* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * 
WISCONSIN CENTRAL AIRLINES 
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Garnet F. DeCoursin 
Fred V. Gardner 
Francis M. Higgins 
Francis M. Higgins 
H. N. Carr 
Arthur E. Schwandt 
Bernard Sweet 
' D. G. Hendrickson 
Frank N. Buttomer 
I 
Howard A. Morey 
Arthur E. A. Mueller 
Donald B. Olen 
,. ' 
. 
G. E. Slezak 
Milo F. Snyder 
A. L. Wheeler 
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OFF!;CERS AND 0 Hi OlALS 
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President 
Executive Vice President* 
Secretary-Treasurer 
Asst. Treasurer 
Operations Manager 
General Traf fie Manager 
I JI I, 
'r., 
 R 
EPORT JO . -STOCKHOLDERS -19 5 
- 
1 
The maj-or developments of Wisconsin Central Air- 
lines during the year 1951 were the conversion to 
21-passenger aircraft, the spectacular traffic record 
with the larger equipment, the renewal of the air-: 
line franchise and the additional routes awarded 
the airline. 
During the year the airline carried 96,265 rev- 
enue passengers compared to 48,797 revenue pas- 
sengers flown the previous year, a 97% increase. 
Air mail volume  increased 49% while air express 
showed a 120% increase over the previous year. 
Operating revenues and other income for the 
year were $2,114,328 while operating expenses were 
$2,108,061, leaving a net profit of $6,267. Includ- 
ed in the operating expense was $143,722 for de- 
preciation. 
The conversion from . the six Lockheed 9-pas- 
senger planes originally operated by the airline, to 
six DC-3 21-passenger planes was made between 
March 1st and May 1st of last year and involved a 
substantial non-recurring training and q_ 
ualifying 
expense. 
FRANCHISE RENEWAL .- ROUTE EXTENSIONS 
Your company operated the entire year under the 
Administrative Procedures Act since our three year 
temporary franchise expired in October, 1950. 
Public hearings on our certificate renewal case 
were held in Washington during January, 1951 and 
later before the Civil Aeronautics Board. The de- 
cision on the case was announced January 5, "1952. 
The award included a franchise renewal of five 
years to October, 1955, the addition of approximate- 
ly 900 miles of new routes and "skip-stop" privi- 
leges. The five-year franchise is the longest period 
that the Civil Aeronautics Board has extended to a 
temporary three-year franchise to date. Extensions 
on renewals have ranged from approximately three 
years to five years in previous decisions. 
The extensions added about 65% more mileage 
to the system and included a two-year franchise on 
a route from Minneapolis-St.Paul to Fargo with in- 
termediate stops at St. Cloud, Alexandria and Fer- 
gus Falls, and a route from Minneapolis-St. Paul 
to Grand Forks with stops at St. Cloud, Brainerd, 
Bemidji, and Thief River Falls. Also included in - 
the award was the transfer of the former Northwest 
Airlines; non-stop route from Minneapolis-St. Paul  
to Duluth-Superior and a seasonal route extension 
from Hibbing-Chisholm to International Falls. In a 
separate decision announced simultaneously with the 
franchise renewal the CAB also awarded your com- 
pany a route fr0m Minneapolis-St. Paul to Chicago 
with intermediate stops at Eau Claire, Winona, La 
Crosse, Madison .and. Beloit-Janesville. With the 
additional mileage of the new routes, Wisconsin 
Central now has 2295 . miles of route and is the 
third largest of the eighteen local service airlines 
in this country. 
The "skip-stop" authorization, granted your 
company, relieves the airline of making a stop at 
each point served on every flight over the same  
route, under certain conditions. Under the pro- 
visions of the authorization, a minimum number of 
flights must serve each community before the city 
can be ove-r-flown on additional schedules and a 
minimum number of stops is required on all flights 
between certain metropolitan centers. The "skip- 
stop" privilege was . the first authorization of its 
kind granted .a local service airline by the Civil 
Aeronautics _ 
Board. 
