ANNUAL 
REPORT 
NORTHEAST AIRl/NES 
1950 
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NORTHEAST 
INC. 
AIRLINES 
'Board of 'Directors 
PAUL F. COLLINS, Chairman 
JACQUELINE COCHRAN 
New York, N. Y. 
JAMES F. FITZGERALD 
Boston, Mass. 
GEORGE E. GARDNER 
Boston, Mass. 
GEORGE E. GARDNER. 
A. A. LANE 
ROBERT L. TURNER 
HAMIL TON HEARD 
R. H. HERRNSTEIN 
HENRY E. FOLEY 
FOLEY, HOAG AND ELIOT 
LYBRAND, Ross BRos. & MONTGOMERY 
OLD COLONY TRUST COMPANY. 
THE FIRST NATIONAL BANK OF BOSTON 
EUGENE L. VIDAL 
New York, N. Y. 
Officers 
GRENVILLE L. HANCOCK 
Boston, Mass. 
RADU lRIMESCU 
New York, N. Y. 
ALBERT C. MCMENIMEN 
Boston, Mass. 
President 
Vice President 
Vice President 
. Treasurer and Ass't to the President 
Assistant Treasurer 
. Clerk of Corporation 
General Legal Counsel 
Auditors 
Transfer Agent 
Registrar 
General Offices, LOGAN .AIRPORT, BOSTON 28, MAss. 
 * NORTHEAST AI .RLINES, INC. 
The President's Report to 
The Stockholders and Employees 
I. GENERAL 
* 
There is submitted herewith Northeast Airlines' Balance Sheet as at December 31, 19 5' 0 and Profit and 
Loss Statement for the year 195'0 certified by the Company's auditors, Lybrand, Ross Bros. & Montgomery. 
A tabulation of comparative statistics is also submitted. 
During 195'0 your Company realized a net profit, after provision for Federal Income Taxes, of $418,279, 
compared with $25',5'23 in 1949. However, included in this profit was a non,.recurring gain of approxi,. 
mately $246,700 (after estimated taxes) from the sale of our three DC ... 4 aircraft and related equipment. 
The operating profit of $120,5'37 compares with $65',235' in 1949 but shows a more encouraging trend 
than first appears since the results of the first two quarters were very disappointing, with an operating loss 
as of June 30th of $268,637. This recovery in the last six months can be attributed to many causes including 
a reasonably good summer season, a continuation of the strong growth characteristics of the air transport 
industry, the current mobilization program with its attendant stimulus to travel and increased need for 
transportation speed, more extensive service by Northeast Airlines, and greater acceptance of youJ; company, 
'"New England's Own Airline," in the communities we serve. 
Not only the improved load factors resulting from the above factors, but also greater utilization of 
aircraft in the last six months contributed to the :financial accomplishment. 
The improved operating conditions in 195'0 are indicated by the following table which sets forth the 
percentage increases in that year over 1949 in various statistical data for the sixteen trunkline air carriers 
compared with those for the Company. 
Industry Northeast 
(Estimated) Airlines 
Revenue Passenger Miles +16.7% +13.7% 
Mail Ton Miles +11.6% +23.5'% 
Cargo To111 Miles . +19.7% +41.8% 
Total Revenue Ton Miles +16.8% +16.7% 
Total Operating Revenues + 7.6% + 9.8% 
Total Operating Expenses + 5'.1% + 8.9% 
Operating Profit . +46.9% +84.8% 
As we stated in our interim report to the stockholders for the first nine months of 195'0, July passenger 
revenue of $5'81,5'5'2 was the highest in the Company's history and was subsequently topped in August when 
$612,073 was received. Furthermore, 49,520 passengers were carried in August, which exceeded the previous 
high of August, 1946. 
 * NORTHEAST AIRLINES, INC. * 
II. REVIEW OF 1950 
Financial 
A comparison of the Balance Sheet at the end of 1950 with the December 31, 1949 statement reveals 
the fact that the loan from the Reconstruction Finance Corporation was paid off during the year. It had 
been reduced by advance payments to $587,000 in July and then completely eliminated in September after 
the sale of our DG-4 aircraft and related spare parts. As a result, your company has no long-term debt. 
