MARY OF OPERATIONS 
CA 
BlE ADDRESS'- DElTAIR 
Delta Air Imes. Inc 
QEORQ!A 
AIRPORT 
ATLANTA 
OFFICES 
GENERAL 
ENDED JUNE 3TH) 
(YEARS 
Change 
' 
1955 
+ 40^ 
Operating Revenues .   
Operating Expenses .   
Operating Income    
Net Income from Operations, 
after Taxes    
Total Earnings    * 
1956 
$66,600,000 
58,649,000 
$ 7,951,000 
$ 3,369,000 
53,492,000 
$ 5,696,000 
$ 1,907,000 
$ 2,166,000 
+ 77% 
+ H6% 
Shares Outstanding . 
Earnings per Share   
Cash Dividends Paid .   
Dividends per Share   
Total Stockholders' Equity  
Stockholders' Equity per Share 
Revenue Passengers Carried . 
Available Seat Miles (000) . 
Revenue Passenger Miles (000) 
Passenger Load Factor . 
Average Return per Passenget 
Mile '' 
Number of Employees .   
996,219 
$4.70 
$ 922,990 
$1.20 
$28,358,000 
$28.47 
2,261,770 
1,726,940 
1,080,267 
62.55% 
827,391* 
$2.62* 
720,309 
$1.20 
$19,846,000 
$23.99* 
2,039,018 
1,517,890 
952,426 
62.75% 
5.610 
5,294 
,. , 95 
o/ stock dividend paid June 29, 1956 
i Adjusted to reflect 25 /0 
sio 
,, _lX 
CARIBBEAN COUNTRIES 
THE 
HEART OF AMERICA AND SIX C 
g^RVlNG THE 
+ 20% 
+ 79% 
28% 
+ 43% 
+ 19% 
5.670 
4,547 
I 
i 
f 
i -  
 annual report 1956 
TO THE STOCKHOLDERS 
Events of great significance to Delta Air Lines, 
Inc. occurred during the twelve months ended 
June 30, 1956. We were awarded new routes 
between Atlanta and New York City and be 
tween New Orleans and Houston, permitting 
us to provide service to the New York-Wash- 
ington area from the South and Southwest. 
Orders were placed for $110,000,000 of new 
flight equipment, including both jet aircraft 
for 1959-1960 delivery and the finest piston- 
engined aircraft in the world for the interim 
period. All debentures issued in the Chicago 
and Southern Air Lines merger were retired, 
stockholder equity was increased, and the 
1952 Credit Agreement was replaced with a 
$30,000,000 revolving bank credit agreement 
designed specifically to meet capital needs of the 
next few years. The volume of service rendered, 
gross revenues, and earnings all reached new 
Financial Results 
Revenues -- Total operating revenues of 
$66,600,000 were $7,400,000 (12.52%) higher 
than the preceding year. Passenger revenues in 
creased 12.21% to $60,558,000. A record 1,727 
million available seat miles (up 13.77%) and 
1,080 million revenue passenger miles (up 
13.42%) produced a relatively unchanged sys 
tem passenger load factor of 62.55%. 
Revenues from the transportation of U. S. 
mail were $1,468,000, up only slightly from the 
year before. These U. S. mail revenues include 
$1,346,000 from the carriage of air mail, de 
termined pursuant to the multi-element mail 
rates (containing no subsidy whatsoever) es 
tablished for the industry in early 1955 which 
provide the same compensation for all carriers 
performing identical services. An additional 
$63,000 in mail revenue was derived from the 
carriage of first-class mail between northern 
points and Florida cities on a non-priority basis, 
mail routed by the Post Office Department for 
air movement on an experimental basis. 
Cargo revenues from air freight and air ex 
press were $3,066,000 for the year, representing 
increases of $304,000 and 11.00%, accruing 
from the carriage of 21,025 tons and 40,476,000 
ton miles. Miscellaneous items -- principally ex 
cess baggage, flight equipment rentals, and 
charter flights -- accounted for $1,508,000 of 
revenues. 
Continuing the downward trend of recent 
years, the average return per ton-mile of rev 
enue traffic carried dropped to 56.18^ from 
56.41^ in the 1955 fiscal year. 
Expenses -- Total operating expenses in 
creased 9.64% from the preceding year, to 
$58,648,000. The percentage changes by major 
expense groups were: 
Flying operations +10.87% 
Flight equipment maintenance--direct +10.10% 
Flight equipment depreciation (net) --11.30% 
Ground and Indirect expenses . . . +13.84% 
I 
 y. 4 it 
in--mji 
Manhattan's skyline with UN buildings in foreground, terminus of Delta's 
new route to the governmental and financial capitals of the nation. 
N 1 
The increases in flying operations and flight 
equipment maintenance costs reflect the 7.55% 
increase in revenue plane miles, coming almost 
entirely from expanded DC-7 service. 
Depreciation of owned flight equipment was 
$6,495,000, $369,000 greater than the $6,126,000 
accrued for the preceding year, but charges to 
non-depreciation accounts (from aircraft inter 
change and rental agreements) increased 
$1,047,000 and resulted in lowered net depre 
ciation expenses of $5,327,000. 
The inauguration of service to five new cities 
New York, Philadelphia, Baltimore, Washing 
ton, D. C., and Charlotte -- and higher cost 
levels were the major factors in the ground and 
indirect cost increases. Advertising and pub 
licity expenditures of $1,955,000 were 22.80% 
above the 1955 fiscal year, constituting the 
largest percentage increase and reflecting the 
additional efforts needed to popularize our 
services and obtain identification in the new 
Earnings -- Operating revenues exceeded oper 
ating expenses by $7,951,000. Net non-operat 
ing charges were $513,000, down $863,000 from 
the 1955 fiscal year primarily because of the 
elimination of debenture interest through the 
retirement of all 5%% Convertible Debentures 
(Subordinated) during the year. Taxes on in 
come chargeable against the year's operations 
were $4,069,000, leaving net earnings of 
$3,369,000 representing 5.060 for each dollar of 
gross revenues. Earnings per share of common 
V-7 
(III 
If 
stock were $4.22 on each of the 797,935 shares 
outstanding immediately prior to the 25% stock 
dividend paid on June 29, 1956 and $3.38 on the 
996,219 shares outstanding at June 30, 1956. 
It was deemed impractical to reestablish op 
erations with the three Lockheed Model 649 
aircraft acquired in the Chicago and Southern 
Air Lines merger and leased to Pacific Northern 
Airlines, Inc. in April, 1955. Accordingly, those 
aircraft and leased major spares were sold to 
the lessee. This sale produced a net profit of 
$1,309,000 (equivalent to $1.64 and $1.31, re 
spectively, on the shares of common stock out 
standing immediately preceding and following 
payment of the stock dividend) after taxes and 
reserves. 
