The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments:

Cash and Cash Equivalents. The carrying amount reported in the balance sheet for cash and cash equivalents approximates its fair value.

Long- and Short-term Debt. The carrying amounts of the Company’s borrowings under its revolving credit agreements approximate their fair values, since the interest rate under these agreements is variable. Also, the carrying amount of long-term debt was estimated to approximate their fair values, with the exception of the WorldWay Subordinated Debentures, Treadco equipment debt and the general office term loan agreement which are estimated using current market rates.

The carrying amounts and fair value of the Company’s financial instruments at December 31, 1996 are as follows:

                                 Carrying      Fair
                                  Amount       Value  
                                      ($ thousands)

Cash and cash equivalents       $   1,806   $   1,806
Short-term debt                    25,892      25,844
Long-term debt                    282,178     277,671