The End of The Line
The North American Company, a transit and utilities holding company began to acquire stock in Washington Railway in 1922, gaining a controlling interest by 1928. By December 31, 1933 it owned 50.016% of the voting stock. North American tried to purchase Capital Traction, but Capital Traction always remained widely owned by the residents of Washington, without a principle stock holder. North American never owned more than 2.5% of Capital Traction stock.
Nonetheless the Great Depression proved difficult for the transit companies and so to survive, on December 1, 1933 Washington Railway, Capital Traction, and Washington Rapid Transit merged to form the Capital Transit Company. Washington Railway continued as a holding company, owning 50% of Capital Transit and 100% of PEPCO, but Capital Traction was dissolved. For the first time street railways in Washington were under the management of one company.
Read more about this topic: Capital Traction Company
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