HomeMy WebLinkAboutOrdinance 3739 ORDINANCE NO.
AN ORDINANCE DETERMINING AND FIXING A SCHEDULE OF
FARES TO BE CHARGED BY THE FORT WORTH TRANSIT COM-
PANY IN THE OPERATION OF ITS BUSES IN THE CITY OF
FORT WORTH; DEFINING THE TERM "ZONE FARE";
PRESCRIBING REQUIREMENTS OF SERVICE; AND PROVIDING
AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH:
SECTION 1.
The term "zone fare", when used in this ordinance shall mean an extra
charge that is made for passage to or from a point more than four (4) airline
miles from the intersection of West Seventh and Houston Streets in the City
of Fort Worth.
SECTION 2.
The following rates are hereby established as the fares charged for
service to passengers rendered by the Fort Worth Transit Company for trans-
portation for passage beginning and ending within the city limits of the City
of Fort Worth.
(a) All persons over the age of twelve (12) years for one continuous
trip, twenty cents (20#) cash fare or one token, provided the ride is not to
or from a point more than four (4) airline miles from the intersection of West
Seventh and Houston Streets. If the said trip is to or from a point more than
four (4) airline miles from the intersection of West Seventh and Houston
Streets, there shall be an additional charge of five cents (50). Fort Worth
Transit Company shall provide for sale and delivery to passengers metal tokens
at the rate of five (5) for ninety-five cents (95¢), each of which tokens shall
be good for one continuous trip for an adult person, except in those instances
where the ride is to or from a point more than four (4) airline miles from
the intersection of West Seventh and Houston Streets, in which case there
shall be an additional charge of five cents (5¢).
(b) For children between the ages of five (5) ,years and twelve (12)
years for one continuous trip of any distance within the city limits, ten
cents (10¢) cash fare.
(c) Children under five (5) years of age and accompanied by an
attendant shall be transported free of charge.
(d) For students attending public, private or parochial schools at
the grade of elementary or high school, eight cents (80) cash fare for one
continuous trip of any distance within the city limits of the City of Fort
Worth.
(e) All passengers upon the payment of their fares, as hereinabove
provided, are entitled to a transfer to other lines in accordance with rules
and regulations in existence at the time of passage of this ordinance.
SECTION 3.
No passenger shall be required to pay more than one zone fare for a
continuous trip.
SECTION 4.
All changes and service operations of the company shall be made upon
application to the City Council.
SECTION 5.
All ordinances or parts of ordinances in conflict with the provisions
of this ordinance are hereby repealed.
SECTION 6.
This ordinance shall take effect and be in full force and effect on
Sunday, the lst day of December, 1957.
Passed and duly adopted at a regular meeting of the City Council, on
this the 15th day of November, 1957.
APPROVED AS TO FORM AND LEGALITY:
City Attorney
FORT WORTH TRANSIT COMPANY, Inc.
FORT WORTH 1. TEXAS
August 23, 1957
To the Honorable Mayor and
Members of the City Council
City of Fort Worth
Fort Worth, Texas
Gentlemen:
In common with many other transit operators, the Fort
Worth Transit Company is at this time experiencing financial diffi-
culties which must be remedied if the Company is to continue to
provide the city with bus service.
Certain things the Company might do to help this situation
must have the approval of the City Council, and that is why it is
necessary to bring the matter to your attention.
For \the first 6 months of 1957, the Company had total
revenues of $1,324,993, of which $26,944 was left after all expenses and
taxes were paid. This is almost swapping dollars.
Assuming no change in the present level of operating cost,
the Company will be operating at a deficit in 1958.
In spite of the Company's poor financial shape, it is facing
the necessity of increasing its wage scale, as present rates are too far
out of line with wages being paid for similar work in this area.
In a situation like this, there are two remedies - (1) reduce
cost of doing business, or (2) increase the price of the ride. Since there
is no possibility of reducing costs, the only r-emepy left is increased
price.
We have, therefore, prepared an application fortian adjusted
fare schedule which we wish to submit to you at this time.
We believe all the necessary facts in support of the change
in fares are contained in this application. If other information is dbsired,
however, we stand ready-to furnish it,
We sincerely hope you will gime this matter prompt attention
and that favorable action will be takbn on this request.
Respectfully subm' ed,
FORT WORT T N T C NY, INC.