There has been no change in the Company's temporary mail rate during the past year. Non-mail 
operating revenue increased 14.5% above 1949, but mail pay received in 1950 declined slightly from the 
amount received in 1949. It is significant to note that the net operating profit in both July and August 
exceeded mail pay received in each of those months. 
Quarterly 25  per share dividends due October 1, 1948, and January 1, April 1, and July 1, 1949 were 
declared on the preferred stock during the past year. There are seven quarterly dividends in arrears as of 
April, 1951. 
Atlas Corporation on March 30, 1951 converted 34,000 of the 76,959 shares of the Company's Con, 
vertible . Preferred Stock then held by it into 182,750 shares of the Company's Common Stock at the then 
existing conversion rate of 5  shares of Common Stock for each share of Convertible Preferred Stock 
surrendered for conversion. This action reduced the preferred dividend liability of April 1, 1951 by $59,500. 
Operations 
During 1950 the Company continued to provide dependable service and, as shown in Table of Com- 
parative Statistics on Page 14, completed 92.58% of its total scheduled mileage. Although this percentage 
was slightly less than the Company's high of 93.54% achieved in 1949, it was encouragingly higher than 
that experienced in previous years. Examination of this table also reveals that in 1950 your company flew 
more revenue miles than ever before and received more Passenger Revenue than in any other year, despite 
the fact that fewer Revenue Passengers were carried than during the first post-war year of 1946, the Com, 
pany's high for revenue passengers carried. The System Load Factor improved to 51.82% from 48.36% 
experienced in 1949. 
The increase in passenger revenue was experienced throughout the Company's system, with the routes 
from Boston to New York, Maine and Montreal in particular contributing heavily. A further stimulus 
was received from the excursion fares which were again offered commuters travelling to and from the Cape 
points during the off-season. 
In an effort to increase dependability, four Type H radio homing stations were installed by the Company 
at the four cities where summer service was first inaugurated in 1950, namely Bar Harbor, Rockland and 
Brunswick, Maine, and Laconia, New Hampshire. 
Flight Equipment 
During the early months of the year, the Company leased its three four-engine Douglas DC,4's to other 
carriers and operated five Convair-liners and eight DC, 3 's, which were adequate for winter traffic. The 
DC-4 's were utilized to provide needed additional service for the peak summer season. 
When the outbreak of hostilities in Korea produced a sharp demand for four-engine equipment, your 
company was able to obtain the price it had been asking for the DC-4 's for the last two years. In view of 
their age, type and general unsuitability for Northeast Airlines' operation, the offer was accepted even though 
giving up the DC-4 's necessitated a rearrangement of schedules and extremely high utilization of our remain, 
ing fleet for the balance of the summer. Efforts are now being made to secure by lease, charter, or interchange 
suitable equipment to provide adequate service this summer. 
 * NORTHEAST AIRLINES, INC. * 
Management Changes 
At the Board of Directors' Meeting held on April 28, 1950, Mr . .Robert L. Turner was elected Vice 
President in charge of Sales. Mr Turner had resigned from Eastern Air Lines after fifteen years in the 
Traffic Department where he had held the position of General Traffic Manager since the War. He served 
with distinction in the Priorities and Traffic Section of the Air Transport Command during W orldl War II. 
Routes and S ervi.ces 
For the past several years, there has been a growing demand for direct air service to certain resort 
communities in New England during the summer months. Following the decision of the Civil Aeronautics 
Board in the Service in "N_ew England States Case, the Company inaugurated summer services to Laconia, 
New Hampshire; Bar Harbor, Brunswick, and Rockland, Maine; and year-round service to New London, 
Connecticut. Promising results were obtained! from all these services. The Civil Aeronautics Board and 
the Canadian Air Transport Board granted an indefinite suspension of service to Moncton, New Brunswick. 
