DELTA AIR LINES. INC 
1960 ANNUAL REPOR 
  DELTA AIR 
1960 
ANNUAL 
REPORT 
LINES. INC. 
C O N T E N T S 
Page 
Report from the President 
and General Manager .... 2-9 
Financial Results .......... 2 
Services Rendered ........ 4 
Personnel ................ 5 
Regulatory Matters ....... 5 
Equipment and Facilities ... 7 
Capitalization and Financing 9 
Outlook for the Future .... 9 
Southern Transcontinental 
Case and Route Map .... 10-11 
Financial Statements ....... 12-16 
Balance Sheets ............ 12-13 
Statements of Income ...... 14 
Statements of Capital Sur- 
plus and Retained Earnings 15 
Auditor's Opinion ........ 15 
Notes to Financial 
Statements ............. 16 
Ten Year Summary 
of Operations ............ 18-19 
Ticket Offices ............ 20 
Directors and Officers ..... 21 
 
 
 
 
 
 
 The twelve months encompassed by your Company's 1960 fiscal 
year marked the advent of a new era in transportation. Airline 
introduction of pure-jet equipment begun on a limited scale dur 
ing the preceding year continued at an accelerated rate. Replace 
ment of piston-engined equipment with pure-jct airplanes on 
major routes proceeded rapidly, and historic travel patterns arc 
being substantially altered by the speed and comfort of jet travel. 
Delta Air Lines was first in the world to introduce into service 
two of the three American-built commercial jct airplanes, with 
Douglas DC-8 inaugural service on September 18, 1959 and 
Convair 880 inaugural service on May 15, 1960. Your Company 
achieved profitable operations during this transition period, not- 
ANN UAL RE PORT TO THE STOC KHO LOE RS withstanding the significant burdens associated with its introduc 
tion and expansion of pure-jet service. 
FINANCIAL RESULTS 
Traffic and earnings were inflated during the 1959 fiscal year by 
the interruption of competitive services in late 1958 and early 
1959 because of labor difficulties. A minor interruption of com 
petitive services occurred in June, 1960 also, but its impact was 
of less significance. These abnormal occurrences must be taken 
into consideration in comparing operations for the two years. 
REVENUES - Operating revenues increased 16% over the pre 
ceding year to a record S120,191,000. The 13% increase in reve 
nue passenger miles produced $12,228,000 of the total increase in 
passenger revenue, surcharges on jet travel produced Sl,741,000 
of the increase and the remaining Sl,641,000 (1.5% of total 
passenger revenues) includes the effect for a full year of the pass 
enger tariff adjustments effective in October, 1958. 
Revenues for the transportation of cargo (mail, air express, 
and airfreight) increased S515,000 (7.1%) to $7,753,000. These 
revenues represented 6.5% of total revenues for the year, slightly 
less than their proportional part in the 1959 fiscal year. 
EXPENSES - Additional cash costs of $16,159,000 (19%) were 
incurred in producing 15% more available seat miles and 20% 
more available ton miles. Depreciation and amortization costs 
rose $2,881,000 (32%) reflecting depreciation charges on the new 
pure-jet aircraft placed in service during the year and amortiza 
tion of pre-operating costs associated with the introduction of 
that equipment. Total operating expenses of $113,460,000 were 
20% above the 1959 fiscal year costs. 
The 1960 fiscal year bore the brunt of advance personnel 
staffing relating to the inauguration of jet service and the rapid 
 SOURCES 
Passenger 
and Excess Uaggage SI 11,249,197 92.56 
Mail 
S2, 140,292 1.78 
Freight 
and Express SS,612, 182 4.67 
Other 
Sl,189,554 .99 
expansion of that service. Unit costs of operation, however, did 
not vary significantly from those of the preceding year - the 
cost of producing an available seat mile rose 4% to 3.75 and the 
available ton mile cost rose less than 1 % (from 29.14 to 29.28). 
EARNINGS AND DIVIDENDS - In the 1960 fiscal year 58.0% of the 
total scat miles produced were sold, a slightly lower percentage 
than in the preceding year. In addition to the greater benefits 
accruing in 1959 from the interruption of competitive services, 
the general settling of the national economy following the steel 
strike in the early part of the 1960 fiscal year and continued 
political unrest in the Caribbean exerted downward pressures 
upon passenger load factors. 
Operating income followed the passenger load factor trend 
and dropped from $9,385,000 to S6,731,000; cash income (oper 
ating income plus depreciation and amortization charges) of 
S 18,483,000 in the 1960 fiscal year represented a slight increase 
over the cash income of S18,255,000 in the preceding year. Net 
income from operations after interest, taxes, and other non-oper 
ating charges was S2,683,000, equivalent to 2.23 for each dollar 
of revenue. Net profits (after taxes) of S156, 148 realized from the 
disposition of flight equipment increased total earnings to 
$2,839,000 (S2.53 a share), as compared with the $4,062,000 
(S3.62 a share) earned in the preceding year when there were no 
equipment sale profits. 
Your directors continued Delta's outstanding dividend record 
Total Dollar Rev 
 by declaring four cash dividends of 30 a share paid on September 
1, 1959, December 1, 1959, March 1, 1960, and June 1, 1960, 
marking the 12th consecutive year of cash dividend payments. 
On July 28, 1960 the 49th cash dividend, of 30 a share, was de 
clared payable September 1, 1960 to stockholders of record at the 
close of business on August 12, 1960. 
SERVICES RENDERED 
The world's first pure-jet Douglas DC-8 service was begun by 
your Company on September 18, 1959, climaxing four years of 
planning and preparation. This historic event came within weeks 
of the 30th anniversary of Delta's pioneering of scheduled pass 
enger service on its Trans-Southern route. Another significant 
"first" was achieved on May 15, 1960 with Delta's introduction 
of the world's newest and fastest jetliner - the Convair 880- to 
the nation's travelers and shippers. 
Early inauguration of pure-jet service was followed by its 
rapid expansion over the system as additional aircraft were de 
livered. Advance commitments and attainment of programmed 
service inauguration dates resulted in your Company being the 
sole provider of the faster, more luxurious, vibration-free jet 
travel in its major markets for several months. 
The public response to jet service has been most gratifying, 
and passenger load factors on jet operations have consistently ex 
ceeded system load factors. Jet aircraft produced 15. 9% of system 
seat miles for the 1960 fiscal year and carried 19.8% of the revenue 
passenger miles. In June, 1960 jet seat miles were 25.5% of the 
total, and it is expected that further service implementations 
as additional Convair 880's are delivered will result in approxi 
mately 40% of the 1961 fiscal year scat miles being produced by 
Douglas DC-8's and Convair 880's - the finest equipment 
known today. 