By
r s ent
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The earnings of this Company, when measured by whatever yardstick one
may choose, have not been adequate for the past several years and bid fair to
being lower than ever this year. To make this situation worse, the Company is
now facing the necessity of increasing its wage rates, which added expense it
cannot bear without increasing its revenues.
The Company's net income for 1955 was $87,500, a return of 3.92% based
on the fair value of the property used and useful in the business for that year.
The net income for 1956 was $88,100, a return of 4.48%. Assuming that
wages and other costs remain at the present level, the net income for 1957 is
estimated to be $48,000, a return of 2.87%.
Some Class A bonds, involving no risk of capital, today are paying
interest rates as high or higher than the rate of return earned in recent
years by the Fort Worth Transit Company. Considering° the risks bf- the
business, the rate of return on the investment of this Company should be con-
siderably above that of a bond with no risk involved, and if this situation
is not improved, private capital cannot be expected to continue to supply bus
service in Fort Worth.
Generally, the problem of this Company is the year to y0ar increase in
operating costs, while at the same time the passengers on which its revenue
depends have been steadily declining in volume. This is a situation brought
about by shifts in population to the suburbs, the expanding use of the ,auto-
mobile for personal and group riding and the growth of shopping centers in
competition with downtown stores.
The operating and financial problems of the Fort Worth Transit Company
are common to all transit operations throughout the Nation, whether operated
privately or by the cities themselves.
In support of this statement, it was learned from answers to recent
questionnaires that in three of our neighboring cities, Atlanta, Birmingham
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and Memphis, the transit companies operated at substantial losses for the year
1956. Higher fares were granted in recent months in Dallas and San Antonio,
and applications for higher fares are pending in Memphis, Birmingham and Atlanta.
The effects of these problems on the Company's ability to render an ade-
quate bus service and at the same time show sufficient profit to justify it
continuing in the business, are discussed in more detail in the following pages.
Trend in Volume of Revenue Passengers
Year by year since 1948, the volume of passengers carried by this Company's
buses, on which its revenue depends, has become smaller. The tabulation shown as
Exhibit "A" shows the percentage decline since that time for each year as compared
with the next preceding year, opposite which is shown the composite loss for all
cities in the U. S. similar in size to Fort Worth. The drawing designated Ex-
hibit "B" shows this downward trend graphically.
The more recent trend of passenger decline in Fort Worth as compared
with the composite average of other cities comparable in size, is shown on
tabulation as Exhibit "C." This comparison shows percent decrease by months
for the years 1955, 1956, and 1957 through June. The fact that the average rid-
ing in other cities shows a similar decline indicates there has been a change
in riding habits of urban population from mass transit service to other means
of transportation in all other cities in this country similar to that experienc-
ed in Fort Worth.
There are a numbax of reasons for the decline in transit riding in
Fort Worth. The principal one, however, is the increase in the number of pri-
vate automobiles and the ever increasing use of the automobile for travel to
and from work as well as for pleasure.
The following tabulation further discloses how passengers carried on
the buses have decreased as the number of passenger automobiles licensed in
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Tarrant County have increased:
Revenue
Passengers % Auto Regis- %
Year Carried Decrease trations Increase
1948 41,912,000 1.6 92,600 8.5
1949 3796159400 10.3 1009900 9.0
1950 32,710,600 13.0 1089000 7.1
1951 309654,400 6.3 1259700 16.4
1952 27,5539200 10.1 1339600 6.3
1953 249503,000 11.0 145,500 8.9
1954 219219,300 13.4 170,900 17.4
1955 189811,600 12.2 1869900 9.3
1956 169696,600 11.3 1919600 2.5
It is to be seen from this tabulation that the automobiles registered
in Tarrant County have increased in number from 92,600 in 1948 to 191,600 in
1956, an increase of 107%. During this period, revenue passengers dropped from
41,912,000 to 16,696,600, a loss of 25,215,400, or 60%.
Besides the increase in the number of automobiles, there have been
other changes which have brought about the increased use of the private auto-
mobile for transportation needs, as briefly set out below:
(a) Group riding, wherein a group of people living in the same
neighborhood are transported to and from work by the operator
of an automobile who works at the same place or near by.
Generally, the passengers pay on a weekly basis for the ride,
in which case the cost is frequently higher than bus fare
would have been for the same number of rides. Also, there
are rider pools in which no pay is involved and the members
of the pool take turn about furnishing the car.
