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Las yegas Land & Water Co Aug. 26, 1907. Hon. H D. Cornish, 120 Broadway, Hew York, B.Y. My dear Judge It seems that the Las Vegas Land & Water Company owns and has in its treasury the sum of $99,107.35, which has been in fact turned over to and used by the San pedro, Los Angeles & Salt Lake Railroad Company. The Auditor has made a computation of Interest upon the sums in the possession of the Railroad Company belonging to the Land Company, at the rate of 6% per annum, and finds that the interest on the money so used by the Railroad Company amounts, on July 1st, 1907, to the sum of $12,037.86, and requests payment of said amount by the Railroad Company to the Land Company. The capital stock of the Land Company is $50,000.00. I can my­self see no objection to the payment of this interest by the Railroad Company, provided the Land Company will declare a dividend to its stockholders and repay all the money to the Railroad Company. This would make a dividend of about 220$. In other words, I can see no reason why the Land Company should carry so much money to its credit. Perhaps a dividend of 200$, leaving about $12,000 or $13,000 in its treasury, would be the proper thing to do, but before taking steps in this direction, I have been instructed by Mr.Clark to ask your advice and direction. It seems to me that perhaps the wisest thing would be to make a dividend, if one is made, of 200$, leaving the extra money in the hands of the Land Company for such demands as may be made upon