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\ RE RENTAL OP RAILROAD FACILITIES On testim ony given and e x h i b i t s in tro d u ce d , the value o f the r a i l r o a d f a c i l i t i e s used by both companies i s $ 1 7 7 , 1 4 7 . 8 8 . Con-; s t r u c t i o n o f th e s e f a c i l i t i e s began in 1905 and the l a s t was a 24 inch c a s t i r o n pipe l a i d in 1929. Inasmuch as the r a i l r o a d has an item o f expense l a b e l e d '’Reserve f o r Replacement'1 f o r the year 1930, we a re o f the o pinion t h a t a r e s e r v e f o r t h i s item has been l a i d away a n n u a lly . This i t e m . c a l l s f o r 4%. We a re of th e opinion t h a t almost a l l water f a c i l i t i e s have a u s e f u l l i f e o f f i f t y y e a r s , which reduces t h i s item to 2%. Taking t h i s amount as a b a s i s f o r r e t i r e m e n t r e s e r v e we find t h a t s i n c e 1 9 0 6 , to and in c lu d in g 1930, t h a t $ 1 2 , 0 0 7 . 6 2 has been r e t i m e d , l e a v i n g a p r e s e n t day v a l u a t i o n 1 o f $ 1 6 5 , 1 4 0 . 2 6 . Using t h i s amount as a f a i r value o f a l l r a i l r o a d f a c i l i t i e s we find t h a t $ 1 4 , 4 5 5 . 7 3 per y e a r , or $ 1 , 2 0 4 . 6 5 per month, to be a f a i r r e n t a l which i s shown as f o l l o w s : Water used during 1930; Railway Company, in clu d in g P a c i f i c F r e i g h t Express 283^325^825 g a l . - 3 2 . 7 5 $ Las Vegas Land & Water Company 5 8 1 , 8 6 7 ; 8 0 0 ” 67.25% T o t a l '8 6 5 ,1 9 3 ,6 2 5 g a l . 100 ‘00 % Charges in c u r re d during 1930: I n t e r e s t a t 6% on value o f $ 1 6 5 , 1 4 0 . 2 6 $ 9 ; 9 0 8 . 4 1 Reserve f o r Replacement a t 2% on $ 1 7 7 , 1 4 7 . 8 8 3 , 5 4 2 . 9 5 In su ra n c e - 2 6 . 0 0 Taxes 3 ; 1 0 0 . 0 9 Maintenance & Operating Expense 4 ; 9 1 8 , 0 6 T o t a l ' $ 2 1 , 4 9 5 . 5 1 RE VALUE OF WATER RIGHTS Measurement o f a l l water flowing from a l l sources was measured February 1 0 , 1 9 3 1 , and was found t o bo 9 , 6 9 8 cubic f e e t per second, or 6 , 2 8 0 , 0 0 0 g a l l o n s por day. Through the S t a t e E n g i n e e r ’ s O f f i c e the r a i l r o a d company has ap p ro p ria ted 2 . 5 cubic