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New York Airways, INC. 
Balance Sheet
December 31, 1952

Assets
Current assets:
Cash on hand and on deposit in banks ... $85,274.19
United States Treasury Bills, at cost plus accrued interest -- (value based on market quotations -- $199,327.77) ... 199,324.43
Note receivable ... 752.29
Accounts receivable -- United State Government ... 43,260.62
Other current receivables... 2,384.42
Materials snd miscellaneous supplies, at cost ... 10,285.60
Prepaid insurance ... 63,210.72
Total current assets ... $404,492.27

Special funds -- advances and deposits under equipment purchase agreements ... 41,634.76

Operating property and equipment -- (stated generally at cost): 
Flight equipment (including spare parts and assemblies, $36,354.08) ... $507,306.08
Less -- Reserve for description (see Note 4) ... 23,462.09     $483,843.99
Ground property and equipment...$52,896.01
Less -- Reserve for depreciation ... 1,975.32     50,920.69     534,764.68

Deferred charges:
Extension and development costs (see Note 5) ... $229,465.78
Deferred capital stock expense ... 222.60
Other deferred charges ... 838.39     230,526.77

S1,211,418,48

Liabilities and Capital

Current Liabilities:
Accounts payable:
General ... $75,123.76
Collections as agent ... 2,571.69  $  77,695.45
Accrued salaries and wages ... 2,771.05
Accrued interest ... 1,430.00
Accrued taxes ... 3,496.73
Other current and accrued liabilities ... 1,080.00
Total current liabilities ... $86,473.23

Long-term debt -- note payable to the oder of officer, due February 7, 1962, bearing interest at 4% per annum (see Note 6) ... 90,000.00

Reserves for aircraft and engine overhaul ... 4,005.49

Capital and surplus:
Capital stock, par value $1.00 per share -- authorized 300,000 shares; reserved for conversion under right of note holder, 9,000 shares; reserved pursuant to Employees' Stock Option Plan, 15,000 shares; issued and outstanding, 138,000 shares (see Note 6 and 7) ... $138,500.00
Capital surplus -- per statement herewith ... 974,066.93
Earned surplus (deficit) -- per statement herewith ... (81,627.17) 1,030,939.76

$1,211,418,48

See notes herewith relating to financial statements which are an integral part of this statement.