On October 15, the Company moved its Boston passenger handling facilities into the new Apron building 
at Logan International Airport. Northeast Airlines is located at Station 14, one of the two center airline 
pos1t10ns. Operating efficiency was improved by moving the Dispatch and Reservations Offices and Com, 
munications Center from the hangar to the new building. 
Regulatory Proceedings 
The Civil Aeronautics Board Order instituting a comprehensive survey of Northeast Airlines routes 
is still pending and no hearings have as yet been held. 
The National Airlines' investigation, in which your company intervened, has been dismissed. 
In view of Northeast Airlines, proposal to merge with Delta Air Lines, the Board has again extended 
the date by which Atlas Corporation is directed to dispose by sale or otherwise of its holdings of the Com, 
pany's stock in excess of 3 % of the outstanding shares of each class. If the merger is approved, Atlas has 
until six months after the approval date to dispose of its holdings, and a year after the decision date, if the 
merger is disapproved by the Board. 
Delta Merger 
On October 17, 1950 the Company entered into an agreement of merger with and into Delta Air Lines, 
Inc. Delta Air Lines, Inc. is at the present time certificated to operate over routes generally in the south, 
easterly portion of the United States with terminals at Fort Worth, Texas; Savannah, Georgia; Charleston, 
South Carolina; Miami, Florida; and Chicago, Illinois; but is not certificated to serve New York City. 
The proposed merger is subject to the approval of the stockholders of both companies and is conditioned, 
among other things, upon the approval thereof by the Civil Aeronautics Board ( with the approval of 
the President of the United States to the extent required by law) and upon th~ authorization of Delta as 
the surviving company to engage in air transportation of persons, property, and mail between New York 
City on Northeast's present system and points on Delta's present system south of New York City. An 
application for the approval of the merger is now pending before the Civil Aeronautics Board. The agree, 
ment contemplates that at the time the merger is consummated there will be no shares of the Company's 
Convertible Pref erred Stock outstanding and provides in general that holders of shares of its Common Stock 
will receive pro rata in exchange for such shares a number of common shares of Delta to be computed on 
the basis of net book values of the stocks of the respective companies as of the close of the month in which 
 * NORTHEAST AIRLINES, INC. * 
final approval is ordered by the Board. After October 17, 1952 either party may terminate the agreement 
upon thirty days written notice if the necessary Board Orders shall not have been entered. 
The provision in the agreement that the merger is contingent upon the Board certifying the merged 
company to operate between Columbia, South Carolina (now served by Delta) and New York City (now 
served by Northeast) to provide a link between the two sytems has created opposition by other carriers 
to the merger, but it is hoped that the advantages of the merged system will be recognized. 
It is the opinion of your management that this merger would be desirable from the point of view 
of the communities served, the stockholders, the employees, a:nd the overall air transportation system of the 
country. 
Northeast's routes extend south only as far as New York and contain no long haul segment which 
would offset the Company's high cost short haul operation. This situation would be eliminated by a per, 
centage of long haul revenue that would be provided by a connection to the south and southeast sections 
of the country. The public would benefit by additional one,carrier service between much of New England 
and points south. Final decision by the Civil Aeronautics Board will be delayed by necessary hearings 
and procedure for some time. 
Personnel 
There were 696 persons employed by Northeast on December 31, 1950 as compared with 673 at the 
end of the previous year. The Company has contra-cts with six labor unions and renewals of five of these 
were negotiated during the year. 
Salaries and wages amounted to $2,750,700 in 1950, or 44.1% of total operating expenses. 
A large majority of our employees participate in the Group Insurance Plan which provides benefits 
in the event of death or disability and also pays certain hospital, medical, and laboratory costs and weekly 
compensation. These benefits have been increased during the past year at no additional cost to the employees. 
It is difficult to measure the turnover rate of your company's personnel due to the high seasonal fluctua, 
tions in our operations and traffic. Nevertheless, the turnover rate among the non,seasonal members of 
the organization is satisfactorily low with the result that there is a steady increase in experience and skill. 
