The Glenwood post., 1906-11-17

| Colorado Springs, COlO.-Ihe Central
Colorado Power Company, capitalized
for s22, 100000, the largest and most
powerful organization of its kind in
the West and with the largest capital
ization ever Incorporated in the local
County Court, was organized here
| Tue sday 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. Wash, ID. II. Moffat and
former Gov. Nyron 7. Herrick of Ohio
are the leading spirits in tire enter
prise, associated with them being a
host of Colorado and eastern tinanciers
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 block of $4,000
600 in bonds, subscriptions for much
larger amount We're 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 S20,OOO,O 600
and a stock capitalization of 100000
of preferred stock and $l5,OOO,OOO OF
common. The first issue of bonds con
sists of s9.000,000, 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
liable investment for large amount of
capital.
I'VE have had associated with us
in this preliminary work strong finan'
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
engineering work, and the expenditure
OF 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 a 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 first
development, which will consist OF
plants sufficient for 10000 horsepower
$4,000 900 of bonds of the company
were offered for sale.
"The sale of these bonds was en-
trusted to three banking houses,
Nessrs. Lee, Higeinson & Company OF
Boston, the Electric Bond q Share
Company of New York, and Messrs.
William P. Bonright & Company.
Some thirty days ago the subscrip-
ton to these bonds was opened, with
the result that the issue has been very
largely over-subscribed. These sub
scriptiOns are from very strong imam
cial interests in Colorado. New York,
Boston, Cleveland and other places IN
the East, and in London and Paris.
The subscriptions from strong Colo
RADIO people alone amount to about
81 100000
"The directors for the company for
the first year will be as follows:
''D. II. Moffat, Charles NJ. MacNeill,
]. A. Hayes, Leonard E. Curtis, Henry
Hiue, Thomas F. Walsh, all of Colo
RADIO; Hon. Myrou II. Herrick, Cleve-
land, Ohio; j. R. Mckee, S. u. Mitchell,
e. r. Coffin. William P. Bonright, all
of New York; George L. Peabody, Cop
ley Amory of Boston.
"The officers of the company will be
IS follows: Hon. Myron T. HerricE.
Cleveland. Ohio, president; ]. r. Nc
Kee, New York, S. Z. Mitchell. New
York, Leonard L. Curtis, Colorado
Springs, Henry Hine, Colorado Springs,
vice presidents; Leonard e. Curtis,
secretary and treasurer; Curtis &
Hina. Colorado Springs, general man
ayers.
"The organization has been per
fected and active work is now in prog
ress on the plants at Gore canon and
Glenwood Springs.
"The organization viii include
George 3. Tripp, formerly manager of
the Colorado Springs Electric Com
pany, and p. 7. Hanscom, electrical
engineer, formerly at the head of the
power and mining department of the
General Electric Company.
"The first developments which 1t Is
ACKNOWLEDGEMENTS