upr000070 234

Los Angeles - April 22, 1954 Mr. R. M. Suttom (ec - Mr. L. R. Maag) Referring to your letter of March 18th enclosing statement showing details of amounts which will be due from the Water District according to the books and accounts of the Water Company, as of January 31, 1954* You received copy of my letter of April 20th to Mr. Campbell on this subject. Mr. Franklin Hamilton of the 0 'Melveny firm, which received copy of the letter of April 20th, phoned me this morning and stated the plan was satisfactory and he would arrange to have the local accountants of the District review these statements, and possibly they would want to have a conference with some of our accountants. I told him, on the latter point, to get in touch with Mr. Maag, and possibly Mr, Maag could arrange through you to have some of our accountants out in Las Vegas when the local accountants for the District were going over these matters, which I assume will be satisfactory to you. Mr. Hamilton also asked me for my views with respect to the time required to bring these accounts down to date, assuming the figures shown on the statement as of January 31st were approved by the District's accountants. As you know, bids for the bonds are going to be opened April 28th, and possibly by the first part of May we will have some pretty good idea as to the probable sale date as defined in the contract. Could you give me an estimate as to the time it would take to bring your statement down from January 31st to and including say April 30th? In that way, if escrow were to be opened shortly thereafter, we would be able to include therein the amount of the pre­liminary sum to be paid by the Water District to the Water Company. E. E. Bennett