Jet services increased rapidly during the year, as shown by the 
following tabulation: 
SYSTEM SEAT MILES (000) 
Percentage DistributiOII 
Quarter Ended Jet Aircraft Other Total Jet Aircraft Otl1er 
September 30, 1959 .. 4,661 695,942 700,603 .7% 99.3% 
December 31, 1959 . . 109,158 645,777 754,935 14.5 85.5 
March 31, 1960 ..... 168,341 616,445 784,786 21.5 78.5 
June 30, 1960 ...... . 198,708 588,418 787,126 25.2 74.8 
Fiscal Year Totals .... 480,868 2,546,582 3,027,450 15.9% 84.1% 
Interest in the maximum reasonable development of lower 
fare aircoach services did not diminish during the year. Aircoach 
seat miles represented 42.4% of system seat miles in the 1960 fiscal 
year, a new high, and coach passenger miles rose from 624 million 
to 757 million - up 12%. Delta brings the advantages of air 
coach service to 34 of the 60 cities it serves. 
Continuing deterioration of conditions in the Caribbean dic 
tated curtailment of services in that area. Seat miles operated on 
your Company's international routes were reduced from 126 
million to 114 million and represented less than 4% of total oper 
ations. The passenger load factor on these routes decreased, not 
withstanding these service adjustments, and after the close of the 
1960 fiscal year international services were further reduced in 
order to more closely relate capacity to demand. 
 The cargo carrying capabilities of our jct aircraft provided a 
stimulus to the growth of airfreight, and airfreight ton miles rose 
11 %- Delta continued to cooperate with the Post Office De 
partment in expediting mail deliveries. Transportation of first 
class mail by air between certain designated cities on a space 
available basis, begun as an experiment in 1953, was expanded in 
recent months to include additional cities and mail movements. 
PERSONNEL 
The successful introduction of jet service created 844 additional 
jobs during the year and broadened employee opportunities 
throughout the Company. More than 40% of the 7,567 em 
ployees at year-end have over five years experience with Delta. 
For the first time, annual payments to or for the benefit of em 
ployees passed the $50,000,000 level. 
Flight, maintenance, and ground personnel underwent ex 
tensive training to meet the challenges of new aircraft and new 
operating techniques. The skills, abilities, and loyalties of our 
employees smoothed the transition into jet equipment and are 
among the major assets upon which we must rely in coping with 
the problems of the intensely competitive years ahead. 
PERSONNEL AT JUNE 30, 1960 
Number 
Pilots... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 715 
Stewardesses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 469 
Maintenance and engineering personnel . . . . . . . . . . . . . . . 2,461 
Sales, reservations, and ticketing persom1el. . . . . . . . . . . . . 1,585 
Stations operations personnel. . . . . . . . . . . . . . . . . . . . . . . . . 1,589 
All other personnel. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 48 
Totals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,567 
REGULATORY MATTERS 
Per Cent 
of Total 
9% 
6 
33 
21 
21 
10 
100% 
THE SOUTHERN TRANSCONTINENTAL SERVICE CASE - In this pro 
ceeding, now in its third year, the Hearing Examiner on June 20, 
1960 recommended that Delta be extended beyond Dallas and 
Fort Worth to California by two routings: (1) via Lubbock, 
Albuquerque, Tucson, Phoenix and San Diego to Los Angeles/ 
Long Beach, and (2) via Lubbock, Albuquerque and Las Vegas 
to San Francisco/Oakland. Although extensive non-stop oper 
ations would be permitted (Atlanta to the West Coast, for ex 
ample), his recommendations would require that Delta's Florida 
California flights be operated via Atlanta and that New Orleans 
California flights make a mandatory stop at Dallas or Fort Worth. 
I, 2, 3 
4 
5 
A Delta Convair 880 
apprnaches Delta's 
exclusive Jetway 
loading bridge in 
Atlanta 
View from opposite 
side. 
View inside Jetway, 
toward DC-8 front 
compart111ent. 
2 
3 
4 
5 
l 
"? 
- 
 
 
 
 IN MEMORIAM 
During the past year Delta mourned the deaths of 
two long time officers and directors and four able 
and experienced pilots. 
Laigh C. Parker, Senior Vice President and 
Assistant to the President, passed away on Decem 
ber 23, 1959. He had served the Company with 
distinction for over a quarter of a century. 
Carl H. McHenry, Secretary-Treasurer, died 
on March 23, 1960. He had been associated with 
Delta since its earliest days and served devotedly 
for more than 32 years. 
Captain James H. Longino, First Officer Bryan 
E. Bolt, Captain H. L. Laube, and Captain W. F. 
Williams died in a tragic accident May 23, 1960, 
while on a routine training flight at Atlanta Air 
port. They had a combined total of more than 55 
years service with the company. 
All of these gentlemen made important and 
lasting contributions to the growth and develop 
ment of Delta Air Lines. We shall miss them and 
their outstanding abilities. 
While the Examiner's recommendation for Delta route exten 
sions is substantial, it is hoped that the Board in its final decision 
will expand those recommendations, particularly through the 
elimination of the mandatory stop provisions proposed by the 
Examiner. Delta will also urge the Board to recognize the large 
traffic volumes required to support the operation of high-speed, 
high-capacity jct aircraft which are going into service in increas 
ing numbers and so refrain from creating excessive competition 
in this proceeding. 
The map and text on pages 10 and 11 of this Report contain 
additional detail of this case, in which CAB decision is expected 
late this year or early in 1961. 
DOMESTIC CARGO MAIL SERVICE CASE - Hearings have been 
concluded in this general investigation of the specialized all-cargo 
air carriers, and the Examiner's Initial Decision is pending. The 
issues in this proceeding include the question of whether these 
specialty carriers are to receive subsidy for the carriage of air 
freight, and the possibility of their being replaced by all-cargo 
service provided by domestic trunk line combination carriers 
such as Delta. Your Company seeks authorization to provide all 
cargo service to additional Florida points for the purpose of pro 
viding better directional balance in its loads. Final CAB decision 
in this case could have a major impact upon the future of Delta's 
cargo service and can be expected in 1961. 
OTHER ROUTE PROCEEDINGS - The CAB authorized a local 
service carrier to provide airline service to Selma, Alabama and 
Hattiesburg, Mississippi in lieu of the service formerly provided 
by Delta. Accordingly, Delta suspended service to those cities on 
April 24, 1960. 
During the year Delta, along with several other carriers, par 
ticipated in two other cases. In the Sarasota/ Bradenton Investiga 
tion, provision of additional airline service to Sarasota/Bradenton, 
Florida is at issue. In the Toronto-B11jfalo Case, U. S. flag carrier 
service from Toronto to Florida is under consideration. 
GENERAL PASSENGER FARE INVESTIGATION CASE - During the 
pendcncy of this proceeding begun in 1955, an interim passenger 
fare increase approximating 6.6% was authorized effective 
February 10, 1958 and a second interim increase approximating 
3.5% was authorized in mid-October, 1958. The Examiner's 
Initial Decision issued on May 27, 1959 recommended that 
domestic passenger fares should be increased to a point approxi 
mately 12% above the pre-February, 1958 levels. Confronted 
with higher price levels, intensified competitive pressures, and 
deteriorating profit margins in the airline industry, the CAB 
 concluded this proceeding by authorizing an upward adjustment 
in passenger fares of 2.5% plus Sl.00 a ticket effective July 1, 1960. 