Dividends -- Four quarterly dividends of 300 
a share were declared and paid during the year, 
aggregating $922,990, on the dates shown be 
low: 
Declaration 
Date 
July 28, 1955 
Oct. 19, 1955 
Jan. 27, 1956 
April 27, 1956 
Record 
Date 
Aug. 17, 1955 
Nov. 16, 1955 
Feb. 10, 1956 
May 8, 1956 
Payment 
Date 
Sept. 5, 1955 
Dec. 5, 1955 
March 5, 1956 
June 4, 1956 
The payment on June 4, 1956 marked the 
22nd consecutive quarterly dividend and the 
35th cash dividend, continuing one of the most 
consistent dividend records in the industry. 
Details of the June 29, 1956 stock dividend 
are set forth on page 6 of this Report. 
 1956 REVENUE DOLLAR 
Services Rendered 
The year was characterized by increased serv 
ice to the users of air transportation -- in qual 
ity, in volume, in diversity and in geographical 
scope. 
New Route -- Of major importance was the 
inauguration of service on February 1, 1956 to 
New York and Washington with three four- 
engined round trips a day from the South and 
Southwest, pursuant to a route award finalized 
on January 19, 1956. Three more daily round 
trip flights were inaugurated on April 1, 1956, 
providing service to the additionally certificated 
cities of Charlotte, Baltimore and Philadelphia. 
Service to this area has since been expanded to 
a total of nine round trips a day providing over 
400 million annual seat miles including both 
Golden Crown DC-7 and Convair first-class 
service and economical night coach and four- 
engined day coach flights. 
Golden Crown DC-7s -- Delivery of our elev 
enth Golden Crown DC-7 was made in De 
cember, 1955. DC-7 aircraft are the fastest, most 
luxurious aircraft operated commercially any 
where in the world today. During the year 
these 365-mile-per-hour aircraft powered by tur 
bo-compound engines developing 13,000 horse 
power produced 35.55% of our total available 
seat miles, the highest percentage of DC-7 serv 
ice operated by any airline. 
Air Coach -- Reduced-fare air coach opera 
tions were greatly expanded during the year, 
with the 510 million available seat miles of air 
coach service representing 29.57% of total seat 
miles and a 50.69% increase over the preceding 
year. The results of our efforts to extend this 
economical form of air travel to the maximum 
degree practicable are demonstrated by the fol 
lowing comparison of available seat miles by 
types of service for the past two fiscal years: 
Seat Miles 
(Millions) 
Fiscal Years 
Ended June 30 
Per Cent 
Type of Service 1956 1955 Increase 
First-Class . . . 1,216 1,179 3.14% 
Night Coach . 293 260 12.69% 
Day Coach . . . 218 79 175.95% 
88.660 
2.130 
1L 
4.420 
4.790 
TOTAL DOLLAR REVENUE 
$69,333,707 
SOURCES 
DISTRIBUTION 
8.380 
FOOD AND SUPPLIES FOR 
PASSENGERS $1,815,350 
OTHER OPERATING 
COSTS $7,453,026 
10.750 
CAPITAL COSTS (INTEREST 
& DIVIDENDS) $2,049,832 
2.960 
8.950 
RETAINED FOR USE IN 
BUSINESS $3,156,526 
4.550 
3 
 Interchanges -- A substantial number of pas 
sengers continued to receive the benefits of 
through-plane service under equipment inter 
change agreements in which we are a major 
participant. Interchange operations are con 
ducted in conjunction with American Airlines, 
National Airlines, and Trans World Airlines 
that provide through-plane service between: 
1) Miami, Florida and California 
2) Atlanta, Georgia and California 
3) Houston, Texas and New York City 
4) Detroit and the Southeast 
International Division -- The world's first in 
tercontinental DC-7 service on your Company's 
international route from New Orleans, Louisi 
ana to Caracas, Venezuela via Havana, Cuba 
and Montego Bay, Jamaica, coupled with the 
curtailment and rearrangement of Super Con- 
vair service between New Orleans and Sact Juan, 
Puerto Rico, effected a material improvement in 
the operations of the International Division. 
Operating revenues increased 13.16%, to 
$4,795,000, and operating expenses of $4,798,000 
were 5.07% below the preceding year, resulting 
in an operating loss of $3,000 as compared to a 
loss of $817,000 in the 1955 fiscal year. Notwith 
standing these losses, this Division is operated 
without governmental subsidy support, pur 
suant to the off-set principle under which do 
mestic earnings are diverted to support former 
ly subsidized international operations. Compen 
sation of $70,000 (1.45% of the Division's op 
erating revenues) was received for carrying the 
mails of both the United States and foreign 
governments on our international routes under 
compensatory rates averaging 70.750 a mail ton 
mile. 
Equipment and 
Facilities 
Flight Equipment Purchases -- In addition 
to the eleventh Douglas DC-7 received in De 
cember, 1955, four Constellation aircraft and 
related spares were purchased from Pan Ameri 
can World Airways on February 1, 1956. Pan 
American was unable to relinquish possession 
of this equipment until summer, and gross 
rentals of $577,000 were collected for its con 
tinued use during the remainder of the fiscal 
year. Depreciation and miscellaneous costs of 
$493,000 were charged against gross rentals. 
These aircraft, in 72-seat coach configuration, 
are now in operation over the route to the 
Northeast. 
Equipment Owned and on Order--The flight 
equipment owned on June 30, 1956 and on 
order is shown in the following tabulation: 
Douglas DC-3 14 25 
Douglas DC-3 2 Cargo 
Convair 340 20 44 
Douglas DC-6 7 70/76 
Douglas DC-7 11 69 
Lockheed L-049 4 72 
Convair 440 8 44 
Douglas DC-7B 10 69/96 
Douglas DC-8 (Jet) 8 118/144 
Convair 880 (Jet) 10 80 
The CONVAIR MODEL 440 METROPOL 
ITAN is a quieter, faster version of the Con- 
vair Model 340. The eight Model 440s on order 
are scheduled for delivery in the latter part of 
1956 and early 1957. 
The ten DOUGLAS DC-7Bs on order are 
basically the same as the eleven Golden Crown 
DC-7s presently operated, with certain minor 
engineering differences. These aircraft will be 
delivered in the last half of 1957, and six of 
the ten will be received with 96 seats installed 
for coach service. 
 Statue to the nation's first president in Baltimore, an 
important intermediate city on Delta's new route. 
Independence Hall, Philadelphia, which Delta 
now links directly with the South and Southwest. 
Orders for pure-jet DOUGLAS DC-8 aircraft 
were placed only after a thorough study of both 
our need for turbine-powered aircraft in the 
1959-1960 period and the aircraft being offered 
to fill that need. The DOUGLAS DC-8 will rep 
resent a tremendous advance in air transporta 
tion, with its cruising speed of 575 miles an 
hour and passenger capacity of 118 in first class 
service or 144 in coach service. The sample 
DOUGLAS DC-8 schedules shown below illus 
trate the extent to which distances will in the 
future be measured by units of time rather than 
by miles: 
Chicago-Miami 2 Hours 25 minutes 
New Orleans-Chicago ... 1 Hour 54 minutes 
Atlanta-Dallas 1 Hour 37 minutes 
Houston-Washington ... 2 Hours 40 minutes 
Atlanta-New York .... 1 Hour 41 minutes 
The DOUGLAS DC-8 is programmed for 
certification in October, 1959. It is expected 
that your Company will have six aircraft in 
operation at that time, providing the first pure- 
jet service in many major travel markets. 
