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TABLE OF CONTENTS (Cont.)

PART II.

                                                   Page
Post Office Department Attitude..................... 38
Earnings and Dividends.............................. 39
Financing........................................... 40

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CONCLUSIONS......................................... 44
RECOMMENDATIONS..................................... 46

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NOTES............................................... 53

EXHIBITS

LOCAL SERVICE CARRIERS
  Certification...................................... A
  Growth--Local Factors--Revenues.................... B
  Projected Mail Pay................................. C
  Comparative Operating Statistics................... D
  Mail--Packages--Subsidy............................ E

DOMESTIC TRUNK LINES
  Subsidy and Mail Pay............................... F

LOCAL SERVICE CARRIERS (Cont.)
  Operating Revenues and Expenses (as reported).... G-1
  Operating Revenues and Expenses (adjusted for 
    retroactive mail payments)..................... G-2
  Earnings per Share--Offering Prices--Current Market 
  Prices........................................... G-3

HELICOPTER SERVICES
  Earnings per Share--Offering Prices--Current Market 
  Prices............................................. H
  Selected Operating Statistics...................... I

CAB STATEMENTS FAVORING EQUITY FINANCING............. J

IMPORTANT FEDERAL EXPENDITURES IN SUPPORT OF
  NATIONAL OBJECTIVES................................ K