Word: transition
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Dates: during 1950-1959
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Died. Douglas Maxwell Moffat, 74, pince-nezed U.S. Ambassador to Australia (since February), Manhattan lawyer, onetime (1953-55) member of the New York Transit Authority; of a heart attack; in Sydney, Australia...
While such a solution sounds reasonable, most arbitration experts flatly say that it makes little sense. Arbitration is an aid to collective bargaining, not a substitute for it. As Houston Transit Co. President Carl Frazier puts it: "You simply cannot, in effect, turn over the authority for managing the company to a third party who may not be nearly as familiar with the company's problems as you are." Once an agreement is signed, however, arbitration may come into its rightful role, interpreting the fine print, settling the petty grievances that might otherwise erupt into strikes...
...CAPITAL TRANSIT CO., Washington's oft-troubled transportation system, which Financier Louis Wolfson milked of millions (TIME, June 25), will finally be sold. For $13.5 million, syndicate headed by Manhattan Real Estateman O. Roy Chalk has agreed to buy bus and streetcar line, is expected to take over next month when current franchise runs out. Originally, Chicago's National City Lines planned to buy, but later withdrew...
...some broad concessions by the all-white city commission, e.g., first-come-first-served seating (but no side-by-side mixing of races), the Negroes held out doggedly for complete abolition of segregation−or nothing. Last week, acknowledging an all too effective 60% loss in revenue, the Cities Transit Co. announced that it was suspending operations, selling off Tallahassee's buses to other cities. Said a Cities Transit spokesman as service came to a stop: "The boycott is over because there is nothing to boycott...
LOUIS WOLFSON, who bought control of Washington's Capital Transit in 1949 for $2,189,160, milked it, then lost its franchise when Congress got angry about a 52-day strike, may reap even more than an estimated $5,300,000 profit for himself and his group. National City Lines of Chicago has offered to buy Capital for $13.4 million, and if deal goes through, Wolfson will receive $56 on each share for which he paid $20, emerge with a $9,500,000 total profit (before taxes), a whopping 332% return...