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<br />ban ers (incl udine; Dillon, Reed and Company; BrOWn Harri,:"
<br />man nd. Company, Incorporated; First Boston Corporation j"
<br />Mel n Seourities Oorporiltion; and Halsey, Stuart and Oom-
<br />pany Incorporated), I have studied the property, business
<br />and rospects, of over seventy operating subsidiary cornpal),ies
<br />belo bing to The North Ar.lerican Oompany, United Light and
<br />Po we Oompany, Oities Service Oompany and American Gas and
<br />Elee rio Company. From these studies I have accumulated
<br />cons derable data on operating practices regarding capaoi~
<br />ties in excess of peak demands, utilization factors, load
<br />
<br />fact s, plant factors, efficiencies and investment costs
<br />
<br />
<br />for seam and hydro plants, transmission, etc. The" aggre-:
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<br />gate a1ue of the properties reported on is in eXcess of
<br />
<br />
<br />~3,CO ,000,000.
<br />
<br />
<br />In 1935 and 1936 I was employed by Bro~mHarri-
<br />
<br />man a d Company, Incorporated, to make an engineering
<br />inves igation of the history, business and prospects of the
<br />Los A Bureau of Power and Light in connection with
<br />bond of ,:;22,799,000 and $47,Coo,oOc,respectively,
<br />and i 1937 I was employed by the Los Angeles Bureau of
<br />
<br />Power nd Light to bring my eal'lierreports up to date in
<br />
<br />
<br />connec ion with a bond issue of $10,200,000. As a result
<br />
<br />
<br />of the e studies of the business of the Bureau I have be-
<br />
<br />come f miliar with the terms of the existing contracts
<br />
<br />regard ng Boulder Dam Power and the ramifications whi(h
<br />
<br />make tl e subject of cost analysis of Boulder Dam powor
<br />
<br />A. B. Roberts
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