(b) Many former bus riders have moved from the vicinity of the
bus routes to the outer fringes of the city beyond where
bus service can be extended economically, and consequently
use automobiles exclusively for transportation.
(c) The amazing increase in recent years in the number and
size of community shopping centers, with their extensive
parking facilities, making the use of the automobile more
convenient.
(d) The partial completion of a freeway system which has greatly
facilitated the use of the automobile for all purposes.
Other changes that have caused some loss in bus riders are the growing
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habit of women shoppers to order merchandise by telephone instead of visiting
the department stores, and the continued expansion of the 5-day work week,
which has reduced the number of rides per week for many regular users of the
buses.
Estimated Passengers 1958
Revenue passengers carried during the year 1956 were 11.3% less than
transported during the previous year. For the first half of 1957, revenue
passengers were less than the same period of 1956 by 9.9%. The extremely long
rainy spell during the Spring months adversely affected the riding to the
extent that the loss in r;dens was greater than would have been expected with
the number of rainy days nearer normal. The downward trend for the past few
weeks following the cessation of rainy weather has shown some improvement, and
with no abnormal conditions to affect riding, it is hoped the downward trend
in volume will be lower in the last half of the year. Based on these facts,
it is estimated that revenue passengers will be off some 8.0% for the balance
of the year, resulting in total revenue passengers for the year of 15,067,500.
Assuming that further improvement in the normal rate of decline will
occur in 1958, it is estimated that the passengers carried in that year will
be around 6.2% less than the volume for 1957, resulting in revenue passengers
of 14,123,900 for the year.
Operating Costs
Operating costs per bus mile have been increasing yearly since 1941.
Looking at the more recent years, it is found that operating costs per mile
were as follows:
Cost per
Year Bus Mile
1954 30.38
1955 30.50
1956 31.35¢
1957 (Estimate) 31.50
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industry generally indicate still higher costs in the future for all materials
used by the transit industry.
In addition to having to meet still higher material costs, the Company
is now faced with the necessity of increasing the wages of its employees,
because the present wage scale which has been in effect since October 1955 is
now too much below the wage rates being paid to transit employees in neighbor-
ing cities. The Company feels that the wage scale of its employees should be
increased 7¢ per hour, which will result in an increase in the annual payroll
of $63,000. This increase cannot be paid unless higher fares are put into
effect.
Taxes
One of the burdensome costs that eventually must be paid by the bus
rider is taxes. Statement appearing as Exhibit "D" lists in detail the taxes
paid by the Company for the year 1956. Total taxes paid of all kinds were
$371,150, taking 2.5� out of each adult fare paid in that year. This tax
burden is equal to 12.3% of the gross revenue for the year and it was more
than four times greater than the net income for the year.
There is little hope that relief from payment of these extremely high
taxes may be had in the near future. Mention is made of these taxes for the
purpose of showing how much they contribute to the cost of a bus ride.
Estimated Future Operating Results
Net income for the first six months of 1957 was $26,944, as shown in
operating statement designated Exhibit "E". Estimated operating statement
for the full calendar year of 1957 is shown as Exhibit "F." The estimated
net income for the full year of 1957 is $48,000. Obviously, net income in
this amount is insufficient to maintain the Company in a healthy financial
condition.
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Based on current costs for labor and material, it is estimated that the
Company will operate with a deficit of $13.,.QQ4 for the calendar year of 1958,
as shown in operating statement Exhibit "G."
Neither of these estimates takes into consideration the proposed wage
increase which will add $63,000 to the annual cost of operation. If it is
assumed that this wage increase is in effect for the last 4 months of 1957,
then the estimated net income is reduced from $48,000 to $38,000.
Applying the wage increase to the year 1958, the resulting estimated
deficit is increased to $76,000, The Company cannot be expected to continue to
operate long at a deficit and, obviously, financial relief must be obtained
from some source.
Fare
Those economic factors which have brought about ever-increasing, costs
to provide a bus ride are almost wholly beyond the control of those directing
operations of this Company, and there is little that the management can do
but pass the higher cost along to the bus rider by way of higher fares.
The Company has carefully studied the trends of earnings and expenses,
from which it has made operating estimates for the last half of the year 1957
and for the calendar year of 1958. As previously discussed, these estimates
show that the Company will be operating at a loss in 1958 even though no wage
increase is made, which by all means should be made.
