IN ADDITION TO THE ABOVE TAXES OF RECENT ORIGIN, THE
FOLLOWING  TAXES   WERE  APPLICABLE   FOR  THE   YEAR   1937;

New York City

Real Estate .................................$113,656.80

Franchise ................................... 477,458.56

Tri-Borough Bridge Tolls.....................     38,898.25          630,013.61

New York State

Franchise, Gross Earnings and Licenses.........                                93,133.27

Federal

Income Tax   (as per provision made on books)

and Capital Stock Tax, etc.................                              354,051.79

TOTAL ALL TAXES.........................                    $1,952,315.40
 

Your Company has sustained a great loss in the death on February 24, 1938, of Mr. Hugh J. Sheeran, the
President of the New York City Omnibus Corporation, and also the President of its wholly owned subsidiaries,
the Madison Avenue Coach Company, Inc. and Eighth Avenue Coach Corporation.

For nearly two score years Mr. Sheeran has been actively associated in the operation of your Company or of its
predecessors in interest. His experience in transportation affairs in this city, his wide knowledge of operating
conditions, and his great ability as an executive made his advice invaluable in connection with the solution of the
complicated legal, financial and operating problems involved in substituting motor buses for street cars which
were formerly operated along the routes on wdiich your Company and its wholly owned subsidiaries now furnish
transportation service to the people of this city.

This report would be both incomplete and lacking in appreciation without a tribute to the service which
Mr. Sheeran has rendered to you, and without mention of the sincere regard and esteem in which he was held
by all who have been associated with him in the operation of your property.

For the present Mr. Sheeran's duties will be assumed by the undersigned.

By order of the Board of Directors,

Dated, March 7, 1938.

Respectfully submitted.
 

Chairman of the Board.
 

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