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TABLE OF CONTENTS
PART I.

                                                Page
THE LOCAL SERVICE CARRIERS........................ 6
  The Origin of Local Service Air Transportation.. 6
  The Basic Objectives............................ 7
  National Defense Aspects........................ 8
  Growth--A Measure of Acceptance................. 9
  Operating Characteristics....................... 9
  Equipment Problem.............................. 10
  The Need for Subsidy........................... 12
  The CAB and the Local Service Lines............ 13
  The Hope for Reduction of Subsidies............ 14
  Separation of Subsidy and Mail Pay............. 14
  The Role of the Post Office Department......... 15
  CAB Tariff and Rate-Making Procedure........... 16
    Tariffs...................................... 16
    Mail Pay and Subsidy......................... 16
    Temporary Rates and Final Rates.............. 17
    The Sliding Scale Incentive Formula.......... 19
    Flat Rate Formula............................ 19
  Nature of Certificates......................... 19
  Subsidies and National Policy-The Nature of Subsidy. 20
  Public Appraisal of Local Service Carrier Securities 23
  Financing Local Service Carriers............... 24

PART II.

THE HELICOPTER SERVICES.......................... 26
  The Start of Scheduled Helicopter Service in the United States .......................................... 26
    Los Angeles Airways, Inc. ................... 26
    Helicopter Air Service, Inc. ................ 27
    New York Airways, Inc. ...................... 27
  Operating Characteristics...................... 28
  Competition with Other Forms of Transportation. 29
  Future Urban Development....................... 30
  National Defense Aspects....................... 31
  Civil Defense.................................. 34
  New Equipment.................................. 35
  Location of Heliports.......................... 37
  Regulation of the Industry..................... 37