DELTA AIR LINES
annual report
to the stockholders
The year ended June 30, 1950 can
best be characterized as a record-
breaking one-Net profit after faxes
was at a new high,
The net profit after taxes of $815,751, equiva-
lent to $1.63 per share, was the largest in the
Company's history. The comparative summary
of operations for the current year and the two
preceding years ( shown in the table below)
reveals a healthy upward trend profit-wise.
This net profit constitutes a return of 7.8%
upon the total investment employed in air
transportation, and the 109% ratio of revenue
to expenses provides a fair profit margin. Al-
though total operating ex-
penses increased $1,493,-
184, the increased volume
of operations purchased
with these additional ex-
penditures, and various
economies effected during
the year, resulted in a de-
crease in cost per available
ton mile from 28. 7 to
26.5, the lowest cost ever
achieved by your Com-
p any. At this low cost
level your Company maintains its position as
one of the most efficient in the industry. As in
previous years, the largest single expense in-
crease occurred in salary and wage payments,
which increased $474,295, reflecting for a full
year the general increases effective March 1,
1949. The depreciation accrued during the year
is based upon original asset cost and does not
represent the depreciation expense which
would have been incurred at current higher
costs. During the last month of the fiscal year
DC-6 passenger fares were reduced approxi-
mately 10% by removal of the extra service
charge previously in effect, pursuant to action
of the Civil Aeronautics Board. It is expected
that this reduction in the DC-6 fares will be
offset by an increased volume of business on
this equipment.
... current position remains favorable.,
At June 30, 1950 current assets exceeded cur-
rent liabilities by $2,355,322 only $203,301
less than at the year's beginning, notwithstand-
ing the fact that during the year investment in
property and equipment increased $1,196,342
(principal item- $834,000 for a sixth DC-6),
and loan repayments totaled $1,000,000. There
was an outstanding balance of $2,925,000
under the borrowings previously made pursu-
Years Ended June 30
1950 1949 1948
Operating Revenues $17,185,295 $15,227,845 $12,818,969
Operating Expenses 15,775,141 14,281,956 12,618,944
Operating Profit $ 1,410,154 $ 945,889 $ 200,025
Net Non-Operating Income or (Loss) (5,403) 62,551 107,048
Net Profit before Income Taxes $ 1,404,751 $ 1,008,440 $ 307,073
Income Taxes 589,000 369,000 102,343
Net Profit after Taxes $ 815,751 $ 639,440 $ 204,730
ant to the Loan Agreement of November 16,
1946; all quarterly installments have been
made on or before the due date, and depreci-
ation accruals will more than equal the pay-
ments of $1,000,000 to be made during the
forthcoming year.
The profits earned and favorable trend re-
sulted in the declaration of a dividend of 25
per share which was paid on April 15th.
Please ref er to the Operating Statement, Bal-
ance Sheet, and Statement of Surplus included
elsewhere in this report for more complete de-
tails of the Company's operations during the
year.
... and increases occurred in all cate-
gories of traffic.
A comparison of the current and preceding
year is reflected by the following tabulation:
Years Ended June 30
1950 1949
Revenue passenger miles 238,335,000 201,711,000
Mail ton miles 1,017,026 931,658
Express ton miles 823,423 764,305
Freight ton miles 2,386,101 1,676,304
Excess baggage ton miles 316,216 238,608
OPERA TING REVENUES
Passengers
Mail
Freight and Express
All Other
$13,948,159~
2,373,213
716,978
146,945
$17,185,295
OPERATING EXPENSES
Salaries, Wages & Welfare
Gasoline & Oil
Maintenance & Repair Materials
Depreciation
Rentals & Landing Fees
Advertising
Passenger Expenses
Taxes (Excluding Income Taxes)
Insurance
Communications Charges
Office Supplies
Employee Travel Expenses
Outside Services
Miscellaneous
$7,626,618
2,386,053
1,125,725
1,206,755
396,487
498,612
425,181
476,142
430,966
288,291
95,414
297,076
230,868
290,953
$15,775,041
%
Increase
18.2%
9.2%
7.7%
42.3%
32.5%
2
The substantial increase in passenger
traffic that resulted in the $1,774,207
increase in passenger revenue is the
result of several factors:
... DC-6 equipment
being in service the entire year 1
This is the first full year of DC-6 operation,
and their wide-spread public acceptance, and
preference over competitive types, is reflected
by the fact that the DC-6's produced 46% of
total revenue passenger miles although they
flew only 31.5% of total miles. This equipment
continues to provide the fastest and finest
service available between the major cities on
our system.
