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m 3 W* with other initowri of the Water Company. If the eater producing and distributing facilities be sold by the Rail* read Company to the Water Company esre should be taken to reserve to the Railroad Company such amount of eater from Ite own S.9 cubic feet as it may need, and this could be followed by a contract with the Water Company by ehieh it would agree to produoo and deliver to the Railroad Company swob water from the railroad1! own supply at seat to tho Wdtor Company for suoh production and delivery. There Is a question in this oonnootion upon which Hr. Bennett's letter does net throw any specific light, and that is whether if tho Railroad Company reserves from Its own ap* propriation such water ee it mey need for railroad and dost* ostia purposes tho root of tho enter eon bo taken over by / the water Company, wo should have M*. Bennett*s help on v/' the matters discussed in this paragraph. Passing by questions which have to do with so* counting, 1 go slang With Mr. Bennett *a thought expressed at tho top of page f of M s letter and the reasons ho gives therefor that tho most advantageous plan of making a transfer of the water prod notion and distribution facili­ties of the Railroad Company would bo to make such trans­fer to tho Las Vegas hand and Water Company and have that eenpany transfer all other assets* except water production and distribution assets# to another corporation. I am not sure that this need bo a new corporation as Mr. Bennett says. WO have a WObraska corporation, Tho Bales Land Com­pany, which haw boon used net only In Nebraska but in a masher of other states for the purpose of holding title to, and dealing with# real property where it seems more ad­vantageous to have this dona by a separate corporation rather than a railroad company or its railroad or other non-railroad subsidiaries. Tie Colon Lend Company has been domesticated in Wyoming, Missouri, ftah, Idaho# Colorado and Kansas. Whether The mien Land Company could function in Wsvsda and also in California for the purpose of handling real estate ineluded in the assets of tho Las Vegas Land and Water Company, other than water producing and distribtr* ^ ting facilities# is also a question upon have advice from Mr. Bennett. which we should ^ On page » of Wr. Bennett*s letter ho thinks that borrowed eapital could bo ovldonood by an open book aeeount Instead of bonds* Sis reasons have# In ay opinion# a sound ring to them but I am not going* ns I have indicated, beyond tho field of tho purposes of this letter.