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Compton said continued good growth in the number of telephones served is expected during 1971. More than 6600 phones were added by Virginia Telephone & Telegraph Company in 1970.
Because of the continued growth, the company’s total investment in service equipment and facilities in Virginia will reach $75.8 million by the end of 1971. For the past five years the expenditures for telephone equipment and facilities has accelerated each year.
With today’s inflation, high interest rate and tight money market^ it is more difficult and expensive to get the amount of money we need. We feel obligated, however, to move boldly ahead with our expansion programs, in spite of the cost.
According to Mr. Compton, the
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