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L a s V eg a s L a n d a n d W a ter Co m p a n y C A R L R. G R A Y , P r e s id e n t . O m a h a . N e b r . F. H. K N IC K E R B O C K E R , V ic e -P r e s ., L o s A n g e l e s , Ca l . C. H. B LO O M , S e c r e t a r y . L o s A n g e l e s , C a l . C . C . B A R R Y , A u d i t o r , L o s A n g e l e s . C a l . W . F. T R U E L S E N , T r e a s u r e r , L o s A n g e l e s . C a l . C H A R L E S A D AM S , A g e n t . L o s A n g e l e s . C a l . W A L T E R R. B R A C K E N , V ic e -p r e s . a n d a g t . L a s V e g a s , N e v . T. E. C O N N O L L Y . A s s i s t a n t A g e n t L a s V e g a s . N e v . Omaha - March 21, 1932. Mr. FV. icH.e PKrneiscikdeernbto,cker, Los Angeles, California. Dear Sirs The balance sheet of the Las Vegas Land and Water Company shows that depreciation was accrued during the year 1931 as follows: OOnn ppiippee lliinneess aatt YLaesn aoV,e gas, #12,9271*11.176 These amounts are 1.85 per cent and 1.48 per cent, re­spectively, of the investment in the two water systems* The file indicates that depreciation is being accrued at the rate of 2 per cent on the lines at Yenao and at the rates of 2 per cent and 5 per cent, respectively, for cast iron lines and wood stave lines at Las Vegas. Should these rates be con­tinued, or can any changes be justified? What information is available regarding the life of cast iron pipe in desert soils? W ill appreciate it i f you w ill have this matter studied, and submit your recommendations. Yours very truly, CG - Mr. 11. M. Jeff era original SSrrfi Sjr C.RGJRAY-H,