Description given with photo: "Losing Money on Flying Boat, Says Hughes, Culver City, Calif.: Howard Hughes (center, facing camera) makes his first appearance before the press since the start of the senate investigation into his multi-million dollar plane contracts. Hughes said the government is getting its $18,000,000 worth out of his big, eight-engined flying boat but he's losing money. the plane has yet to be flown. Credit (ACME). 7-30-47."
Typed onto a piece of paper attached to the image: "Mayor Laguardia on the steps of City Hall receiving Howard Hughes and his Globe Girdlers. They are (L-to-R) Ed Lund, Richard Stoddart, Thomas Thurlow, Laguardia, Howard Hughes, and Harry Connor. 7-15-38. (Press Association)."