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Stock Option Trading Dwindling ridership and financial constraints have put some ferry routes between New Jersey and Lower Manhattan in jeopardy, prompting the Port Authority to consider intervening to help find a way to keep the services running.

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Currency Day Trading NY Waterway -- the region's dominant ferry operator -- already has decided to stop running boats between Harborside in Jersey City and the World Financial Center, a move that takes effect Nov. 1.

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Financial Software Trading Less than 400 people a day use that route, compared with the 3,600 daily riders who took the boats between Harborside and Lower Manhattan a year ago, before the PATH station reopened at the World Trade Center.

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Online Stock Trading Company The resumption of PATH service to Lower Manhattan late last year has sent NY Waterway's ridership plummeting from 62,000 passenger trips per day to about 33,000.

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Forex Day Trading In a statement yesterday, NY Waterway President Arthur Imperatore Jr. said "certain routes NY Waterway runs to Lower Manhattan are not generating sufficient cash flow to sustain their continued operations," despite a fare increase imposed back in the spring.

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Financial In Market Imperatore blamed the problems on higher fuel prices, a diminished job market in Lower Manhattan, and "a greater than anticipated drop-off in ridership to Lower Manhattan" after the reopening of the PATH station.

Stock Trading System "The company is in discussions with the Port Authority to identify measures to address this situation and maintain continuity of ferry service to Lower Manhattan," Imperatore said.

Day Trading Stock Tip Anthony Coscia, chairman of the Port Authority of New York and New Jersey, said the talks were in preliminary stages. He would not divulge details of what actions the bistate agency was considering.

Financial Forex Forex Software "There have been discussions between the Port Authority and NY Waterway about operational concerns," Coscia said. "Maintaining continuity in the ferry service is important to the Port Authority."

Stock Market Trading The Port Authority oversees contracts for two of NY Waterway's busiest routes -- from Hoboken Terminal to Pier 11 and from Hoboken to the World Financial Center. It has no direct jurisdiction over the others, including those serving Weehawken, five piers in Jersey City and Monmouth County.

Day Lesson Stock Tip Trading Over the past three years, Weehawken-based NY Waterway had bought or leased 11 new ferries to handle the surge that occurred after the Sept. 11, 2001, terrorist attacks destroyed the old PATH station at the World Trade Center. But in the past few months, NY Waterway has taken out ads in a trade publication offering some of its boats for sale.

Financial System Trading "We have more boats than currently needed," company spokesman Pat Smith said. "In six months, the market conditions might change and they may no longer be posted for sale."

Day Trading Future Smith said the company has a fleet of 35 ferries.

Financial Forex Market Trading "NY Waterway's long-time financial health is good," Smith said. "It's going to continue providing its services."

Online Trading Stock And The company has loans totaling $22 million to finance the purchase or lease of 19 of its vessels, according to the U.S. Maritime Administration. NY Waterway is up-to-date on all payments on those boats, according to the federal agency.

Day Trading Software The federal government and the Port Authority launched an investigation into NY Waterway more than 18 months ago over allegations that the private company was misusing federal emergency money to provide interim ferry service while the PATH station at the World Trade Center was shut down. Among the allegations were that NY Waterway inflated the bills for the service it provided.

Financial Market Science The investigation, which has produced no formal charges, has badly affected NY Waterway's finances in two ways. First, the company has had to spend more than $1 million on attorneys and other experts to respond to the inquiry. And second, the cloud of the investigation has hurt the company's ability to get financing for projects, officials said.

Stock Trading Software NY Waterway officials said they are taking steps to ensure that the latest changes in ferry routes have minimal impact on customers.

Emini Day Trading Once it stops running boats between Harborside and the World Financial Center, the company will provide shuttle buses to take riders from the parking lot at Harborside to the nearby Colgate pier where they can catch ferries to Lower Manhattan.

Financial Sales Services The ferry routes from Harborside to Midtown Manhattan are not going to be affected by the Nov. 1 change in service.

Forex Day Trading System On Nov. 1, NY Waterway also will curtail service between Jersey City's Port Liberte and Manhattan, discontinuing off-peak boats in the middle of the day. The company, meanwhile, has added an extra ferry to its runs between Belford in Monmouth County and Lower Manhattan -- a move that Smith point to as evidence that the firm is still in good financial shape.

Financial Services Trading By Joe Malinconico
Star-Ledger - 10/22/2004

Topic: Transportation

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