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Los Angeles - February 26, 1954 8 0 -11 Mr. W. R. Rouse: ; In connection with the prospective sale of the Las Vegas Land and Water Company to the Las Vegas Valley Water District, we have from time to time had inquiry made by some of our executives in Omaha as to what the prospects of an early consummation of the sale are. We have endeavored to secure that information from various representatives of the Water District but, frankly, they have not seemed to know just what they are doing. However, I am now in receipt of a memorandum of conference between Mr. Tom Campbell, President of the Water District, and Messrs. Beebe and Hamilton, the bond attorneys, who have also been doing some other legal work indirectly involving the issuance and sale of the bonds. I am enclosing a copy of that memorandum for your information in case any inquiry be made to you with respect to status of this matter and prospect of an early sale of the Water Company. With respect to the items shown thereon, I have the following comments to make: Numbered Paragraph 1: Mr. Campbell advised me that some of the bond houses wanted a complete survey made of the operating expenses and operating revenue of the Water Company so some estimate could be made of the prospective rates to be charged in order to cover-carrying charges and operating expenses. They, therefore, employed the firm of Black & Veateh, which I understand is a Chicago firm, and representatives of that firm have been in Las Vegas for some time working along that line. Numbered Paragraph 2: This is the customary pro­spectus to be issued and distributed to the bond houses, being in the nature of a sales talk. This prospectus, incidentally, was supposed to be prepared and distributed by December 15 th, but you will now note that they have a sug­gested date of the first week ih March. Numbered Paragraphs 3 and 4; These paragraphs are of no particular Interest to us.