Northeast Airlines Annual Report 1969
To Northeast Stockholders:
As is evident from the operating loss figure for the year, 1969 was not a happy year
for Northeast Airlines, and corrective action was obviously necessary for both the short
term and the long term. To the end of solving the former, major cutbacks in operations and
controllable expense have been put into effect; for the long term, merger activities have
begun and are being actively prosecuted.
On November 11, 1969, an announcement of a preliminary agreement and mutual
intent was made and on January 19, 1970 the Board of Directors of Northeast Airlines, Inc.
and the Board of Directors of Northwest Airlines, Inc. approved and signed an Agreement
for the merger of Northeast into Northwest. On the same day, Storer Broadcasting
Company, owner of approximately 86% of Northeast's outstanding stock, entered into
an agreement with North west related to the merger. Both documents are on file with the
Civil Aeronautics Board.
The merger is subject to certain conditions, including approvals under the Federal
Aviation Act of 1958 and favorable votes of stockholders of both corporations. A joint
application has been filed with the Civil Aeronautics Board for approval under the Federal
statute and a public hearing before a Hearing Examiner of the CAB has been scheduled
to begin on April 22, 1970.
Four law suits brought by shareholders of Northeast contesting the fairness of the
merger are presently pending in the Federal District Court for the Southern District of
New York. On December 23, 1969, United States District Judge Marvin E. Frankel denied
an application for a prelimi-qary injunction against the merger. On March 18, 1970,
United States District Judge Irving Ben Cooper issued an order restraining all other
shareholders of Northeast from instituting further similar actions.
Northwest has scheduled a stockholders' meeting to consider the merger for May 18.
A date has not yet been fixed for a meeting of Northeast stockholders. Notice of the meeting,
together with a proxy statement containing a description of the terms of the Agreement of
Merger, the related Storer-Northwest Agreement and other relevant information will be
sent to Northeast stockholders at least thirty days in advance of the meeting.
We submit herewith a copy of Northeast's Annual Report for 1969.
Very truly yours,
~
?/?'~"'-~
Bill Michaels
President
Northeast Airlines, Inc.
Balance Sheet
Assets
Current assets:
Cash
Short-term securities at cost
Accounts receivable less allowance for doubtful
accounts of $823,000 in 1969 and $638,000
in 1968
Aircraft parts and supplies at average cost
(less reserve for obsolescence of $362,000
in 1969 and $136,000 in 1968) (note D)
Prepaid expenses
Total current assets
Deposits under equipment program
Restricted deposit with trustee (note B)
Property and equipment at cost
(notes B, C and D):
Flight equipment and related spare parts
Grourtd property and equipment
Less allowance for depreciation
and amortization
Non-operating property and equipment:
Flight equipment and related spare parts
held for sale or lease (note B)
Leased flight equipment (note B)
Deferred charges and other assets (note D):
Jet aircraft integration
Route development
Debt expenses
Other
The accompanying notes are an integral part of the financial statements.
2
December 31
1969 1968
$ 4,435,912 $ 8,702,185
1,975,174
12,529,283 9,448,191
4,956,621 4,479,096
2,781,807 2,037,743
24,703,623 26,642,389
1,907,301
1,727,785 1,606,600
27,780,834 36,976,048
9,451,361 9,476,095
37,232,195 46,452,143
7,611,001 9,147,994
29,621,194 37,304,149
5,581,720 631,826
5,951,515 7,216,312
1,050,031 955,832
780,409 838,008
365,072 628,079
8,147,027 9,638,231
$69,781,349 $77,730,496
Liabilities
Current liabilities:
Current maturities of long,term debt
Accounts payable
Accrued salaries and wages
Accrued vacation
Contributions to employee pension plans
Unearned transportation revt!nue
Collections as agent
Total current liabilities
Estimated employee termination liability
less discount of $1,548,795 in 1969 and
$1,148,755 in 1968 (note G)
Convertible subordinated debentures and long,
term debt, less current maturities (note C)
Notes payable to Storer Broadcasting Company
including accrued interest (note H)
Liability to Storer Broadcasting Company on
reassignment of certain flight equipment
contracts (note B)
Commitments and contingencies (notes B, Hand I)
Stockholders' Equity
Common stock, par value $1.00 per share
Authorized 10,000,000 shares in 1969 and
8,500,000 shares in 1968 (notes C and F)
Issued 6,685,155 shares
Additional paid,in capital
Retained earnings (deficit) since January 1,
1966 ( note C)
Total stockholders' equity (deficit)
T he accom panying notes are an integral part of the financial statements.
