Word: transite
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...erased with acid, and "Bulov 17" stamped on in ink. The watch looked like the real Bulova 23 model, which retails for $95. The fakes were sold to street hawkers, who sold them at bus depots and railroad stations for up to $23 each. Chief victims: service men in transit. At week's end Furie was charged with counterfeiting a trademark (maximum sentence: one year), let out on $500 bail...
...Washington the same day, Financier Wolfson had dividend news of a different kind. At a meeting of directors of his Capital Transit Co., which he has admitted "milking" by payment of big dividends, Chairman Wolfson announced that he was discontinuing his null salary. His reason: the Public Utilities Commission, worried over the company's dividend payments, forced Capital Transit to cut payments to 20? per share (from 40?) for 1954's third and fourth quarter. Explained Wolfson: he could not accept his big salary because "of the reduced dividends being paid to stockholders...
...Manhattan last week, the New York Transit Authority put its pen to a $3,881,000 contract to build an entirely new system of transportation. The jammed, jolting old subway shuttle train between Grand Central Station and Times Square, half a mile crosstown, will be replaced by a gigantic conveyor belt carrying an endless chain of lightweight passenger cars. Riders will step onto a belt moving at 1½ m.p.h., and from there into cars which will then speed up to 15 m.p.h. for the two-minute trip to Times Square and slow down again to let them off. Builder...
...where he announced his plans, Wolfson also was questioned on how he has operated other companies that he has taken over. Asked one reporter: What about Wolf son's reputation for "milking" companies? Replied Wolfson: "I have been a milker of only one company-[Washington's] Capital Transit Co." This occurred in 1950, when Wolfson and friends bought working control (45.6%) of Capital at $20 a share, quickly paid themselves $30 in dividends from money in the till. Wolfson said that Capital was regulated by a public board, that the shareholders had only been getting a 1.94% return...
...Spring Creek, Pa., a town his great-grandfather had helped found, he was reared as an Andrew Jacksonian Democrat. He began practicing law in Jamestown, N.Y., after taking a two-year Albany Law School course in one year. His first clients were union men arrested in a violent transit strike. He got them acquitted. Before long he was vice president and general counsel of the Jamestown transit company. By the time he went to Washington, at 42, Jackson's abilities were widely recognized. His cases had included a $1,700,000 judgment, a hearing by lantern before a backwoods...