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           LOOMIS, SUFFERN & FERNLAND
          CERTIFIED PUBLIC ACCOUNTANTS
                80 BROAD STREET
                    NEW YORK 4
                           
                                         MARCH 28,1956
TO THE BOARD OF DIRECTORS OF
  NEW YORK AIRWAYS, INC.

 
   We have examined the Balance Sheet of New York Airways, Inc., as at December 31, 1955 and the related Statement of Profit and Loss and Earned Surplus of the year ended on that date. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedure as we considered necessary in the circumstances; we reviewed and tested available records to satisfy ourselves that the accounts receivable were fairly stated, although it was not practicable to obtain confirmation of the balances. W e had previously examined and reported upon the Balance Sheet as at December 31, 1954 and the Statement of Profit and Loss and Earned Surplus for the year ended on that date, which are included for purposes of comparison.
     In our opinion, the the accompanying Comparative Balance Sheet and Comparative Statement of Profit and Loss and Earned Surplus, together with the related notes, present fairly the financial position of New York Airways, Inc., as at December 31, 1955 and December 31,1954 and the results of its operations for the years then ended, in conformity with generally accepted accounting principles which have been applied on a consistent basis for the two years.

                        LOOMIS, SUFFERN & FERNALD
                         Certified Public Accountants