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Taxicab charges between Kennedy and Newark airports are arrived at by individual agreement because rates are not established across State lines, but the cost by taxi for one person is usually about fifty percent above the Company's fare. The enroute time by cab is approximately one hour and a half. Taxicabs provide the primary competitive transportation between lower Manhattan and the airports. The shorter enroute times by helicopters provide the principal incentive for their use between these points. The combination of subway and public bus is a possible means of transfer between the airports and between the airports and lower Manhattan but, while lower in cost, lacks convenience and may be unfamiliar to the air traveler. EMPLOYEES On December 31, 1963 the Company had 250 persons in its employ, including 74 aircraft and traffic handling personnel, 72 aircraft and automotive maintenance personnel, 27 record keeping and statistical personnel, 25 pilots and co-pilots, 12 stewardesses, 12 general management personnel and 28 others. The Company's officers and most of its management personnel have been with New York Airways since it commenced operation twelve years ago. The Company's pilots average over 7,000 helicopter flight hours, with 90% holding fixed-wing instrument ratings and 50% holding flight instructor ratings. Aircraft maintenance supervisory personnel average 26 years in the aviation business, and aircraft maintenance personnel as a group average 10.6 years of experience. With the exception of painters, upholsters and some junior mechanics, all aircraft maintenance personnel possess aircraft and power plant licenses issued by the Federal Aviation Agency. Dispatchers are licensed by the Federal Aviation Agency and average 15 years of experience. New York Airways' labor relations are subject to Title II of the Railway Labor Act, as amended, which gives employees there right to organize and bargain collectively and imposes upon air carriers and their employees the duty to use every reasonable effort to make and maintain agreements concerning rates of pay, rules and working conditions, and to settle disputes by negotiation. The Federal Aviation Act also requires interest air carriers to comply with certain conditions concerning rates of compensation, maximum hours and other working conditions for pilots and co-pilots. The majority of a New York Airways' employee are represented by labor unions. The Company has never experienced a significant work stoppage. The Company maintains group hospital, surgical, medical catastrophe, accident and life insurance programs fora ll of its employees as well as pension programs fro all of its employees except approximately 80 employees represented by one union. INSURANCE The company carries hull, public liability, property damage and other types of insurance which, in the opinion of the management, are generally adequate as to coverage and amount. Annual premiums for the insurance presently carried aggregate approximately $250,000, exclusive of the Company's portion of the cost of group hospital, surgical and medical catastrophe insurance and group life insurance for employees. 14