December 31
1969 1968
$ 2,846,859
10,960,518
978,544
2,483,760
1,448,088
4,345,238
4,320,089
27,383,096
1,837,923
43,307,606
15,241,014
3,968,764
6,685,155
9,135,950
(37,778,159)
(21,957,054)
$69,781,349
$ 2,737,358
9,440,774
1,989,163
2,131,956
1,168,764
3,171,366
3,617,564
24,256,945
1,358,701
45,228,442
6,685,155
9,135,950
(8,934,697)
6,886,408
$77,730,496
3
Northeast Airlines, Inc.
Statement of Income
Years Ended
Operating revenues:
Passenger
Express, freight and baggage
Mail
Charter and other, net
Total operating revenues
Operating expenses:
Flight oper~tions, including direct
maintenance
Other maintenance and repairs
Aircraft and traffic servicing
Promotion and sales
Depreciation and amortization (note D)
Passenger service
General and administrative
Total operating expenses
Operating income (loss)
Other income (charges):
Interest expense
Other - net
Total other income (charges)
Loss before extraordinary items
Extraordinary items ( note J)
Net loss
Losses per common share:
Loss before extraordinary items
Extraordinary items
Net loss
Statement of Retained Earnings
Balance at beginning of year
Net income (loss) per statement of earnings
Balance at end of year (since January 1, 1966)
Statement of Additional Paid-in Capital
Balance at beginning of year
Amount applicable to stock issued under
employee stock option plan
Amount applicable to removal of restrictions
on stock previously sold to an officer
Excess of proceeds over par value and
issue expenses on stock subscribed in
rights offering
Balance at end of year
The accompanying notes are an integral part of the financial statements.
4
1969
$113,347,434
4,587,031
1,242,137
2,912,008
122,088,610
58,590,153
10,354,384
23,185,119
20,424,355
4,654,179
14,089,617
7,859,781
139,157,588
(17,068,978)
(3,436,740)
(550,846)
(3,987,586)
21,056,564
7,786,898
$ 28,843,462
$3.15
1.16
- -
$4.31
($ 8,934,697)
(28,843,462)
($ 37,778,159)
$ 9,135,950
$ 9,135,950
December 31
1968
$103,111,649
3,369,720
936,792
4,287,128
111,705,289
45,032,190
8,124,400
19,489,891
16,882,466
3,996,028
11,822,213
5,498,497
110,845,685
859,604
(3,235,596)
(46,397)
0,281,993)
2,422,389
$ 2,422,389
$.38
$.38
($ 6,512,308)
(2,422,389)
($ 8,934,697)
$ 3,071,825
17,031
55,995
5,991,099
$ 9,135,950
Source and Use of Funds (Working Capital)
Years Ended
Source of funds:
Operations:
Net loss
Charges not requiring funds currently:
Extraordinary items (note J)
Depreciation and amortization
Other
Equipment deposits reimbursed by lessor
Disposal of property and equipment
Issuance of:
Notes payable to Storer Broadcasting Company
Long,term debt
Common stock
Other
Use of funds:
Current maturities on long,term debt
Property and equipment:
Aircraft and parts, including deposits
Ground property and equipment
Jet aircraft integration
Route development
Other, net
Decrease in working capital
The accompanying notes are an integral part of the financial statements.
December 31
1969
($28,843,462)
7,786,898
4,654,179
786,065
(15,616,320)
$
1,597,053
189,435
15,241,014
926,021
338,543
2,675,746
2,846,859
2,041,026
2,083,458
477,983
291,337
7,740,663
5,064,917
1968
($ 2,422,389 )
3,996,028
364,825
1,938,464
940,568
9,498,131
6,379,997
18,757,160
2,737,358
11,203,374
2,305,647
1,760,388
463,528
477,278
18,947,573
$ 190,413
5
Northeast Airlines, Inc. Notes to Financial Statements
A. Basis of Presentation
The accompanying balance sheet as at December 31, 1969 has
been prepared on a going concern basis which contemplates the reaiiza-
tion of assets and the liquidation of liabilities in the ordinary course of
business. This presentation is based upon the Company's ability to
obtain continued financing and financial support. Northeast's majority
stockholder has agreed to advance additional funds to Northeast
pending consummation of a proposed merger (see note H) and has also
warranted, in conjunction with certain of its loan agreements relating
to the financing of jet flight equipment leased to Northeast, that it will
cause Northeast to maintain working capital of minimum specified
amounts (see note C).
