Delta Air Corporation annual report 1941

ANNUAL REPORT
DELTA AIR CORPORATION
~~~~~~o E LTA AIR CO RPO KATI ON~~~~~
DIRECTORS
D. Y. SMITH
M. S. BIEDENHARN
C. E. FAULK
C. H. McHENRY
TRAVIS OLIVER
LAIGH C. PARKER
C. E. WOOLMAN
OFFICERS
C. E. FAULK, President
C. E. WOOLMAN, Vice-President and General Manager
LAIGH C. PARKER, Vice-President-Traffic
M. S. BIEDENHARN, Vice-President
C. H. McHENRY, Secretary
TRAVIS OLIVER, Treasurer
TRANSFER AGENT
THE CITIZENS & SOUTHERN NATIONAL BANK Atlanta, Georgia
REGISTRAR
TRUST COMPANY OF GEORGIA Atlanta, Georgia
AUDITORS
COX & FRAZER
Certified Public Accountants Monroe, Louisiana
GENERAi, OFFICES
DELTA AIR LINES BUILDING MUNICIPAL AIRPORT ATLANTA, GEORGIA
[A Louisiana Corporation]
~~~z R E P O R T 0 F TD E P R E S I D E N T~~~~
To the Stockholders of
Delta Air Corporation
We take pleasure in presenting our annual report covering operations for the year ending
June 30, 1941. We present also an interesting comparative statement of profit and loss cov-
ering the years ending 1939-1941 inclusive.
OPERATIONS
The year ending June 30, 1941, showed a net loss from airline operations of $154,675.66.
Dusting operations showed a net profit of $9,633.63. A profit of $41,931.10 was realized
from the sale of four Douglas DC-2 airplanes to the British Purchasing Commission and
$33,751.81 from the sale of one Lockheed Electra to the Waterman Air Lines. Deducting
these profit items from airline operating loss leaves a net loss for the year of $45,172.56.
Important items contributing to decreased earnings include the added costs flowing from the
operation of more mileage with larger ships, depreciation on enlarged investment in new
-quipment, generally rising salaries, rents, and cost of supplies, and extensive training pro-
grams for replacement of personnel called to military duty.
CAPITAL STOCK
During the year the number of shares of authorized stock was increased from 50,000 shares
to 500,000 shares with a provision for the exchange of the old stock on a ratio of one share
old for four shares of new stock. Capital stock is carried on the books at the amount received
from the sales of stock. Below we show an analysis of the changes in capital stock during
the year:
June 30, 1940, outstanding
Exchanged old for new
Sold during year at $8.25 per share
June 30, 1941, outstanding
SHARES
Old New
34,596
[33,520]
1,076
~
134,080
60,000
194,080
$355,740.00
495,000.00
$850,740.00
During the year your Company registered with the Securities and Exchange Commis-
sion 52,736 shares of stock, already issued. The reason for the registration of this block of
stock was to cure a technical defect in its sale. An additional registration of 60,000 new
shares was made with the Securities and Exchange Commission. This stock was sold under
contract to Courts & Company, investment bankers, Atlanta, Georgia, for $8.25 per share
net to the Company. The cost of registration, attorney's fees, accounting, printing, mailing,
travel expense, etc., amounted to $12,464.10, which is being amortized over a period of
one year.
FUNDED DEBT
In January and February, 1941, loans aggregating $650,000.00 were made from the Trust
Company of Georgia. $150,000.00 of the above amount was on a temporary basis and was
repaid from sale of equipment. A chattel mortgage note for $500,000.00 covering five
Douglas DC-3, 21-passenger airplanes, was made to the Trust Company of Georgia, Atlanta,
Georgia. This note was made payable in fifty equal monthly installments of $10,000.00
each at a rate of 3 per cent interest per annum, the note being made payable on or before
maturity without penalty. The monthly payments are being made regularly and $200,000.00
additional has been paid on this account from the stock sale funds. The Citizens & Southern
National Bank, Atlanta, Georgia, is a part owner of the above obligation. Temporary loans
of $25,000.00 and $40,000.00 were made in February and April, 1941, from the Central
Savings Bank and Trust Company and The Ouachita National Bank, Monroe, Louisiana,
respectively, and were repaid from the stock sale proceeds.
OFFICE, SHOPS AND HANGAR
On November 4, 1940, your Company entered into an agreement with the City of Atlanta,
Georgia, to lease for twenty [20] years a hangar which was to be erected immediately.
