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             NEW YORK AIRWAYS, INC.
      For the Year ended December 31, 1952

Balance, January 1, 1952 ----------------------- None
Add - Amount paid in by stockholders in excess of
 the par value of capital stock issued:
   Proceeds of 110,000 shares of capital stock
      issued on April 23, 1952 - at $10.00
         per share ----------------- $1,100,000.00
           Less- Par Value of 110,000 shares 
            at $1.00 per share 110,000.00 $990,000.00
---------- -----------
Deduct -- Capital stock expense written off -- 15,933.07
Balance, December 31, 1952 -- per Balance Sheet -- $974,066.93

Note --
     There were no charges or credits in the Capital 
     Surplus account prior to January 1, 1952. Of the 
     above charge of $15,933.07, in the year ended 
     December 31, 1952, $5,174.34 arose in 1951, but 
     was treated as a deferred charge, in accordance 
     with the Uniform System of Accounts of the Civil 
     Aeronautics Board, until after a sufficient credit balance developed in the Capital Surplus account, so that this balance could be written off against it. The 
     aforementioned amount of $5,174.34 includes 
     $5,000.00 which represents the part of the cost 
     of obtaining subscriptions to 50,000 shares of 
     the Corporation's Capital Stock which is equal 
     to the par value of 5,000 shares of Capital 
     Stock issued in payment for obtaining the 

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