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EXHIBIT J

CAB STATEMENTS EMPHASIZING THE IMPORTANCE OF ATTRACTING EQUITY CAPITAL

"In air transportation we can see but dimly the shape of things to come; but there is every reason to believe that the close of the present war will open an era of airline expansion in the United States and in the international field without historic parallel. These developments will involve capital requirements of great magnitude, which in all likelihood will have to be met with great rapidity. They cannot be satisfactorily met unless those who supply the necessary funds are convinced that the enterprise will have a fair opportunity to secure earnings commensurate with the risk of the undertaking."
--American Airlines, Inc.
(3 CAB 339) March 12, 1942

"Respondent requires earnings sufficient to insure its credit and keep it in a position to attract necessary capital not only present operations but also for the development which may be anticipated at the end of the present conflict..."
--Pennsylvania Central Airplines Corp.
(4 CAB 22) Dec. 16, 1942

"In order to provide Colonial with sufficient income to insure its credit and to enable it to maintain a financial position to readily attract capital when the opportunity arrives for expansion and development..."
--Colonial Airlines, Inc.
(4 CAB 71) Dec. 29, 1942

"The present respondent shares with all other carriers a need for earnings sufficient to insure its credit, and to keep it in a position to attract capital readily..."
--Pan American Grace Airways, Inc.
(3 CAB 550) July 30, 1942

(Emphasis supplied)

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