UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
(X) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Sutherland, Peter D.
c/o Goldman, Sachs & Co.
85 Broad Street
New York, NY 10004
2. Issuer Name and Ticker or Trading Symbol
Delta Air Lines, Inc.
DAL
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
01/31/1998
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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<CAPTION>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock | | | | | | |261.841(01) |D | |
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Common Stock |1/05/9|P | |300 |A |$117.812 | |I |02,03 |
|8 | | | | | | | | |
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Common Stock |1/08/9|S | |211 |D |$116.9375 | |I |02,03 |
|8 | | | | | | | | |
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Common Stock |1/22/9|S | |1,200 |D |$120.50 | |I |03 |
|8 | | | | | | | | |
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Common Stock |1/22/9|P | |1,200 |A |$120.50 | |I |03 |
|8 | | | | | | | | |
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Common Stock |1/28/9|P | |1,700 |A |$114.375 | |I |02,03 |
|8 | | | | | | | | |
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Common Stock |1/28/9|S | |1,700 |D |$114.375 |279,155 |I |02,03 |
|8 | | | | | | | | |
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<CAPTION>
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
| | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
01: Includes shares acquired under the Delta Air Line Dividend Reinvestment
and Stock Purchase Plan.
02: The Reporting Person is a managing director of Goldman Sachs
International, an affiliate of The Goldman Sachs
Group, L.P. ("GS Group"). GS Group is the general partner of and owns a 99%
interest in Goldman, Sachs & Co.
(alone and together with its affiliates, "Goldman Sachs"). The transactions
reported herein were part of baskets
which did not meet the requirements for exemption as outlined by the Securities
and Exchange Commission. The
subsequent sales and purchases were part of approved baskets and therefore not
reported.
03: The shares reported herein as indirectly owned were purchased or sold by
Goldman Sachs. Without admitting
any legal obligation, Goldman Sachs will remit appropriate profits, if any, to
the Company. The Reporting Person
disclaims beneficial ownership of these securities except to the extent of his
pecuniary interest therein.
SIGNATURE OF REPORTING PERSON
By: s/ Hans L. Reich Attorney-in-fact
DATE
February 9, 1998