The 80-passenger pure-jet CONVAIR MOD 
EL 880 is engineered specifically for operations 
over intermediate flight distances and in and 
out of average-sized airports, a type of service 
for which the larger jet aircraft such as the 
DOUGLAS DC-8 are not well suited. The CON 
VAIR MODEL 880, with a top speed of 607 
miles an hour, will have performance charac 
teristics far superior to any other aircraft in 
accomplishing the services for which it is de 
signed. Its certification is expected in mid-1960, 
and we will be among those airlines receiving 
the earliest deliveries. 
Flight Equipment Modifications -- Modifica 
tions to aircraft in service are constantly in 
process, taking advantage of the latest techno 
logical developments to provide superior per 
formance and passenger comfort. The largest 
current project involves the installation of 
weather avoidance radar, to permit the identi 
fication and circumnavigation of turbulent air, 
at a cost of $1,065,000. In addition, recently- 
developed propeller synchrophasers are being in 
stalled on DC-7 aircraft, to control the position 
of the propeller blades in relation to each other 
and to the passenger cabin for improved sound 
and vibration characteristics. A substantial 
modification program is planned for the 20 Su 
per Convair Model 340 aircraft, incorporating 
certain of the Model 440 design changes which 
make that airplane quieter and faster. 
Ground Facilities -- Inauguration of service 
to New York City, Philadelphia, Baltimore, 
Washington and Charlotte necessitated the pro 
vision and acquisition of ground facilities and 
equipment for the airport operations and sales 
activities at those cities. During the year 42,000 
square feet of maintenance space were added to 
5 
 Jefferson Memorial in Washington, now receiving 
Delta service to the North, South, and Southwest. 
our Atlanta base, to accommodate the higher 
level of maintenance activity. A second airport 
to serve the Chicago area --O'Hare Airport -- 
was activated in late 1955, with the attendant 
requirement for operational facilities. These 
major undertakings, coupled with the normal 
requirements for tooling, equipment, and ex 
panded facilities commensurate with the in 
creased volume of operations, required total 
expenditures of $1,240,000. 
In the immediate future, new maintenance 
facilities on land occupied under long-term 
leases are programmed for Dallas, Miami, and 
New York, to be built largely with funds sup 
plied by the lessors. Studies are underway to de 
termine the type and location of facilities that 
will best serve our needs for jet operations. 
^ Capital Structure 
Debenture Redemptions -- At the beginning 
of the year there were outstanding $5,867,000 
principal amount of 5V2% Convertible Deben 
tures (Subordinated) issued in connection with 
the Chicago and Southern Air Lines merger on 
May 1, 1953 (after giving effect to the retire 
ment of $2,500,000 of Debentures called in June, 
1955 for redemption in July, 1955). Through 
calls as of September 9, 1955 and October 27, 
1955 this outstanding amount was retired, 
with $1,111,000 being redeemed for cash and 
$4,756,000 being converted into common stock 
at the established conversion price of $35 
a share. During the fiscal years that ended 
June 30, 1955 and 1956 the entire $10,900,000 of 
these debentures were retired, through cash re 
demptions of $3,969,000 and conversions into 
197,935 shares of common stock. 
Common Stock -- A pro rata distribution 
of additional common stock was accomplished 
on June 29, 1956 by the payment of a 25% stock 
dividend to stockholders of record June 8, 1956, 
increasing the 797,935 shares then outstanding 
to 996,219 at the end of the year. The equiva 
lent book value of each share of common stock 
outstanding at year-end increased $4.48 during 
the year, to $28.47 at June 30, 1956, and total 
stockholder equity increased $8,512,000 to 
$28,358,000. Since the close of the fiscal year, 
125,000 shares of common stock were sold 
through a public offering on July 17, 1956 at a 
sales price of $37 a share. The proceeds of 
$4,343,750 from this sale provide a broadened 
equity base for the aircraft acquisitions and en 
larged operations in the ensuing years. 
Credit Agreement -- On March 15, 1956, the 
Company entered into a credit agreement (su 
perseding the September 2, 1952 agreement) 
with a group of twenty-five banks under which 
maximum outstanding loans of $30,000,000 
are permitted on unsecured notes maturing 
December 30, 1960. These "1960 notes" bear in 
terest at a variable rate per annum which is 
based on the prime rate of interest in New York 
City, but not less than 314% nor more than 
4%. On December 30, 1960, the aggregate out 
standing balances on all "1960 notes" will be 
consolidated into one note payable in twenty 
installments beginning on March 31, 1961 and 
I 
6 
 bearing interest at a rate per annum to be 
similarly determined and restricted to a mini 
mum of 3*4% and a maximum of 4%. As of 
June 30, 1956, $11,400,000 was outstanding. 
The Credit Agreement provides (among 
other things) that Unappropriated Earned Sur 
plus shall not be reduced below $9,401,549 by 
the payment of cash dividends and that current 
assets shall be maintained at least equal to cur 
rent liabilities. 
Personnel 
There were 5,294 employees at June 30, 1956, 
an increase of 747 during the year, exemplify 
ing the broadened employment and promo 
tional opportunities created by the certification 
into new markets and expansion of operations. 
Intensified training programs for both technical 
and non-technical employees played a major 
role in the rapid assimilation of new employees 
and the advancement of other employees. 
At the end of the year 1,181 employees had 
completed more than ten years of service, and 
2,329 had completed more than five years of 
service. The presence of experienced, loyal em 
ployees is a major asset in the balance sheet of 
intangibles that determines a corporation's char 
acter and vigor, and your Company considers 
itself fortunate in having an excellent corps of 
senior employees. 
A general wage and salary increase in No 
vember, 1955 maintained employee earnings at 
a level compatible with the industry average. 
Also, a variable annuity retirement plan was 
made available to pilots and intermediate super 
visory employees. This variable annuity plan, 
which requires contributions of participants, is 
in addition to the fixed benefit plan begun in 
1942 and provides retirement benefits in vari 
able amounts based upon the changing values 
of fund assets. 
Payments to or for the direct benefit of em 
ployees during the year reached the record 
amount of $26,661,000, a $2,900,000 increase 
over the 1955 fiscal year. 
^ Regulatory Matters 
New Route Extensions and Implementations 
-- On January 20, 1956 the Civil Aeronautics 
Board confirmed its opinion in the Additional 
Southwest-Northeast Service Case awarding your 
Company extensions of Route 24 from Atlanta 
to New York/Newark via Charlotte, Washing 
ton, Baltimore, and Philadelphia and from New 
Orleans to Houston. These extensions carried 
with them certain restrictions which prevent 
non-stop and turn-around services between some 
pairs of points. Although only a portion of the 
requested authority was granted, and a third 
carrier was certificated into several major mar 
kets which previously received effective service 
from a single carrier, this entry into the popu 
lous Northeast strengthens our route system. 
In 1955 hearings were concluded in the New 
York-Florida Case, in which we sought author 
ity to operate between New York City and 
Miami, Florida, both non-stop and via various 
The magnificent Golden Crown DC-7's, world's fastest planes, are the luxury airliners of Delta's fleet. 
