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<br />f!/.'-~~' ';'1y~,'-:'i, -:+:. <br />[., <br /> <br />-' <br />C <br />C>l <br />N <br /> <br />e=. <br /> <br />. <br /> <br />. <br /> <br />, _"-"",:,-~,::,,:.:-<'._::' '\.;;;:<,:!,:,_,,:~n:;'> -",,;?;._A'"'-, ;:-"'~"~~-^'b:P,.>!J" . <br />- -. . <br /> <br />'.':;:~~"-:h~'"."",:':-I"". ,".~",'i""";:';::'-"f?r'/:';W~~'S~;::.:~ <br />2. ' <br /> <br />bankers (includine; Dillon, Reed and Company; Brown Harrl- <br /> <br />man and Company, Incorporated; First Boston Corporation; <br />Mellon Securities Corporation; and Halsey, Stuart and Com- <br />pany, Incorporated), I have studied the property, ~usiness <br />and prospects of over seventy operating subsidiary companies <br />belonbing to The North American Company, United Light and <br />Power Com~any, Cities Service Company and American Gas and <br /> <br />Electric Company. FrolJ these studies I have accumulated <br /> <br />considerable data on operating practices regarding capaci- <br />ties in excess of peak demands, utilization factors, load <br />factors, plant factors, efficiencies and investment costs <br />for stealli and hydro plants, transmission, etc. The aggre- <br />gate value of the prcperties reported on is in excess of <br /> <br />$3,COO,000,000. <br />In 1935 and 1936 I was employed by Brown Harri- <br /> <br />man and Company, Incorporated, to maJ,;e an engineering <br />investigation of the history, business and prospects of the <br />Los Angeles Bureau of Power and Light in connection with <br />bond issues of :~22, 7~9 ,000 and $47,000 ,OGO , respectively, <br />and in 1937 I was employed by the Los Angeles Bureau of <br />Power and Light to bring my earlier reports up to date in <br /> <br />connection with a bond issue of ~lC,2CC,COO. As a result <br />of these studies of the business of the Bureau I have be- <br /> <br />come familiar with the terms of the existing contracts <br /> <br />regarding Boulder Dam Power and the ramifications whieh <br /> <br />make the subject of cost analysis of Eoulder Dam power <br /> <br />A. B. Roberts <br />