It is estimated that this action will increase your Company's pass 
enger fares by 4.5%-5% and will develop some $5,500,000 in 
additional revenues during the 1961 fiscal year. 
In reaching its decision in this proceeding, the CAB found 
that the fair overall rate of return for the domestic trunk line in 
dustry is approximately 10.5% of investment, based upon a 
somewhat lower return for the four largest carriers and a some 
what higher rate of return for the remaining trunk line carriers 
(including Delta). These rates of return reflect general earnings 
levels which the industry should be afforded an opportunity to 
achieve over an extended period but do not establish a precise 
level that an individual carrier or the industry may realize at any 
given time. The earnings standard determinations adopted by the 
CAB arc a constructive step toward economic stability and 
should facilitate translation of future price level changes and com 
petitive influences into needed rate adjustments, including review 
of the presently-scheduled June 30, 1961 expiration date for jet 
surcharges and the Sl.00 per ticket increase. 
MAIL RATE OFF-S.ET ISSUE - On J tmc 2, 1960 the United States 
Circuit Court of Appeals for the District of Columbia upheld 
the CAB decision that Delta should repay to the Post Office 
Department Sl,795,000 in mail pay received by Chicago and 
Southern Air Lines, Inc. in the 1946-1952 period, prior to its 
lUNDS PROVIDED BY: 
Net ear111ngs, excluding equipment sales 
merger with Delta. The Company has petitioned the Supreme 
Court of the United States for certiorari to review the judgment 
of the Court of Appeals; ultimate disposition of this case cannot 
now be determined. Further detail is contained in Note 2 to the 
financial statements. 
EQUIPMENT AND FACILITIES 
During the 1960 fiscal year Delta expended $36,550,000 to ac 
quire and place in service jet flight equipment. This was a record 
expenditure for new flight equipment in a single year and 
brought to $102,121,000 the total expenditures for that purpose 
in the five years then ended. The sources of funds for these and 
other disbursements (exclusive of operating expenses) are shown 
in the analysis appearing below on this page; it should be noted 
that acquisition of jet aircraft is being accomplished without 
capital financing involving present or potential dilution of stock 
holder equity. 
The first of a fleet of six Douglas DC-8 Jetliners was accepted 
by Delta Air Lines in July, 1959. The DC-8 seats 119 passengers 
and is powered by four proven and tested Pratt & Whitney J-57 
jet engines developing 52,000 pounds of thrust. Initial operations 
were begun on September 18, 1959; all six airplanes were deliv 
ered and placed in service by the end of 1959, and operating 
experience has been most satisfactory. The DC-8 has thus earned 
its place as the finest in a long line of dependable Douglas-built 
. , 
.... ..... ' 
Tora/ f>r 
5 Years 
s 13,585 
1960 
s 2,683 
Fisrnl Years J..:11ded ],me 30 
1959 1958 1957 1956 
S 4,062 s 932 S 2,539 S 3,369 
Eqt11p1ncnt retirement proceeds, less taxes 
..... 5,332 2,'i82 158 93 2,499 
Deferred mcomc taxes, net, payable in later years 
... 
D<.. 
prec.iation .1nd an1ortization accruals 
............. 
.. , 
. . . 
Sale of conunon stock 
............. ... . . . . . . . . ... 
Borrowmgs under rredit agrccrncnts 
...... 
Miscellaneous, pnnc,pally expenses not 
requmng casb expenditures ........ 
FUNDS USED FOR: 
. . . . . . . . 
Flight ,quipment additions, includmg advances 
.. 
Preparatory costs for jct operations ................... 
(,round facility and equipment additions 
....... ........ 
Redncuon of long-term debt 
..................... . . . 
Cash div1d,nds., ........  
All other pnrposes 
..                     . . . . . . . . . . . . 
10,246 
46,485 
4,329 
43,600 
629 
$124,206 
S 99,527 
2,594 
7,161 
5,679 
5,298 
1,282 
$121,541 
2,780 2,120 2,817 1,420 1,109 
12,753 9,637 9,873 7,239 6,983 
4,329 
20,000 5,000 12,600 6,000 
81 178 16 71 283 
S40,879 S20,997 $26,396 $21,691 $14,243 
$34,306 $13,960 $23,856 $16,368 Sll,037 
2,24.J 350 
2,173 1,269 1,298 1,240 1,181 
2,143 3,536 
1,346 673 1,010 1,3-16 923 
18') 234 161 542 156 
$42,401 S 16,48(, $26,325 S19,496 $16,833 
Net Change mWorking Capital. .... ... ............. +S 2,665-S 1,522 -t-S 4,511 -t-S 71 -t-S 2,195-S 2,590 
Workmg Capital at 13cginning of Period . . . . . . . . . . .  . .  . 6,076 10,263 5,752 5,681 3,486 6,076 
Workini-; Capital at End of Period.,.................... S 8,741 S 8,741 Sl0,263 S 5,752 S 5,681 S 3,486 
 airplanes successfully operated by Delta beginning with the DC-2 
and continuing through the DC-3, DC-4, DC-6 and DC-7. 
In February, 1960, Delta accepted the first Convair 880 Jet- 
liner and promptly set a new coast-to-coast speed record for 
commercial airplanes on the delivery flight. The 2,359 miles be- 
tween San Diego, California and Miami, Florida were flown in 
just over 3 hours, at an average speed of 668 miles an hour. 
Scheduled Convair 880 flights were inaugurated on May 15, 
1960, and three 880' s had been placed in service by the end of 
J tmc, 1960. Nine additional 880' s arc on order; six are to be deliv- 
ered in the last half of 1960 and three (including a replacement 
for the airplane destroyed in a training accident on May 23, 
1960) in the late summer of 1961. 
New maintenance facilities at Miami, Florida and Atlanta, 
Georgia were completed and occupied under long-term leases. 
Both facilities were constructed to your Company's specifica- 
tions, and the Atlanta facility is adequate for the complete over- 
haul of jct airplanes and engines. During the year S2, 173,000 was 
expended for the acquisition of ground equipment and other 
facilities, consisting principally of specialized equipment required 
for jct aircraft servicing and maintenance. 
The following schedule sets forth the aircraft owned by 
Delta at June 30, 1960: 
Seating 
Manr,fact11rer Model Number Coufig11ratio11 
Douglas ................ DC-3 10 25 
Douglas ................ DC-6 7 76 
Douglas ................ DC-7/DC-7B 20 71/85 
Douglas .......... . ..... DC-8 Jet 6 119 
Convair ......... . ...... 340/440 28 44 
Convair ................ 880 Jct 3 84 
Curtiss .. . .............. C-46 5 Cargo 
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28 1--~--4----1---1---1- 
I 
26 l--~--4----1---1---1- 
24 1-----1--4----1--+ 
22 L---l--4----1--+ 
20 ...___. _ __._ 
18 1-----1--4- 
16 
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STOCKHOLDER EQUITY PER SHARE* 
Adj11stt>d to Rtflta 25% Sto<.k Dividend Paid)unt 29. 1956 
1 - - - - - - - - r 4. 1' Eami11gs 
s Y EAR TOTAL { - Casi, Dir,ide11ds 
Inc/11di11g Profits from Sale of 5/11ip111ew 
. 