 30 
WEATHER AVOIDANCE RADAR 
for the Delta fleet 
if 
Identified by a black plastic nose on the airplane, which houses the scanning 
mechanism, weather avoidance radar presents the pilot with a moving map show 
ing cloud formations (light) and turbulent areas (dark cores) to be avoided. 
intermediate cities. Needing only 89 new route 
miles and already serving most of the cities in 
volved made us, in our opinion, the logical 
choice to provide the needed additional service 
-- and the Hearing Examiner so recommended 
in his Initial Decision issued April 3, 1956. 
However, the Civil Aeronautics Board an 
nounced in a press release of August 10, 1956 
that it was not accepting the Examiner's recom 
mendation and that Delta was to be granted 
new authority to serve Tampa only, on a re 
strictive basis. We intend to request reconsid 
eration of this decision at the appropriate time. 
In early 1956, the Civil Aeronautics Board in 
stituted a proceeding to determine whether the 
Cincinnati - Dayton - Columbus -Toledo-Detroit 
segment of TWA's Route 2 should be trans 
ferred to an appropriate carrier (and, if so, to 
which carrier), following TWA's stated willing 
ness to effect such a transfer. In August, 1956 
the Examiner recommended that this route be 
transferred to Delta. A final decision in this case 
may be reasonably expected before the end of 
1956. 
Several new route cases of major importance 
confront your Company, the more immediate 
of which are: 
1. The St. Louis to the Southeast Case, in 
which your Company has filed an applica 
tion to enable us to operate between St. 
Louis and the Southeast and between 
Kansas City and the Southeast, via inter 
mediate cities. 
2. The Puerto Rico Service Case, wherein we 
seek an extension of Route 54 from Miami 
to San Juan which would enable us to 
provide new or additional services between 
San Juan and such interior points now 
served as Atlanta, Cincinnati and Chicago. 
3. The Great Lakes-Southeast Case, involv 
ing applications designed to improve and 
increase our operating authority between 
Chicago and Miami. We also propose to 
extend Route 54 from Cincinnati to De 
troit via such important cities as Pitts 
burgh, Cleveland, Dayton, Columbus, 
Ohio and Toledo. 
Several other carriers have applications 
which will be heard in this case propos 
ing to duplicate our basic Chicago-Miami 
route. We will defend our record of service 
over this route and will endeavor to main 
tain our position that the volume of avail 
able traffic in these markets and quality 
of service now rendered does not justify 
or necessitate additional competing routes. 
General Passenger Fare Investigation -- In 
May, 1956 the Civil Aeronautics Board initiated 
an investigation to determine if the passenger 
fares of the domestic airlines (excluding local 
service carriers) "are generally unjust or unrea 
sonable'' and "if found to be unjust or unrea 
sonable, to determine what overall percentage 
8 
 changes in the fares . . . should be permitted or 
required". Your Company takes the position 
(which will be presented to the Civil Aeronau 
tics Board in the formal hearing) that airline 
earnings have not in the past exceeded reason 
able levels and that projections of earnings and 
capital requirements for future periods show 
that earnings in those future periods will not 
exceed reasonable levels with prevailing fare 
structures. It is expected that the determination 
of the issues raised in this proceeding cannot be 
finally concluded before mid-1957 at the earliest. 
Mail Rate Off-Set Issue -- By a decision dated 
February 1, 1954, the Supreme Court of the 
United States sustained an objection of the 
Postmaster General to an October, 1951 inter 
national mail rate order issued by the Civil 
Aeronautics Board in favor of Chicago and 
Southern Air Lines, Inc., (which was merged 
with and into Delta on May 1, 1953). That de 
cision requires the Civil Aeronautics Board to 
review its original order and to redetermine the 
mail pay requirements of the C&S international 
operations during the periods involved in ac 
cordance with the principles established by the 
Court's decision. Following hearings held be 
fore an Examiner of the Civil Aeronautics Board 
in September, 1955, the Examiner issued an Ini 
tial Decision on December 16, 1955, in which he 
recommended the refund of $391,000, plus any 
income tax benefit accruing therefrom, as rep 
resenting allegedly excess mail revenue received 
by C&S during the period January 1, 1948 to 
September 30, 1951. All parties to the CAB pro 
ceeding filed exceptions to this Initial Decision 
and the case has been submitted to the Board 
for its final action. The manner in which the 
CAB will resolve the various issues involved 
cannot now be predicted. 
The Years Ahead 
lire airline industry has become an integral 
and essential part of the Nation's economy and 
national defense. The usage of air transporta 
tion in 1955 was 18% above the preceding year, 
and the airlines carried 32% of the total inter 
city common carrier passenger miles. A dou 
bling of the present volume in the next ten years 
is predicted. 1 he orders placed by your Com 
pany for new flight equipment, including the 
world's finest jet aircraft, will enable it to prop 
erly discharge its service responsibilities and to 
maintain its competitive position in the industry. 
As regards jet aircraft, they will usher in a 
new era of air transportation that will have 
great public appeal. And as each advance in 
aviation has brought new problems, so will the 
jet era. We are confident, however, that most 
of these problems will be overcome well in ad 
vance of the time when jets are placed into com 
mercial operation. 
President and General Manager 
September 14, 1956 
PERSONNEL 
by Length of Service 
AS OF JUNE 30 
1956 1955 1954 
OVER 20 YEARS 50 37 17 
TOTAL 5294 4547 4257 
9 
 DETROIT 
CLEVELAND 
TOLEDO, 
PITTSBURGH 
CHICAGO NEW YORK 
^NEWARK 
FT. WAYNE. 
DAYTON' 
PHILADELPHIA 
COLUMBUS 
INDIAN 
APOLIS 
CINCINNATI 
The large map at the right shows all of the routes, both local and 
non-stop, now being flown by Delta. Dotted lines indicate how 
new routes applied for will bridge gaps in the basic network. 
BALTIMORE 
ST. LOUIS, 
KANSAS CITY 
EVANSVILLE WASHINGTON 
LOUIS 
iVILLE 
LEXINGTON 
NEW YORK 
ONEWARK 
PADUCAH 
CHICAGO SPRINGFIELD 
flL WINSTON-SALEM 
jf j^GREENSBORO 
IJIGH POIN I 
 CHARLOTTE 
CINCINNATI 
ASHEVILLE% 
HENDERSONVILLE 
NASHVILLE 
LOUIS KNOXVILLE. 
MEMPHIS 
O WASHINGTON 
A dozen domestic cities, plus three more 
overseas, are now linked in 22 different 
combinations by non-stop DC-7 service. 
Delta DC-7's continue to the West Coast 
in interchange services. 
SPARTANBURQI 
^[COLUMBIA 
GREEN- 
'VILLE 
HOT SPRINGS LITTLE 
ROCK 
CHATTANOOGA 
SAN FRANCISCO 
OAKLAND 
CHARLESTON 
'ATLANTA 
.TLANT: 
# AUGUSTA# 
GREENWOODi 
DALLAS [BIRMINGHAM. 
