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RE RENTAL OF RAILROAD FACILITIES On testimony given and exhibits introduced, the value of the railroad facilities used by both companies is ^177,147.33. Con­struction of these facilities began in 1905 and the last was a 24 inch cast iron pipe laid in 1929. Inasmuch as the railroad has an item of expense labeled ’’Reserve for Replacement” for the year 1930, we are of the opinion that a reserve for this item has been laid away annually. This item calls for 4$. are of the opinion that almost all water facilities have a useful life of fifty years, which reduces this item to 2%. Taking this amount as a basis for retirement reserve we find that since 1906, to and including 1930, that ^12,007.62 has been retirned, leaving a present day valuation of |165,140.26. Using this amount as a fair value of all railroad facilities we find that 1^14,455.73 per year, or 204*65 per month, to be a fair rental which is shown as follows: measured February 10, 1931, end was found to be 9,693 cubic feet per second, or 6,230,000 gallons per day. Through the State Engineer’s Office the railroad company has appropriated 2.5 cubic Water used during 1930 Railway Company, including Pacific Freight Express Las Vegas Land & Water Company Total Charges incurred during 1930: Interest at 6% on value of 3165,140.26 Reserve for Replacement at 2% on >177,147.33 52426..0950 Insurance Taxes Maintenance & Operating Expense Total 721,495.5! 3,100.09 K.913.06 RE VALUE OF WATER RIGHTS Measurement of all water flowing from all sources was