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EARNINGS AND DIVIDENDS PER SHARE 
FLIGHT EQUIPMENT 
 In addition to the owned aircraft, four DC-6's are being oper 
ated under short-term leases. Deliveries of aircraft on order will 
permit the elimination of DC-3 aircraft from scheduled service 
by the end of the year. 
CAPITALIZATION AND FINANCING 
At June 30, 1960 SSS,000,000 had been borrowed under the 
credit arrangements negotiated in 1958 with banks and insurance 
companies, and the remaining SS,000,000 available thereunder 
will be taken down by December 31, 1960. Details of those 
credit agreements are contained in Note 1 to the financial 
statements. 
Both credit agreements limit cash dividend payments to 70% 
of net earnings after June 30, 1958 plus $1,000,000; at June 30, 
1960 accumulated earnings ofS3,702,000 were unrestricted. The 
agreements permit accelerated repayments under certain condi 
tions and contain provisions not considered onerous governing 
maintenance of working capital and creation of additional debt. 
Stockholder equity reached a record high of $38,902,000 at 
June 30, 1960, equivalent to S34.67 for each of the 1,122,233 
shares then outstanding. It is expected that no additional financing 
will be required by present commitments for equipment purchases. 
Two Delta DC-8 Jetliners at first Jet ways installed at Atlanta terminal. 
OUTLOOK FOR THE FUTURE 
Your Company, having skipped the wrbo-prop stage in its 
equipment planning, is entering this new year with the finest of jet 
equipment and is in an advantageous position to meet the desires 
and needs of the traveling public. Its loyal and devoted personnel 
arc anxious to undertake the operations of the new routes to the 
West Coast recommended by the Civil Aeronautics Board 
Examiner. 
The special characteristics and needs of the airlines were recog 
nized by the Civil Aeronautics Board in reaching its decision in 
the General Passenger Fare Investigation Case. Recognition of 
these and other factors of particular regulatory significance - 
the impact of jct aircraft upon requirements of a proficient route 
system and the effect of jct speed and capacity upon competitive 
operations - portends a healthy atmosphere for the sound 
growth and development of the nation's civil air transportation 
system. 
September 9, 1960 PRESIDENT AND GENERAL MANAGER 
 fill 
0 E LT A 
- 
--L .. 1, 
.:.:J 
DOUGLAS DC-8 
CONVAIR 880 
--- -- ---------, 
EXCERPTS FROM 
CAB EXAMINER'S 
INI TIAL DECISION 
IN SOUTHERN 
TRANSCONTINENTAL CAS E 
" .... non-designated within-area 
and beyond-area points make Delta 
uniquely qualified ... to provide 
a maximum of service benefits 
over the transcontinental 
route Atlanta-West." 
"Delta's service proposals in chis 
case are designed co meet the needs 
of various segments of the traveling 
public: The first-class and coach 
travelers, the low fare 'thrifccoach' 
passenger, the cargo shipper, the 
military traffic and the vacationer." 
"The record leaves no doubt chat 
Delta's proposed cargo operation 
will provide a needed service for 
both industry users and a 
substantial number of national 
defense installations in the area 
under investigation." 
SAN FRANCISCO 
 
OAKLAND 
LEG E N D 
- Caribbean Routes 
- Cities which Delta seeks 
to serve and routes 
recommended by CAB 
Examiner in the 
transcontinental case. 
CHICAGO  
FT. WAYNE e 
INDIANAPOLIS e 
DAYTON 
 
e TOLEDO 
e COLUMBUS 
KANSAS CITY 
 ST. LOUIS e 
 
CINCINNATI 
SPRINGFIELD 
HOT SPRINGS e 
e LOUISVILLE 
 
EVANSVILLE  
 
PADUCAH 
CHATTANOOGA  
e LEXINGJON 
KNOXVILLE 
 
e 
ASHE\/ l-HEND SONVILLE 
 C 
\ 
ARLOTTE 
e qREENl/ll SPARTANBUJIG 
 e COLUMBIA 
ATLA A 
e CHARLESTON 
This pending proceeding, perhaps the most important in your Company's 
history, involves Civil Aeronautics Board consideration of the need for addi 
tional airline service across the southern part of the United States and selection 
of the carrier or carriers to provide any services found needed. 
APPROACHES FINAL DECISION 
The CAB Hearing Examiner has recommended that Delta's east-west Route 
24 be extended beyond Dallas and Fort Worth to Los Angeles-Long Beach, via 
Lubbock, Albuquerque, Tucson, Phoenix and San Diego, and also to San Fran 
cisco-Oakland via Lubbock, Albuquerque and Las Vegas. Under this recom 
mendation, your Company would be authorized to provide the first direct 
single-carrier service (non-stop, express and point-to-point) between the major 
cities of Georgia, Alabama, Mississippi and North Louisiana and the principal 
cities of New Mexico, Arizona, Nevada and California. Single plane service 
would also be possible between other cities east of Texas and the proposed new 
points in the Texas-California area, subject to restrictions requiring one or more 
stops at intermediate points. 
Delta began "Trans-Southern" service more than 31 years ago. Over the 
years it has steadily increased its participation in the traffic moving between the 
principal cities involved in this case across the gateway cities of Dallas, Fort 
Worth and Houston, and participates in the carriage of 75% of those passengers . 
Existing Delta service to other cities in the Southern and Southeastern part of 
the United States, the Caribbean, and South America will both provide impor 
tant traffic support for the proposed new authorizations and additionally benefit 
the traveling public in those areas. 
Delta's continuing participation in the traffic at issue in this proceeding is vital 
to its economic well-being. Access to those long-haul traffic markets constitutes 
Delta's greatest present need as the industry moves farther into the jet era, and 
the ability to serve those markets effectively will be a major step toward achiev 
ing equality of competitive opportunity in the airline industry of the future. 
Recognizing that the public need for adequate air transport service is and must 
remain the paramount issue, Delta is the logical carrier to assume primary re 
sponsibility for providing the needed air services. Delta's willingness, ability and 
readiness have been convincingly documented during the extensive hearings. 
The Examiner's affirmative recommendation is encouraging notwithstanding 
the restrictions which he would apply to the new authority proposed for Delta. 
The Examiner also recommended extensive new operating authority for other 
airlines in this proceeding. Those recommendations would create multiple and, 
in your Company's opinion, excessive competition in certain markets. Your 
Company will urge that the Civil Aeronautics Board in its final decision remove 
the burdensome restrictions proposed for it so that a full measure of the services 
found needed can be provided by Delta and the certification of uneconomic 
competitive operations will not be necessary. A decision along those lines would 
strengthen your Company and would contribute materially to the development 
of a sound air transportation system properly adapted to the needs of the com 
merce of the United States, the postal service, and the national defense. 
NEW YORK 
NEWARK  
PHllAOELP,JifA  
 DELTA AIR LIN ES. I NC. 'BALANCE S H E ET S ]1111e 30, 1960 a11d 1959 
ASSETS 
CURRENT ASSETS: 
Cash .................................................................  
