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<br /> <br />. <br /> <br />. <br /> <br />.' <br /> <br /> <br /><:':> <br />(~) <br />"...... <br />..::::. <br />",... <br />o <br /> <br />. <br />. <br />,i. <br /> <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-: <br /> <br /> <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 <br /> <br />, <br /> <br />, <br />'" ",- <br /> <br />,+', <br /> <br />',,';; . <br /> <br />',',CO, -' <br /> <br />2. <br /> <br />:f <br />, .1 <br />1 <br />, <br /> <br /> <br />-1 <br /> <br />;i <br /> <br />,-1 <br /> <br /> <br />j <br />, <br />r <br />, <br />:1 <br /> <br />1 <br />"" <br /> <br />:~ - <br /> <br />:! <br /> <br />, <br />, <br />1 <br />" <br /> <br />'-~ <br /> <br />, <br />r; <br />~ <br />"\ <br />, <br />-.1 <br />:"t <br />M <br />l <br />;\ <br />~ <br />'~ <br />\ <br />