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32 recorded on the books of the Los Angeles & Salt Lake Railroad Company at $34,985.88; approximately 70$ of this land was purchased in 1903. The average recorded cost of this valuable land is at the very low rate of $28.34 per acre. It is common knowledge that land values in Las Vegas have increased very substantially during the last few years so that acreage currently ranges in price from something less than $100.00 to well over $1,000.00 per acre, depending upon the location of the land. In making provision for th;Ls item under the original-cost and present-day cost estimates, land has been priced out at the very nomin­al figure of $100.00 per acre. In using this unit cost figure, how­ever, it has not been applied to the total of 1230,74 but to 679.42 acres, being the area of land considered used and useful for the pro­duction of water by the Production Company. The smaller area lies west of the north-and-south center line of Sections 29 and 32, T. 20 S., R. 61 E., MDB&M -see map. This results in a present-day cost of $67,900.00 to which has been added $8,000.00 for the necessary rights-of- way over other lands of the Production Company required for the water transmission and electric lines to serve respectively the Water Utility and electric pumps of the Production Company. Improvements An analysis of the ’’investment” and original cost figures 1/ show that the former is low. The increase in original cost over the investment cost in the year 1949 and its make-up is; Items Cost of replaced maijis not capitalized Excess of Original Cost over book, entry Production Water Facilities Utility $ 13,85$ $61,968 40,914 f'mprrsr 29,648 $91,6l6 As of December 31, 1949, the present-day cost over the orig­inal cost is an increase for the production facilities of 39.9$ and 33.6$ for the Water Utility. 1/ See II. Original Cost, page 30