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V C o m p a n y , and by A. E. Stoddard as president of Las Vecas Land and Water Company. 1 With the valuation as placed on its water production facilities by itself (see Gee. 1+ of Contract) of $751,Gl+3 as of January 1, 1950, it seeks a rental of $ 1+6,B03.9I*. per year, varying somewhat in each year. This contract valuation figure does not agree with the schedule shown on plaintiff’s Exhibit 10, where the value is shown to be $71+3,070. The rental sought is after income tax, which, from Exhibit 13, is Indicated to be $l+7>856•35 for 1951> no computed by the Witness Carson. It would appear to this Commission that with, the payment of $1+7,856.35 of income tax, and a rental of approximately $1+6,803.91+ per average year, there is a handsome profit to the Railroad Company. Witness Carson offered Exhibit 13 and testified the value of land, or, as changed by plaintiff to cost of land, to be $ 19,322, contrasted to the figure of $75>900 as agreed by the Railroad Company to be the market value of the land ns of January 1, 1950> (See Sec. 1+ Contract). \ Witness Bates testified (Transcript 175) that in his opinion ths > : .. V value of the 679-1+2 acres, which plaintiff claims is water bearing, is $1+28,650. It is hard to visualize this value when the map (Exhibit 10) indicates all of the we 11 a. of the production company are located within 2l+0 acres; and some of these wells, once flowing, are now pumped to yield the quantity of water that once ? " \ flowed freely. On cross-examination (Transcript 186), Witness Bates testified that in his opinion the 679*1+2 acres of land upon which he placed a valuation of $1+20,650 could not be sold for that amount of money. Tills Commission found the value of the laqd used and useful for water production to be $2l+,000. This Commission, in reconsideration of the matter because of the M M w m '' / ?" \ ? ? _ ? !: additional evidence offered, elects to combine the production unit with the distribution company, over which it has lawful Jurisdiction. It is again | ’ : . . \’i * ; / unfortunate that the Railroad Company has elected to consider it has two , children, when its production unit would be helpless without its distribution -5