BIRMINGHA 
TO THE WEST COAST 
LOS \ 
ANGELES 
COLUMBUS 
MERIDIAN .SAVANNAH 
FORT 
WORTH 
MACON 
MONTGOMERY 
JACKSON  SELMA 
IKS0NV1LLE MONROE 
BRUNSWICK 
NEW ORLEANS DALLAS [SHREVEPORT 
ALEX A N DR I A 
| S A N v 
: DIEGO 
HOUSTON 
PHOENIX 
HATTIESBURG 
TUCSON FORT 
WORTH 
Present Delta routes 
Interchange (through plane) 
routes with other airlines. 
Proposed Delta routes 
applied for 
BATON | 
ft ROUGE 
JACKSONVILLE 
EL PASO NEW ORLEANS 
TO CARIBBEAN POINTS 
[BEAUMONT 
PORT ARTHUR 
ORLANDO A* 
HOUSTON 
NEW YORK 
QNEWARK 
DETROIT 
CHICAGO TAMPA 
ST. PETERSBURG 
PALM BEAC 
DELPHI A 
CINCINNATI 
MIAMI 
INDIAN 
A POL IS 
The benefits of economical day or night ST L0UIS( 
aircoach service are now available 
over most of Delta's domestic system. 
MEMPHIS 
INGTON 
.HAVANA 
o CHARLOTTE 
STLAN 
BIRMINGH 
DALLAS 
SHREVEPORT 
TO THE WEST COAST 
JACKSON 
FORT 
WORTH 
CIUDAD 
TRUJILLO 
HOUSTON PORT AU 
PRINCE 
MONTEGO BAY 
CARACAS 
 DELTA AIR LINES, INC. 
ATLANTA, GEORGIA 
BALANCE SHEETS 
CURRENT ASSETS: 
Cash 
U. S. Government securities, at cost, which approximates 
market 
Accounts receivable-- 
Traffic (net) 
Other 
Maintenance and operating supplies, at average cost . . 
Other current assets . ' 
Total current assets 
OTHER ASSETS: 
Advance payments for new flight equipment 
Net assets of dusting division 
Miscellaneous 
PROPERTY AND EQUIPMENT (Including $13,335,448 and 
$3,912,188 fully depreciated in 1956 and 1955, respectively): 
assets 
1 956 
$ 5,551,039 
2,993,912 
4,448,932 
1,114,370 
708,643 
323,923 
$15,140,819 
$ 4,008,341 
146,145 
170,991 
$ 4,325,477 
1 955 
$ 5,855,019 
6,990,197 
3,752,160 
1,179,069 
534,792 
451,459 
$18,762,696 
136,317 
261,869 
$ 398,186 
Flight 
Equipment 
Other 
Property and 
Equipment 
Cost-- 
1956 . . . . . . $51,901,684 $7,476,359 $59,378,043 
1955 . . . . . . 48,409,359 6,238,399 $54,647,758 
Reserves for depreciation- 
1956 20,933,050 3,595,812 24,528,862 
1955 . . . . . . 17,848,912 3,158,139 21,007,051 
$34,849,181 $33,640,707 
DEFERRED CHARGES, ETC.: 
Property acquisition adjustment (Note 5) . . . . . . $ 35,848 $ 734,391 
Unamortized DC-7 preinaugural expense .... . . . 50,759 111,546 ,111 
Other deferred charges . . . 236,304 402,356 iff 
$ 322,911 $ 1,248,293 ill 
$54,638,388 $54,049,882 
m 
The accompanying notes are an 
liabilities 
CURRENT LIABILITIES: 
Current maturities of notes payable . . . 
Accounts payable and accrued liabilities . 
Advance sales of tickets for transportation 
Accrued Federal and state taxes on income 
Air travel plan deposits 
Total current liabilities . . . 
NOTES PAYABLE TO BANKS: 
Notes payable bearing interest at not less than 3i4% nor 
more than 4%, due in installments from 1961 through 
1965 (Note 2) 
3I/2 
% notes payable (less current maturities above) . . . 
51/2% CONVERTIBLE DEBENTURES (SUBORDINATED) 
(Note 3) 
RESERVES AND DEFERRED CREDITS: 
Deferred Federal income taxes 
Reserve for contingencies (Note 4) 
Other 
CAPITAL STOCK AND SURPLUS: 
Common stock, par value $3.00 per share, 
Authorized 1,500,000 shares 
Issued and outstanding 996,219 shares at 
June 30, 1956 and 661,913 shares at 
June 30, 1955 (Note 2) 
Capital surplus 
Earned surplus (of which $9,401,549 is not available for cash 
dividends under terms of credit agreement) 
PURCHASE COMMITMENTS (Note 2) 
JUNE 30 
1956 
4,806,546 
2,366,453 
3,691,616 
790,075 
$11,654,690 
$11,400,000 
$ 2,434,000 
500,000 
291,834 
$ 3,225,834 
$ 2,988,657 
12,006,175 
13,363,032 
$28,357,864 
$54,638,388 
integral part of these statements. 
1956 AND 1955 
1955 
$ 3,875,000 
4,692,190 
1,746,498 
1,695,731 
677,025 
$12,686,444 
$ - 
13,825,000 
$ 5,867,200 
$ 1,325,000 
500,340 
$ 1,825,340 
$ 1,985,739 
7,653,652 
10,206,507 
$19,845,898 
$54,049,882 
12 13 
 statements of income statements of surplus 
FOR THE YEARS ENDED 
JUNE 30, 1956 AND 1955 
FOR THE YEAR 
ENDED JUNE 30, 1956 
OPERATING REVENUES: 
Passenger 
U. S. Mail 
Freight 
Express 
Excess baggage 
Other operating revenue -- net . . 
Total operating revenues 
OPERATING EXPENSES: 
Flying operations . . . 
Depreciation -- flight equipment owned .... 