... inauguration of Aircoach service,
Aircoach service between Chicago and Miami
was inaugurated on a non-stop basis in De-
cember, 1949 with 56-passenger DC-4 aircraft
and has now been expanded to include three
intermediate cities. The conversion of our
DC-4 fleet, to obtain this optional 56-passenger
capacity for aircoach operation and 48-passen-
ger capacity in regular service, was performed
MILLIONS
30
27
24
21
18
lS
12
9
6
3
0
-
in our shops, and these higher seating capaci-
ties were obtained without any sacrifice of the
traditional passenger space and comfort of the
Delta fleet. From the beginning of aircoach
service to the end of the fiscal year, the over-
all passenger load factor for this service was
83%. These flights, which o_
perate at night
hours when equipment normally would be idle,
make possible low fares competitive with sur-
face transportation, and unquestionably intro-
duce air transportation to a large new group
of the traveling public for the first time, there-
by tapping a vast additional reservoir of po-
tential air traffic. Although some business may
be diverted from regular flights, your manage-
ment is convinced that, if properly restricted,
aircoach service has earned a permanent role
in the nation's air transportation system.
... all-expense Packaged Vacations,
To stimulate off-season travel, increased sales
efforts and wider promotion were given for
the third year to all-expense ttPackaged Vaca-
tions" to Miami, the Great Smoky Mountain
area, and other points reached via Delta. By
combining_ special hotel and ground transpor-
tation summer rates with Delta aircoach fares,
phenomenally low cost all-expense vacations
were offered ( example - one week in a Miami
Beach hotel, plus incidental expenses and air
transportation to and from Chicago-$164.39,
with tax), which were received with enthu-
siasm by vacationers.
... and an aggressive advertising
program, intensified sales campaigns,
and other promotional fares.
Delta's advertising program during the year
was bold and extensive, utilizing original ap-
proaches in both themes and presentation, in
addition to tested techniques such as endorse-
ments of customers. While newspapers got the
bulk of Delta's advertising, almost all estab-
lished media were used, including radio, tele-
vision, 24-sheet billboards and lighted sign-
boards. Delta has used extra colors in its news-
paper ads, with a high degree of traceable sue-
40 41 42 43 44 4S 46 47 48 49
RETURN PER REVENUE PASSENGER MILE (in cents)
cess, in meeting increased competition not only
from other airlines but all advertisers in gen-
eral who are crowding existing publications.
Traffic delivered to Delta by other carriers
constitutes a material portion of our revenue,
and special attention is being devoted to this
interline traffic so that it will be routed over
Delta to the greatest possible extent. Employee
bonuses were paid. under sales contests in effect
during the first part of the year, and a sales
idea contest is currently being conducted to ac-
centuate the theme that ttevery employee is a
salesman."
In addition to aircoach service and the all-
expense packaged vacations described above,
the so-called ttFamily Plan" was instituted in
September, 1949 whereby members of the same
family can travel at reduced rates during the
first three week days when traffic is traditionally
lighter; a 10% discount has been established
for official military travel; and special sea-
sonal and group excursion fares have been
offered, some of which were pioneered by
Delta.
TON MILES vs. PLANE MILES OPERATING EXPENSES & PROFIT PER PLANE MILE OPERATING EXPENSES & PROFIT PER TON MILE
$1.40
/ 1.20
__ ..
TON MILES /
1.00
(Millions)
~' .80
' / __,
l's.
'\,,.~ /
.60
.......... ./ .... ' .40
_L,.-1111""'
__ ....
PLANE Ml.ES _ .20
JM11UonsJ, .o
~~-~~~~-~~~~---, $1.00
.90
.80
.70
.60
.so
.40
.30
.20
.10
~ \ .
... "'Ill ~..._
'"-........
A
.,v
E) DENSES
REVENUE ..-,,,-_ ~
.......___1/
~- ......