The Company, therefore, makes this application to your Honorable Body
for authority to charge the following schedule of fares in lieu of the
schedule now in effect:
10 -
REQUESTED FARE SCHEDULE
Present Fare Proposed Fare
Cash Fare - Adult 20� 20�
Token Fare - Adult 16� (10/$1.60) None
5� Additional
adult fare if the ride is
to or from a point more
than 4 air line miles from
the intersection of 7th 8
Houston Sts.
Half Fare for Children 6� 10Q
Student Fare 6� 8�
With no additional fare
for rides to or from a
point more than 4 air line
miles from the intersec-
tion of 7th 8 Houston Sts. ,
in Fort Worth, on the half
fare or student fare, and
with the provision that an
adult passenger having paid
the additional 5¢ fare be
entitled to receive a
transfer allowing the
passenger to ride without
additional fare to any
point served by the
Company.
The fare schedule requested herein is not out of line with fares paid in
other cities, as shown in tabulation designated as Exhibit "H", which shows
fares currently in effect in the cities listed.
Observing the above mentioned tabulation, it is interesting to note that
in the cities in which the transit operations are municipally owned or are
controlled by a public authority are to be found the highest fares. A survey
of the transit fares in all of the cities in the U. S. shows there are 73 cities
in which fares are higher than are in effect in Fort Worth.
Based on the requested fare schedule and a payroll increase of $63,000
and assuming that other costs including taxes will remain at the current level,
an operating estimate for the year 1958 has been made and is shown as Exhibit
Due to the estimated further decline in revenue riders, the estimated
gross operating revenue for 1958 is only $87,000 greater than 1957 estimated
gross revenue, even though the fare schedule requested herein is assumed to be
in effect.
Estimated net income is $971,700, which is equal to 3.58% of the gross
operating revenue. Based on the fair value of the property of $1,535,700, the
net income represents a return of 6.4%, which certainly cannot be considered
excessive.
Conclusion
The facts recited herein correctly describe the Company's present
financial situationjand the estimates of future operations are conservative
and reflect without any exaggeration the honest opinions of the management.
Many promotional schemes have been tried by the transit industry in an
effort to otherwise solve their financial difficulties, but adequate fares have
proven the only effective remedy. Trials of greatly increased service and of
reduced fares have proven that these extreme measures do not result in net
financial improvement.
As the cost to produce any commodity becomes greater, it is then
necessary to increase the price of the commodity to the user. It is no differ-
ent with a bus ride. The only effective method by which the transit companies
have been able to meet the problem of higher costs is to increase the price
of the ride.
In this"applidation the CoWaEM�'- eliev�ft-has-'presented al-1 the-
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000,
facts pertinent to the subject. It stands ready, however, to furnish any
additional information you may wish.
In consideration of all the facts herein submitted, the Company
respectfully requests that the fare schedule herein submitted be approved
at an early date.
FORT WORTH TRANSIT OMP INC.
i
BY
, 1
Pres' id t
August 23, 1957
EXHIBITS
DESIGNATED AS:
"A" Tabulation showing decline percentagewise in revenue
passengers since 1948.
"B" Drawing showing graphically the decline in the volume
of passengers since 1948.
"C" Tabulation showing decline percentagewise in revenue
passengers for years 1955, 1956 and 6 months of 1957
by months.
"D" Detail of Taxes paid in 1956.
Operating Statement showing financial results of
operation for first 6 months of 1957.
"F" Operating Statement showing estimated financial
results for the calendar year of 1957.
"G" Operating statement for the calendar year of 1958
showing estimated operating results assuming no change
in fares, wages or other operating costs.
"H" List of fare schedules in effect in a number of other
cities.
"I" Operating statement showing estimated operating results
for calendar year of 1958, assuming requested fare
schedule in effect and operating costs at present
level except for wage increase amounting to $63,000.
"J" Statement showing fair value of Company's property as
of January 1, 1957.
"K" Statement showing estimated fair value of the Company's
property as of January 1, 1958.
