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
Famous quotes containing the words the end, the and/or line:
“I often wish for the end of the wretched remnant of my life; and that wish is a rational one; but then the innate principle of self-preservation, wisely implanted in our natures, for obvious purposes, opposes that wish, and makes us endeavour to spin out our thread as long as we can, however decayed and rotten it may be.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)
“What sought they thus afar?
Bright jewels of the mine?
The wealthy of seas, the spoils of war?—
They sought a faith’s pure shrine!
Ay, call it holy ground,
The soil where first they trod;
They have left unstained what there they found,—
Freedom to worship God.”
—Felicia Dorothea Hemans (1783–1835)
“One line typed twenty years ago
can be blazed on a wall in spraypaint
to glorify art as detachment
or torture of those we
did not love but also
did not want to kill.”
—Adrienne Rich (b. 1929)