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the la s Vegaa Land and Water Company. This valuation waa pre­pared fo r uae in rate making purpoaea and i s not the ledger value as set up in our hooks. Table Ho. 3 fo r the years 1925 to 1930 inclusive shows, aa near as may he determined, the p ro fit and loss o f L.V.L. & 1. Co. through operation of water fa c ilit ie s based on valuation given in Table Ho. 2. It is thou^it that Tables Nos. 1, 2 and 3 contain information that w ill be required when appearing before the Nevada Public Service Commission fo r inorease in water rates. Table No. 4 fo r the years 1925 to 1930 inclusive shows the p ro fit and lo ss, as near as we are able to deter­mine, based upon the Valuation Department's valuation of L.V.L. & W.Co.’ s f a c ilit ie s but not including value o f water or general expenses. Table No. 5 fo r the years 1925 to 1930 inclusive shows the p r o fit and loss, as near as we are able to deter­mine, based upon record of amount in Investment accounts to ­gether with expenses and revenues, a l l as reported by the Auditor. You w ill please note that Table No. 5, year 1929, indicates that value o f L.V.L. & W. Co.’ s f a c ilit ie s is $81,278.05 while Table No. 4, year 1929, indicates this value to be $102,332. These figures represent the present book value and the value according to the Valuation Depart­