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A> . _________________ —3.- 'S-0 meat respectively, and yon may desire to give consideration to increasing the ’book vain© of $21,053*95 in order that valoe of physical property will be reflected in the accounts* Should yon desire to farther increase the capitalization of the I#V#L* & W. Go*, the valne of water conld be included and, as given in fable So. 2, year 1929, the tot£L valne of 1*V*I**& W.Co's facilities is $308,435*26 which, if capitalized, wonld be an increase of 1227,167*21* The feature of increasing the capital- ization Is one of policy and wonld require A*F*E* for $21,053*95 in the first instance, and $227,157*21 in the second instance without any actual expenditure* The Auditor is required to make annual report to the Sevada Public Service Commission and of course the record of amount in Investment Accounts, together with the record of ex­penses and revenues, are furnished that body; therefore, the information contained in Tables los* 2 and 3 will not agree with that furnished the Commission by the Auditor* Copy of this letter and tables is furnished Mr* MoEa- mee in order that he may give consideration to the features in­volved, and should additional data be required we will proceed with its preparation promptly* Enel. H* 1* Adamson co - Mr* P.H.McIamee