Still before the Civil Aeronautics Board is your 
company's application for . a route from Green Bay 
to Detroit with intermediate stops at Muskegon, 
Grand Rapids, and Lansing. Hearings on the ap- 
plication, extending over a period of nearly three 
years, have been completed. Pending a decision on 
this route, the CAB withheld a decision on the re- 
newal of our routes north of Green Bay into the 
Upper Peninsula of Michigan and  asked that we 
continue our service: to this area under the Ad- 
ministrative Procedures Act until a decision has 
been made. The proposed route to Lower Michigan 
would provide direct one-carrier service between the 
upper Peninsula and Lower Peninsula of Michigan 
and Green Bay as well as direct one:carrier service 
from the Upper Peninsula of Michigan to Milwaukee, 
Chicago and other cities. 
CHANGES IN WORKING CAPITAL 
During the course of the past year we had $472,601 
in. available .funds consisting of $196,636 received 
during the year from the sale of. common sto'ck and 
certain operating equipment, plus $151,439, made up 
of $6,267 in net income for the year and $145,172 
set aside for depre-ciation and amortization of debt 
expense plus the working capital at the beginning of 
the-year of $124,526. _  
. These funds, during the year, were used to 
purchase $439,375 in flight and other operating 
equipment; to reduce our notes payable by $53,500; 
to purchase investments in airline service organiza- 
tion for $1,101 and to defray certain expenditures 
such as certificate renewal expense and expenses 
in connection with issuance of common stock which 
will benefit the company in the future  and totaled 
$33,014. These expenditures totaling $526,990 re- 
sulted in an excess of current liabilities over current 
assets at December 31, 1951 of $54,389. 
MAIL COMPENSATION. 
Compensation for flying United States Air Mail and 
Air Parcel Post for the year was $1,181,596; a re- 
duction of $273,549 from the previous year. Mail 
revenues for  the past year were 55% of the total 
operating revenues, while in the previous year mail 
:revenues were 75% of the total operating r~venues. 
Passenger and express revenues more than doubled 
over the previous year and thus reduced the com- 
pany's dependence on mail pay, although the ton- 
miles of mail flown increased approximately 50%. 
A mail rate set by the CAB on February 15, based 
generally on Lockheed operations did not prove 
adequate and was adjusted June 14 and- further ad- 
justed retroactively to June 14 this year. The tern- 
3 
 4 
porary mail rate is now at the rate of 56( per mile. 
The temporary mail rates under which your 
company operates are not set at a rate to provide 
dividends for stockholders. Temporary mail rates 
are calculated to meet only the break-even needs of 
the airline. It is anticipated, however, that the op- 
erating experience record of your company this 
year with its enlarged operations will form the basis 
for a sound, permanent mail rate which will provide 
a margin of profit sufficient to build up the company's 
financial position and later provide some return to 
investors. 
OUTLOOK FOR 1952 
With the renewal of our franchise to October, 1955, 
and the additional routes awarded the airline, to be 
placed in service this spring and summer, the fu- 
ture of Wisconsin Central Airlines appears assured. 
The additional routes will provide an opportunity 
of spreading fixed costs over a greater number of 
miles, which should reduce the per mile operatin~ 
costs. The daily operation of the airline is expected 
to about double before the end of the year - from 
approximately 5000 miles per day to approximately 
10,000 miles per day. 
Service on the new non-stop route between 
Minneapolis and Duluth was inaugurated with four 
flights daily on February 10. 
Since the first of the year the airline has leased 
two 21-passenQ:er DC-3s from Trans-World Air- 
lines (TWA). These two planes are now in overhaul 
and modification. They are scheduled to be placed 
in operation on May 1st, between Minneapolis and 
Chicago, via Winona and La Crosse and other in- 
termediate cities. The airline has also purchased 
two DC-3s from Eastern Airlines. These planes are 
also to be overhauled and modified before being 
placed in operation this summer on the new routes 
to Fargo and Grand Forks. Your company is also 
negotiating with Eastern Airlines for two additional 
DC-3s, for delivery later in _ 
the year. With the two 
leased DC-3s and company's present eight planes, 
and two probably to be acquired at a later date, the 
airline will have twelve DC-3s in its fleet. ' 
To finance this equipment program, a loan from 
an insurance company, which had been reduced 
from $150,000.00 to $46,000.00, was brought back 
to $150,000.00, netting the airline $104,000.00. 