PROFIT --,.....- .,
-t-- V
"
40 41 42 43 44 4S 46 47 48 49 SO 40 41 42 43 44 4S 46 47 48 49 SO 40 41 42 43 44 4S 46 47 48 49 SO
3
SI
14
13
12
11
10
9
8
7
6
5
4
3
2
1
0
One of the most important events of the entire year
was the inauguration of Delta-American
equipment interchange operations,
This service conducted by Delta and American
Airlines with Dallas as the interchange point
provides one-plane service between Miami,
Florida, and California via various important
intermediate cities ( see map at right) and
was begun on September 25, 1949, following
temporary Board approval on September 1,
1949. Through June 30, 1950, 19,070 passen-
gers had taken. advantage of this superior
through service in traveling this southern
transcontinental route. The present schedule
pattern was established on April 24, 1949, and
was operated as a connecting service from that
date to the inception o.i interchange service on
September 25, 1949. The extent to which the
interchange service has stimulated traffic on
the route involved is shown by the comparison
of average monthly operations before and after
interchange. (See chart at right)
No serious maintenance or operations prob-
lems were encountered in activating this serv-
ice, and it has been a routine operation from
the outset.
... and the Delta-TWA interchange
continues to be a most successful
operation from every standpoint.
This year also marks the completion of the
second full year of the Delta-TWA equipment
interchange agreement, which provides one-
plane through service between the Detroit-
Cincinnati portion of TWA's routes and the
REVENUE MILES and PASSENGERS
40 41 42 43 44 45 46 47 48 49 50
4
May-August, 1949
October, 1949-
June, 1950
AVERAGE MONTHLY
Revenue Passenger
Passenger Load
Miles Factor
4,437,300 45.0%
5,537,730 57.51 %
Cincinnati-Miami portion of Delta's routes,
and which continues to receive the same wide-
spread public acceptance that marked its be-
ginning.
These two equipment interchanges are the
only ones presently in operation in the United
States, and the experience gained thereunder
should prove the value of such operations in
providing improved service to the public with-
out the creation of uneconomic competition
and route duplication.
LOAD FACTOR
lnlerchange vs. System
LOAD ~---1949----~ ----1950---------..
FACTORS M A O N D J M A M
65 --~~-~~--.---,,-----,--,-----,----,-----i:------,---,
f-SYSTE.M
LEGEND ) - INTERCHANGE FLIGHTS
60
40
Present schedule pattern est. 4-24-49 Inauguration of Delta-American Interchange 9-25-49
~\..._,.o,, TWA-
DELTA
1"\'0
Interchange
~9,\)\
c.<>\.~
\'\O~
.. ~
,c.i
r,\\i\\\\
The Senate Interstate and Foreign
Commerce Committee issued its in-
terim report in May, 1950, represent-
ing a very realistic approach to the
subsidy question.
The interim report in connection with the
Committee's investigation of the airline in-
dustry, of which you were advised last year,
properly classified any element of subsidy in
governmental assistance rendered to the air-
line industry through mail pay as a subsidy to
the communities served and users of the serv-
ice, and not to the airlines. Excerpts from this
report are:
"Although a careful reading of the testi-
mony before the committee reveals some very
wide differences within the industry itself,
agreement was general that air lines carrying
only a long-haul business and servicing only a
few high-density points would operate profit-
ably without subsidy; or, to put it another way,
that the certificate requirement compelling the
air lines to serve a large number of small sta-
tions, or to carry predominantly short-haul
traffic absorbed most of the profits earned in
the long-haul high-density business and was
the basic reason why subsidy was required.
"The 'need' is clearly not a subsidy to the
air line, which is merely rendering a public
service for a fair return, but goes to the pas-
sengers, shippers, and air-mail patrons of the
communities the air line serves. If management
economy and efficiency are attained the sub-
sidy rests squarely upon the community whose
revenues are insufficient to pay the cost of air
line service."
There is now pending before Congress leg-
islation which if enacted would require the
Civil Aeronautics Board to conduct a compre-
hensive study to determine the amount of sub-
sidy, if any, that is included in total mail pay-
ments to the airlines. In this connection, your
attention is invited to the chart on Page 2
which shows that mail pay constituted only
13.8% of our total revenue, as compared to
15.99% for the preceding year and 49.09% in
1940. Your company produced $2,783,319 in
direct tax revenues for the U. S. Government
during this fiscal year ( excluding employee in-
come taxes), a considerably greater sum than
the $2,373,213 received as compensation for
carrying U. S. mail. For the same year, national
postal revenue from air mail is estimated at
$76,000,000 and total payments to the domestic
air carriers for transporting the mails at
$69,000,000.
REVENUE
PASSENGER MILES
(Millions)
28
~
REVENUE PASSENGER MILES
1949 vs. 1950
...
''"
I ~
J ~- YEAR ENDED JUNE 30, 1950
LEGEN? _ YEAR ENDED JUNE 30, 1949 I "
I '
27
26
25
24
23
22
21
20
19
18
17
16
15
14
13
AIRCOACH SERVICE INAUGURATED
, ....