` e
EXHIBIT "A"
PERCENTAGE DECREASE BY YEARS IN PASSENGERS CARRIED
BY FORT WORTH TRANSIT CO. INC. AS COMPARED WITH
DECLINE IN TOTAL PASSENGERS CARRIED IN CITIES OF
SIMILAR SIZE IN THE UNITED STATES
1948 - 1956
National
Fort Worth Transit Composite
Year Company, Inc. Average
1948 1.6 5.25
1949 10.3 10.56
1950 13.0 10.26
1951 6.3 4.86
1952 10.1 7.00
1953 11.0 9.20
1954 13.4 12.09
1955 12.2 8.57
1956 11.3 8:46
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EXHIBIT "C"
PERCENTAGE DECREASE BY MONTHS IN PASSENGERS
CARRIED AS COMPARED WITH TOTAL PASSENGERS
CARRIED IN CITIES OF SIMILAR SIZE IN THE
UNITED STATES
1955 - 1956 - 1957
Average in other
Fort Worth Transit cities of similar
Company. Inc. size
% Decrease % Decrease
1955 under 1954 under 1954
January 10.6 9.73
February 18.0* 12.05
March 14.5* 9.65
April 12.4 10.39
May 12.0 5.08
June 14.3 7.81
July 12.9 10.57
August 6.6 5.52
September 9.0 6.85
October 9.9 7.37
November 14.1 8.64
December 12.2 11.80
Annual Average 12.2 8.57
% Decrease % Decrease
1956 under 1955 under 1955
January 12.9 8.67
February 6.5 4.05
March 8.9 7.83
April 15.9 11.55
May 10.3 6.34
June 12.6 9.77
July 13.1 8.04
August 13.2 8.57
September 13.2 10.73
October 8.3 4.95
November 8.3 8.77
December 12.011 .60
Annual Average 11.3 8.46
% Decrease % Decrease
1957 under 1956 under 1956
January 8.7 6.87
February 10.0 10.65
March 12.6 11.78
April 8.3 6.54
May 10.1 Not Available
June 9.6
*Due to excessive number of rainy days
EXHIBIT "D"
OOW
FORT WORTH TRANSIT COMPANY, INC.
DETAIL OF TAXES PAID YEAR 1956
State Franchise $ 19200
Vehicle Licenses 159100
Property, County of Tarrant 139900
State Unemployment 1,100
Total State Fuel Taxes 789400
Property, City of Fort Worth 289000
Property, City of Fort Worth School 219500
Gross Receipts, City of Fort Worth 469900
Federal Social\Security 299800
Federal Unemployment 39400
Total Federal Fuel Taxes 379900
Federal Oil 19400
Federal Tire 29800
Federal Excise Tax on New Buses 149,750
Federal Income 75.000
TOTAL TAXES $ 371,150
EXHIBIT "E"
elk
FORT (NORTH TRANSIT COMPANY, INC.
OPERATING STATEMENT
FIRST SIX MONTHS OF 1957 4CTUAL
Operating Revenue $1,324,994
Operating Revenue Deductions
Operating Expenses $19652882
Depreciation 87,845
Taxes - General 143,382
Taxes - Federal Income 15.300 x ,292.409
Gross Operating Income $ 259585
Other Income 73754
Income Before Income Charget $ 33,339
Interest on Bonds 6,325
NET INCOME $ 269944
EXHIBIT "F"
FORT WORTH TRANSIT COMPANY, INC.
OPERATING STATEMENT -- PRESENT FARE, PRESENT COSTS
1957
6 MONTHS ACTUAL - 6 AbNTHS ESTIMATE
r
Operating Revenue $19312,700
Operating Revenue Deductions
Operating Expenses $190489050
Depreciation 909600
Taxes - General 134,500
Taxes - Federal Income 17.000 1.290.150
Gross Operating Income $ 229550
Other Income 4.500
Income before Interest Charges $ 271,050
Interest on Bonds 6.000
Net Income - Last 6 Months 1957 $ 219050
Net Income - First 6 Months 1957 26.944
NET INCOME - 1957 $ 479994
EXHIBIT "G"
OW
FORT WORTH TRANSIT COMPANY INC.
