$68

$45

Electric, Gas, Water $23

Telecommunications

1971 72 73 74 75 76 77 78 79 80 81

Source: Data Resources, Inc.

(estimated)

U.S. Department of Commerce

CHART 3

ASSETS PER DOLLAR OF REVENUE Manufacturing Companies vs Utility Industry

Source: AT&T, Moody's Investors Service, Inc., U.S.I.T.A.

CHART 5

TELECOMMUNICATIONS INDUSTRY
Effect of Inflation on
Construction Expenditures
1968 - 1976
($ Billions)

Source: AT&T, U.S. Department of Commerce, U.S.I.T.A.

CHART 6

70%

COMPARISON OF LEVERAGE
Telephone and Electric Utilities
(Total debt as a % of total capital)
1967-1976

1967 '68 '69 '70 71 72 73 74 75 76

(est.)

Source: AT&T, Moody's Investors Service, Inc., U.S.I.T.A.

CHART 7