The hangar was erected at a cost of $127,251.33. Of this amount, the City of Atlanta fur-
nished $50,000.00 and the Company the remainder. The agreement provides that the Com-
pany shall pay as rent $2,500.00 per year in monthly installments during the lease, in ad-
dition to the amount furnished by the Company to finance the hangar. The Company's por-
tion of the hangar cost is being amortized over a 20-year period beginning March 1, 1941.
FINANCIAL POSITION
CURRENT ASSETS: Cash on hand and in banks on June 30, 1941, amounted to $112,541.54.
Accounts receivable, traffic balances, U. S. Government, etc., amounted to $200,639.52.
Inventories [at cost] were $44,988.28, making a grand total of $358,169.34.
CURRENT LIABILITIES, including traffic balances, trade creditors, etc., were $116,952.82.
Notes payable-banks $47,437.63; equipment purchase obligations-due within one year
$120,000.00; transportation purchased and not used $7,431.97; accrued social security and
property taxes, insurance, etc., $15,434.26. Total $307,256.68. All accounts payable are
current. The ratio of Current Assets to Current Liabilities at June 30, 1941, was 1.17 to 1
compared with 1.81 to 1 a year ago.
Included as a part of this report is the Company's Balance Sheet at June 30, 1941.
EQUIPMENT
During the fiscal year your Company purchased five new Douglas DC-3, 21-passenger, au-
planes from the Douglas Aircraft Corporation, Santa Monica, California. Spare engines,
propellers and necessary parts were also purcha.sed. A total of $779,550.49 was expended
for this new equipment. Four Douglas DC-2, 14-passenger, airplanes with all spare equip-
ment were sold for $197,544.04 and one Lockheed Electra, IO-passenger, plane was sold
for $35,000.00. The above sales showed a net profit of $75,712.75.
Your Company is presently operating five Douglas DC-3 and four Lockheed Electra
airplanes. To take care of constantly increasing traffic, your Company has contracted for six
additional DC-3's.
Based on information at hand, deliveries of additional planes to Air Line Operators
will be resumed in June, 1942.
NEW ROUTES
On January 30, 1941, a Certificate of Public Convenience and Necessity was granted your
Company to operate a new route, designated as Route 54, from Atlanta, Georgia, to Cincin-
nati, Ohio, via Knoxville, Tennessee, and Lexington, Kentucky. Passenger and express serv-
ice, using DC-3, 21-passenger, equipment on two round trips daily, was inaugurated over
this route on April 15 and on July 15 mail was authorized by the Post Office on two of the
four schedules being operated over this new route.
Your Company on January 30 was also granted an extension to its Route 24 from
Augusta, Georgia, to Savannah, Georgia, and on May 1 double daily service was inaugu-
rated from Atlanta to Savannah, using IO-passenger, Electra, equipment. On July 15 mail
pay was authorized by the Post Office for one round trip daily from Augusta to Savannah
and mail was authorized on all flights between Atlanta and Savannah on a weight credit basis.
The very splendid reception and patronage by the Public of the new Cincinnati route
and the Savannah extension has been most gratifying.
Your Company has filed applications with the Civil Aeronautics Board for the follow-
ing new routes:
1. Extension to Route 24 from Shreveport, Louisiana, to New Orleans, Louisiana, via Alex-
andria, Louisiana, and Baton Rouge, Louisiana. Hearing on this application was held on
September 29, 1941, and an early decision by the Board was urged. Other applicants for
this route are: National Air Lines, Chicago & Southern Air Lines, and Braniff Airways, Inc.
Eastern Air Lines applied for a route from New Orleans, Louisiana, to Dallas - Ft. Worth,
Texas, via Baton Rouge and Lake Charles, Louisiana.
2. From Columbia, South Carolina [ an intermediate stop on Route 24], to Knoxville,
Tennessee, via Charlotte, N~rth Carolina, and Asheville, North Carolina, and from the in-
termediate stop on Route 24 of Columbia, South Carolina, to Knoxville, Tennessee, via
Spartanburg, South Carolina, Greenville, South Carolina, and Asheville, North Carolina.
3. Extension to Route 24 from Savannah, Georgia, to Jacksonville, Florida, via Bruns-
wick, Georgia.
Nate-Competitive applications have been filed on Numbers 2 and 3.
4. Application for permission to add Louisville, Kentucky, as an intermediate stop on Route
54 between Knoxville, Tennessee, and Cincinnati, Ohio.
