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m % ( C O P Y ) BBC I EEB P ile s :- I&S 1 2 7 ' 80-Genera 1 / -""" Los A n g e le s - December 4 , 1951 Mr. A . E. S to d d a rd : Over a p e r io d o f s e v e r a l months Mr. R enw ick has been d is c u s s in g w it h me th e a d v i s a b i l i t y o f some s u b s t a n t ia l changes in th e c o r p o r a te s e t- u p o f the w a te r p ro d u c in g and d i s t r i b u t i n g f a c i l i t i e s in Las V e g a s , now o p e r a te d in s o fa r as d i s t r i b u t i o n i s co n cern ed by th e Las Vegas Land and W ater C0# and by Union P a c i f i c 'o n th e p r o d u c tio n en d . Mr. Renw ick has now p re p a re d a r a th e r com p lete a n a ly s is o f h is v ie w in th e m a t t e r , w hich have been gone o v e r b y b o th Mr. B en n ett and i g y s e lf , and w hich a re su pplem en ted b y th e v ie w s o f Mr. Wehe. I a tt a c h f o r your in fo r m a tio n and con­s id e r a t io n c o p ie s o f t h e ‘ a n a ly s is as p re p a re d by Mr. Renw ick and Mr. B en n ett and an a tta c h e d l e t t e r t o Mr. Renw ick from Mr. Wehe in w hich Mr. Wehe e x p re s s e s h is v ie w s . I t i s my b e l i e f t h a t Mr. R en w ick ’ s recom m endations sh o u ld be g iv e n s e r io u s c o n s id e r a t io n . Th ere a r e , h ow ever, so many f a c t o r s o f t a x e f f e c t s , a c c o u n tin g co m p u ta tio n s, e t c . th a t I t h in k th e m a tte r sh o u ld be c a r e f u l l y s tu d ie d by b o th Mr, Su S u tto n and Mr. H u ls iz e r , and I am e n c lo s in g e x t r a c o p ie s f o r t h e i r use in case you d e s ir e t o pass them on. Wm. R e in h a rd t Enels