To this increasing experience and ability, together with the loyalty and enthusiastic cooperation of all 
personnel, your management attributes the growing success of the Company and, above all, the continuing 
safety record. 
lnfiation 
As everyone knows, the country is in the midst of a swiftly rising tide of inflation, and, although most 
other industries can offset higher costs by raising prices of goods and services sold, the airline industry is 
faced with rates which can only be changed with considerable difficulty. 
The industry shares with others the common experience of sharply higher taxes and payroll costs, 
but in addition has other increased costs peculiar to the industry which are uncontrollable. An example 
is the item of rentals which includes landing fees. Communities are building larger, more modern and more 
expensive airports and airport facilities and the burden of paying for these falls mostly on the airlines. 
Not only have aircraft insurance costs been rising, rates for which are set by industry (world,wide) 
experience, but they have been further increased by the sharply higher value of aircraft and spare parts. 
Nevertheless your management is confident that solutions to these difficult problems will be found due 
to the essential nature of the air transportation industry to the National Defense. The increase in traffic 
resulting from greater public acceptance and the stimulus of the mobilization program should tend to offset 
the higher costs of doing business over the next few years. 
 * NORTHEAST AIRLINES, INC. * 
III. OUTLOOK FOR 1951 
Under existing conditions in the world today, it is difficult to forecast what the future may hold. We 
anticipate, however, that your Company will continue to share in the growth of the industry and to extend 
its service to the community. Results for the :first three months of 1951 indicate substantial improvement 
over the corresponding period of 1950. 
We are confident that the major problems of the air transportation industry, particularly those related 
to route patterns, will continue to receive the careful consideration of the Civil Aeronautics Board. 
At the present time your company is fully utilizing its fleet of aircraft, even though this is the low 
point of seasonal traffic. Therefore, the inevitable high demand next summer will require that additional 
equipment be placed in service. This is a problem which is receiving the full attention of your manage, 
ment as the availability of flight equipment has diminished rapidly since the start of the Korean War. 
With excellent engine overhaul and shop facilities at our maintenance base in Boston, your company 
is attempting to obtain government contracts to perform work for the Air Force. It is believed that these 
can produce a profit as well as reduce overall costs of the Company. 
I wish to salute all persons on Northeast Airlines' payroll for their concerted effort in behalf of the 
Company, which has borne fruit in the form of increased earnings and I also wish to thank our stockholders 
for their continued loyalty and support. 
April 10, 1951. 
CARGO & 
OTHER 
630% 
SOURCE 
For the Board of Directors, 
GEORGE E. GARDNER. 
THE 1950 OPERATING DOLLAR 
PROFIT 
I 90c 
OTHER 
14 06c 
President. 
DISPOSITION 
INSURANCE RENTALS 
4 37c 4 95c 
and 
MATERI ALS 
734c 
DEPRECIATION 
1037c 
 ASSETS 
CURRENT ASSETS: 
Cash in banks 
Receivables: 
Airlines and agents . 
United States Post Office Department (note A) . 
Other receivables 
Total receivables 
Miscellaneous supplies (at average cost) 
Total current assets 
PROPERTY AND EQUIPMENT, AT COST: 
Flight equipment (note B) . 
Hangar and service building on leased land . 
Flight equipment spare parts . 
Ground and shop equipment 
Improvements to rented properties 
Construction in progress and nonoperating property 
Less allowances for depreciation and amortization 
Property and equipment less allowances . 
Receivable under stock purchase contract (note C) 
Unexpired insurance 
Other prepaid expenses and deferred charges 
NORTHEAST AI RLINES, INC. 
1950 
$1,259,359 
191,029 
146,471 
124,370 
461,870 
83,834 
1,805,063 
3,427,366 
648,679 
55'3,964 
524,133 
167,905 
12,479 
5,334,526 
2,591,891 
2,742,635 
26,875 
95,660 
58,423 
$4,728,656 
'Balance Sheets 
As at December 31, 1950 and 1949 
1949 
$1,189,511 
172,514 
154,147 
83,026 
409,687 
80,960 
1,680,158 
4,284,902 
649,058 
620,797 
492,546 
84,926 
52,852 
6,185,081 
2,858,341 
3,326,740 
26,875 
170,872 
89,198 
$5,293,843 
l 
J 
LIABILITIES 
CURRENT LIABILITIES: 
A'Ccounts payable-vendors and others (including in each year $200,000 bal, 
ance on aircraft purchases) 
Accrued salaries and wages . 
