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presents a different aspect entirely and one -which would require an exhaustive analysis of the whole system and probably an appraisal of the entire assets thereof and we are not prepared to offer this service on the nominal basis, if we are competent at all, to make such an appraisal, without bring in other experts such as power, and water production, income analysis and all such. For instance, a piece of property, 20' x li|0» fronting on the west side of South Main Street we could arrive at a value as such but it might be worth infinitely more as a connecting link for the conveyance of water in the system generally and the right of way across Main Street would on the other hand not be amenable to ary value except as a means of conveyance because it could be used for nothing else. We therefore feel that if it is an appraisal of the entire system and the facilities thereof which is required, that is one thing which we might not even feel competent to undertake alone, without other expert opinion but if it is for an appraisal of real estate alone we feel competent to render you that service on a nominal fee basis as explained to you b^r Mr. Boyle and we shall be most happy to cooperate on this basis to the fullest extent. The way the matter seems to be' lining up I, personally feel, that the intent and purpose should be more clearly defined, and in view of the fact that I am going away for possibly more than a week, it is with eonifdence that I leave the matter, as far as the service expected or to be rendered by the Board, in the capable hands of the Chairman of the Appraisal Committee, with such advice as he feels he may need from the other members of the Board of Directors, but it is my own opinion that we cannot render the more detailed service on the basis mentioned. JAMES C. YOUNG, President, LAS VEGAS BOARD OF REALTORS