5. For a route extending from Cincinnati, Ohio, to Roanoke, Virginia, via Charleston, West
Virginia, and from Roanoke, Virginia, via Lynchburg, Virginia, and Richmond, Virginia,
and also from Roanoke, Virginia, to Columbia, South Carolina, via Winston-Salem and
Charlotte, North Carolina.
No dates have yet been set by the Civil Aeronautics Board for hearing on the last four
mentioned applications.
RATE CASE
On April 28, 1941, a hearing was held before the trial examiner of the Civil Aeronautics
Board involving Delta's rate of mail pay on Route 24 and Route 54 in which Delta asked for
an increase over its present rate of mail pay. The report of the examiner was rendered on
October 9, 1941, recommending pay for all weight-credit schedules from December 15,
1939, and a substantial increase in mail revenue to your Company. This report will now
go to the Civil Aeronautics Board for final decision.
Atlanta, Georgia
November 12, 1941.
C. E. FAULK,
President
A IR C OR P OR AT I ON~~~~~~~~~~~~~~~~~~~~~
Atlanta, Georgia
B A L A .N C E S H E E T J U N E 3 0 , I 9 4 I
ASSETS LIABILITIES
CURRENT ASSETS
Cash:
Working Funds
Undeposited, on Hand
In Banks
Accounts Receivable:
Traffic Balances due Us
U. S. Government
Trade Accounts
Trade Creditors-. Dr. Balances
Due from Employees
Due from Agents
Inventories [ at Cost]
TOTAL CURRENT ASSETS
OTHER ASSETS
$ 1,645.11
42,418.40
68,478.03 $112,541.54
$122,508.41
60,741.49
10,120.01
3,990.78
2,470.25
808.58 200,639.52
44,988.28
$ 10.00
$ 358,169.34
Stock-1 Sh. Aeronautical Radio, Inc. [ at Cost]
Deposits-Meter, Postage and Travel Plan 467 .43 4 77 .43
EQUIPMENT
Airline
Dusting
Equipment in Process
PREPAID EXPENSES
Insurance
Rentals
DEFERRED CHARGES
COST
$1,041,322.27
28,410.44
$1,069,732.71
Expense in Re: Capital Stock
Pre-inaugural Expenses, Route 54
Expenses Incurred in Re: Application
for Additional Routes
DEPRECIATION
TAKEN
, - - - - - A - - - _
$293,831.88
24,017.91
$317,849.79
BOOK
VALUE
, - - - - - A - - - _
$747,490.39
4,392.53
$751,882.92
2,126.60 754,009.52
$ 31,837.51
76,471.65 108,309.16
$ 12,464.10
2,036.59
7,357.98 21,858.67
CURRENT LIABILITIES
Accounts Payable:
Trade Creditors
Traffic Balances due Others
Due to Employees
Due to Agents
Notes Payable-Banks
Equipment Purchase Obligations
due within one year
Transportation Purchased but not used
Accrued Expenses:
Social Sepurity Taxes
Alabama State Income Taxes
Property Taxes
Insurance
Interest
ToT AL CURRENT LIABILITIES
LONG TERM DEBT
Equipment Purchase Obligations
Less: Amount Payable within 1 year
TOTAL LIABILITIES
$ 62,940.18
53,407.03
365.64
239.97
$ 8,359.87
890.30
1,867.40
4,237.63
79.06
NET WORTH
CAPITAL STOCK
Authorized-500,000 Sh. No. Par Common
Outstanding-194,080 Sh. New Stock
Outstanding-1,076 Sh. Old Stock
E'.ARNED SURPLUS
Balance, 7-1-40 $ 41,092.73
Deduct:
Additional Depreciation
for year ended 6-30-40 $ 550;05
Loss for year ended
$116,952.82
47,437.63
120,000.00
7,431.97
15,434.26
$250,000.00
120,000.00
$839,480.00
11,260.00
$850,740.00
6-30-41 85,715.24 86,265.29 (45,172.56)
TOTAL NET WORTH
TOTAL ASSETS $1,242,824.12 TOTAL LIABILITIES AND NET WoRTH
( ) Indicates red figure.
$ 307,256.68
130,000.00
$ 437.256.68
805,567.44
$1,242,824.12
A I R
Atlanta, Georgia
STATEMENT OF PROFIT AND LOSS YEAR ENDED JUNE 30., 1941
REVENUES
Passenger .
Mail ..
