New York City Omnibus Corporation
 

Office of the President

605 West 132nd Street

New York 27, N. Y.
 

March 29, 1951
 

To THE Stockholders:

The Consolidated Balance Sheet of this Corporation and of its subsidiaries (Madison Avenue Coach

Company, Inc. and Eighth Avenue Coacli Corporation) al Decemlier 31, 1950 and   statements of the
Corporation's Consolidated Income and Surplus for the year ended December 31, 1950, as certified by
Messrs. Arthur Andersen & Co., are appended hereto on pages 8, 9, 10 and 11.

The results of the year's Operations may he summarized as follows:

Gross Revenues from Operation, includinir S46.885 Interest on Securities

Owned, etc......................^..........................    ^19,475,153     100.00%

Which Gross Revenues were disposed of as follows:

Goods and Services Purchased from others, etc.................     % 3,115,587       16.00%

Motor Coaches, Buildings, etc. wearing out

(Depreciation and Obsolescence)........................         1,384,762         7.11

For Injury and Damage Claims.............................         1,319,010         6.77

Taxes (Federal, State and Municipal)........................         2,629,351       13.50

Total................................................    -S 8,448,710       43.38%

Balance remaining before Wages................................     $11,026,443       56.62%

Wages   ......................................................       10,660,408       54.74

Net Income..........................................    S     366.035         1.88%
 

The Ten Cent Interim Fare

In March 1950, there was enacted a law of the State of New York removing the jurisdiction of the
Public Service Commission of this State over rates of fare established under a franchise contract between
the City of New York and a privately operated bus company. Since then jurisdiction over such fares of
private bus companies in New York City has been exercised by the Board of Estimate of the City of
New York.

On March 29, 1950, this Corporation petitioned the Board of Estimate of New York City for permission
to put into effect, at once, an interim fare of eight cents pending determination by that Board of a fare that
would make possible a reasonable and adequate return.

On June 27, 1950, this Corporation wrote to the Mayor and to the Board of Estimate, calling attention
to the substantial increase in operating expenses of the Corporation and to the great decline in operating
revenues. Request was made that the Board consent to the putting into effect on July 1, 1950 of a ten cent
interim fare.

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