Less -- Net depreciation credits arising from equ 
terchange and lease agreements 
Total direct aircraft operating expenses 
Ground and indirect maintenance 
Passenger service 
Traffic and sales 
Advertising and publicity 
General and administrative 
Depreciation -- ground equipment 
Total operating expenses 
Income from operations before income taxes 
OTHER EXPENSE (INCOME): 
Interest on notes payable $ 574,333 
Interest on debentures (reflecting in 1956 adjustments of prior 
year's interest) (45,941) 
Amortization of property acquisition adjustment (Note 5) . 19,560 
Net (profit) or loss of dusting division 3,106 
Other -- net (38,075) 
Total other expense $ 512,983 
Income before income taxes $ 7,438,196 
PROVISION FOR TAXES ON INCOME: 
Federal and state taxes on income, including deferred taxes of 
$1,109,000 in 1956 and $990,000 in 1955 4,069,000 
Net income $ 3,369,196 
SPECIAL ITEM -- Profit on disposition of flight equipment 
(less $1,425,000 applicable income taxes and reserve provision 
in 1956 and $103,000 applicable income taxes in 1955) . . . 1,308,770 
Net income and special item $ 4,677,966 
1956 1955 
. . $60,557,924 $53,966,525 
. . 1,468,247 1,462,684 
. . 2,020,061 1,844,168 
. . 1,045,567 917,609 
. . 913,440 765,580 
. . 594,698 231,395 
. . $66,599,937 $59,187,961 
. . $17,357,616 $15,655,414 
. . 8,016,209 7,280,827 
. . 6,495,172 6,126,616 
in- 
. . (1,168,669) (121,711) 
. . $30,700,328 $28,941,146 
. . 7,731,184 6,865,012 
. . 4,216,962 3,718,398 
. . 3,949,874 3,573,237 
. . 6,302,954 5,500,221 
. . 1,955,326 1,592,243 
. . 3,305,476 2,861,699 
. . 486,654 440,076 
. . $58,648,758 $53,492,032 
. . $ 7,951,179 $ 5,695,929 
563,444 
547,140 
199,290 
(4,269) 
71,149 
1,376,754 
4,319,175 
2,412,000 
1,907,175 
258,850 
2,166,025 
V 
Earned 
Surplus 
Capital 
Surplus 
Balance at beginning of year $10,206,507 $ 7,653,652 
Add: 
Net income 3,369,196 -- 
Special item -- Profit on disposition of flight equipment (less 
$1,425,000 applicable income taxes and reserve provision) 1,308,770 - 
Excess of conversion price over par value of common stock 
issued on conversion of Debentures 4,352,523 
$14,884,473 $12,006,175 
Deduct: 
Cash dividends on common stock 922,990 -- 
Transfer to common stock in connection with stock split ef 
fected in the form of a 25% stock dividend 598,451 
Balance at end of year ($9,401,549 of earned surplus is restricted 
as indicated on balance sheet) $13,363,032 $12,006,175 
AUDITOR'S CERTIFICATE 
I 
ARTHUR ANDERSEN 8C CO 
ACCOUNTANTS AND AUDITORS 
Board of directors, 
-Oelta Air Lines, Inc. : THE 
WILLIAM-OLIVER BUILDING 
TTT -i ATLANTA Q 
Io?Litna corporatiorO as^? ^ of Delta Air lines, Inc. ,a 
ments of income and surging 50 * 19B^ and the related state- 
was made in accordance with generallv^ the+ 5nded* 0ur examination 
sunBaC?rdingly included such tests^f fhGPted audftinS standards, 
Srcumstlnces?'1^ P^d-s 
income and surplus presenTfairl^thV'f?06 sBeat and statements of 
5TM**. Inc* as of June 30, 1956 ^nc^thevf10}?1 Psition of Delta Air 
for the year then ended, and were reuarprf fUlt%f its operations 
ly accepted accounting princiulp? ^ C0n/0rmity with general- 
that of the preceding fear P applled on a basis consistent with 
Atlanta, Georgia, 
August 24, 1956. 
ARTHUR ANDERSEN & CO. 
14 
The accompanying notes are an [ 
integral part of these statements. 
 notes to financial statements 
1. DEPRECIATION RATES: 
The Company's 11 DC-7s and 20 Model 340 Convairs are being depreciated for book pur 
poses to residual values (10% of cost of DC-7s and 2% of cost of Convairs) over a period 
of seven years from the dates placed in service (19 Convairs in 1953 and 1 in 1954; 7 DC-7s 
in 1954, 3 in 1955 and 1 in 1956). For Federal income tax purposes, 80% of the cost of these 
aircraft and related spare parts is being amortized under Certificates of Necessity over a 60- 
month period from the dates placed in service and the remaining 20% of the cost of the 
equipment placed in service in 1954 and 1955 is being depreciated using a method of ac 
celerated depreciation permitted by the Internal Revenue Code of 1954. 
The 4 Model 049 Constellations, three of which at June 30, 1956, were being released 
to another airline, are being depreciated to a residual value of 10% of cost over a period 
of three years to February, 1959. The 7 DC-6s and 16 DC-3s have been fully depreciated 
to a residual value of 10% of cost. 
2. PURCHASE COMMITMENTS AND ADDITIONAL. FINANCING: 
The Company has outstanding commitments for the purchase of aircraft and related spare 
parts and accessories aggregating approximately $110,000,000 as follows: 
Number and 
Type of Aircraft 
8 Convair Model 440 . . 
10 Douglas DC-7 .... 
8 Douglas DC-8 (jet) . . 
10 Convair Model 880 (jet) 
Approximate 
Cost 
$ 6,500,000 
21,500,000 
44,000,000 
38,000,000 
$110,000,000 
Date of 
Delivery 
1956 and 1957 
1957 and 1958 
1959 and 1960 
1959 and 1960 
On March 15, 1956, Delta entered into a credit agreement with a group of twenty- 
five banks under which the borrowing of $30,000,000 is permitted on unsecured notes ma 
turing December 30, 1960. As of December 30, 1960, the aggregate outstanding balances 
on all "1960 Notes" due each bank will be consolidated into one note repayable to such 
bank in 20 quarterly installments beginning on March 31, 1961. These notes bear interest 
at not less than 314% nor more than 4% per annum. 
In July, 1956, the Company sold to the public 125,000 additional shares of common 
stock, receiving net proceeds of $4,343,750. 
3. REDEMPTION OF DEBENTURES: 
During 1956 the Company called for redemption the last of its 514% Convertible 
Debentures (Subordinated). Of the $5,867,200 outstanding at June 30, 1955, $4,756,000 were 
converted into common stock at $35.00 a share and $1,111,200 were redeemed for cash. 
4. CONTINGENT LIABILITIES: 
The Supreme Court of the United States by decision dated February 1, 1954, sustained 
the Post Office- Department's objection to a Chicago and Southern Air Lines, Inc.^ (C&S) 
international mail rate order issued by the CAB in October, 1951 (the so-called offset 
case). The Department contended that the entire operations of a carrier with both domes 
tic and international divisions should be taken into consideration in determining the mail 
pay requirements of either division, and that accordingly the rate order in question pro 
vided excess mail revenue of $654,000 for the calendar years 1948-1950. The Supreme Court 
decision requires the CAB to review its original order and redetermine the mail pay re 
quirements for the C&S international operations for the periods involved in accordance 
with the principles therein established. The amount of mail pay refund, if any, that Delta 
may be required to pay as successor of C&S cannot now be determined. 
The Company has provided a $500,000 reserve in connection with the foregoing con 
tingent liability and with proposed deficiencies in income taxes of C&S prior to its merger 
into Delta. 
5. PROPERTY ACQUISITION ADJUSTMENT: 
The original amount of $2,753,381, representing chiefly the excess of fair value over 
book value of flight equipment acquired from Chicago and Southern Air Lines, Inc. when 
that Company was merged into Delta as of May 1, 1953, has been reduced principally by 
credits from sales of the related flight equipment. During the year ended June 30, 1956, 
the last of the flight equipment acquired in the merger was disposed of and the balance 
at June 30, 1956, represents intangible costs being amortized to April, 1958. 
16 
 MILLIONS 
110 1,100 
Delta Air Lines, Inc. 
