Evening star., 1953-12-08

questioning OF LOUIS f.. WOUSOn
during a Senate District sub
committee inquiry into the OPP
erations of the Capital Transit
Co. jollo1OS:
@. Would you tell us how
much time you devote to Capital
Transit?
A. Gentlemen, it is impossible
to state an exact amount of
time. I am always, wherever I
may be, thinking of some idea
or thinking of policy matters. I
can't put it in hours or days or
weeks. I would say that I am in
daily touch with Capital Transit
and their problems. 1 am al
ways thinking and planning.
day and night, wherever I may
be, on Capital Transit and their
problems.
@. In other words you feel you
devote a fair amount of time to
Capital Transit?
A. I can't get it out of my
mind.
@. At the time in 1949 that you
purchased the stock you thought
the company was a sound COM
pany financially?
A. Yes, sir. That was one of
the things that attracted me to
this company. They had book
value of $120 a share, and we
had an opportunity to purchase
it at $40 share. We thought
it was a pretty big discount.
@. At that time, did you be-
lieve the board of directors was
pretty representative of the Dis
trict of Columbia and the people
of the District.
A. Yes, sir. But I didn't
thing they had the ability that
my associates had.
@. You thought the manage
ment of the company generally
was good?
A. Certain phases of the man
agement, but we weren't entirely
satisfied.
@. Would you expand on that
a bit?
A. I made a complete study
and analysis of this transit COM
pany in comparison with other
transit companies at that time.
I noticed various parts of the
operation were out of line in
comparison with some of the
more efficient transit companies
It is impossible at this time to
enumerate the phases. but we
knew that we could improve the
operation almost Immediately
with certain changes. In fact,
I think the record has shown
improvement.
@. You gentlemen thought at
the time that the officers of the
company were very capable peO-
pie?
A. wouldn't say all of the
officers, but I would say gen.
orally, yes.
@. Is it not true that most or
many of these directors and Off
GERS of the company at that time
have since been replaced?
A. I wouldn't say most of
them. would say some of
them have been replaced or
retired. A couple of others
have been replaced on recon-
mendation of the president of
the company. He has taken
men up from the ranks of as
sistants. Most of the people
in this company are people
that we have brought up.
There are very few that we
brought in from the outside.
(The chairman referred to
changes which have been made
in the Board of Directors since
the WolfsonS took over the
company
@. Would you be willing to
state for the record the out
standing local citizens of the
District of Columbia on the pres
ent board who are not drawing
any salaries or retirement pay
from Capital Transit?
A. Senator, I would like to
state in my personal opinion
every man on this board is an
outstanding man. I know that
Dan Bell receives directors fee
and no other compensation. /
regard Dan Bell as an outstand-
ing man in this community. He
certainly has the public interest
at heart. Frank Weakley, who, in
my opinion. also is a very out
standing citizen in this commu-
nifty, receives a directors fee and
no other compensation from the
company.
q. Isn't II true that 70 nut Of