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(COPY) I 2 | considers the Company records would show a substantial cash balance if it were operated independently: he points to the rental ($20,51^»**& shown as item *hl2 Joint Facility Bents* in Income Statement at Sheet 9 of Annual Report of Las Vegas Land and Water Co., a water utility to The Public Service Commission of Nevada for the year 1939) as being excessive and expressive of his thought the later Company is operated for the benefit of the Railroad which he considers is con­firmed by the entry in the Railroad*; report to the Public Service Commission relative to water, of some 122,000. In Mr. Sexton's opinion the costs of supplying water to the Railroad are understated in the Railroad Re­port. Disregarding the falsity of his conception of these reports the fact remains th t it is his opinion the water rental paid by LVL&W to the Railroad is excessive and to that extent the net income of the Water Company is under stated. The Tax Commission's Bulls ton of Assessments has not been distributed and accordingly we have no official advice of 19^0 assessments: the Nevada Tax Review (May issue) stated public utility assessments haidn cbreeeans eidncreased some 13,750,000. The utilities reported /include power, water, telegraph, telephone, bus and truck, Pullman and Nevada Northern Railway companies. The increases are in