Evening star., 1955-06-19
Puzzled
By Florida Deal
Of CTC 0ffshoot
Washington, d. c.
SUNDAY, JUNE 10, 1858
BY DONALD B. HADLEY

Some Washington stockhold.
ers of Continental Enterprises.
which sold the Glen Echo Amuse.
ment Park Friday, are curious
about the extent and value OF
Florida theater properties taken
over by the company last Feb
ruary, it was learned yesterday.
Few details on the properties
were given out when they were
acquired in exchange for $780,
900 shares of Continental Enter
prises. The first annual report
of the company, mailed to stock
holders several weeks ago and
made available to the press yes.
terday, also supplied, little more
information.
AS a result of the deal. the
960. 900 original shares of the
company. representing 100 per
cent ownership in the former
incorporating properties of the
Capital Transit Co. with which
lit started, now represent only
around 38 per cent of the total
assets Of $4,530,6l6 listed in the
report.
The $64 question of the doubt.
full Washington holders is what
actual value did the Florida
theater properties add to total
assets. The annual report stated:
Names Are Listed
This corporation acquired all
capital stock of National Theatre
Enterprises. Inc; Bay Theatres,
Inc; Allied Theatres, Inc; Bal.
ley's 81 Theatre, Inc; B g. s
Company, Inc.., and Carver At.
lanta Corp. together with Ger.
tain real estate containing the.
atre properties leased and oper-
|ated by the said corporations. by
issuing therefor. in the aggre-
gate 1850, 600 shares of stock Of
Continental Enterprises, Inc.
by order of the board of di-
rectors Of the corporation, the
said stocks and properties &C.
|quired were set up on the cor.
|porate books at a net valuation
|of $685. 1888. The par value
of the said 1.550,000 shares Of
stock, amounting to $155, 900, has
been credited to capital stock
and the remaining $2,378,325.93
has been credited to corporate
surplus"
Who owned the Florida thea
ters and therefore acquired a
large interest in Continental
Enterprises is not known by
these Washington stockholders.
However, Louis E. Wolfson and
his associates have had extern
sive theater holdings In Florida
for years.
Film Production Planned
The annual report announced
plans to go into the production
of motion pictures.
Continuing its pattern Of ex-
pansion along these lines the
corporation has entered into .
contract with Joseph Kaufman,
an experienced and successful
producer. for the production Of
motion pictures" 1t stated.
The report is signed by Martin
Segal, president and longtime
associate of Louis E. Wolfson.
who heads the controlling group
in Capital Transit. Other Off
GERS and directors also are well
known Wolfson associates. One
Of the directors Is j. A. B. Broad
water, president of Capital
Transit Co
The Wolfson group which
bought control of Capital Transit
Co. in September, 1949, organ
lied Continental Enterprises q
year ago in February and trans
ferred to it, the amusement park
and two valuable tracts OF
ground, one in Brentwood and
the other on the outskirts Of
Silver Spring. ...
Bank Dividend Voted
Directors of the Citizens Bank
Of Maryland have declared q
regular semiannual dividend Of
2 per cent or 20 cents a share,
plus an extra Of 8 per cent or 80
cents a share. President Alfred
H. Smith announced yesterday,
The extra is the same as paid
. year ago and six months ago.
Both dividends will be payable
June 80 to stockholders Of
record June 1S.
Serves for IS Years
Edward A. Derx Of Silver
Spring was honored Wednesday
on completion of IS years Of con-
tinuous service with Westing-
house Electric Corp, the last IA
in the corporations Washington
office.
Mr.. Derx was presented a gold
service pin by Vice President c.
Swan Weber. He joined the
company in 1920 in New York,
His entire career with the COM
pany has been in the treasury
department.
Sells 81 Million Worth
Harry Merkin, q veteran of
~ years in the life insurance
business. has qualified for the
Million Dollar Club Of the Eouit-
able Life Assurance Society of
the United States.
He leads the entire southern
department Of the society's or
dinary life business. He also
heads the fire and casualty
Of Harry Merkin Co. at
BIS Fifteenth Street, NV.
Graphic Arts Speaker
J. Harvey Daily, rnanagement
will be guest speaker
1T the regular weekly meeting of
the Graphic Arts Association at
the Continental Hotel tomorrow.
Mr.. DAILY viii discuss ways OF
motivating employees through
leadership. through effective