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J.B.C.-8 section of land upon which, a spring is discovered. As to the purchase of more land for townsite, it seems to me we have enough unless it can "be bought very cheaply. As to the disposition of the ranch and other property: Unless by experiment it should be found that wells driven near the proposed shop site will furnish all the water needed, the water as it comes from the various springs should be piped to the location of the company's shops and the townsite, and all not needed for our purpose and for use in the should be townyydelivered to the ranch on the east side of the tracks. The raneh and the other land purchased should be turned over to a townsite company,organized for the purpose, at an agreed valuation and in exchange for the entire capital stock of the townsite company. The officers and directors of the town company to be appointed by the Directors of this Company. The first lots in the town should be sold at auction sale, not more than two to any one person, and alternate lots, or eveiy third lot, reserved for future sale, the prices at private sale to be determined by the Board of Directors of the town company and only after the auction sale of the first lots. Employees of the company should not be given any preference either in the price or looation of lots purchased by thou. From what I have seen at las Vegas and Cal lent e I believe it would be absolutely useless to attempt to make las Vegas a prohibition town or to even limit the sale of liquors, except that a certain portion of the town could be reserved for residences, and in the deeds the sale of liquor prohibited in this section. The ranch proper could be leased, operated or sold, as thought most desirable by the Board of Directors,