U. S. Government securities, at cost. ..................................... . 
Accounts receivable - 
Traffic (net) ......................................................... . 
Other .............................................................. . 
Maintenance and operating supplies, at average cost ........................ . 
Prepaid expenses ....................................................... 
Other current assets .................................................... . 
Total current assets ........................................ . 
OTHER ASSETS (Net assets of dusting 
division and other investments) .......................................... . 
PROPERTY AND EQUIPMENT: 
Cost- 
1960 ..................                
1959 ................................ . 
Reserves for depreciation - 
1960 ................................ . 
1959 ................................ . 
F/iglrt 
Eq11ip111e11t 
$130,099,752 
86,424,713 
51,325,271 
44,784,235 
Otl,er 
Property a11d 
q11ip111e11t 
S 13,350,482 
11,249,565 
6,533,839 
5,593,616 
Advance payments for new flight equipment ............................... . 
DEFERRED CHARGES, ETC.: 
Preparatory costs for jet operations, being amortized ........................ . 
Advances for leased facilities, being amortized .............................. . 
Other deferred charges .................................................. . 
1960 
s 8,601,649 
6,794,680 
6,511,886 
2,164,890 
1,442,696 
1,066,251 
141,441 
S 26,723,493 
S 422,047 
S143,450,234 
57,859,110 
S 85,591,124 
6,942,100 
S 92,533,224 
s 2,040,720 
134,340 
35,683 
s 2,210,743 
$121,889,507 
1959 
S 15,227,334 
4,099,292 
3,694,472 
816,593 
48,534 
61,654 
S 23,947,879 
S 388,270 
S 97,674,278 
50,377,851 
S 47,296,427 
23,228,615 
S 70,525,042 
s 349,642 
133,665 
82,402 
s 565,709 
S 95,426,900 
LIABILITIE a11d Stockl,o/der Equity 
CURRENT LIABILITIES : 
Notes payable maturing within one year .................................. . 
Accounts payable and accrued liabilities ................................... . 
Accrued vacation pay ................................................... . 
Tickets outstanding subject to refund or use ............................... . 
Air travel plan deposits ................................................. . 
Accrued Federal and state taxes on income ................................. . 
Total current liabilities ..................................... . 
LONG-TERM NOTES PAYABLE (Note 1) .............................. . 
RESERVES AND DEFERRED CREDITS: 
Deferred Federal income taxes ........................................... . 
Reserve for contingencies (Note 2) ....................................... . 
Other ................................................................ . 
STOCKHOLDER EQUITY: 
Common stock, par value $3.00 per share - 
Authorized 1,500,000 shares 
Issued and outstanding 1,122,233 shares at June 30, 1960, 
and 1,122,221 shares at June 30, 1959 .................................. . 
Capital surplus ......................................................... . 
Retained earnings (of which $15,871,568 is not presently available 
for cash dividends under terms of credit agreements) ...................... . 
PURCHASE COMMITMENTS (Note 3) 
Tl,e acco111pa11yi11g 110/es are a11 integral part of tl,ese state111e11ts. 
1960 
S 2,143,000 
9,900,825 
1,995,000 
1.,808,129 
1,211,250 
924,786 
S 17,982,990 
S 52,857,000 
S 11,571,000 
500,000 
76,108 
S 12,147,108 
s 3,366,699 
15,962,472 
19,573,238 
S 38,902,409 
$121,889,507 
s 
1959 
6,729,931 
1,429,000 
1,521,916 
1,125,400 
2,878,747 
S 13,684,994 
S 35,000,000 
S 8,791,000 
500,000 
41,330 
S 9,332,330 
s 3,366,663 
15,962,088 
18,080,825 
S 37,409,576 
S 95,426,900 
1/) 
 STATEMENTS 
OF 
For tl,e Years ended J1111e 30, 1960 and 1959 
OPERATING REVENUES: 
Passenger ............................................................. . 
U. S. Mail. ........................................................... . 
Freight ............................................................... . 
Express ............................................................... . 
Excess baggage ........................................................ . 
Other operating revenue -net .......................................... . 
Total operating revenues ....................................... . 
OPERA TING EXPENSES: 
Flying operations ...................................................... . 
Maintenance .......................................................... . 
Aircraft and traffic servicing ............................................. . 
Promotion and sales .................................................... . 
Passenger service ....................................................... . 
General and administrative .............................................. . 
Operating expenses before 
depreciation and amortization ................................ . 
Depreciation and amortization - 
Flight equipment owned .............................................. . 
Less - Net depreciation credits arising 
from equipment interchange agreements .......................... . 
Ground property and equipment ....................................... . 
Amortization of jct preopcrating costs .................................. . 
Depreciation and amortization ................................. . 
Total operating expenses ...................................... . 
Income from operations before income taxes .................... . 
OTHER EXPENSE (INCOME): 
Interest expense (less capitalized interest on advances for flight equipment - 
S771,000 in 1960 and $807,000 in 1959) ................................. . 
Other-net .......................................................... . 
Total other expense .......................................... . 
Income before income taxes ................................... . 
PROVISION FOR TAXES ON INCOME: 
Current Federal and state income taxes .................................... . 
Deferred Federal income taxes ........................................... . 
Net income ................................................. . 
SPECIAL ITEM - Profit on disposition of flight equipment, 
less applicable income taxes of $59,400 .................................... . 
Net income and special item ................................... . 
1960 
$109,671,406 
2,140,292 
4,250,345 
1,361,837 
1,577,791 
1,189,554 
$120,191,225 
S 32,151,166 
24,455,871 
18,824,184 
13,573,386 
9,364,591 
3,339,317 
$101,708,515 
S 11,187,210 
(1,000,568) 
1,012,384 
553,048 
S 11,752,074 
$113,460,589 
s 6,730,636 
S 1,490,683 
(177,982) 
S 1,312,701 
S 5,417,935 
s 520,000 
2,215,000 
s 2,735,000 
s 2,682,935 
156,148 
s 2,839,083 
1959 
S 94,061,577 
2,151,953 
3,879,389 
1,206,184 
1,490,510 
1,015,832 
$103,805,445 
S 27,969,920 
20,909,722 
15,151,804 
11,797,470 
6,850,847 
2,870,063 
S 85,549,826 
s 8,801,536 
(766,058) 
835,307 
s 8,870,785 
S 94,420,611 
s 9,384,834 
S 628,703 
(75,091) 
S 553,612 
S 8,831,222 
s 2,649,400 
2,119,600 
s 4,769,000 
s 4,062,222 
s 4,062,222 
Tl,e acco111pa11yi11g 110/es are a11 integral part of these state111e11ts. 
