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Mr. Reinhardt a. June 25, 1952 and the Water District divided to shew separately repro­duction ©eats new and reproduction costs new lesa depre­ciation, together with a suwaary showing a consolidation of the results developed by the two appraisals and the differences in value arrived at therein* This stannary also shows the total investment cost plus overhead per­centages of all additions and betterments wade to both tho water production facilities and water distribution facilities for tho period, January 1, 1951, to May 1, 1952, I have also added the estimated cost, plus over­head percentages, of all service connections made by the Water Company during the same period* The amounts shown in this summary do not include the following items1 (1} Value of land and water rights. (2) Value of automotive shop and other equipment* f|| Value of material and supplies on hand* i k ) Going concern value* I am also attaching hereto a aaparato statement show­ing notes to accompany the three-page statement dated June 1C, 1952, which will explain in some detail the reasons for the differences in the amounts arrived at in the two sets of appraisals* L. R. Maag