Approximately $250,000.00 of additional funds 
will be required to complete the financing for the 
equipment and operating program for this year. 
Each year your airline becomes a more im- 
portant factor in the economy of the communities 
served. As we start our fifth year of safe operation, 
it is gratifying to look back on the company's 
growth from small beginnings to our present posi- 
tion as one of the leading local service airlines in 
this country. The routes awarded your airline ap- 
pear to be sound and their potential is b'eing ex- 
panded each year. Your company will continue to 
develop and strengthen its position in 1952 and-in 
years to come. I want to take this opportunity to 
express my appreciation to all employees for the 
loyalty and support they have unselfishly given to 
the company during the year. 
March 21, 1952 
WISCONSIN CENTRAL AIRLINES, INC. 
Comparative Operating and Traffic Statistics 
FINANCIAL 1951 
Operating Revenues 
Passenger .............................................................................. $ 860,598.47 
l\1ail ........................................................................................ 1,181,596.40 
Express .................................................................................. 45,172.61 
Excess Baggage .................................................................... 5,643.14 
TOTAL .......................... $2,093,010.62 
Operating Expenses 
Flying Operations ................................................................ $ 591,244.85 
Flight Equipment Maintenance .......................................... 275,469.03 
Ground Operations .............................................................. 417,329.17 
Ground and Indirect Maintenance .................................. 153.247.64 
Passenger Service ................................................................ 80,588.72 
Traffic and Sales .................................................................. 182,929.45 
Advertising and Publicity .................................................... 65,295.07 
General and Administrative ................................................ 198,235.10 
Depreciation and Obsolescence : 143,722.21 
TOTAL ............... $2,108,061.24 
Net Operating Income ( or Loss) .................................... ($15,050.62) 
Amortization of RQute Development Expense.................. -0- 
Other Income or Expenses, Net .......................................... 21,317.61 
Net Profit or (Loss) ............................................................ $ 6,266.99 
TRAFFIC 
Passengers Carried ............................................................. . 
~a:r~:~r m1rll~s .. :.:~~.~ .. :::::::::::::::::::::::::::::::::::::::::::::::::::::::: 
Express ton miles ................................................................. . 
Scheduled Aircraft Miles flown ......................................... . 
*Operations commenced February 24, 1948. 
96,255 
15,302,378 
60,292 
107,408 
1,977,815 
1950 
$ 427,278;43 
1,355,145.00 
18,636.56 
2,418.65 
$1,803,478.64 
$ 459,643.25 
267,105.13 
418,593.97 
133,142.06 
14,160.56 
38,138.56 
30,069.09 
161,234.03 
120,329.42 
$ 1,642,416.07 
$ 161,062.57 
(65,014.65) 
(3,935.17) 
$ 92,112.75 
48,797 
7,763,742 
40,555 
48,095 
2,050,946 
1949 1948* 
$ 271,575.86 $113,648.51 
1,036,243.00 580,968.00 
8,363.95 5,962.67 
1,519.04 1,012.27 
$ 1,317,701.85 $701,591.45 
$ 350,180.45 $190,630.20 
229,945.55 127,966.18 
321,057.28 201,761.50 
110,2%.03 50,414.32 
6,791.19 3,294.22 
26,964.07 16,749.99 
20,302.56 15,682.92 
138,423.88 94,069.39 
99,598.50 54,645.15 
$ 1,303,499.51 $755,213.87 
$ 14,202.34 ($53,622.42) 
(86,291.77) (73,525.07) 
(3,793.61) (896.51) 
($75,883.04) ($128,044.00) 
32,625 11,398 
4,991,339 1,952.591 
20,594 11,520 
22,303 13,908 
1,633,936 798,014 
 THOUSANDS 
2000 
1900 
1800 
1700 
1600 
1500 
1400 
1300 
1200 
1100 
1000 
900 
800 
700 
600 
500 
400 
300 
200 
100 
D 
I I I I I I I I J I II I I ~l 
- REVENUE PASSENGER MILES FLOWN ~~ ' 
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FEB APRIL JUNE AUG OCT DEC FEB APRIL JUNE AUG OCT DEC FEB APRIL JUNE AUG OCT DEC 
- - - - - - 1949 _ _ _ _ _ _, , _ _ _ _ _ _ 1950 _ _ _ _ _ _ _, .... - - - - - - 1 9 5 1 - - - - - - 
REVENUE PASSENGER MILES - Revenue passenger miles, standard measure- 
ment of airline performance, increased 97 % in 1951. The number of passengers 
increased from 3.8 to 7.7 per mile flown. 
