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t - 2 - rooms and there are rumors at least that another large hotel is to be built on the strip. (2) It is well established that more water is being currently taken out of the Las Vegas water basin than is being restored, and in my opinion this situation is continually worsening. (3) While there will be a hearing on Jan. 22, 1952 at Las Vegas, on our application to be relieved from making any further water main extensions to sub-divisions, I think everyone is agreed it will, for political reasons, not be granted. As I see it there is no logical reason why it should be. If it were we are in the position, then of stymieing the legitimate growth of the City. (4) There is no chance of establishing effective conservation of water as long as the L.V.L.&W.Co. (backed by the Union Pacific) furnishes water to the City. All of us, I think, are agreed that as long as we continue to operate, we will never be permitted to install meters. (5) For political reasons and as evidenced, too, by the recent decision of the Nevada Public Utilities Commission, there is no prospect that we will ever he given a sufficient increase in water rates to permit an adequate return on our investment, which is constantly increasing and will continue to do so. (6) While it is no doubt true as Mr. Renwick points out that if a new corporation were formed, it could not legally be required to finance the building of a new pipe line from Henderson to Las Vegas o r _subsequently one from Lake Mead, I think from a practical standpoint that as long as the Union Pacific has an interest in such a corporation, the local people and those of the State of Nevada would look right through the corporate set-up to the fl,000,000,000 Union Pacific and at least expect it to do something about such financing for a town which it created and whose growth it has consistently continued to foster. I am therefore making what may appear to be the following radical recommendations• 1* That the L.V.L.&W.Co. convey at its book value the distribution system in Las Vegas, including the office and shop building and equipment, to Union Pacific Railroad Company, As I understand it this will not involve any federal income tax.