Evening star. [volume] (Washington, D.C.) 1854-1972, 1954-08-27
-
Any C.TC Deal
Calls for Cash,
Wolfson Says
Denies Sole Plans,
But Would Study
Offer in Writing
BY . Star stcff Correspondent

SIS aIs
sys Star ssoff cers.pend.rs
NEW YORK, Aug. 27.It viii
take more than SGT million to
buy control of Capital Transit
Co. from Louis e. Wolfson and
his associates, a prominent
member OF the group said at a
press conference here late yester-
day.
The statement came on the
heels Of disclosure that an OUT
of-town transit official has been
attempting to interest Washing
ton businessmen in raising
enough money to- buy control of
CTC from the Florida multimil-
lionaife and run it as a locally
owned company.
Mr.. Wolfscn himself would
not set figure, but he EN-
phasized that any offer must be
made in writing and accom-
panied by a substantial cash de-
post.
He denied q Washington re-
port that, at one time. he had
granted an option for sale of
the transit holdings to Henry p.
Bruner. Gary. Ind. transit
operator, although he said Mr..
Bruner had telephoned to him
in Florida a couple of times. The
option was reported to have
expired at the end of 1853.
Wanted 1t in Writing.
Mr.. Wolfson said he advised
Mr.. Bruner to put his PROPOSE
ton in writing and that it would
be presented to the entire Wolf
son group. This was not done,
he said.
No commitment Of any kind
has ever been given for the sale
of the groups holdings in Capt.
tai Transit to any one, he stated
emphatically. He also said he
knew nothing about Washing
ton report that Morris Maxim of
the Checker Cab Co. was ex-
ploring the possibility of buying
the transit company.
"a report that Mr.. Bruner Of
fered So million for the transit
holdings on one of his calls to
Florida may or may not be true,
according to Mr.. Wolfson. He
said he did not remember, but
he added that If such an offer had
been made. he would have turned
it down.
An offer Of So million for the
Wolfson holdings would be "pea-
nuts" said an associate indig-
nantly.
Stock 90 1l1s.
Shares Of Capital Transit
closed again yesterday at 11h
on the American Stock Exchange,
indicating a total market value
for the outstanding $50, 600
shares of $10.680,oo0. At least
500, 900 shares. with q market
value Of $5.572, 600. are believed
held by Mr.. Wolfson. his family
and associates.
Emphasis was given to the
peanuts" remark by the back
ground of the crowded and ex-
cited press conference at the
Biltmore Hotel.
It was called to announce that
Mr.. Wolfson and his associates
would embark on a Nationwide
campaign to gain control OF
Montgomery Ward and its $500
million kitty" of cash and bonds
Fleming Describes Role.
Meanwhile, Robert v. Fleming
president of the Riggs National
Bank, described his part in Mr.
Burners efforts to persuade local
businessmen to join in raising
enough money to buy out the
WolfSon interests.
MIR. Bruner, he said, "came to
see me with a letter of introduc-
ton from my old friend Walter
Cummings. chairman of the Con-
tinental Illinois National Bank
and Trust of Chicago, asking me
to give him what information ]
could"
Mr.. Fleming, a member OF
CTC's board of directors until
shortly after the Wolfsons took
over the company, said he took
Mr.. Bruner to lunch while he
outlined the firms. historical
background at the latter's re-
quest.
Returned Later.
Later, MIR. Fleming said, Mr..
Bruner came back wanting to
talk to local business leaders.
I put him in touch with Col
William H. Press, executive vice
president Of the Board of Trade.
I believe he arranged a dinner,
but I was out of town and didn't
attend"
And, Mr.. Fleming declared
"I'm not backing anybody. ]
have enough fish of my own
to fry" He said he had nc
idea Of Mr.. Burners financial
strength.
Col. Press said the dinner was
given last June and that the
guests were Andrew Parker OF
Woodward and Lothrop, George
Quirk Of the Hecht Co.. Herbert
Rich, president of the Merchants
and Manufacturers Association
Morris Cafritz. prominent Wash
ington builder. Harry Merrick
then president of the Board OF
Trade. Frank Jelleff, Washing
ton merchant. Donald A. McCor-
mack. Riggs vice president in
charge of the Dupont Circle
branch and chairman of the
! Trade Boards Committee or
Railroads and Transit Lines, Mr.
Bruner and himself.
Action In Allegiance.
He said the group agreed to
] meet again when Mr.. Bruner got
together some more information
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