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<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 />
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