Express and Freight
Excess Baggage
Dusting
Sundry Revenue-Net
TOTAL OPERATING REVENUES
EXPENSES
Direct Flying
Operations
Maintenance
Depreciation
TOTAL DIRECT FLYING EXPENSES
Indirect Flying
Operations
Maintenance
Depreciation
TOTAL INDIRECT FLYING EXPENSES
Traffic and Advertising
General and Administration
TOTAL EXPENSES
NET OPERATING PROFIT
OTHER INCOME
Cash Discounts . . . . . .
Interest Income .
Unused Transportation Tickets credited to Income
ROUTE 24
$ 643,790.78
424,615.78
8,842.91
5,904.87
3,582.71
$1,086,737.05
$ 463,731.63
144,765.53
124,381.24
$ 732,878.40
$ 214,651.55
74,176.46
13,936.67
$ 302,764.68
$ 105,508.04
$ 75,239.42
$1,216,390.54
($ 129,653.49)
Profit on Sales of four DC-2 Planes and one Electra Plane and Equipment .
Sundry . . . . . . . . . . . . . . . . , .
OTHER DEDUCTIONS
Interest
Adjustments in Mail Revenue-Prior Years
Cash Discount Allowed . . . .
Expenses Incurred in Unsuccessful Applications for New Routes
State Income Taxes
NET Loss .. .
( ) Indicates red figure.
~-
AIRLINE
ROUTE 54
' $39,708.17
318.54
285.38
163.91
$40,476.00
$24,693.34
6,680.74
8,818.85
$40,192.93
$ 9,710.80
3,846.91
715.03
$14,272.74
$ 6,235.11
$ 4,797.39
$65,498.17
($25,022.17)
TOTAL
$ 683,498.95
424,615.78
9,161.45
6,190.25
3,746.62
$1,127,213.05
$ 488,424.97
151,446.27
133,200.09
$ 773,071.33
$ 224,362.35
78,023.37
14,651.70
$ 317,037.42
$ 111,743.15
$ 80,036.81
$1,281,888.71
($ 154,675.66)
DUSTING
,----'------,
59,853.85
10,542.28
$70,396.13
$23,812.18
11,967.78
2,170.29
$37,950.25
$13,609.81
2,690.74
914.96
$17,215.51
$ 5,596.74
$60,762.50
$ 9,633.63
$ 1,873.66
69.19
387.17
75,682.91
29.84
$ 7,850.84
45.77
16.84
10,115.79
686.74
GRAND TOTAL
$1,197,609.18
$ 811,021.58
334,252.93
111,743.15
85,633.55
$1,342,651.21
($ 145,042.03)
$ 78,042.77
($ 66,999.26)
18,715.98
( $ 85,715.24)
AIR
Atlanta, Georgia
COMPARATIVE PROFIT AND LOSS STATEMENT
REVENUES I 9 3 5 I 9 3 6
, - - - " - - - - - - ,
Passenger $ 58,287.22 $111,390.79
Mail 183,589.74 314,401.92
Express and Freight 568.46 1,516.35
Excess Baggage 420.20 1,008.07
Sundry 2,574.95 2,963.43
ToT AL OPERA TING REVENUES $245,440.57 $431,280.56
EXPENSES
Direct Flying
Operations
Maintenance
Depreciation
TOTAL DIRECT FLYING EXPENSES
Indirect Flying
Operations
Maintenance
Depreciation
Because of comprehensive changes in accounts effective July
1, 1937, prescribed by the Post Office Department, it is
not practical to attempt to show detail of Operating Ex-
penses during this period; therefore, totals only are shown.
TOTAL INDIRECT FLYING EXPENSES
Traffic and Advertising
General and Administration
TOTAL EXPENSES
NET OPERATING PROFIT ( OR Loss)
OTHER INCOME
Cash Discounts
Profit on Sale of Equipment
( 4 Douglas DC-2's and 1 Lockheed Electr.a)
Dusting-Net
Sundry
TOTAL OTHER INCOME
GRoss PROFIT ( OR Loss)
OTHER DEDUCTIONS
Interest
Federal Income Taxes
State Income Taxes
$261,871.11
($ 16,430.54)
$ 126.31
12,376.54
$ 12,502.85
($ 3,927.69)
$ 363.29
Expenses Incurred in Connection with Unsuccessful Applications
Sundry 639 .35
TOTAL OTHER DEDUCTIONS
NET PROFIT ( OR Loss)
( ) Indicates red figure.