MAIL 
TON MILES 
7000 
6000 
5000 
4000 
3000 
2000 
1000 
0 
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, 
~ 
MAIL TON MILES CARRIED .... J , 
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FEB APRIL JUNE AUG OCT DEC FEB APRIL JUNE AUG OCT DEC FEB APRIL JUNE AUG OCT DEC 
- - - - - - 1 9 4 9 - - - - - - - - - - - - - 1 9 5 0 - - - - - - - - - - - - 1 9 5 1 - - - - - - - 
MAIL TON MILES CARRIED - In 1951 your airline carried 60,292 ton miles of 
air mail - a 49 % increase over the previous year. 
5 
 6 
WISCONSIN CENTRAL AIRLINES, INC. 
ASSETS 
CURRENT ASSETS 
Cash ............................................. ...................................... ..... $ 19,354.46 
Accounts receivable ............................................................. . 
United States Government ................................................ $198,430.21 
Traffic and other .............................................................. 127,101.69 325,531.90 
Inventories of gasoline, oil, 
parts and supplies - at 
cost ................................................................................... . 
Prepaid insurance and other 
expenses ........................................................................... . 
INVESTMENTS - AT COST 
OPERATING PROPERTY AND EQUIPMENT 
Flight equipment ( equipment 
costing approximately 
$196,000.00 pledged as 
security for notes payable - 
contra) ............................................................................. . 
Ground equipment ............................................................... . 
Hangar and office building ................................................. . 
Furniture and fixtures ....................................................... . 
Total - at cost ............................................................... . 
Less depreciation to date ..................................................... . 
DEFERRED CHARGES 
Certificate _ 
renewal expense ................................................. . 
Capital stock expense ......................................................... . 
Other ..................................................................................... . 
51,277.46 
34,493.63 
585,718.71 
132,430.73 
54,343.69 
19,769.07 
792,262.20 
183,133.03 
16,438.54 
12,950.54 
10,003.16 
BALANCE SHEET 
$430,657.45 
1,101.00 
609,129.17 
39,392.24 
$1,080,279.86 
' ' 
DECEMBER 31, 1951 
CURRENT LIABILITIES 
Note payable, 5% installment 
note (secured by pledge of 
Hight equipment - contra) 
LIABILITIES 
.Accounts payable ................................................................. . 
Unearned transportation revenue ....................................... . 
Income taxes withheld from 
employees ......................................................................... . 
Accrued liabilities ................................................................. . 
CAPITAL 
Common stock ..................................................................... . 
Authorized, 300,000 shares of 
$1.00 par value; issued 
208,149 shares .............................................................. $208,149.00 
Paid-in in excess of par value of 
stock issued, less organization 
and capital stock expense written off . ...... .. ....... ...... .... 492,632.36 
Earned surplus (deficit) ..................................................... . 
$ 53,500.00 
330,299.70 
10,716.06 
12,276.12 
78,253.92 $485,045.80 
700,781.36 
105,547.30 595,234.06 
$1,080,279.86 
The accompanying notes to financial statements are an integral part of this balance sheet. 
 8 
STATEMENT 0 F INCOME 
YEAR ENDED DECEMBER 31, 1951 
TRANSPORTATION REVENUE 
Mail ......................................................................................................... . 
Passenger ................................................................................................. . 