OPERATING STATEMENT
1958
20� Cash Fare
16� Token Fare (10$1.60)
6¢ Student Fare
Operating Revenues $2,456,700
Operating Revenue Deductions
Operating Expenses $2,094,800
Depreciation 105,000
Taxes - General 2701000 2,4693800
d�
Gross Operating Income $ 13,100
Other Income 12,500
Income before Interest Charges $ 600
Interest on Bonds 12,400
NET INCOME $ 13,000
OW
EXHIBIT "H"
FARES IN OTHER CITIES
Additional
Cash Token Zone
*Chicago, Ill. 25� 22.5 (10/$2.25) None
Cincinnati, Ohio 25� 20� ( 5/$1.00) 5� - 4 Mi. Zone
10� - 7 Mi. Zone
Cicero, Ill. 21¢ None None
Oak Park, Ill. 21� None None
Pittsburgh, Pa. 20� 20� (5/$1.00) None
Grand Rapids, Mich, 20� 20� (5/$1.00) None
Omaha, Nebr. 20� None None
Kansas City, Mo. 20� None 5� - Outside City
Baltimore, Md. 20� None 10� - 6 Mi. Zone
St. Louis, Mo. 20� None 5� - Add. Zone
*Boston, Mass. 20$ None None
Portland, Oregon 20� None None
South Bend, Ind. 20$ None None
*Cleveland, Ohio 20� 17.5 3� Transfer Charge
Louisville, Ky. 20� 18.75 None
*Seattle, Wash. 20� 18.75 5� - Add. Zone
*Detroit, Mich. 20� 17.5 None
San Antonio, Texas 15� None Three 2* Mi.Zones
5¢ each
2� Chg.f or Trans-
fers
Dallas, Texas 18� 17� 5� - 3 Mi. Zone
10� - 6 Mi. Zone
Houston, Texas 20� 16-2/3¢ 5� - Outside City
Fort Worth, Texas 20� 16� None
*Municipally owned or
controlled by a public
authority.
EXHIBIT "I"
FORT WORTH TRANSIT COMPANY, INC.
OPERATING STATEMENT
1958
20� Cash Fare
8� Student Fare
5� Beyond 4-Mile Zone
Operating Revenues $2,724,700
Operating Revenue Deductions
Operating Expenses $29094,800
Wage Increase 7¢ per Hour 63,000
Depreciation 105,000
Taxes - General 2709000
Taxes - Federal Income 94.300 2.627.100
Gross Operating Income $ 971,600
Other Income (Interest) $ 12.500
Income before Interest Charges $ 110,100
Interest on Bonds 12.400
NET INCOME $ 979700
EXHIBIT "J"
FORT WORTH TRANSIT COMPANY, INC.
FAIR VALUE OF PROPERTY USED AND USEFUL
IN CONDUCTING THE COMPANY'S BUSINESS
Fair Value of
Property Used and
Value of Prop- Depreciation Useful in the
erty as of Accruals to Business as of
January 1,1957 January 1,1957 January 1. 1957
Revenue Equipment-Bus Fleet $398471200 $39262,800 $ 5849400
Spare Engines & Assemblies 86,700 499400 37,300
Autos, Service Cars & Trucks 59,300 46,600 12.700
Total Equipment $3,993,200 $39358,800 $ 6349400
ell Other Property
Structures (excluding land) $ 625,300 $ 1779300 $ 4489000
Shop and Garage Equipment x861300 183,700 21,600
Furniture & Office Equipment 47,700 37.700 10.000
$ 859,300 $ 398,700 $ 4609600
Land and Non-depreciable Property $ 240.000
TOTAL PROPERTY $ 193359000
Materials and Supplies 1429800
Working Capital 1809000
Prepayments 12.100
TOTAL PROPERTY VALUE $ 196699900
�r
EXHIBIT "K"
400,
FORT WORTH TRANSIT COMPANY,INC.
FAIR VALUE OF PROPERTY USED AND USEFUL
IN CONDUCTING THE COMPANY'S §MSINESS
Fair Value of
Property Used and
Value of Prop- Depreciation Useful in the
erty as of Accruals to Business as of
January 1.1958 January 1.1958 January 1. 1958
Revenue Equipment-Bus Fleet $398479200 $394249200 $ 4239000
Spare Engines and Assemblies 86,700 549400 329300
Autos, Service Cars 8 Trucks 59„,300 524300 7.000
$3,9939200 $3,5309900 $ 4629300
Other Property
Structures (excluding land) 6259300 1879400 4379900
Shop and Garage Equipment 1869300 1869300
Furniture 8 Office Equipment 48.200 40.700 ^70500
$ 8599800 $ 4149400 $ 4459400
Unfinished Construction 639400
Land 8 Non-depreciable Property 240.000
TOTAL PROPERTY $ 192119100
Materials and Supplies 1401000
Working Capital 172,600
Prepayments 12,000
TOTAL PROPERTY VALUE $ 195359700
u.k