulting his as
sociateS who are "12 top-ranklng
executives in diversified indus
tries" The IL associates were not
listed
Shipbuilding Deal Cited.
The transit company biography
released presumably with the ap-
proval of the new board chairman
quoted literally from a magazine
article of May, 1949. which il
said summed up very explicitly
Lou Wolfsons success.
The quotation from the maga
zine continued Ito date his mos
profitable deal was Tampa Ship
building Co." When f1nancie
Wolfson and associates moved int
Tampa Shipbuilding in 1945,
was far from seaworthy.
"An investment of $2S5 900 plu
q thorough management over
hauling foated profits again. BIZ
early this year 0949) when ther
was no future left and no poss
bility of working out .anythin
with the Government, Lou Vol
son liquidated the company"
Lou Wolfson's take: $5,76O
000," the magazine was quote
Tampa Shipbuilding's final stat
ment revealed an operating PROT
of 81 million before employe boz
uses of $1,388,O 900. Said on gas
ing onlooker: Everything