INCOME 
 S TATEMENTS OF CAPITAL SURPLUS AND RETAINED EARNINGS 
Capital 
For tht Year emled June 30, 1960 
AUDITORS' OPINION 
Retained 
Surplus E(1min.4,!S 
Balance at beginning of year ............................. . SIS,962,088 $18,080,825 
Add: 
Net income .......................................... . 2,682,935 
Special item - Profit on disposition of Right equipment, less 
applicable income taxes of S59,400 .................... . 156,148 
Excess of proceeds over par value of 12 shares of common 
stock issued during year in exchange for scrip .......... . 384 
SlS,962,472 S20,919,908 
Deduct: 
Cash dividends on common stock - St.20 per share ...... . 1,346,670 
Balance at end of year - (S 15,871,568 of retained earnings is 
restricted as indicated on balance sheet) ................. . 
Tl,e auompm,ying notes are an integral part of these sltl!emems. 
ARTHUR ANDERSEN & Co. 
To the Board of Directors, 
Del to Air Lines, Inc,: 
SlS,962,472 Sl 9,573,238 
TnE W1u.u..MO" .eu1u>n-ro 
Arl.J\VTA 0 
We have examined the balance sheet of Delta Air Lines, Inc. 
(a Louisiana corporation) os of June JO, 1960, and the related statements 
or income, capital surplus and retained earnings for the year then ended. 
Our examination was made in accordance with generally accepted auditing 
standards, and accordingly included such tests of the accounting records 
and such other auditing procedures as ve considered necessary in the 
circumstances. We had made a similar examination for the year ended 
June JO, 1959. 
In our opinion, the accompanying balance sheet and statements of 
income, capital surplus and retained earnings present fairly the financial 
position of Delta Air Lines, Inc, as of June JO, 1960, and the results of 
its operations for the year then ended, and were prepared in conformity 
vith generally accepted accounting principles applied on a basis 
consistent with that of tbe preceding year. 
Atlanta, Georgia, 
August 12, 1960. 
 - 
- 
S TO FINANCIAL STATEMENTS 
ju11e 30, 1960 
1. LONG-TERM NOTES PAYABLE: The Company has entered into a credit agreement with a group 
of twenty-four banks under which the borrowing of a maximum ofS35,000,000 is permitted on 4 % unsecured 
notes maturing December 30, 1960, at which time the outstanding aggregate balances on such notes will be 
consolidated into one 4 % note payable in 28 equal quarterly installments beginning on March 31, 1961. As of 
June 30, 1960, $30,000,000 had been borrowed under this agreement. 
The Company has borrowed S25,000,000 from four insurance companies, on 6% unsecured notes, 
pursuant to agreements entered into in November, 1958. Repayments are to be made on a semi-annual basis 
beginning on April 1, 1968, with final maturity in 1974. 
2. CONTINGENT LIABILITY: As a further step in mail pay proceedings begun in 1952, the Civil Aero 
nautics Board (CAB) by order dated February 18, 1959, held that Chicago and Southern Air Lines (C&S), 
received excessive international mail pay of (1) $729,000 based on "offset" principles applied to periods prior to 
1953, and {2) $1,066,000 during a "reopened" period of December 16, 1950, through July 31, 1952. Delta, as 
successor to C&S, feels that the CAB has erred in several respects in its determination under the "offset" princi 
ples and that the CAB was incorrect in reopening the question of mail rate levels. Delta has appealed the CAB 
order and on May 4, 1959, the United States Court of Appeals for the District of Columbia, upon petition by 
Delta and without objection by the CAB or the Post Office Department, granted a stay of the CAB order 
pending completion of judicial review. On June 2, 1960, the Court of Appeals issued its decision upholding the 
CAB order. Delta has requested the U. S. Supreme Court to review this decision. Ultimate disposition of this 
case cannot now be determined; a $500,000 reserve has been provided in connection with this contingent liability. 
3. FLEET EXPANSION PROGRAM: The Company has outstanding commitments for the purchase of 
nine Convair Model 880 {Jct) aircraft to be delivered in 1960 and 1961. The acquisition of these aircraft, to 
gether with related spare parts and accessories, will require the outlay of approximately $15,000,000 in 1960 
and $16,000,000 in 1961. 
- 
N"""TE 
 DECADE 
OF 
GROWTH 
Years e11ded ]1111e 30 1960 
Total assets.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $121,889,507 
Current assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,723,493 
Current liabilities................................. 17,982,990 
Net working capital. . . . . . . . . . . . . . . . . . S 8,740,503 
Stockholder equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S 38,902,409 
Stockholder equity per share* . . . . . . . . . . . . . . . . . . . . . . $34.67 
Shares of common stock outstanding*............... 1,122,233 
Operating revenues 
Passenger .................................... . 
Mail. ....................................... . 
Express ..................................... . 
Freight. ..................................... . 
All other .................................... . 
$109,671,406 
2,140,292 
1,361,837 
4,250,345 
2,767,345 
Total revenues ........................ $120,191,225 
Operating expenses (excluding 
depreciation and amortization) ................. . 
Depreciation and amortization .................... . 
Total expenses ...................... . 
Operating ratio .............................. . 
Net non-operating revenue or (expense) ............ . 
Net income before taxes .......................... . 
Taxes on income ................................ . 
Net income ......................... . 
Net income as % of revenues ........ . 
Special item-profit on disposition 
of flight equipment (after taxes) ................ . 
Total income and special item ..................... . 
Per share of stock outstanding* ................. . 
Dividends paid ................................. . 
Dividends paid per share* ..................... . 
Revenue plane miles (000) ........................ . 
Revenue passengers carried ....................... . 
Available seat miles (000) ........ , ................ . 
Revenue passenger miles (000) .................... . 
Passenger load factor .......................... . 
Available ton miles (000) ......................... . 
Revenue ton miles (000) ........................ . 
Overall load factor ........................... . 
Percent of scheduled miles fl.own. , ... , ............ . 
*Adjusted to reflect 25% stock dividend paid],me 29, 1956. 