_
12-15-49 "'- / r,..
"-
,
I "-
~ I ~
V I/ '
-L /r
-
... --- ~ .......... ~ " V
--r--....: "'1111111""'"" ,(\,
~~ '\. /J DC-6's PLACED IN SERVICE
' Ii 12148
12
JULY AUG. SEPT. OCT. NOV. DEC. JAN. FEB. MAR. APR. MAY JUNE
5
As the year ended the Korean situa-
tion resulted in a call upon the airline
industry for airlift.
The airlines were requested by the military
services immediately after the outbreak of the
Korean incident to divert any four-engined air-
craft which could be spared to the transporta-
tion of personnel and materiel from the United
States to the Korean theatre. Your company
has accordingly leased one of its DC-4 aircraft
to a certificated trans-Pacific airline for opera-
tion by it under contract to the U. S. Govern-
ment, and 10 Delta pilots were made available
also to fly the Pacific. There was no immediate
curtailment of schedules as a result of this air-
craft being removed from scheduled service, and
it is felt that the rental revenues will in a meas-
ure compensate for the loss in commercial
revenues because of our inability to operate
charters and extra sections of scheduled flights
to the extent otherwise possible.
The government has indicated no additional
ships will be required unless there is an all-out
war, in which case an allocation table already
agreed upon assures the military additional
ships but permits the airlines to retain the neces-
sary flight equipment to handle essential civilian
and military travel. In such an event, experi-
ence in W odd War II indicates that increased
utilization and higher load factors will more
than compensate for the reduction in equip-
ment, and undoubtedly the company also would
have military contracts, such as overhaul and
modification of aircraft and related equipment.
6
Unceasing efforts continue to be di-
rected at securing additional route
certifications.
The major case now in process is the so-called
.. Southern Service to the West" route case, in
which several carriers are seeking a new south-
ern transcontinental route. Permanent approval
of the Delta-American equipment interchange
agreement is one of the issues in this case, and
Delta is strongly supporting such approval
with the disapproval of any new route awards.
However, your company is prosecuting its ap-
plication for a route from Dallas/Fort Worth
to Los Angeles and from New Orleans to Los
Angeles via Houston and San Antonio; in the
event that the Board decides that a new trans-
continental route should be created, your com-
pany is the logical grantee of the prerequisite
route mileage. Delta is also seeking in this
proceeding the addition of St. Petersburg/
Tampa to its system, thereby permitting direct
service across the Gulf of Mexico between
Miami and St. Petersburg/Tampa on the one
hand and New Orleans and points west thereof
on the other hand. Hearings before the Board
have been completed, but certain other pro-
cedural steps remain before decision.
Legend
- DELTA 'S PRESENT ROUTES
PRESENT INTERCHANGES
DELTA'S PROPOSED ROUTES
PROPOSED EQUIPMENT INTERCHANGE
Awaiting Board decision is Delta's applica-
tion for approval of a Birmingham-Memphis
route and an equipment interchange agreement
between Delta and Chicago and Southern Air
Lines, Inc. with Memphis as the interchange
point. Approval of these applications would
establish one-plane service between Kansas City
and Miami via Memphis and various other in-
termediate cities.
Other applications on file with the Civil
Aeronautics Board and awaiting hearings are:
1. Extensions of Routes 24 and 54 from
Columbia to New York via Fayetteville
and Wilson, North Carolina; Washing-
ton, and Philadelphia.
2. Extension of Route 24 from Shreveport to
Oklahoma City.
. 3. Extensions from Cincinnati to Washing-
ton via Pittsburgh and Cincinnati to Nor-
folk via various intermediate points.
The beginning of the new fi
finds Delta with a well-rou't.
of Douglas-built aircraft1
sixth DC-6 air~ri1t ~as placed in service in
~~LJecember, 1949, so that our fleet as of June
30, 1950 consisted of six DC-6's, six DC-4's, 17
DC-3's, and three C-47's. Four DC-3's and one
C-47 previously operated under lease from the
War Assets Administration were purchased
during the year,. and an additional DC-6 air-
craft has been ordered for delivery in January,
1951. This DC-6 on order has been designed
for later installation of turbo-prop or jet en-
gines when desired, and Delta's other six DC-6
aircraft also are capable of being adapted for
these new power plants to obtain increased
speeds.