Accrued federal income tax . 
Taxes withheld and other payroll deductions, to be remitted . 
Accrued social security and other taxes . 
Unearned transportation revenue . 
Total current liabilities . 
4% note payable to Reconstruction Finance Corporation (note B) 
Reserve against uninsured portion of possible future claims (workmen's com, 
pensation) 
Reserve for aircraft overhaul (note D) 
Stock purchase contract (see contra) 
Contingencies (note F) 
CAPITAL 
CONVERTIBLE PREFERRED STOCK of no par value (note E): 
Authorized 85,000 shares  
Issued and outstandling: 
1950, 78,709 shares; 1949, 80,019 shares . 
COMMON STOCK, par value $1.00 per share: 
Authorized 2,000,000 shares (note C) . 
Issued and outstanding-fully paid: 
1950, 638,949 shares; 1949, 631,321 shares. 
Issued under stock purchase contract-part paid: 
10,000 shares at 50 cents per share paid thereon (unpaid balance under 
contract, $26,875 shown above) . . 
CAPITAL SURPLUS, per accompanying statement 
DEFICIT since July 1, 1940, per accompanying statement . 
Total capital . 
The accompanying notes are an integral part of the above balance sheets 
1950 
$479,670 
58,222 
75,000 
43,131 
35,923 
78,467 
770,413 
26,724 
53,398 
26,875 
1,574,180 
638,949 
5,000 
1,742,839 
. (109,722) 
3,851,246 
-- - 
$4,728,656 
1949 
$498,010 
51,964 
19,299 
20,853 
36,450 
626,576 
995,000 
16,270 
117,444 
26,875 
1,600,380 
631,321 
5,000 
1,724,269 
(449,292) 
3,511,678 
$5,293,843 
 * NORTHEAST AIRLINES, INC. 
Statements of Profit and Loss 
 For the Years Ended December 31, 1950 and 1949 
OPERATING REVENUES: 
Passengers 
Air mail ( note A) 
Express, freight andi excess baggage 
Other, net 
Total operating revenues 
OPERATING EXPENSES: 
Conducting transportation 
Maintenance and repairs ( note D) 
Provision for depreciation and amortization . 
Traffic and advertising . 
General and administrative 
Taxes other than income taxes 
Total operating expenses 
Operating profit 
ADD (deduct): 
Net gain from sale of DC-4 aircraft and equipment 
Unused portion of reserve provided for overhaul of DC-4 aircraft sold in 
1950 (note D) . 
Other charges, net, including interest expense ($22,443 in 1950, $36,525 in 
1949) 
Profit before federal income tax 
Provision for federal income tax 
Net profit for year 
1950 
$4,440,034 
1,519,268 
212,531 
188,712 
6,360,545 
2,888,731 
1,309,876 
659,430 
819,897 
392,062 
170,012 
6,240,008 
120,537 
326,965 
76,087 
(28,702) 
494,887 
76,608 
$ 418,279 
1949 
$3,992,450 
1,565,437 
146,186 
89,429 
5,793,502 
2,526,048 
1,226,473 
796,735 
723,689 
330,956 
124,366 
5,728,267 
65,235 
(39,712) 
25,523 
$ 25,523 
The accompanying notes are an integral part of the above statements of profit and loss 
 * .N O R T H E A S T A I R L I N E S , I N C . 
Statement of Deficit Since July 1, 1940 
For the Year Ended December 31, 19 5 0 
BALANCE at beginning of year as previously reported . 
