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| W.B.'s Bus Almanac for December 17th (350689) | |||
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W.B.'s Bus Almanac for December 17th |
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Posted by W.B. on Wed Dec 17 16:48:58 2025 December 17, 1956 - The Book of Corporate Mergers, Acquisitions and Consolidations New York City Fifth Avenue Coach Lines, Inc. Third Avenue Transit Corporation United States District Court - Southern District of New York Federal Judge Edward J. Dimock signs an order clearing the way for Fifth Avenue Coach Lines to acquire Third Avenue Transit Corporation, which had been in bankruptcy since June 21, 1949. As part of the deal, which was agreed upon and approved by Judge Dimock and the Securities and Exchange Commission in July (pending approval by FACL stockholders, TATC creditors and shareholders, and the Public Service Commission, the latter of which had given its okay on December 5), Third Avenue Transit is merged with its principal subsidiary, Surface Transportation Corporation of New York, and reorganized as Surface Transit, Inc. This creates the largest privately-owned urban bus system in the country, with Surface's Westchester Street Transportation Company, Inc. subsidiary now part of the Fifth Avenue Coach "family" (Westchester Street Transportation will remain a FACL subsidiary until 1969 when that company and its routes are sold to the owners of Liberty Lines), and 2,200 buses in the combined FACL-ST-WST fleet. FACL president John E. McCarthy assumes the presidency of the new subsidiary, and the next day announces the start of a two-month survey of the new operations to commence January 15, 1957. (Sources: "Court Completes City Bus Merger" by Edward Ranzal, The New York Times, December 18, 1956; "Bus Line to Make 2-Month Survey" by Ralph Katz, The New York Times, December 19, 1956; "Man in the News - Air-Minded Bus Man: John Edward McCarthy," The New York Times, December 19, 1956; From a Nickel to a Token: The Journey from Board of Transporation to MTA by Andrew J. Sparberg, Oxford University Press, 2014.) |
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