$ 1,002.64
( $ 4,930.33)
$445,996.00
($ 14,715.44)
$ 75.99
18,672.76
9,477.40
$ 28,226.15
$ 13,510.71
$ 7,133.83
833.27
4,944.61
$ 12,911.71
$ 599.00
SEVEN
I 9 3 7
$158,240.98
327,241.16
4,010.24
1,278.41
2,485.57
$493,256.36
$488,440.91
$ 4,815.45
$ 34.83
15,477.35
1,660.22
$ 17,172.40
$ 21,987.85
t
1$ 8,642.81
1,332.94
124.93
482.44
$ 10,583.12
$ 11,404.73
YEARS ENDED
I 9 3 8
, - - " - - - - . ,
$237,646.80
367,778.24
4,888.59
2,460.67
2,697.21
$615,471.51
$221,198.75
58,134.95
78,975.45
$358,309.15
$ 82,249.77
27,727.91
6,741.53
$116,719.21
$ 57,409.74
$ 37,104.72
$569,542.82
$ 45,928.69
( 5,419.82)
306.30
($ 5,113.52)
$ 40,815.17
$ 7,099.86
4,230.98
1,059.37
$ 12,390.21
$ 28,424.91
JUNE
I 9 3 9
$288,454.14
380,713.64
5,643.89
2,719.25
4,141.86
$681,672.78
$227,600.93
66,364.14
73,403.01
$367,368.08
$108,966.15
37,695.83
7,725.82
$154,387.80
$ 61,721.71
$ 47,194.83
$630,672.42
$ 51,000.36
$ 618.80
16,594.08
588.15
$ 17,801.03
$ 68,801.39
$ 2,418.91
12,646.39
2,166.26
$ 17,231.56
$ 51,569.83
3 o, 1941
I 9 4 0
,...---"----,
$455,920.93
424,449.36
7,452.06
3,986.85
2,110.57
$893,919.77
$316,637.26
88,906.75
69,075.49
$474,619.50
$147,735.66
49,717.73
9,862.03
$207,315.42
$ 86,905.72
$ 57,808.66
$826,649.30
$ 67,270.47
$ 955.68
5,819.25
4,'592.45
$ 11,367.38
$ 78,637.85
$ 972.94
11,916.83
5,441.79
$ 18,331.56
$ 60,306.29
I 9 4 I
$ 683,498.95
424,615.78
9,161.45
6,190.25
3,746.62
$1,127,213.05
$ 488,424.97
151,446.27
133,200.09
$ 773,071.33
$ 224,362.35
78,023.37
14,651.70
$ 317,037.42
$ 111,743.15
$ 80,036.81
$1,281,888.71
($ 154,675.66)
$ 1,873.66
75,682.91
9,633.63
486.20
$ 87,676.40
($ 66,999.26)
$ 7,850.84
686.74
10,115.79
62.61
$ 18,715.98
($ 85,715.24)
AUDIT CERTIFICATE
We have examined the Balance Sheet of Delta Air Corporation [ a Louisiana
Corporation] as at June 30, 1941, and the Statement of Profit and Loss for
the year ended on that date, have reviewed the system of internal control and
the accounting procedures of the Company, and have made a detailed audit
of the transactions. The examination was made in accordance with generally
accepted auditing standards applicable in the circumstances and included all
procedure deemed necessary.
In our opinion the accompanying Balance Sheet and Statement of Profit
and Loss, with notes thereon, present fairly the position of the Delta Air
Corporation at June 30, 1941, and the results of its operations for the year
then ended in conformity with generally accepted accounting principles
applied on a consistent basis throughout the period reviewed.
Respectfully submitted,
Cox AND FRAZER
By [Signed] H. G. FRAZER
C.P.A.
COX AND FRAZER Ouachita National Bank Building Monroe, Louisiana
Delta's new $150,000 General Office and Hangar building located at the Municipal Airport, Atlanta,
Georgia. The building is 150' x 200'. It is said to be the most complete building of its type and the
largest hangar in the Southeast. The hangar can accommodate six giant twenty-one-passenger airplanes.
I
REVENUE PASSENGER MILES FLOWN
1935-1941
MILLIONS OF MILES
16
15
YEAR REVENUE PA55ENGE
14
13
12
II
10
ENDED JUNE 30 t.AILE5 FLOWN ,-.......,1-----+---------<
9
8
7
6
5
4
3
2
1935 1,200,034
193<:, 2,372,819
1937 3,449,619
19313 '5,200,797
1939 6,439,846
1940 10,282,192
1941 15,526,291
I
1935 1936 1937 1938
YEAR
1939 1940 1941
CHART II. The ever increasing response by the public to
the air transport facilities offered by Delta is shown here.