B. Equipment Program and Lease Commitments
On December 31, 1969 Northeast's operating fleet was as follows:
Model of Aircraft Owned Leased Total
Boeing 727-100 2 6 8
Boeing 727-200 13 13
Douglas DC9-30 4 10 14
6 29 35
Of the leased aircraft, all except seven Boeing 727-200's are being leased
from Storer Leasing Corporation (a subsidiary of Storer Broadcasting
Company, a majority owner of Northeast's stock) from whom North-
east is also leasing certain related spare parts.
Lease terms extend thirteen years from the date the equipment
was delivered and lease expenses on all of the foregoing flight equipment
approximated $13,300,000 in 1969 and will approximate $14,800,000
annually thereafter.
Commensurate with the Civil Aeronautics Board's temporary
approval to a major realignment of its certificated air service in New
England, Northeast's fleet of FH-227 aircraft became surplus and was
made available for sale or lease. At December 31, 1969, such aircraft
and its related support equipment and inventory were classified as
non-operating flight equipment and written down to an estimated
realizable value of $5,000,000. The unamortized balance ofFH-227
deferred training and aircraft integration costs amounting to $562,450
was expensed. The write-down of $3,127,867 in the FH-227 fleet value
and the write-off of the deferred training and integration costs were
charged as an extraordinary item in the Statement of Income.
Also, subsequent to December 31, 1969, because of reduced flight
schedules in certain long-haul markets, five leased Boeing 727's were
removed from scheduled service and were made available for sublease
or other use. No adjustment was made to related deferred training and
other aircraft integration costs due to the curtailment of flights and
furloughing of flight personnel.
Under a prior contract, Northeast agreed to purchase eight
Lockheed Model L-1011 jet aircraft. The estimated total cost of these
aircraft, together with related equipment, is approximately $122,000,000.
The agreements with Lockheed Aircraft Corporation provide that
Northeast may cancel its order as to the first four aircraft on or before
February 28, 1970, if it is unable to obtain satisfactory financing for the
acquisition of such aircraft, and may cancel its order as to the other four
aircraft on or before October 31, 1970 for any reason. Upon any such
cancellation, Northeast's obligation to Lockheed is limited to 5% of the
airplane purchase price, in the case of the first four aircraft (approxi-
mately $2,875,000) and a total of $160,000 in the case of the second four
aircraft. Pending the arrangement of permanent financing, with approval
of the Civil Aeronautics Board, Northeast assigned the contract for the
first four aircraft to Storer Broadcasting Company and was reimbursed
by Storer for advance payments made under the contract to the date of
assignment. In February, 1970, Northeast cancelled its contracts for
the eight L-1011 aircraft and for related spare engines. Prior to such
cancellation, the contract previously assigned to Storer was reassigned
6
to Northeast as required and Northeast became liable to Storer in the
amount of $3,968,764 for payments made by it with interest at 1/2%
over the prime rate from the date of each payment. The cost of such
cancellation and related interest expense to Storer was recorded in the
Income Statement as an extraordinary charge totaling $3,642,059.
In 1968, Northeast terminated its lease of four Convair 880
aircraft. The remaining inventory of engines and parts which had
previously been included in current assets at their estimated realizable
value ($543,189 in 1969 and $631,826 in 1968) have been classified as
non-operating property and equipment.
Under the terms of the Indenture of Mortgage relating to
Northeast FH-22 7 aircraft, insurance proceeds of $1,727,785 including
interest to date, are on deposit with the Mortgage Trustee but are
available at Northeast's option for application toward the purchase
price of a replacement aircraft or reduction of the mortgage debt.
In 1968, Northeast entered into a lease for an IBM PARS
electronic reservations system for a term of eight years from the date
the equipment is installed and deemed operational. A central IBM
360/65 computer was installed in late 1968. The balance of equipment,
consisting of terminal facilities and a second IBM 360/65 (support)
computer was delivered and installed in 1969. Annual rental will
amount to approximately $720,000.
Rentals under long-term leases in effect at December 31, 1969 for
hangar, terminal and reservations facilities ( excluding the PARS
equipment) approximate $2,200,000 on an annual basis with lease
periods extending from 1972 to 1987.
