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IV FINANCIAL STATEMENT On the following pages are set up a Balance Sheet and Income Statement as of December 31s 1949 and also a statement as to the Profit and Loss Account for the year 1949 for the Water Department of the Las Vegas Land and Water Company. these statements are in accordance with the annual report filed with the Public Service Commission of Nevada for the year 1949. A review of these financial statements will show that certain items normally included are omitted. This comes about from the fact that the Las Vegas Land and Water Company is engaged in activities other than water and the miscellaneous operations in Las Vegas, and separate financial statements for each of the different functions have not been prepared. For instance, on page 7 of the report to the Commission, there is shown that the company as a whole has issued and has outstanding 500 shares of #100 par value common stock. This is owned by the Los Angeles & Salt Lake Railroad Company and no assign­ment has been made to the water operations. It may be stated, in so far as it has been able to ascertain, that no dividends have been nor are currently paid on this stock. It may also be observed that necessary capital loans for plant expansion, replacement, and other operating requirements are secured from the Union Pacific Railroad from borrowings through an open ac­count that the water utility has available to it. The Balance Sheet shows that loans stood at #161,539.2# as of the end of 1949. It is understood no interest is paid on such loans.