NET profit for the year, including gain on sale of aircraft 
DIVIDENDS paid in cash on convertible preferred stock-$1.00 per share 
BALANCE at end of year 
Statement of Capital Surplus 
For the Year E?-ded December 31, 19 50 
* 
$449,292 
418,279 
31,013 
78,709 
$109,722 
BALANCE at beginning of year . $1,724,269 
EXCESS of amount paid in on 1,310 shares of convertible preferred stock surrendered for con, 
version over par value of 7,628 shares of common stock issued in exchange therefor 18,570 
BALANCE at end of year . $1,742,839 
 * NORTHEAST AIRLINES, INC. * 
Notes to Financial Statements 
A-AIR MAIL REVENUE: 
The company has been receiving air mail revenue under a temporary air mail rate. Amounts so received 
and to be received are subject to such increase or decrease as may result from order of Civil Aeronautics 
Board fixing final mail rates for the period subsequent to April 30, 1947. 
B-DISCHARGE OF MORTGAGE: 
Payments on the note to Reconstruction Finance Corporation, which was secured by instruments of 
mortgage on the company's flight equipment, were completed in September, 1950 and the mortgages 
were discharged. 
C-COMMON STOCK RESERVED FOR SALE TO EMPLOYEES AND OFFICERS: 
On November 24, 1947 stockholders voted to reserve 100,000 shares of authorized and unissued common 
stock for sale to full time employees, including officers, at a price, payable in instalments, not less than 
the market value thereof on the date of purchase contract. As at December 31, 195'0, no such sales had 
been made other than the 10,000 shares sold to the president of the company under contract dated 
November 24, 1947 at the then market price of $31,875. The unpaid balance on this contract at 
December 31, 195'0 is $26,875. 
D-RESERVE FOR AIRCRAFT OVERHAUL: 
The company charges certain major periodic overhaul costs against a reserve provided by charges to 
maintenance expense. Provisions for aircraft overhaul reserve charged to maintenance expense amounted 
to $52,983 in 1950 and $65,787 in 1949. The costs of aircraft overhaul charged against the reserve 
were $40,942 in 195'0 and $30,763 in 1949. Also $76,087 previously provided with respect to DC-4 
aircraft was transferred from this reserve to other income when the company's DC-4 aircraft were sold 
in 1950. 
E-CONVERTIBLE PREFERRED STOCK: 
Cumulative dividends on convertible preferred stock are in arrears $118,064 at December 31, 1950. 
Under the provisions of the convertible preferred stock, the 'COmpany shall not declare any dlividend or 
redeem or retire any shares of stock or make any distribution to stockholders if immediately thereafter 
the net worth of the company would be less than $20.00 for each share of convertible preferred stock 
immediately thereafter outstandjng. 
As at December 31, 195'0, the conversion rate of the convertible preferred stock, after adjustment in 1949 
in a'Ccordance with the provisions thereof, is 5 shares of common stock for each share of convertible 
pref erred stock surrendered for conversion. 
All or any part of the convertible preferred stock may be called for redemption at any time at $22.00 
per share plus dividends accrued thereon to the redemption date. In case of any liquidation, whether 
voluntary or involuntary, the convertible preferred stock shall be entitled to receive $20.00 per share 
plus dividends accrued thereon to the day of payment.  
F-CONTINGENCIES: 
The company's federal income tax returns for years subsequent to 1945 are being examined by the Treasury 
Department. The management believes that any liability for f ed~ral income and Massachusetts corpora, 
tion excise taxes which may result from such examination should not be material in amount. 
 * NORTHEAST AIRLINES, INC. * 
Notes to Financial Statements (Continued) 
F-CONTINGENCIES (Continued): 
In March, 1947 the Civil Aeronautics Board instituted an investigation into the routes and operations of 
the company, subsequently amended to include a comprehensive survey through public hearings of 
whether the public interest would be furthered by merger, by sale of routes or properties or by agree, 
ments with other air carriers. 