C. Convertible Subordinated Debentures and Long-Term Debt
Long-term debt at December 31, 1969 was as follows:
Series A secured notes, 6%, due quarterly
through 1973
Series B secured notes, 7%, due semi-annually
from 1974 through 1979
Subordinated notes to aircraft manufacturers,
6% and 6%, due quarterly through 1979
Convertible subordinated debentures, 6%,
due 1986
Fuel Farm Construction Contract, 7%, due
monthly through 1977
Other
Total debt
Less installments due in 1970
Long-term portion
$ 9,318,217
10,000,000
3,748,259
22,000,000
848,595
239,394
46,154,465
2,846,859
$43,307,606
The 6% convertible subordinated debentures due August 1,
1986 are convertible into common stock at $25 per share, subject to an
adjustment in certain events, and 880,000 shares of common stock are
reserved for such conversion. Northeast is required to provide
$1,100,000 annually from 1976 to 1985 for sinking fund redemptions.
The debentures impose certain restrictions on cash dividends and stock
repurchases, but these are less restrictive than those provided under
certain loan agreements, which are noted below.
So long as certain indebtedness (with maturities extending to
1979) is outstanding under loan agreements between Storer Broadcasting
Company and Northeast Airlines, respectively, and certain banks and
institutional investors in conjunction with financing the acquisitions
of jet flight equipment leased to or purchased by Northeast, Storer and
Northeast have respectively warranted that, without prior consent of
the lenders, Northeast will not pay dividends in excess of SO% of net
earnings subsequent to January 1, 1966 and will maintain a certain
amount of current assets in excess of current liabilities (as such terms
are defined in the loan agreements). At December 31, 1969, Northeast's
net working capital, as defined in the loan agreements, was approxi-
mately $8,400,000 less than the stipulated amount and the Company
obtained waivers from the lenders, effective until April 1, 1970.
Additional waivers will be requested, if required.
Substantially all of Northeast's owned flight equipment and
related spare parts are pledged as collateral for the secured notes and
the subordinated notes to aircraft manufacturers.
D. Depreciation, Amortization and Maintenance
Northeast charges depreciation expense on a straight-line basis
in amounts sufficient to cover the cost of property and equipment, less
estimated residual values, by the end of their estimated useful lives.
Costs of improvements to leased property are amortized over the lease
period or over the useful life of the property, whichever is less. Owned
operating aircraft and parts are depreciated over fifteen years while
ground properties and equipment have, for the most part, useful lives
of five years.
Depreciation plus amortization of leasehold improvements
charged against income approximated $3,667,000 in 1969 and
$3,292,000 in 1968.
Northeast provided $226,000 in 1969 for obsolescence of the
aircraft parts and supplies. Such parts and supplies are reflected in
current assets in accordance with the Uniform System of Accounts
prescribed by the Civil Aeronautics Board, although some portion of
quantities on hand represent in excess of one year's expected usage.
Overhauls of owned and leased Boeing 727 and Douglas DC-9
airframes and engines are charged to expense when the overhauls are
performed. Expenditures extending materially the life of property and
those for additional equipment are capitalized.
Training and other aircraft integration costs incurred in con-
junction with Northeast's major re-equipment program in 1966 and
1967 are being amortized over ten years. Similar costs incurred after
1967 for expansion of the aircraft fleet are being amortized over five
years. Amortization charged against income approximated $987,000 in
1969 and $704,000 in 1968.
Costs incurred to acquire certification to fly new routes are
deferred in the accounts and capitalized upon receipt of certification or
expensed if the route application is denied or abandoned.
Debenture and long-term debt issuance expenses are being
amortized over the life of the related debt.
E. Retirement Plans
Northeast has a company-wide non-contributory trusteed
retirement plan for employees, a supplementary contributory retirement
plan (variable annuity) for pilots, a supplementary contributory
retirement plan (variable annuity) for non-pilot employees to which
the Company has agreed to commence contributing in 1970 and
(effective January 1, 1969) a non-contributory fixed benefit retirement
plan for pilots. The total pension expense for 1969 was approximately
$2,362,000. Northeast's policy is to fund currently the normal cost plus
interest on unfunded past-service costs. The amounts funded and
accrued exceed the actuarially estimated present value of vested benefits.
