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I 3^ Production Company as water production land whose original cent is recorded on the books of the Loa Angeles & Salt Lake Railroad Com­pany at #34t9b5.&3; approximately TQfp was purchased in 1903. So land is held by the Water Utility* Thus, the average recorded cost of this valuable water bearing land is at the very low rate of #23*34 per acre. It is common knowledge that land values in Las Vegas have in­creased very substantially during the last few years, so that acre­age currently ranges in price from something less than #100 to well over #1000 per acre, depending upon the location of the land. In making provision for this item under the original-cost and present-day cost estimates, land has been priced out at the very nominal figure of #100 per acre. In using this unit cost figure, how­ever, it has not been applied to the total of 1230.74 but to 679.42 acres (lying west of the north-and-south center line of Sections 29 and 32, 7. 20 S., R. 61 i., MBB&M - see ®ap). This results in a present day cost of $67*900 to which has been added #3,000 for the necessary easements and rights-of-way from the land withdrawn from use, for the water transmission and electric lines to serve respect­ively the Water Utility and electric pumps of the Production Company. Improvements; An analysis of the nInvestment” and Original 6ost figures show that the former is low. The increase in original cost over the in­vestment cost in the year 1949 and its make-up Is; The present-day cost over the original cost is an increase for the production facilities of 33.6$ and 33*6^ for the Water Utility. Production Water Cost of replaced""mains not capitalised Excess of Original Cost over book entry Items Facilities Utility ?ii3sS5s 1517779