This article presents information on the financial and operating relationships. In order, to compare the statements of the average public utility with those of an industrial concern one should consider – Ratio of net worth to debt, number of times bond interest earned, Operating ratio, % of fluctuation in gross earnings, % of fluctuation of net income, ratio of net worth to fixed assets. The article also contains some questions related to financial relationships that help the student's to grasp and point out differences in different types of industry.