F. Employee Stock Option Plan
Northeast's 1964 Qualified Stock Option Plan, as amended,
under which options are granted for key employees at prices not less
than fair market value on dates granted, was amended in 1969 wherein
the number of shares reserved under the plan was increased and
options granted after January 15, 1969 become exercisable one year
after the grant date in cumulative annual installments of 25% a year.
Prior to amendment, options were exercisable six months after grant
date. At December 31, 1969, 256,250 shares of authorized and unissued
common stock were reserved under the plan and options were outstand-
ing to purchase 123,750 shares at prices ranging from $11.625 to
$32.875 per share (total price of $2,457,906), including exercisable
options for 105,000 shares (total price of $2,191,812).
During 1969, options to purchase 30,000 shares at prices ranging
from $11.625 to $18.125 were granted and options for 11,250 shares
were terminated. No options were exercised in 1969.
G. Estimated Employee Termination Liability
Estimated employee termination liability at December 31, 1969
consists of $181,958 under deferred compensation contracts,
$1,655,965 termination sick leave accrual after a $1,548,795 reduction
to the estimated present value of future payments. Estimated termination
sick leave payments of $163,000, without discounting, and severance
payments of $136,000 are included in current liabilities.
H. Pending Merger
On January 19, 1970, the Boards of Directors of Northwest
Airlines, Inc. and Northeast Airlines, Inc. approved an Agreement of
Merger. The Merger Agreement and the formal request for approval
were filed with the Civil Aeronautics Board on January 20, 1970.
Under the terms of the Agreement, Northwest will be
the surviving company, with the shareholders of Northeast receiving
one share of the Northwest Common Stock for each five shares of
Northeast Common Stock held. Under a separate agreement between
Storer Broadcasting Company (majority stockholder) and Northwest
Airlines, Inc., the Northwest stock to be received by Storer would not
be entitled to receive dividends for a period of three (3) years from the
date of consummation of the merger.
In addition, the Storer agreement provides that on the date of
the merger there shall be a redelivery to Northwest of shares of North-
west Common Stock, received by Storer in the exchange, at the rate of
$35.50 per share based upon the amount of Northeast losses (as defined)
between January 1, 1969 and the date of the consummation of the
merger. Consummation of the merger is subject to certain conditions,
representations and warranties, including the right of Northwest to
terminate the agreement if Northeast's losses, as defined, exceed
specified limits during various periods beginning in 1969. Northwest has
informed Northeast that it has waived its right to terminate the agree-
ment as to 1969 losses even though such losses exceed the specified
limit for this period.
With respect to the $10,000,000 in cash advances made by
Storer to Northeast prior to November 15, 1969, the Storer agreement
provides that Northwest has the option, in lieu of assuming this
obligation, to pay such sum at the time of the consummation of the
merger, in Northwest Common Stock at the rate of $35.50 per share.
Storer also agreed to advance additional funds to Northeast, as required,
until the effective date of the merge.r, at which time Storer would be
repaid by Northwest in cash together with accrued interest.
I. Contingencies ,
There are pending against Northeast various claims by certain
defendants who were enjoined in December, 1964, in proceedings
instituted by Northeast against alleged illegal charter flights. Although
the injunctions were upon review later substantially affirmed, the
defendants allege wrongful injunctions, abuse of process, antitrust
violations and interference with contractual and advantageous
relations, and seek substantial damages. The District Court has ruled
that damages for interference with enjoined flights can be recovered, if
at all, only to the amount of $200,000 previously on deposit with the
Court as security, and that, in any event, there can be no recovery for
interference with illegal flights. In view of the decisions in favor of
Northeast in the case to date, that defendants' charter program was
illegal, counsel for Northeast has advised that, in their opinion, the
claims are without merit, but that the outcome of the litigation cannot
be predicted.
7
Northeast Airlines, Inc.
Notes to Financial Statements (continued)
Available tax loss carryforwards from periods prior to July 31,
1965, which aggregate approximately $6 million (subject to Internal
Revenue Service examination) at January 1, 1970 expire $4 million in
1970 and $2 million in 1971.
Certain stockholders of Northeast have commenced actions
against Northeast, Northwest, and Storer Broadcasting Company
challenging the proposed merger with Northwest Airlines. In such
actions, the plaintiffs allege that they are acting for themselves and for
the minority stockholders of Northeast as a class, that the terms of the
proposed merger are unfair to the stockholders of Northeast, and that
Storer Broadcasting Company and certain of its officers and directors
violated fiduciary duties as directors of Northeast in negotiating and
approving the proposed merger. On February 24, 1970, three such
actions are pending in the United States District Court for the Southern
District of New York, and one in the Supreme Court of New York for
the County of New York.