FOR YEARS ENDING JUNE 30 
106 
102 
98 
94 
90 
86 
82 
78 
74 
70 
66 
62 
58 
54 
50 
46 
42 
38 
34 
JUL AUG SEPT OCT NOV DEC JAN FEB MAR APR MAY JUN 
REVENUE PASSENGER MILES 
mm 
DEPRE-I 
CIATION ' 
 
B 
| DEPRE 
SS CIATION 
NET 
BOOK 
VALUE 
OEPRE- 
BIB CIATION 
--w 
I 
NET 
BOOK 
VALUE 
Ilili 
NET 
BOOK 
VALUE 
1954 1955 1956 
FLIGHT EQUIPMENT! 
900 
800 
700 
600 
500 
400 
300 
200 
100 
'48 '49 '50 '51 '52 '53 '54 '55 
REVENUE PASSENGER MILES 
MILLIONS 
56 
DOLLARS PER SHARE 
TON MILES AND PLANE MILES NET BOOK VALUE PER SHARE 
OF COMMON STOCK* 
'ADJUSTED TO REFLECT 25% STOCK DIVIDEND PAID JUNE 29, 1956 
-j- AS OF JUNE 30 
17 
 CONVAIR 340 
CONVAIR 880 
CONVAIR 44 
A DECADE Total assets 
1956 
$54,638,388 
1955 
$54,049,882 
1954 
$48,089,997 
19 5 3 
$37,966,469 
OF GROWTH 
Current assets 15,140,819 18,762,696 15,888,546 14,706,498 
Current liabilities 11,654,690 12,686,444 8,861,111 9,192,041 
Net working capital . . . 
Stockholder equity 
3,486,129 
28,357,864 
6,076,252 
19,845,898 
7,027,435 
16,233,227 
5,514,457 
15,647,278 
Stockholder equity per share* . . . 28.47 23.99 21.64 20.86 
Shares of common stock outstanding* 996,219 827,391 750,000 750,000 
Operating revenues 
Passenger $60,557,924 $53,966,525 $45,144,949 $28,946,479 
Mail 1,468,247 1,462,684 1,723,703 1,131,578 
Express 1,045,567 917,609 844,483 550,305 
Freight 2,020,061 1,844,168 1,766,266 1,044,338 
All other 1,508,138 996,975 854,481 665,102 
Total revenues 66,599,937 59,187,961 50,333,882 32,337,802 
Operating expenses (excluding 
depreciation) 52,835,601 47,047,051 43,021,159 26,641,944 
Depreciation 5,813,157 6,444,981 5,275,152 2,259,784 
Total expenses 58,648,758 53,492,032 48,296,311 28,901,728 
Operating ratio 88.06% 90.38% 95.95% 89.37% 
Net non-operating revenue or (expense) (512,983) (1,376,754) (1,359,987) (1,345,957) 
Net income before taxes 7,438,196 4,319,175 677,584 2,090,117 
Taxes on income 4,069,000 2,412,000 394,000 688,000 
Net income 3,369,196 1,907,175 283,584 1,402,117 
Net income as % of 
revenues 5.06% 3-22% 56% 4.34% 
Special item -- profits from major flight 
equipment sales (after taxes) . . . 1,308,770 258,850 1,022,365 2,756,561 
Total income and special item . . . 4,677,966 2,166,025 1,305,949 4,158,678 
Per share of stock outstanding* . . 4.70 2.62 1.74 5.54 
Revenue plane miles (000) 33,962 31,579 31,916 20,672 
Available seat miles (000) 1,726,941 1,517,891 1,344,069 776,157 
Passenger load factor 62.55% 62.75% 57.26% 65.41% 
Available ton miles (000) 207,416 182,997 162,345 94,045 
Revenue ton miles (000) 118,544 104,927 87,251 57,565 
Overall load factor 57.15% 57.34% 53.74% 61.21% 
Percent of scheduled miles flown . . . 98.39% 98.79% 98.29% 98.83% 
1952 195 1 1 950 1 949 1948 1947 
$16,836,905 
7,186,793 
6,618,627 
$14,402,050 
6,093,494 
4,541,282 
$12,371,851 
4,262,201 
2,950,443 
$12,629,268 
4,379,289 
2,751,859 
$ 9,352,827 
4,156,500 
2,180,988 
$ 9,306,766 
5,040,527 
2,253,963 
568,166 1,552,212 1,311,758 1,627,430 1,975,512 2,786,564 
9,808,493 
15.69 
625,000 
8,658,043 
13.85 
625,000 
7,401,245 
11.84 
625,000 
6,710,494 
10.74 
625,000 
6,196,053 
9.91 
625,000 
5,789,701 
9.26 
625,000 
$23,995,938 
1,035,599 
431,240 
827,927 
727,417 
$19,006,936 
1,306,752 
374,480 
720,719 
812,112 
$13,761,453 
2,373,213 
238,441 
478,537 
333,651 
$11,987,246 
2,434,888 
244,859 
358,503 
202,349 
$10,079,272 
2,010,668 
273,099 
303,115 
152,815 
$10,558,559 
423,292 
242,978 
109,603 
154,404 
27,018,121 22,220,999 17,185,295 15,227,845 12,818,969 11,488,836 
21,155,513 
1,485,556 
17,499,480 
1,389,721 
14,568,386 
1,206,755 
13,096,091 
1,185,865 
11,605,990 
1,012,954 
10,837,709 
944,659 
22,641,069 
83.80% 
18,889,201 
85.01% 
15,775,141 
91.79% 
14,281,956 
93.79% 
12,618,944 
98.44% 
11,782,368 
102.55% 
12,398 
4,389,450 
2,739,000 
(75,000) 
3,256,798 
1,625,000 
(5,403) 
1,404,751 
589,000 
(52,603) 
893,286 
336,000 
(50,845) 
149,180 
56,343 
(67,302) 
(360,834) 
127,459 -j- 
1,650,450 1,631,798 815,751 557,286 92,837 (233,375) 
6.11% 7.34% 4.75% 3.66% .72% -- 
-- -- -- 
82,154 111,893 - 
1,650,450 
2.64 
1,631,798 
2.61 
815,751 
1.31 
639,440 
1.02 
204,730 
.33 
(233,375) 
(.37) 
17,531 
653,121 
65.46% 
15,698 
541,038 
63.81% 
13,804 
437,209 
54.51% 
12,921 
361,199 
55.84% 
12,803 
349,235 
53.92% 
11,822 
335,630 
66.35% 
80,089 
48,093 
60.05% 
71,987 
40,480 
56.23% 
59,532 
27,259 
45.79% 
49,544 
22,805 
46.03% 
46,562 
19,966 
42.88% 
42,716 
22,799 
53.37% 
98.98% 98.91% 97.90% 97.69% 94.22% 94.71% 
- 
18 
* Adjusted to reflect 25% stock 
dividend paid June 29, 1956. These data reflect operations of Delta Air Lines, Inc., and do not include the CirS system prior to May 1, 1953. 
f Credit ) Loss 
 Delta ticket offices 
TICKET OFFICE RESERVATIONS TELEPHONE TICKET OFFICE RESERVATIONS TELEPHONE 
ALEXANDRIA Alexandria Air Base 
ASHEVILLE Battery Park Hotel 
ATLANTA Piedmont and Biltmore Hotels 
AUGUSTA Richmond Hotel 
BALTIMORE Lord Baltimore Hotel 
BATON ROUGE Heidelberg Hotel 
BEAUMONT Jefferson County Airport 
BIRMINGHAM 2002 Fifth Ave., North 
BRUNSWICK Malcolm-McKinnon Airport 
CARACAS, Venez. Edificio Paris, Plaza 
Candelaria 
CHARLESTON Francis Marion Hotel 
CHARLOTTE Selwyn Hotel 
CHATTANOOGA Hotel Patten 
CHICAGO 67 East Monroe, 
Conrad Hilton Hotel and 
1649 Orrington, Evanston, Ill. 
CINCINNATI Sheraton-Gibson Hotel and 
Netherland Plaza 
CIUDAD TRUJILLO, D. R. Arz. Nouel esq. 
