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Transcription
OFFiCfc OF % DEC 12 1949 DEWCM 1.3 R1.9 49 Los Angeles - Dec. 12, 1949 File: 80 Mr. Wm. Reinhardt: In connection with the question of management fee of the Las Vegas Land & Water Company, I mentioned this subject to Mr. Hulsizer over the telephone and asked him to discuss it with Mr. Barnes and let me have any thoughts he might have and also, to advise me whether the present percentages charged by the railroad against the water company had ever been based on any services rendered by the officers of the railroad company. for your information. As I told you, in discussing this subject of management fee with Mr. Wehe, he stated that with respect to the larger companies which charge a management fee, the basis used to be around 3$ of the gross earnings of the managed company but that recently, the various public service commissions had been reducing those fees to around 1-1/2$ and in a recent AT&T hearing, the AT&T voluntarily reduced the rate to 1$. This, of course, is too small for our company for our situation but it seems to me if we would use a basis of somewhere in the neighborhood of 3$ or roughly $500.00 a month, we might be able to Justify it. I enclose a copy of his A-492 of December 9th Bennett
