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More Riders, Higher Fares

Stock Option Trading After doubling its business over the past two years, NY Waterway's monthly fares went up 15 percent on its main ferry routes between New Jersey and Manhattan as of yesterday.

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Currency Day Trading Company officials said last week that they need the extra money to continue expanding what has become the largest commuter ferry operation in the country.

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Financial Software Trading NY Waterway registered substantial gains after the terrorist attacks on Sept. 11, 2001. Since then, ridership has soared from 30,000 passengers per day to more than 62,000. Gross revenues jumped from $36.7 million in 2000 to $73.8 million in 2002 and profits rose from $2 million a year to $6 million, company officials said.

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Online Stock Trading Company "This is an economic decision. We have to sustain profits in order to grow," said John Ruzich, NY Waterway's vice president of marketing and sales.

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Forex Day Trading Though one-way trips will remain $3, the monthly pass now costs $92, up from $80, for service from Hoboken or Jersey City to Manhattan.

1.3. For any flight not taken, plane tickets already issued are to be returned; otherwise we must charge the full price. 1.4. If after the flight has been reserved the passenger makes changes prior to the flight, e.g., the date of the flight, the destination, the service class, the airports of departure or the passenger's name, we will charge the rebooking fees shown below per registered passenger and route, assuming that seats are still available in the same or a higher fare. Calculation of fees is based on the applicable fare and the tariff notes; fees will be rounded up to full euros. Flights can only be rebooked within the same season ( winter season) and the same type of route ( , or longhaul). Rebookings from flights at higher fares to ones at lower fares shall be possible only if the original fare is retained. In the case of rebookings to flights subject to higher fares, the difference shall be payable.

Financial In Market Nadine Woloshin, a spokeswoman for NY Waterway, said it was the first fare increase in two years.

Stock Trading System Many riders said they were unhappy, but resigned.

Day Trading Stock Tip "I'll keep taking the ferry, but I think it's a joke that they're raising fares," said Peter Franks of Westfield, who rides the boats between Port Liberte in Jersey City and Pier 11 in Lower Manhattan.

Financial Forex Forex Software John O'Brady, of Mahwah, a Merrill Lynch employee who takes the ferry from Hoboken, said he'll pay the increased fare because he has "no other means to get to work."

Stock Market Trading But that will change when PATH service to Lower Manhattan resumes in November.

Day Lesson Stock Tip Trading "I'm not happy about it," said Tim Livolsi of Scotch Plains. "I'm going to take the PATH once they get that back running."

Financial System Trading "Taking the PATH comes out to $40 a month instead of $92," said Eugene Tricoli, 52, of Jersey City.

Day Trading Future Ruzich said NY Waterway expects to lose riders when PATH service to Lower Manhattan resumes, and will reduce its fleet from 46 boats to 35.

Financial Forex Market Trading The reopening of the Lower Manhattan PATH station also means an end to almost $30 million in government emergency subsidies to pay for extra service after 9/11. Over the past year, NY Waterway has come under increasing scrutiny, including a federal investigation, for alleged improper use of those funds, a charge Ruzich denies.

Online Trading Stock And "There were no double-billings," he said. "The Port Authority (of New York and New Jersey) continues to pay us for our services rendered."

Day Trading Software In a notice to passengers explaining the impending fare increase, NY Waterway cited the loss of revenue it anticipates after PATH reopens as one of the reasons for the hike. It said it has added boats and buses to its service and has spent money improving terminals and docks. The company said its expenses for fuel and insurance have doubled since 2001.

Financial Market Science NY Waterway's 10-trip fares also will rise as much as 13.3 percent. Ferries out of Belford in Monmouth County will not be affected by the increase. Nor will one-trip tickets.

Stock Trading Software NY Waterway handles about 93 percent of the ferry riders between New Jersey and New York. New York Fast Ferry dropped its New Jersey routes in the last year, leaving Seastreak as NY Waterway's only competitor in this market. A fourth firm, New York Water Taxi, has been negotiating to run ferries from Monmouth County.

Emini Day Trading State officials have embraced ferries as a critical part of the region's transportation system, taking pressure off overcrowded roads, trains and buses. The state, however, does not regulate ferry fares, said Mike Horan, a spokesman for the state Department of Transportation.

Financial Sales Services "The ferries are a private enterprise and we believe that customers will continue to make whatever commuting decisions best suit them," Horan said. "They, ultimately, will be the judges of whether the fare increase is appropriate."

Forex Day Trading System Ruzich said NY Waterway expects to lose about 2 percent of its riders because of the fare increase.

Financial Services Trading By Joe Malinconico
Newhouse News Service - 9/2/2003

Topic: Transportation

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