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While the lands around St* Thomas were being iirrigated there was not enough of preferred water to irrigate all of the lands in the Muddy Talley susceptible to irrigation, and I believe that there is considerable land in the Valley that will be reclaimed now that there is more water available, so that the preferred stock at least will always have a market value of $25.00 per share, or better. Each share of preferred stock is entitled to 1/70th cubic feet per second of water from May 1 to September 30th, inclusive, and the common stock is entitled to l/100th cubic feet per second per share from October 1 to Auril 30th. In addition to the water it is entitled to by virtue of the ownership of this stock, the Railroad Company has a right to the equivalent of 3.25 acres for use at Moapa to supply locomotives, cars, depot, stockyards and town supply, which right was awarded to it by the State En­gineer at the time of the adjudication of the water of the Muddy River in October, 1919, which water is pumped from the River up to the tank at Moapa. The water stock in Muddy Valley Irrigation Com­pany is transferable, and the water alloted thereto may be used at any place in the Muddy Valley, although for safety’s sake it is necessary to apply to the State Engineer for per­mission to change the place of use. In m y opinion, the Railroad Company should acquire the allotment offered to It by the Muddy Valley Irrigation Company, even if it has no present use for the same, as the water alloted thereto can always be rented for an amount sufficient to pay the assessments thereon. If there is any further information I can give you, please advise. j-eo A. MoNamee ljji/db see - Mr. E. E. Bennett