Word: transition
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Dates: during 1950-1959
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...sign on the Harvard Square kiosk, 'MTA Rapid Transit, 84 minutes to Park Street,' is a misrepresentation of fact," the Public Utilities Research Committee charged yesterday...
...senior partner of Houston's largest law firm, Dillon Anderson in recent years has branched into business as a director of banks, transit lines, Westinghouse and other industrial corporations. His method of unwinding is to travel by train, using the time to write fiction. In his first published novel, I and Claudie (1951), the adventures of two fun-loving Texas hoboes, Anderson gave Bobby Cutler a credit for "encouragement." A poker player, Anderson recently wrote a short story about a poker addict who, abhorring the status quo ante, always ups it. By driving for decisions and following them...
...stock "would be destroyed" if Wolfson were placed in control. Possibly to take his stockholders' minds off the fact that Ward's 1954 earnings showed a drop from $6.12 a share to $5.20 a share, Avery charged that Wolfson had 1) milked Washington's Capital Transit of its cash surplus "at the same time he reduced the service" and got five fare raises to avoid losing money 2) swapped stock of his Merritt-Chapman & Scott Corp. for stock of his New York Shipbuilding Corp. at a profit of $816,000, and 3) permitted his family-controlled companies...
Wolfson replied to the Avery charges point by point. He said that he had raised Capital Transit's annual earnings from $332,000 to more than $1,000,000, eliminated its funded debt. He said he made not $816,000 but considerably less on the Merritt-Chapman & Scott-Shipbuilding stock swap, and anyway, it was all "paper profit." Yes, his firms bought from one another, but only when they were the bona fide low bidders. Actually, such purchases amounted to only 1.75% in the case of New York Shipbuilding and 75% for Merritt-Chapman & Scott. Charged Wolfson: Montgomery Ward...
Leahy, an old associate of Wolfson, profited when Wolfson and friends bought working control of Washington's Capital Transit Co. for $20 a share, took over the company's fat $7,000,000 surplus, and in four years paid themselves more than $30 a share in dividends. In 1950 Leahy owned 4,700 Capital Transit shares. He declined to say whether he still owns them, but if he does, he has made upwards of $150,000 in dividends and an estimated $100,000 more in paper profits. Later he became a partner with Sam and Cecil Wolfson (Louis...