<p>Taken from the Reuters website:</p>
<p>*New York taxi license hits record price: $600,000
Wed May 30, 2007 10:44am EDT</p>
<p>NEW YORK (Reuters) - The price of a license to operate a New York taxi cab hit a record $600,000 in May, according to a lending company which financed the purchase.</p>
<p>Medallion Financial Corporation said it had financed the purchase of two medallions – the license to operate a yellow cab in New York – for a total of $1.2 million by a large corporate fleet operator.</p>
<p>“Prices of corporate medallions have increased from $195,000 in 2001 to the record $600,000 this week,” Andrew Murstein, president of the lending company, said in a statement on Tuesday. It said the previous record was about $550,000.</p>
<p>New York has around 13,000 yellow cabs. A typical $10 fare would cover a trip from the Empire State Building in Midtown Manhattan to the Financial District at the south of the island, assuming no time stuck in traffic and without a tip.*</p>