The Colorado statesman., 1906-11-17

Colorado Springs, Colo.-The Central
Colorado Power Company, capitalized
for 22,500,000, the largest and most
powerful organization of it's kind in
the West, and with the largest capital
ization ever Incorporated in the local
County Court, was organized here
Tuesday by local, Denver and eastern
capitalists, for the transmission of wa
| ter power to large mills, factories, min
ing companies and eventually, in all
probability, to the mountain railroads.
Thomas F. Walsh, d. H. Moffat and
| former Gov. Myron T. Herrick of Ohio
are the leading spirits in the enter
prise, associated with them being a
host of Colorado and eastern financiers
of great wealth.
Proof of the Importance attached to
the enterprise by capitalists is found
in the fact that within thirty days af-
ter the offering of a block of $9,000,-
| 900 in bonds, subscriptions for much
| larger amount were received.
The following statement of the pur-
poses of the company has been issued
| by the management:
"The Central Colorado Power Com
pany, which has lust been incorpor-
ated under the laws of Colorado, has
an authorized bond issue of $20,000,00O,
and stock capitalization of S7,5c0,OOO
of preferred stock and $15,000,0O0 of
common. The first issue of bonds con-
sists of $9,000,000, which have already
been sold, and the proceeds of these
bonds will be used to build the first
power plant which will have an aggre-
gate capacity of 10000 horse power.
More than six years ago we realized
the possibility of large water power
and electrical transmission develop
ments in central Colorado and COM
menced a systematic examination of
the entire situation. We believed that
such developments would not only be
of great benefit to the industries of the
state, but that they would form prof
table investment for a large amount of
capital.
1--WE have had associated with us
in this preliminary work strong imam
cial people in the East, and have, with
their assistance, acquired, by pur-
chase and otherwise, the water rights,
reservoir sites, etc, which form the
basis of the present undertaking.
"The investigation and acquisition OF
these water rights and other properties
l
engineering work, and the expenditure
of a very large sum of money. The
core of the situation consists of water
rights on the Grand river. 1t is pro-
posed to construct two large plants on
this river one at Gore canon and one
at Glenwood. In addition to these
rights on the Grand river other very
important water rights and properties
| have been secured with viw to de
velopment later.
Having acquired these rights and
properties, the situation was pre-
sented to financial interests in the
East, and it was decided to organize
the Central Colorado Power Company
In order to provide funds for the frs
development which will consist o
plants sufficient for 10000 horsepower
S9,OOO000 of bonds of the company
were offered for sale.
"The sale of these bonds was. en-
trusted to three banking houses
Messrs. Lee, Higginson & Company o
Boston, the Electric Bond Share
Company of New York, and Messrs
William P. Bonright &c Company.
"Some thirty days ago the subscrip
ton to these bonds was opened, WIFI
the result that the issue has been very
largely over-subscribed. These sub
scriptions are from very strong finan
cial interests in Colorado, New York
Boston, Cleveland and other places II
the East, and in London and Paris
The subscriptions from strong Colo
rado people alone amount to abou
$1,500,000.
"The directors for the company fol
the first year will be as follows:
I'D. H. Moffat, Charles M. MacNeill
J. A. Hayes, Leonard e. Curtis, Henry
Hine, Thomas F. Walsh, all Of Colo
rado; Hon. Myron H. Herrick, Cleve
land, Ohio; ]. R. Mckee, S. u. Mitchell
e. r. Coffin, William P. Bonright, al
of New York; George l.. Peabody, Cop
ley Amory of Boston.
"The officers of the company will be
IS follows: Hon. Myron It. Herrick
Cleveland, Ohio, president; J. r. Nc
Kee. New York, S. q. Mitchell New
York, Leonard e. Curtis, Colorado
Springs, Henry Hine, Colorado Springs
vice presidents; Leonard e. Curtis
secretary and treasurer; Curtis q
Hine, Colorado Springs, general man
layers.
"The organization has been per
lfected and active work is now in prog
ress on the plants at Gore canon ant
Glenwood Springs.
"The organization will include
George B. Trip, formerly manager O.
the Colorado Springs Electric Com
pany. and P. T. Hanscom, electrica
engineer, formerly at the head of the
power and mining department of the
General Electric Company.
"The first developments which 1t IL