Express ............. _. ....................................................................................... . 
Excess baggage and other ....................................................................... . 
OPERATING EXPENSES 
Flying operations ..................................................................................... . 
Flight equipment maintenance ............................................................... . 
Ground operations ................................................................................... . 
Ground and indirect maintenance ......................................................... . 
Passenger service ..................................................................................... . 
Traffic and sales ..................................................................................... . 
Advertising and publicity ....................................................................... . 
General and administrative ................................................................... . 
Provision for depreciation 
and obsolescence ................................................................................... . 
Operating profit ............................................................................... . 
OTHER INCOME 
Incidental revenue and cash 
discounts earned .......................... : ...................................................... . 
Gain on sale of fixed assets ................................................................... . 
OTHER DEDUCTIONS 
Interest ..................................................................................................... . 
Amortization of debt expense ............................................... _ 
.................. . 
Sundry ..................................................................................................... . 
NET INCOME ................................................................................. . 
*Denotes red figure 
$1,181,596.40 
860,598.47 
45,172.61 
5,643.14 $2,093,010.62 
591,244.85 
275,469.03 
417,329.17 
153,247.64 
80,588.72 
182,929.45 
65,295.07 
198,235.10 
143,722.21 
5,781.06 
2.1,0:n.os 
6,295.29 
1,449.99 
755.25 $ 
2,108,061.24 
15,050.62* 
29,818.14 
14,767.52 
8,500.53 
6,266.99 
The accompanying notes to financial statements are an integral part of this statement of income. 
STATEMENT 0 F EARNED SURPLUS 
YEAR ENDED DECEMBER 31, 1951 
Earned surplus ( deficit) - January 1, 1951 ......................................... . $111,814.29 
Net income for the year ended December 31, 1951 ................................... . $ 6,266.99 
EARNED SURPLUS (DEFICIT) - 
DECEMBER 31, 1951 ..................................................................... . $ 105,5--1-7.30 
The accompanying notes to financial statements are an integral part of this statement of earned surplus. 
NOTES TO FINANCIAL STATEMENTS 
December 31, 1951 
1. The company's temporary certificate of public c:onven- 
ience and necessity was renewed by the Civil Aeronau- 
tics Board to September 30, 1955. This was authorized 
by the Board on December 13, 1951 and was a continua- 
tion of the original certificate granted on October 
3, 1947. 
2. Mail revenues for the period from June 14, 1951 to 
December 31, 1951 are stated on the basis of amended 
temporary rates established by the Civil Aeronautics 
Board. 
3. During the year the company issued 53,149 shares of 
common stock at $2.75 per share, with the proceeds 
totaling $146,159.75. The amount of $1.00 per share 
or $53,149.00 was assigned to the par value of common 
stock, witl} the balance of s;1.75 per share or $93,010.75 
being assigned to capital paid-in in excess of par value 
of stock issued. 
4. Commitments for purchase of flight equipment, parts 
and supplies aggregated approximately $82,500.00 at 
December 31, 1951. 
5. As a result of "carry-over" of prior years' net operating 
losses, no income taxes are payable on the net income 
for the year ended December 31, 1951. 
 NEW YORK 
CHICAGO 
LOS ANGELES 
ALEXANDER GRANT & COMPANY 
BOARD OF DIRECTORS 
CERTIFIED PUBLIC ACCOUNTANTS 
312 EAST WISCONSIN AVENUE 
MILWAUKEE 2, WISCONSIN 
WISCONSIN CENTRAL AIRLINES, INC. 
OTHER 
PRINCIPAL 
CITIES 
We have examined the balance sheet of WISCONSIN CENTRAL AIRLINES, INC. , 
(a Wisconsin corporation) as of December 31, 1951, and the related statements of 
income and earned surplus for the year then ended. With the exception that it was not 
practical to confirm the accounts receivable from the United States Government or to 
confirm an amount of $87,960.09 due through the Airlines Clearing House, Inc., as to 
which we satisfied ourselves by other means, 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 we consider necessary in 
the circumstances. 