The average annual increase has been approximately 58%.
III
REVENUE MILES FLOWN
1935 -1941
THOUSANDS OF MILES
2500
2400
2300
2200
2100
2000
1900
1800
1700
1600
1500
1400
1300
1200
II 00
1000
900
800
700
- YEAR
ENDEOJUNE 'JO
1935
- 1936
,- 1937
1938
- 1939
1940
._
1941
._
I
I
I
I
~
REVENUE t.AILE5
FLOWN
740,27&
1,197,173
1,176,751
1,344,870
l,41&,546
1,790,706
2f17e,569
~
I
I
___
,
~
,,,_,,,,,,..-
,,,,.
-
~
I
I
I
I
I
,
1935 1936 1937 1938 1939 1940 1941
YEAR
Far more impressively than could be shown by
figures alone, the graphs on this and the following
page depict the consistently substantial increase in
the service mileage performed by Delta and the
equally impressive increase in the degree of public
response thereto.
CHART I. One passenger flown one mile equals one revenue
passenger mile ; likewise, ten passengers flown ten miles equals
one hundred revenue passenger miles. Therefore, the number
of passengers carried times the number of miles flown by
each, equals the total number of revenue passenger miles.
II
PASSENGERS CARRIED
1935-1941
THOUSANDS OF PASSENGERS
60
YEAR
55 ENDED JUNE30 Fl".SSENGERS
50
45
40
36
30
25
20
15
10
5
1935
1935 4,104
1936 8,357
1937 11,!119
1938 18_,480
1939 22,733
1940 40.,068
1941 !18,208
1936 1937 1938
YEAR
1939 1940 1941
CHART III. This chart accurately reflects the increase in
actual service made available by Delta. The increases shown
for the years 1935-1940 were the results of increasing the
number of flights flown over all or portions of Delta's orig-
inal Route No. 24 between Fort Worth, Texas, and Charles-
ton, S. C. The 1941 increase is due largely to the additional
route mileage flown as the result of the granting by the
Civil Aeronautics Board of an Augusta-Savannah extension
to Route 24 and the granting of a new route (Route No. 54)
between Atlanta and Cincinnati via Knoxville, Tennessee,
and Lexington, Kentucky.
IV
COMPARISON OF INCREASES IN MAIL
AND PASSENGER REVENUES
1g3~- 1941
THOUSANDS OF DOLLARS
700
650 YEAR PASSENGER '-AAIL
ENDED JUNE 30 REVENUE REVENUE
600 193':, $ 58,287. 22 $183,589.74
1931'> 111,390.79 314,401.92
550 1937 158,240.98 327,241.16
1938 237,646. 80 367,778.24
500 192>9 2S8,454.14 380,713.&4
1940 455,920,92> 424,449.3,
450 1941 683,498 ,% 424,615.78
4001----+----+----+------------
3501----+----+--.-=+----+--'---+----
300 l-----.1---------l-------------
250
200
150 -----+---.,..If'---+---+---+------,
I 00 ..----~-------l---+-:::: :'i(C~~~~ NRUE:ENUE
soc,_ __ _.__ __ _._ __ _____,c__ _ _ _._ _ _ _._ _ _ _
1935 1936 1937 1938 1939 1940 1941
YEAR
CHART IV. This chart reflects a healthy transi-
tion, i. e., a gradual reduction in the degree of
dependency by your company on Government mail
revenue. Whereas, in 1935, approximately 76 % of
your company's gross revenues was from mail
payments, in 1941, mail pay amounted to only
38% of total revenues.
V
MAIL POUND MILES FLOWN
1935-1941
CHART V. Mail pound miles are figured in the
same manner as revenue passenger miles, i. e.,
ten pounds of mail flown ten miles is equivalent
to one hundred mail pound miles. This chart
shows the constantly increasing volume of airmail
moved by Delta. The 1941 figures do not include
the new Atlanta-Cincinnati route, as the carriage
of mail was not authorized over this route during
the fiscal year 1940-1941, which is covered by
this report.
MILLIONS OF POUND MILES
250
YEAR
225 ENDEDJUNE 30
200
175
150
125
100
75
50
25
1935
1935
1936
1937
1938
1939
1g40
1941
1936
MAIL POUND
~AILE5 fLOWN
34,':>25,231
76,406,175
92,090,745
114,226.~2
132,061,894
150
1
I 60,736
216,133,791
1937 1938
YEAR
1939 1940 1941