8
e year one of your Company's 21-
-3's was modified to a 28-passen-
with a .completely new interior,
gage racks, letdown door, and
ing improvements. This aircraft
scheduled service on an experi-
' nd the results of its operations
are being closely studied to determine whether
or not any further aircraft will be similarly
modified.
. . . having just completed another
year of accident-free1 high-perform-
ance operations
Dependable and on-time operations continues
to be one of the focal points of your company's
activities, and the success of such efforts is in-
dicated by the flight completion factor (per-
centage of scheduled miles completed) for the
year of 97. 71 % - during eight months of the
year this completion factor was above 99%.
Your company is among the first to take ad-
vantage of technological improvements in the
many devices designed to assist in navigation
and all-weather flying, and will continue to
strive for the best possible performance con-
sistent with the slogan that "There can be no
compromise with safety."
... with a group of employees whose
loyalty and ability are our best guar-
antee of future successes1
Total wage and salary payments during the
year were at an all-time high of $7,473,000,
and there were 2,093 employees at the end of
the year. The turnover rate of 1.33% per
month was not abnorfi1:al (335 separations dur-
ing the year), and the increasing earnings per
employee and employee productivity are a re-
flection of the generally higher experience
level prevailing. However, requirements of the
Military Services have already accelerated the
turnover rate.
There were 1,883 employees covered by your
company's pens~on plan at the year's end; the
Employee Group Insurance program continues
to provide substantial employee benefits; and
the Delta Employees' Credit Union has become
an important financial institution for em-
ployees, with assets ( employee savings) of
$161,000 and outstanding loans to employees
of $153,000 .
. . . and the future outlook is bright.
Having concluded the greatest year in its his-
tory, your company is nevertheless gearing up
to participate fully in the even broader market
of air travel which looms on the nation's hori-
zon. The company also expects to pursue ener-
getically the possibility of expansion through
new routes, but looks for a greater volume of
business in the year ahead even without any
additional route mileage. The personnel, equip-
ment and the general facilities of the company
are well capable of meeting the challenge.
President and General Manager
NUMBER OF EMPLOYEES AND
LENGTH OF SERVICE
As of June 30
Years in Service
1947 1948 1949 1950
20 YEARS 2 4 5 5
AND OVER
15-20 4 5 5 19
10-15
5-10
1-5
LESS
THAN
1 YEAR
2081 2093 2119 2093
Years Ended June 30 1948
Seat Miles
166,860 170,457 208,891
per Employee
Revenue Ton Miles
9,540 10,762 13,024
per Employee
Available Ton Miles
22,246 23,486 28,443
per Employee
Assets
CURRENT ASSETS:
Cash ............................ .
U. S. Government securities, at cost .... .. ........ . ........ ... .
Receivables -
U. S. Post Office Department, for carrying mail ................ .
Traffic (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .......... .
Other ......................................... . ......... .
Maintenance and operating supplies, at cost ...... ....... ........
Other current and accrued assets ...............................
INVESTMENTS:
Net assets of dusting division ................. . ............... .
Other investments. . . . . . . . . . . . . . . . . . . . . . .... . .. ............. .
OPERATING PROPERTY AND EQUIPMENT
(nlc/uding $2,325,000 fully depreciated J
Flight equipmen.k ............. . ..... ... ... . . - ... .
Ground property and equipment ....... .... .. . ...... .
Construction work in progress . . . . . . . . . ... ... ..... .
Cost
$9,293,649
2,699,277
83,553
$12,076,479
DEFERRED CHARGES:
Training and other costs applicable to new DC-6 aircraft being
amortized over first two years of service lives. . . . - ...... .
Advances for leased facilities, being amortized ... . . .. . ... ... . .
Other prepayments, etc.. . . . . . . . . . . . . . . . . . . . . .. . . ........... .
$ 1,647,133
$
1,050,000
170)590'
680,396
370,805
1,120,852
i_
95,299
92,293
79,051
Reserve for
Depreciation
$4,428,360
881,315
$5,309,675
$ 39,951
134,363
124,314
DELTA AIR
ATLANTA,
BALANCE SHEET
$ 5,135,075
} $ 171,344
$ 6,766,804
} $ 298,628
$12,371,851
LINES, Inc.
GEORGIA
JUNE 30, 1950
CURRENT LIABILITIES:
Current maturities of long-term debt .... . .... . ................. .
Accounts payable and accrued liabilities ......................... .
Accrued Federal and state income taxes ......................... .