$101,708,515 
11,752,074 
$113,460,589 
94.40% 
S (1,312,701) 
s 5,417,935 
2,735,000 
s 2,682,935 
2.23% 
s 156,148 
s 2,839,083 
$2.53 
s 1,346,670 
$1.20 
49,405 
3,241,511 
3,027,450 
1,757,208 
58.04% 
387,552 
195,373 
50.41% 
97.03% 
1959 
S 95,426,900 
23,947,879 
13,684,994 
S 10,262,885 
S 37,409,576 
$33.34 
1,122,221 
S 94,061,577 
2,151,953 
1,206,184 
3,879,389 
2,506,342 
S103,805,445 
S 85,549,826 
8,870,785 
S 94,420,611 
90.96% 
$ (553,612) 
s 8,831,222 
4,769,000 
s 4,062,222 
3.91% 
s 
s 4,062,222 
$3.62 
s 673,270 
$.60 
46,022 
2,988,241 
2,622,740 
1,554,630 
59.28% 
324,018 
174,936 
53.99% 
97.04% 
1958 1957 
$80,941,307 $66,931,027 
15,453,600 16,773,180 
9,701,837 11,092,231 
S 5,751,763 S 5,680,949 
S34,019,718 $33,965,765 
$30.32 $30.27 
1,122,045 1,121,944 
$80,217,086 $71,873,125 
1,795,885 1,636,218 
952,510 1,015,947 
2,954,896 2,230,512 
2,252,318 1,840,201 
S88,172,695 $78,596,003 
$76,276,726 $65,782,059 
9,354,358 6,728,875 
$85,631,084 $72,510,934 
97.12% 92.26% 
$ (599,865) $ (556,423) 
S 1,941,746 S 5,528,646 
1,010,000 2,990,000 
s 931,746 $ 2,538,646 
1.06% 3.23% 
s 131,409 s 82,939 
S 1,063,155 S 2,621,585 
$.95 $2.34 
S 1,009,791 $ 1,346,109 
$.90 $1.20 
44,972 41,671 
2,728,220 2,572,982 
2,479,428 2,206,408 
1,408,857 1,299,482 
56.82% 58.90% 
301,105 260,431 
156,332 141,861 
51.92% 54.47% 
97.40% 97.62% 
1956 1955 1954 1953 1952 1951 
$54,638,388 $54,049,882 $48,089,997 $37,966,469 $16,836,905 S14,402,050 
15,140,819 18,762,696 15,888,546 14,706,498 7,186,793 6,093,494 
11,654,690 12,686,444 8,861,111 9,192,041 6,618,627 4,541,282 
S 3,486,129 S 6,076,252 S 7,027,435 S 5,514,457 s 568,166 S 1,552,212 
$28,357,864 $19,845,898 $16,233,227 S15,647,278 S 9,808,493 S 8,658,043 
$28.47 $23.99 $21.64 $20.86 $15.69 $13.85 
996,219 827,391 750,000 7$0,000 625,000 625,000 
$60,557,924 $53,966,525 $45,144,949 $28,946,479 $23,995,938 Sl9,006,936 
1,468,247 1,462,684 1,723,703 1,131,578 1,035,599 1,306,752 
1,045,567 917,609 844,483 550,305 431,240 374,480 
2,020,061 1,844,168 1,766,266 1,044,338 827,927 720,719 
1,712,827 996,975 854,481 665,102 727,417 812,112 
$66,804,626 $59,187,961 $50,333,882 $32,337,802 $27,018,121 $22,220,999 
$53,168,806 $47,047,051 $43,021,159 $26,641,944 $21,155,513 $17,499,480 
5,661,358 6,444,981 5,275,152 2,259,784 1,485,556 1,389,721 
$58,830,164 $53,492,032 $48,296,311 $28,901,728 $22,641,069 $18,889,201 
88.06% 90.38% 95.95% 89.37% 83.80% 85.01% 
s (536,266) S (1,376,754) S (1,359,987) S(l,345,957) s 12,398 s (75,000) 
S 7,438,196 S 4,319,175 s 677,584 S 2,090,117 S 4,389,450 S 3,256,798 
4,069,000 2,412,000 394,000 688,000 2,739,000 1,625,000 
S 3,369,196 S 1,907,175 s 283,584 S 1,402,117 S 1,650,450 $ 1,631,798 
5.04% 3.22% .56% 4.34% 6.11% 7.34% 
S 1,308,770 s 258,850 S 1,022,365 S 2,756,561 s s 
S 4,677,966 S 2,166,025 S 1,305,949 S 4,158,678 S 1,650,450 S 1,631,798 
$4.70 $2.62 $1.74 $5.54 $2.64 $2.61 
s 922,990 s 720,309 s 720,000 s 575,000 s 500,000 s 375,000 
$.96 $.96 $.96 $.80 $.80 $.60 
33,962 31,579 31,916 20,672 17,531 15,698 
2,261,770 2,039,018 1,712,562 1,119,688 940,120 759,803 
1,726,941 1,517,891 1,344,069 776,157 653,121 541,038 
1,080,267 952,426 769,653 507,713 427,534 345,246 
62.55% 62.75% 57.26% 65.41% 65.46% 63.81% 
207,416 182,997 162,345 94,045 80,089 71,987 
118,544 104,927 87,251 57,565 48,093 40,480 
57.15% 57.34% 53.74% 61.21% 60.05% 56.23% 
98.39% 98.79% 98.29% 98.83% 98.98% 98.91% 
These data reflect operations of Delta Air Lines, [11c., a11d do 11ot include t/1e C&S system prior to May 1, 1953. 
/ 
:.,. ~ . . . ~ ..... _ ? 
' ..- _., 
- - 
. ~'-.. -~- 
 DELTA TICKET OFFICES: 
TICKET OFFICES RESERVATIONS TELEPHONE 
ALEXANDRIA Bentley Hotel ..................................... HILLCREST 2-4471 
ASHEVILLE Battery Park Hotel. .................................... ALPINE 2-7601 
ATLANTA Fulton National Bank Bldg., Piedmont and Biltmore Hotels JACKSON 4-3242 
AUGUSTA Richmond Hotel. ........................................ PARK 2-8811 
OALTIMORE Lord Balt imore Hotel. ........................... SOUTHFIELD 6-2100 
BATON ROUGE Capitol House Hotel. .......................... ELGIN 5-4491 
IIBAUMONT Hotel Beaumont .................................. RANDOLPH 2-3471 
llIRMINGHAM 2002 Fifth Ave., N .................................... LYRIC 2-9601 
BRUNSWICK Malcolm-McKinnon Airport ......................... MELROSE 8-2531 
CARACAS, VENEZ. Edificio Paris, Plaza Candelaria ......................... 55-8488 
CHARLESTON Francis Marion Hotel ........................... SHERWOOD 4-2567 
CHARLOTTE Lobby, Selwyn Hotel. ................................ EXPRESS 9-0481 
CHATTANOOGA Hotel Patten .................................... MADISON 2-8336 
CHICAGO 67 East Monroe, Conrad Hilton Hotel, 
1649 Orrington, Evanston, Illinois ............................ FINANCIAL 6-5300 
CINCINNATI Sheraton-Gibson and Netherland -Hilton Hotels ......... DUNBAR 1-3232 
CIUDAD TRUJILLO, DOM. REP. El Conde 79 .................................. 2-5350 
CLEARWATER St. Petersburg-Clearwater International Airport. ................ 3-8318 
COLUMBIA Hotel Wade Hampton .................................. SWIFT 4-3000 
COLUMBUS, GA. Ralston Hotel. .................................. FAIRFAX 7-7458 
COLUMBUS, OHIO Deshler Hilton Hotel .......................... BELMONT 7-2571 
DALLAS 212 S. Akard St. (Baker Hotel) and 
Lobby, Marriot t Motor Hotel ............................. FLEETWOOD 7-6161 
DAYTON Biltmore Hotel. .................................. TWIN OAKS 8-3651 
DETROIT 1205 Washington Blvd. and 
Lobby, General Motors Bldg ............................. WOODWARD 5-3000 
EVANSVILLE McCurdy Hotel .................................... HARRISON 5-9023 
FORT LIIUDEROIILE 10 s. Federal Hwy .......................... 
