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SUPPLEMENTAL REPORT RESULTS OF OPERATION LAS VEGAS LAND AND WATER COMPANY general This memorandum report is a supplement to the report prepared ?under date of November 1 , 1950, on the same subject. The November 1, 1950 report presented a fairly comprehensive analysis of the operations and earnings of the Las Vegas Land and Water Company, as well as for the water production operations of Union Pacific Railroad Company. The financial results, as to earnings, were developed for the year 1949 and an estimate for the year 1950. During the period since the initial report was made, some changes have taken place, including the installation of pumping equipment to increase the water supply; new mains to improve pressure conditions; as well as extensions to provide for new services. Revenues, expenses and taxes have likewise changed and increased. The results as to the 1950 operations are now known, and it is believed desirable to have a forecast of the current year 1951. Accordingly, this supplemental report will cover the two years 1950 and 1951. Method of Development The same general procedure will be followed as in the initial report, though necessarily the presentation here will be limited to more of a summary, inasmuch as the background material has previously been given and developed. As a measure of the capital basis upon which a return will be sought, the same three bases will be used, namely: (See page 30 - November report)