TITLES 83 



from the sale value all costs of construction, as, for example, the 

 masonry work in a retaining dam, and assign the remainder as the 

 conservation value of the growth on the watershed. To make 

 this more concrete assume the case of a town that gets its water 

 supply from a valley in the pinon-juniper type. The capital- 

 ized value of the annual water rentals in the town amount to 

 $5000. The cost of constructing a dam including ail necessary 

 roads, interest charges, etc., and the capitalized value of the 

 annual costs of operation and maintenance total $4500. This 

 leaves a balance of $500 for the conservation value of the water- 

 shed, or $2 per acre if there are 250 acres. 



Titles. — Titles present no special difficulties because this type 

 usually occurs on land that has been surveyed. This means that 

 the boundaries are easy to locate and that transfers have been 

 accurately described by quarter sections. Smaller areas have 

 not usually been sold because the land has so small a value per 

 acre. Its main use is for grazing and at least 40 acres are needed 

 to keep a cow or horse during the year. Consequently the 

 transfers have commonly been in large blocks for the use of some 

 large cattle or sheep outfit. 