Sanchez 
COLUMBIA Hotel Wade Hampton 
COLUMBUS, GA. Ralston Hotel 
DALLAS 212 S. Akard St. (Baker Hotel) 
DETROIT 1235 Washington Blvd. 
and General Motors Concourse 
General Motors Bldg. 
EVANSVILLE McCurdy Hotel 
FORT WAYNE Baer Field Airport 
FORT WORTH Hotel Texas 
GREENVILLE Municipal Airport 
GREENWOOD Municipal Airport 
HATTIESBURG Municipal Airport 
HAVANA, CUBA Prado 301 
HENDERSONVILLE ASHEVILLE- 
Hendersonville Airport 
HOT SPRINGS Memorial Airport 
HOUSTON Mellie-Esperson Bldg. 
and Rice Hotel 
INDIANAPOLIS Claypool Hotel 
4471 
7601 
JAckson 4-3242 
2-8811 
SAratoga 7-2340 
5-4491 
5-7541 
LYric 2-9601 
BRunswick 107 
55-8488 
4-2567 
EXpress 9-0481 
2-8336 
Financial 6-5300 
DUnbar 1-3232 
5350 
4-3186 
7-7458 
Riverside 9401 
WOodward 2-7190 
HArrison 5-9023 
H-3352 
EDison 5-5425 
2-8213 
2218 
JUniper 2-1643 
M-8224 
7211 
NAtional 3-1671 
CApitol 5-1361 
MElrose 7-1554 
JACKSON Heidelberg Hotel 
JACKSONVILLE 226 West Forsyth St. 
KANSAS CITY Muehlebach Hotel 
KNOXVILLE Farragut Hotel 
LEXINGTON Blue Grass Airport 
LITTLE ROCK Marion Hotel 
MACON Hotel Dempsey 
MEMPHIS Peabody Hotel 
MERIDIAN Key Field 
MIAMI 300 N.E. First (Columbus Hotel) 
MIAMI BEACH 1636 Collins Avenue 
MONROE Frances Hotel 
MONTEGO BAY, Jamaica Montego Bay 
Airport 
MONTGOMERY Jefferson Davis Hotel 
NEW ORLEANS 708 Common St. 
(St. Charles Hotel) 
and Roosevelt Hotel 
NEW YORK 30 Rockefeller Plaza 
42nd St. & 10th Ave. (West Side Term.) 
67 Broad Street 
Statler Hotel, 7th Ave. & 33rd St. 
80 E. 42nd Street (Airline Bldg.) 
200 Livingston St., Brooklyn 
35 Mamaroneck Ave., White Plains 
NEWARK 13 Commerce Street 
PADUCAH Barkley Field 
PHILADELPHIA Bellevue-Stratford Hotel 
PORT ARTHUR Jefferson County Airport 
PORT-AU-PRINCE, Haiti c/o Nadal & Co. 
SAN JUAN, Puerto Rico Caribe Hilton 
SAVANNAH Manger Hotel 
SELMA Selfieid Airport 
SHREVEPORT Captain Shreve Hotel 
SPARTANBURG Memorial Airport 
SPRINGFIELD Municipal Airport 
ST. LOUIS Statler Hotel 
TOLEDO Commodore Perry Arcade 
WASHINGTON 1519 K St. N.W. and 
Willard Hotel 
2-0861 
Elgin 3-3171 
GRand 1-7733 
7-6611 
4-5569 
FRanklin 5-9111 
3-6731 
WHitehall 8-2641 
2-3141 
FRanklin 3-0441 
FRanklin 3-0441 
3-5116 
2811 
4-7313 
TUlane 8592 
^LOngacre 3-0700 
Mitchell 2-2228 
3-1732 
SAratoga 7-9900 
YUkon 2-4321 
3313 
9-0045 
3- 0267 
TRinity 4-7581 
5-3232 
7131 
4- 7353 
GArfield 1-5511 
LU (Holland) 7-2366 
District 7-9600 
Representative Advertising of 1955-56 
MIAMH for unsurpassed 
and real lo*^ 
FLA. 
BEACH "to 
.tches todher 
Save V3 
OR MORE ON 
stretch o* 
volution 
Golden Crown 
WASHINGTON 
HOUSTON  
HEW OCEANS 
If;7 
OACH fUOHTSd !W 
HEW 0RU* 
Advertising reflects sales emphasis on new routes and serv 
ices, with bold treatment on the more competitive route seg 
ments and for impact on the fast growing coach market. 
 directors 
R. W. COURTS 
Atlanta, Ga. 
C. H. DOLSON 
Atlanta, Ga. 
EDWARD H. GERRY 
New York, N. Y. 
JOHN R. LONGMIRE 
St. Louis, Mo. 
LAIGH C. PARKER 
Vice President -- Traffic and Sales 
C. H. DOLSON 
Vice President -- Operations 
CATHERINE FITZGERALD 
Assistant Treasurer 
R. W. FREEMAN, Chairman 
New Orleans, La. 
R. S. MAURER 
Atlanta, Ga. 
C. H. MCHENRY 
Monroe, La. 
WINSHIP NUNNALLY 
Atlanta, Ga. 
LAIGH C. PARKER 
Atlanta, Ga. 
CARLETON PUTNAM 
Washington, D. C. 
officers 
C. E. WOOLMAN 
President and General Manager 
TODD G. COLE 
Vice President -- Finance 
and Assistant Secretary 
R. S. MAURER 
Vice President -- Legal 
T. M. MILLER 
Asst. Vice President -- Traffic 
and Sales 
C. H. MCHENRY 
Secretary-Treasurer 
R. J. REYNOLDS 
Winston-Salem, N. C. 
J. WOODALL RODGERS 
Dallas, Tex. 
D. Y. SMITH 
Monroe, La. 
C. E. WOOLMAN 
Atlanta, Ga. 
ERLE COCKE, JR. 
Vice President -- Civic Affairs 
W. T. BEEBE 
Vice President -- Personnel 
R. H. WHARTON, JR. 
Asst. Vice President -- Personnel 
Transfer Agent for Common Stock 
The Citizens & Southern National Bank 
Atlanta, Georgia 
Registrar for Common Stock 
Trust Company of Georgia 
Atlanta, Georgia 
Auditors -- Arthur Andersen dr Co. A nnual Meeting -- October 16,1956, Monroe, Louisiana