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* horse power from Mill Greek, San Bernardino County, in this city, at a cost of not less than #180.oo per horse power; while the Pacific Light and Power Company - an affiliate company to the Pacific Electric Railway Company of this city - delivers about 400 horse power from the San Gabriel River, Los Angeles County, in this city, at a cost of not less than #180.oo per horse power, and about 6000 to 8000 horse power from Kern River, Kern County, at a cost of not less than #160.oo per horse power. In my long practical experience in matters of this kind, I have learned that if the hydraulic work alone on a water power enterprise does not exceed the cost of #100.oo per horse power, said enterprise is considered - and righly so - a val­uable investment. The water and power propositions above stated have been located by Louis Manvel of Fresno County, California, in four locations, namely, the water to be diverted, from Rush Creek, the reservoir site in Long Valley, all the waters of Rock Creek, Rush Greek and Owens River combined for power purposes. These locations have been assigned to and are now in your control. However,. I find that three more locations are still in the way and have to be obtained., in order to clear this enterprise en­tirely, and. which three locations are represented by Mr. J. B. Thompson of Pasadena, Mr. H. C. Brougher of Tonopah, Nevada, and Mr. Wanocott, also of Tonopah, Nevada. These three locations represent 30,000 horse power only, and I have obtained short options in your interest from these people at the follow­ing figures. From Mr. Brougher, until the 15th day of May, 1903, for #20,000,,and from Mr. Thompson until the 2zth day of May, 1903, for #40,000, making a total of #60,000.oo. 10.