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New York Airways, INC.
Balance Sheet
December 31, 1953

Assets

Current assets:
Cash on hand and on deposit in banks ... $22,173.01
United States Treasury Bills, at cost plus accrued interest -- (value based on market quotations -- $549,383.61) ... 549,414.16
Note receivable ... 752.29
Accounts receivable:
United States Government ... $785,844.82
Traffic .. 2,863.00     788,707.82
Other current receivables ... 10,201.47
Materials and miscellaneous supplies, at cost .. 30,297.39
Prepaid insurance ... 67,011.98
Total current assets ... $1,468,558,12

Investments in stocks of related service companies .. 470.00

Special funds -- deposit under equipment purchase agreement .. 20,000.00

Operating property and equipment -- (stated at cost):
Flight equipment (including spare parts and assemblies, $115,729.77) ... $977,047.07
Less -- Reserve for depreciation (see Note 3) .. 245,574.51     $732,472.56
Ground property and equipment .. $89,460.32
Less -- Reserve for depreciation (see Note 3) .. 14,834.85     74,625.47
Construction in progress .. 4,031.18     810,129,21

Deferred charges:
Extension and development costs (see Note 4) ... $173,338.86
Other deferred charges ... 12,259.98     185,598.84

$2,484,756.17

Liabilities and Capital

Current liabilities:
Accounts payable:
General ... $87,719.28
Collections as agent ... 6,732.44
Airline traffic ... 463.80     $94,915.52
Accrued salaries and wages ... 7,689.74
Accrued interest .. 1,430.00
Accrued taxes ... 5,498.51
Other current and accrued liabilities .. 2,777.22

Total current liabilities ... $112,310.99

Long-term debt -- note payable, due February 7, 1962, bearing interest at 4% per annum (see Note 5) ... 90,000.00

Deferred credits ... 7,706.66

Reserve for aircraft overhaul ... 15,788.00

Capital and surplus:
Capital stock, par value $1.00 per share -- authorized 300,00 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, 238,500 shares (see Notes 5 and 6) ... $238,500.00
Capital surplus -- per statement herewith ... 1,968,925.30
Earned surplus -- per statement herewith ... 51,525.22     2,258,950.52

$2,484,756.17

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