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November 8, 1951

 
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W.B. Fishbowl



Age: 51
Joined: 02 Oct 2014
Posts: 312
Location: New York, New York, USA

PostPosted: Thu Nov 08, 2018 7:45 am    Post subject: November 8, 1951 Reply with quote

The state Public Service Commission gives the green light to New York City Omnibus Corporation to merge with its two subsidiaries, Madison Avenue Coach Company, Inc. (heretofore operator of the 1 and 2 - Fourth and Madison Avenues lines) and Eighth Avenue Coach Corporation (which had operated the 10 - Eighth Avenue-Central Park West and 11 - Ninth and Amsterdam Avenues lines). The combined entity - with $28 million in assets - will retain the New York City Omnibus name, with all 960 buses in its fleet flagged on their sides as 'NEW YORK CITY OMNIBUS CORPORATION', and the four routes in question placed under NYCO aegis. (The effective date of the merger is November 1 as for accounting purposes, per filing of a merger certificate with the Secretary of State.) It should be noted that this combination is strictly for corporate purposes, to simplify the corporate structure (with three entities, NYCO was paying that much more in corporate taxes) and end the complications arising from various liabilities for crashes, accidents, pedestrians run over by a bus and so forth; and that there was to be no expected change in service or personnel, nor of the fare (which was 10 cents at the time).

With this consolidation, NYCO is now the largest omnibus operator in New York State, and one of the largest in the nation.
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