J. Extraordinary Items
Extraordinary items in the Statement of Income consist of the
following:
1. Write-down of Fairchild FH-227 aircraft
fleet and related spare parts and engines to
estimated realizable value, including a
write-off of $562,450 in deferred training
and FH-227 aircraft integration costs
(note B)
2. Provision for loss incurred in the cancellation
of eight Lockheed Model L-1011 jet aircraft
and on related contracts for engines
(note B)
3. Loss on sale of remaining Douglas DC-6B
aircraft, spare engines and parts
4. Write-off of certain ground equipment
Total
Auditors' Report
Lybrand, Ross Bros. & Montgomery
Certified Public Accountants
To the Stockholders and
Directors of Northeast Airlines, Inc.
Boston, Massachusetts
$3,690,317
3,642,059
226,666
227,856
$7,786,898
We have examined the accompanying balance sheet of Northeast
Airlines, Inc. as at December 31, 1969 and the related statements of
income, retained earnings, and additional paid-in capital and the
statement of source and use of funds (working capital) 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 circumstances. We previously examined and reported
upon the financial statements of the Company for the year ended
December 31, 1968.
In our opinion the aforementioned financial statements present
fairly the financial position of Northeast Airlines, Inc. at December 31,
1969 and 1968 and the results of its operations and source and use of
funds (working capital) for the years then ended, in conformity with
generally accepted accounting principles applied on a consistent basis.
Boston, Massachusetts
February 24, 1970 (except for
note H of notes to financial
statements as to which the date
is March 2, 1970)
8
Directors
Officers
Executive Committee
Registrars
Transfer Agents
General Counsel
Auditors
George B. Storer
James W. Austin
Jacqueline Cochran
Leonard Dalsemer
A. D. Davis
Paul]. Dunphy*
Robert C. Hill
Curtis M. Hutchins
Stanton P. Kettler
Lewis E. Lyle
Bill Michaels
Arno W. Mueller
Stuart W. Patton
Harry M. Stevens, II
George B. Storer, Jr.
Peter Storer
David A. Stretch
Francis W. Sullivan
George B. Storer
Bill Michaels
Lewis E. Lyle
Arthur A. Brennan
Dan D. Chandler
Paul J. Dunphy*
Garner W. Miller
Stuart W. Patton
Edward E. Swofford
N. Ralph Tipaldi
T. Bernard Slattery
Edwin H. Bishop
Henry E. Foley
Clarence I. Peterson
George B. Storer, Chairman
Leonard Dalsemer
A. D. Davis
Paul]. Dunphy*
*Resigned effective March 31, 1970
Chairman of the Board, Northeast Airlines, Inc.
and Storer Broadcasting Company
Consultant
Rancher
Executive Vice President, International Paper Co.
Vice Chairman, Winn-Dixie Stores, Inc.
Vice President - Finance and Treasurer
Ambassador to Spain
Chairman, Dead River Company
Vice Chairman, Storer Broadcasting Company
Executive Vice President and General Manager
President, Northeast Airlines, Inc. and Storer
Broadcasting Company
Vice President - Finance and Treasurer, Storer
Broadcasting Company
Vice President - Law
Vice President and Treasurer, H. M. Stevens, Inc.
President, Storer Yacht
Executive Vice President, Storer Broadcasting
Company
Chairman, Executive Committee, Texas
Industries, Inc.
Attorney at Law
Chairman of the Board
President
Executive Vice President and General Manager
Vice President - Industrial Relations
Vice President - Operations
Vice President - Finance and Treasurer
Vice President - Technical Services
Vice President - Law
Vice President - Marketing
Vice President - Customer Services
Vice President - Sales
Vice President
Clerk
Assistant Clerk
Lewis E. Lyle
Bill Michaels
Stuart W. Patton
The First National Bank of Boston, Boston, Massachusetts
The Chase Manhattan Bank, New York, New York
Old Colony Trust Company, Boston, Massachusetts
The Chase.Manhattan Bank, New York, New York
Foley, Hoag & Eliot, Boston, Massachusetts
Lybrand, Ross Bros. & Montgomery
~-...