Air travel plan deposits ......... ... .......................... .
LONG-TERM DEBT:
Notes payable to banks, 2%, due serially to 1953 (less current
maturities of $1,000,000 included in current liabilities) ..... . .... .
DEFERRED CREDITS AND RESERVES:
Unearned transportation revenue ......... .... .... . ............ .
Other ..................................................... .
CAPITAL STOCK AND SURPLUS:
Common stock, $3.00 par value -
Authorized 1,000,000 shares
Issued and outstanding 500,000 shares .................... .
Capital surplus (principally net premium on sale of
common stock) - No change during year . ...... ... ......... . . .
Earned surplus ( of which $500,000 under the terms of the bank
loan agreement is not available for the payment of dividends) .....
Notes to Balance Sheet
$ 1,000,000
1,016,440
631,137
132,175
$ 170,691
95,163
$ 1,500,000
3,717,329
2,183,916
$ 2,779,752
$ 1,925,000
} $ 265,854
$ 7,401,245
$12,371,851
CONTINGENT LIABILITIES
The Collector of Internal Revenue has issued assess-
ments aggregating $66,017.77 against the Company
claiming this amount as interest on income taxes which
would have been payable for the fiscal year 1945 if the
liability for excess profits taxes had not been liquidated
by the carry-back of unused excess profits credit and
net operating loss for the fiscal years 1946 and 1947,
respectively. The Company is protesting these assess-
ments and in August 1949, in order to have the assess-
ments held in suspense by the Collector, deposited
$100,000 principal amount of U.S. Government bonds
in escrow pending the settlement of the disputed as-
sessments.
PURCHASE COMMITMENTS
The Company has made a purchase commitment to
Douglas Aircraft Company of approximately $858,000
for one DC-6 airplane, scheduled for delivery in
January 1951.
Statement of Income
for the year ended June 30, 1950
OPERATING REVENUES:
Passenger .................................................. .
Mail ...................................................... .
Express .................................................... .
Freight .................................................... .
Excess baggage . . . . . . . . . . . . . . . . . . . . . . . . ..................... .
Other revenue, net. . . . . . . . . . . . . . . . . . . . . . . . . . ................ .
OPERATING EXPENSES:
Flying operations ................................. $4,703,129 }
Direct maintenance - flight equipment. . . . . . . . . . . . . . . 1,861,074
Depreciation - flight equipment . . . . . . . . . . . . . . . . . . . . 999,446
Ground operations .......................................... .
Ground and indirect maintenance ............................. .
Passenger service . . . . . . . . . . . . . . . . . . . . . . . . . . ................. .
Traffic and sales . . . . . . . . . . . . . . . . . . . . . . . . . . . ................. .
Advertising and publicity .................................... .
General and administrative ................................... .
Depreciation - ground equipment ............................. .
Net income from operations, before income taxes ................ .
OTHER INCOME (EXPENSE):
Profit on sale of property and equipment ....................... .
Net profit of dusting division ................................. .
Interest expense ............................................ .
Other income - net ......................................... .
Net income, before income taxes . . . . . . . . . . . . . . . ............... .
PROVISION FOR FEDERAL <$534,0001
AND STATE INCOME TAXES (Note)
Net income ................................................ .
Note: The provision for Federal income faxes has been computed on the basis of the tax rates
in effect at June 30, 1950.
Statement of Earned Surplus
for the year ended June 30, 1950
Balance June 30, 1949 ...................................... .
Net income for year ended June 30, 1950 ....................... .
Dividends ( cash) on common stock (25 per share) .............. .
Balance June 30, 1950 (restricted as indicated on balance sheet) .... .
12
$13,761,453
2,373,213
238,441
478,537 i
186,706
146,945
$ 7,563,649
2,421,308
1,051,776
1,056,959
1,766,616
599,662
1,107,862
207,309
$ 3,948
60,468
(84,432)
14,613
$1,493,165
815,751
}
$17,185,295
$15,775,141
$ ( 5,403}
$ 1,404,751
589,000
$ 815,751
$2,308,916
125,000
$2,183,916
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C. E. Faulk, Chairman
M. S. Biedenharn*
Richard W. Courts
R. W. Freeman
Edward H. Gerry
L.B. Judd
C. H. McHenry
Winship Nunnally
Travis Oliver
Laigh C. Parker
Richard J. Reynolds
D. Y Smith
C. E. Woolman
DELTA AIR LINES INC.
General Offices: Municipal Airport
ATLANTA, Georgia