JACKSN 4-0331 
FORT WAYNE Van Orman Hotel. ................................. SHERWOOD 4191 
FORT WORTH Hotel Texas ....................................... EDISON 2-7871 
GREENVILLE Municipal Airport. .................................... CEDAR 2-8213 
HATTIESBURG Municipal Airport ................................. JUNIPER 2-1643 
HAVANA, CUBA Prado 301 ................................................ 6-8224 
HENDERSONVILLE Asheville-Hendersonville Airport ................. OXFORD 3-7211 
HOT SPRINGS Hot Springs Memorial Airport. ..................... NATION/IL 3-1671 
HOUSTON Rice and Shamrock-Hilton Hotels ...................... CAPITOL 5-1361 
INDIANAPOLIS Lobby, Claypool Hotel. ........................... MELROSE 7-1554 
JACKSON Heidelberg Hotel .................................. FLEETWOOD 2-0861 
JACKSONVILLE Hotel Robert Meyer ............................... ELGIN 3-3171 
KANSAS CITY Muehlebach Hotel. .................................. GRAND 1-7733 
KNOXVILLE Farragut Hotel .............................................. 7-6611 
LEXINGTON Blue Grass Airport. .......................................... 4-5569 
LITTLE ROCK C apitol at Ferry St. (Coachman's Inn) ............... FRANKLIN 5-9111 
LOS ANGELES 530 West Sixth St. . . . . . . . . . . . . . .............. MADISON 7-9669 
LOUISVILLE Shop 102, Starks Bldg ................................. JUNIPER 2-2681 
MACON Hotel Dem psey ....................................... SHERWOOD 3-6731 
MARACAJBO , VEN. Edificio lcuma Ave. 5 de Julio Maracaibo ................. 75-281 
MEMPHIS Peabody Hotel. ..................................... WHITEHALL 8-2641 
MERIDIAN Key Field ..................................................... 2-3141 
MIAMI 300 N. E. First St. (Columbus Hotel) ...................... FRANKLIN 3-0441 
MIAMI BEACH 1632 Collins Ave. and 230 71st. St .................. FRANKLIN 3-0441 
MONROE Frances Hotel. ........................................ FAIRFAX 3-5116 
MONTEGO BAY, JAMAICA Casa Montego Hotel. ............................... 2811 
MONTGOMERY Jefferson Davis Hotel. ........................... AMHERST 4-7313 
NEW ORLEANS St. Charles and Roosevelt Hotels ...................... TULANE 8592 
NEW YORK Rockefeller Center, 5 West 49th St.. ................... . 
Airlines Building, 80 East 42nd St .............................. 
100 Broadway ............................................. 
Lobby, Statler Hotel, 7th Ave. and 33rd St ...................... . 
East Side Terminal, First Ave., 37-38 Sts....................... . . PLAZA 1-6600 
West Side Terminal, 42nd St. and 10th Ave ..................... 
200 Livingston St., Brooklyn ................................. 
35 Mamaroneck Ave., White Plains ......................... 
635 Madison Avenue, 15th Floor ........................... 
NEWARK 13 Commerce Street ................................. MITCHELL 2-2228 
ORLANDO San Juan Hotel. ....................................... CHERRY 1-4531 
PADUCAH Barkley Field ............................................... 443-1732 
PHILADELPHIA Bellev ue-Stratford Hotel (Broad St. Ent rance) ........ SARATOGA 7-9900 
PORT ARTHUR Jefferson County Airport ......................... RANDOLPH 2-3471 
PORT-AU-PRINCE, HAm c/o Nadal & Co ...................................... 3313 
SAN JUAN, PUERTO RICO Hotel L a Concha ................................ 9-0045 
SAVANNAH Manger Hotel ........................................ ADAMS 3-0267 
SELMA Sclficld Airport ......................................... T RINITY 4-7581 
SHREVEPORT Captain Shreve Hotel. .................................... 425-3232 
SPARTANBURG Memorial Airport ..................................... 582-7131 
SPRINGFIELD Municipal Airport ................................ UNIVERSITY 4-7353 
ST. LOUIS Lobby, Statler Hotel. ..................................... MAIN 1-7580 
ST. PETERSBURG St. P 
etersburg-C learwater International Airport ...... ORANGE 1-7141 
TAMPA 500 Florida Ave. (Hillsboro Hotel) ................................. 2-2911 
TOLEDO Commodore Perry Hotel Arcade ...................... UNIVERSITY 5-2366 
TULSA Alvin Hotel, 627 So. Main ................................. LUTHER 2-0202 
WASHINGTON 1605 K. St . N.W. and Washington Hotel. ............ DISTRICT 7-9600 
WEST PALM BEACH George Washington Hotel. ................... OVERLAND 3-4121 
 TODD G. COLE 
Atlanta, Georgia 
R. W. COURTS 
Atlanta, Georgia 
C.H. DOLSON 
Atlanta, Georgia 
EMERY FLINN 
Miami, Florida 
I(. W. FREEMAN 
Chairman 
EDWARD H. GERRY 
New York, New York 
JOHN R. LONGMIRE 
St. Louis, Missouri 
R. S. MAURER 
Atlanta, Georgia 
WINSHIP NUNNALLY 
Atlanta, Georgia 
New O rleans, Louisiana 
DIRECTORS 
OFFICERS 
CARLETON PUTNAM 
Washington, D. C. 
TODD G. COLE 
J. WOODALL RODGERS 
Dallas, Texas 
C. E. WOOLMAN 
President and General Manager 
Execuuvc Vice President - Admmistration 
and ASS1st2nt Secretary 
W. T. BEEBE ERLE COCKE, JR. 
Vice PrCStdent - Personnel Vice President - C1v1c. Affairs 
R. S. MAURER 
Vice PrCStdent - 
Legal and Secretary 
T. M. MILLER 
Vice President - 
Traffic and Sales 
GEO. M. SNELLINGS, JR. 
Monroe, Louisiana 
C.H. DOLSON 
Execunve Vice President - 
Operations 
ROBERT L. GRIFHTH 
Vice President 
ROBERT OPPENLANDER 
Comptroller and 
Treasurer 
CHARLES P. KNECHT 
Assmant Vice President - 
Sales 
PAUL W. PATE 
Assistant Vice Prcstdent - 
Properties 
R. H. WHARTON 
ASS1Stant Vice President - 
Personnel 
C. BOYCE WILDER 
Ass1st;int Vice President 
Operauons - Technical 
CA THERINE FITZGERALD 
Assistant Treasurer 
J. R. HOWELL 
Assistant Treasurer 
HUGH H. SAXON 
Assistant Treasurer 
C. E. WOOLMAN 
Atlanta, Georgia 
TRANSFER ACE'-TS: The Citizens and Southern Nanonal !lank, Atlanta, Georgia REGISTRARS: Trust Company of Georgia, Atbnta, Georgia 
The First Nmonal City Bank of Ne" York. Ne" York, New York Morgan GuJranty Trust Company of Ne\\ York, New York, !\;cw York 
COMMON STOCK: Listed 0n th< 1',;e" York Stock Exchange AlDITORS: Arthur Andersen & Co. A-.st.;AL MEETI,;C: October 18, 1960, Monroe. Loumana 
 TA AIR SI C. 
GENERAL OFFICES ATLANTA AIRPORT, ATLANTA, GEORGIA 
DEL LINE . N ~