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November 5, 1954

 
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W.B. Fishbowl



Age: 52
Joined: 02 Oct 2014
Posts: 323
Location: New York, New York, USA

PostPosted: Mon Nov 05, 2018 7:38 pm    Post subject: November 5, 1954 Reply with quote

The New York City Omnibus Corporation completes its acquisition of Fifth Avenue Coach Company for $2,240,000, which stockholders had approved the day before. This was the culmination of a chain of events that began in April when Chicago-based Omnibus Corporation decided to divest of its remaining local bus company properties (it had sold the Chicago Motor Coach Company in 1952 to the Chicago Transit Authority), followed in May by a local consortium, New York Management Ownership Corporation (NYMOC or NYMO), spearheaded by longtime FACCo and NYCO president John E. McCarthy, stepping up to acquire both concerns from Omnibus. With this merger, paper transfers issued on FACCo routes now indicate "Fifth Avenue Coach Lines" rather than "Fifth Avenue Coach Company" as before (presaging the reorganization of the whole enterprise in 1956 as Fifth Avenue Coach Lines, Inc.), and the 1955 edition of Hagstrom's Map of New York (Manhattan) Bus Lines / Trolley Lines lists "Fifth Avenue Coach Routes of New York City Omnibus Corp." As for Omnibus itself, the completion of this transaction marks its official exit from the urban omnibus business, freeing the company to concentrate on running Hertz Driv-Ur-Self System, Inc., which it had acquired from General Motors in September 1953 for $10 million; Omnibus will make official this change in emphasis on November 19 when it formally changes its name to the Hertz Corporation.
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