In our opinion, the accompanying balance sheet and statements of income and 
earned surplus present fairly the financial position of Wisconsin Central Airlines, Inc. 
at December 31, 1951, and the results of its operations for the year then ended, in con- 
formity with generally accepted accounting principles applied on a basis consistent with 
that of the preceding year. 
Milwaukee, Wisconsin 
March 21, 1952 
Alexander Grant & Company 
9 
 WISCONSIN CENTRAL IS THE THIRD 
LARGEST OF THE EIGHTEEN LOCAL SERVICE 
 AIRLINES IN THE UNITED STATES 
Beautifully appointed, sound-proofed cabin in- 
teriors. Comfortable, roomy lounge-chair seats. 
Rest room and self-service baggage racks in 
rear of plane .. Cargo holds fore and aft --:-- ca- 
pacity approximately l tons. Restful color 
scheme. Full view windows. 
Hydraulically controlled passenger ramp closes 
to form door of plane - speeds boarding - 
minimum waiting time on ground. 
e, O IV 
"' 
DC-3 pilot's cock-pit, showing dual instrument 
panels - planes are equipped for all weather 
night or day flying, including radar terrain 
warning indicator, static-free radio communi- 
cation - cruise at three miles a minute. Twin 
quick-accelerating 1200 h.p. engines - main- 
tain_ 
flight on either engine alone. 
Specially built cargo hatch and compartment 
speeds handling of baggage and cargo. Hatch 
opening 2 ft. 7 inches x 3 ft. 10 inches to ac- 
commodate bulky packages. 
 \ 
WISCONSIN CENTRAL AIRLINES 
Route of the Northliners 
L AUTHORIZATI 
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OUNTAIN 
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11 
 ************************************************* ' 
CITY 
Beloit, Wis. 
Chicago, Ill. Wis 
Chippewa Fa\ls, . 
Chisholm, Mmn_- 
Clintonville, Wis. 
Duluth, Minn;. 
Eau Claire, ~ i~- 
Escanaba, Mwc  
Green Bay, is. 
Hancock, M~ch- 
Hibbing, Mm_ 
n. 
Hought-0n, ~heh. 
Iron Mt., 
Mi~\ 
Ironwood, M~~  
] anesville, ~ is. 
Madison, Wis: 
Marinette, ~~-h 
Marque~te, M\ch- 
Menommee, . 
Milwaukee: WMinn. 
Minneapolis,_ 
Oshkosh, Wis. . 
Rhinelander: Wis. 
St. Paul, ~inn.Wis. 
Stevens Poin~, 
Superior, ~is. 
Wausau, Wis. . 
Wis. Rapids, Wis. 
Rock County. 
City Ticket Of~i~e l 
Eau Claire Mu?-1.ci~t 
Hibbing M~mcip 
Municipal 
Williamson-_] ohnson 
Municipal 
Municipal 
Austin Straubel 
Houghton _County 
Municipal 
Houghton County 
Ford 
Gogebic County 
Rock County 
Municipal 
M-enominee County 
K. I. Sawyer 
Menomine~ Cho~ty 
Gen. Mite e . 
Wold-Chamberlain 
Winnebago County 
Municipal . 
PHONE 
Enterprise 2000 
Dearborn 
tiii~ 
Hibbing 
3-7it1 
2-6633 
4633 
30 
Howard 5450 
Houghton 63 
3-7847 
63 
2575 
741 
5293 
4-5544 
Menominee 6677 
Sawyer 2 
6677 
Humboldt 3.5100 
Parker 6691 
Stanley 2 
ii 
Midway 2293 
2510 
6046 
4550 
Wold-Chamberlain 
Municipal 
Williamson] ohnson 
Alexander .. 
Stevens Pt. Municipal 
Stevens Pt. 2510 
THE MALLARD DUCK, NATIVE TO THE NORTH 
CENTRAL REGION, PRIZED BY AND KNOWN 
BY SPORTSMEN FOR ITS HIGH SPEED IN 
SHORT FLIGHTS, FITTINGLY SERVES AS THE 
INSIGNIA OF WISCONSIN CENTRAL AIRLINES. 
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *