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the Las Vegas Land and Water Company. This valuation was pre­pared for use in rate making purposes and is not the ledger value as set up in our hooks* Table Ho. 3 for the years 1925 to 1950 inclusive shows, as near as may be determined, the profit and loss of L.V.L. & vlT.Co through operation of water facilities based on valuation given in Table No. .2* It is thought that Tables Nos. 1, 2 and. 3 contain information tha t will be required when appearing, before the Nevada Public Service Commission for increase in water rates* Table No. 4 for the years 1925 to 1930 inclusive shows the profit and loss, as near as we are able to determine, based upon the Valuation Department's valuation of L.V.l&wCo's. facilities but not including value of water or general expenses. Table No. 5 for the years 1925 to 1930 inclusive shows the profit and loss, as near as we are able to deter­mine, based upon record of amount in Investment accounts to­gether with expenses and renenues, all as reported by> the Auditor. You will please note that Table No. 5, year 1929, indicates that value of LVI&WCo's facilities 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