On October 17, 1950 the company entered into an agreement of merger with and into Delta Air Lines, 
Inc. The merger is conditioned, among other things, upon the approval thereof by the Civil Aeronautics 
Board (with the approval of the President of the United States to the extent required by law) and upon 
the authorization of Delta as the surviving comp:rny to engage in air transportation of persons, property 
and mail between New York City on the company's present system and points on Delta's present system 
south of New York City. An application for the approval of the merger is now pending before the 
Board. The agreement contemplates that at the time the merger is consummated there will be no shares 
of the company's convertible preferred stock outstanding and provides in general that holders of shares 
of its common stock will receive pro rata in exchange for such shares a number of common shares 
of Delta to be computed on the basis of net book values of the stocks of the respective companies as 
of the close of the month in which final approval is ordered by the Board. After October 17, 1952 
either party may terminate the agreement upon 30 days written notice if the necessary Board orders 
shall not have been entered. 
The company has joined with nine other airlines in an agreement with Triborough Bridge & Tunnel 
Authority in connection with a proposed Manhattm terminal building, under which the company agrees 
to guarantee its proportional share in case of any default under a proposed long-term lease by the. 
Authority to a corporation organized by the several airlines and also agrees to enter into a long,term 
sublease with that corporation for a portion of the space in the building. 
AUDITORS' REPORT 
NORTHEAST AIRLINES, INC., 
Boston, Massachusetts. 
We have examined the balance sheet of Northeast Airlines, Inc. as at December 31, 
1950 and the related statements of profit and loss, of deficit and of capital surplus 
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 we considered necessary in the circum, 
stances.  
In our opinion, the accompanying statements present fairly the :financial position 
of Northeast Airlines, Inc. at December 31, 1950, and the results of its operations 
for the year then ended, in conformity with generally accepted accounting principles 
applied on a basis consistent with that of the preceding year. 
Boston, Massachusetts 
March 7, 1951 
LYBRAND, Ross BRos. & MONTGOMERY 
 * NORTHEAST AIRLINES, INC. * 
__________ 
S_O_U_R_C_E_O_F_N_EA_O_P_E_R_A_T_IN_G_R_EV_E_N_U_E _________ IMillionsl 
1940 1941 
CARGO & 
OTHER 
630% 
1940 
1942 1943 
1950 
CARGO & 
OTHER 
3.58 % 
1944 1945 1946 1947 
6 
5 
4 
3 
PASSENGER REVENUE 
2 
MAIL REVENUE 
CARGO AND OTHER 
1948 1949 1950 
 COMPARATIVE STATISTICS 
1942 1943 1944 1945 1946 1947 1948 1949 1950 
Revenue Miles Flown .......... 750,278 727,713 1,023,737 2,287,366 4,177,375 3,947,030 3,386,881 4,021,226 4,235,126 
Completion of Scheduled 
92.58% 
Miles ................................ 79.45% 79.10% 83.87% 83.61 % 82.46% 83.81 % 87.86% 93.54% 
Passenger Revenue ............ $309,875 $533,963 $742,978 $1,945,444 $4,256,115 $3,468,913 $3,241,912 $3,992,450 $4,440,034 
Revenue Passengers Carried 26,446 36,263 53,766 175,608 417,095 325,172 272,292 324,963 372,497 
Revenue Passenger Miles .... 5,383,171 9,090,063 12,848,222 38,939,107 83,848,737 62,143,281 52,091,160 61,957,458 70,468,046 
System Load Factor ............ 35.94% 59.52 % 59.14% 74.47% 65.76% 51.24% 48.02% 48.36% 51.82% 
Passenger Revenue Per 
Revenue Mile Flown ....... $.4129 $.7338 $.7420 $.8505 $1.0189 $.8789 $.9572 $.9928 $1.0484 
Revenue Per Passenger Mile $.0576 $.0587 $.0578 $.0500 $.0507 $.0558 $.0622 $.0644 $.0630 
 Fly the Friendly Yankee Fleet 
NEW YORKBOSTONNEW ENGLAND 
MONTREAL 
NORTHEAST AIRLINES 
"The Yankee Fleet0 
CENERAL OFFICES: LOCAN AIRPORT 
BOSTON 28, MASSACHUSETTS 
~ 81