upr000285 344

n To me the above plan seems to be the best fo r a l l p a rtie s concerned. The la s Yegas Land & Water Company paid $50,000.00 fo r i t s property and about $12,000.00 fo r i t s water system, and in ad­d itio n to th is i t spent approxim ately $50,000.00 fo r s tr e e t work, and, y e t, were a l l i t s outstanding con tracts fo r lo t s to be cancelled to-day and no fu rth er money be received from the sale o f l o t s , i t s balance sheet would s t i l l show a p r o fit o f $100,000.00. I t can, th e r e fo r e , w e ll a ffo r d to pay fo r the pipe lin e , and i f thought ad­v is a b le pay the R ailroad Company some a d d itio n a l compensation fo r the land, inclu din g the w ater, on the west side o f the track , whi©h has not, as y e t, been tra n sferred to i t . loaned to the R ailroad Company n ea rly $90,000.00, upon which the R ailroad Company should pay the Land & Water Company in te re s t,u n le s s the d ire c to rs o f the land So Water Company were to hold a meeting and d ecla re a dividend. I t seems to me that i t would be very much b e tte r that the Land & Water Company should not have such an enormous pro- , f i t and th a t i t should not pay dividends. The earnings from the sale o f water since January 1, 1906, have been as fo llo w s : As the m atter now stands the Land & Water Company has Earnings $1167.95 Amount pnpaid, 97.00 Net r e c e ip ts , $1070.95 Yours tr u ly , (Signed) H .I.B e t tis , Auditor.