Annual reports

1/

,oJ,-lo

Hi tory

and

Proper

y-Inoorporated Aug.

l, 1901

9

in Colo.

rrig'tion

project.

roperty consist

o

bout

100

mile

of.d toh and laterals,

25 reservoir

i

h

or e

capacity

of over

thee billion cubic feet,

eal estate, eto.,

i~

Larim

r

Coun , Colo.

ri

l 13,

pu.rchased

s

cts o

The ountain

supply Ditch

Co.

1922

Company

enl

g

ad

the Fossil Creek

let

ori

ginal

capacity, thi

e\ng

the fir

t

ti

th~

d

tch

has b

en

thoro ghly cleaned

since

it

oon-truction. The Box Elder

inlet

was al

o enlarged

to

capacity of

300

•

f.

ring

1924

there were

ilt l 1

u

e

'18.~i

t

5 7

built in

e

past

ance

Plan

Defeated-

Plan

proposed by

refinano

Compaey by a bond issue

of

a

ut

1,000 000

to re

·e outstand·ng

bonds

nd

raise

e ough

ad.di ional .one to

complete

He.lllgan D

a a

cot of about

250,000 was

def ated

at a meeting of

stockholders

in

Sept. 1925.

The pl

ill

be revised

and

bmitted

for

oonsiderat

on at another

meetin.

CAPITAL STOC,.

Authorized,

500,000;

outstanding,

499,994;

par,

Secretary of

comp

acts as Transfer .Agent

and

rar.

No dividends paid. Annual meeting, first

tonday in eb.

FUNDED

DEBT

130,000

irst 6; date

arch

1, 1907•

due arch

1. 1919,

at

extende

to

roh 1, 1924,

and again to

i

rch 1, 192S, interest

S 1. Authorize

and

iss-ued, 200,000, of

which 70,000

retired

to

J

1, 1925.

Comp

does not

'y

No~l

ederal

Income Tax.

200,000 Second

6

;

dated Apr

1 1 1909; due

sari-all

to

April 1, 1924,

but

extended

to April

1. 1928;

in-terest

A

&

1, at

Hanover National Bank,

e

York,

Co

eroial

Bank

&

Trust

Co., Fort

Collins, Colo.

Coupon,

100

and

500.

bl o Tru.stee,

Fort

Collin, Colo.,

Authoriz

e ,

200,000. Issued to furni

for

building

additional re

ervoirs. Secured

by

eoond

rtgage on

en

ire

prop

erty.

Company doe

not pay

1 Federal

Incore

Ta

•

.

208,000

ountain

Supply Ditch Co.

Second

;

dated

rch l, 1913; due

I

roh

1, 1928;

interest

&

S 1.

Auth-and ssue, 225,000, o whioh

17,000

have

e

ssumed by

1

_orth

_Poudre

_{Irr gation Co., upon}

assets of he Ditch

Company.

Company

-THE NORTH POUDRE IRRIGATION

COMPANY

History and Property-Incorporated Aug. 1, 1901, in Colo. An irrigation project. Property consists of about 100 miles .of ditch and laterals, 25 reservoirs with storage capacity of over three billion cubic feet, real estate, etc., in Larimer County, Colo. During 1913, purchased assets of The Moun-tain Supply Ditch Co.

CAPITAL STOCK

Authorized, $500,000; outstanding, $499,976; par, $50. Secre-tary of company acts as Transfer Agent and Registrar. An-nual meeting, first Monday in Feb.

Assessments-Stock of Company has been assessed as

fol-lows: 1912, $5; 1913, $6; 1914 to 1918, $7 .each; 1919, ;ii8; 192u, $11; 1921, $8; 1922, and 1923, $6.50 each; 1924, $9.50; 1925, $12; 1926, $5; 1927, $8.

FUNDED DEB'l'

$600,CCO First (Closed) M"'"'tf.'ar--e 5¼ % Gold Bonds; Dne An-nually May 1, 1928 To 1947, Inclusive

Dated May 1, 1927.

Interest Payable May and November 1, at Denver National Bank, Denver, Colo, or at First National Bank, Fort Collins, Colo.

Denominations-Coupon, $500 and $1.000. Trustee-Denver Kational Bank, Denver. Colo. Provlsions of Issue-Authorized and issued. $600,000. Purpose of Issue-Issued to retire $588,000 bonds of Com-panv ai,,I for oth"r corporate purposes.

Cal!ability-Subject to call as a whole or in part on any interest date upon 60 days' notice, in inverse numerical order, :i.t 102.

Security-Bonds are a direct obligation of Company, and constitute a first closed mortgage on property o,•,ned by Com-pany consisting of water, water rights and priorities, ditches, reservoirs, tunnels and buildings with a total appraised value of $4,539,543.

Tax Provisions-Company pays Normal Federal Income tax up to 2%.

Legal Opinion-Pershing, Nye, Tallmadge & Bo worth,

Denver. .

Original Offering-First publicly offered ($600,000) 011 October 24, 1927, at prices to yield from 3.80% to 5.25%, by Boettcher & Co., U. S. National Co., International Trnst Co .. and Bosworth. Chanute. Loughbridge & Co., Denver, Cr>ln.

H tor

,

in Colo.

'

bo

ut

10

<

w1

h

t

o

J

eal

es

t!

l

3

,

ptll

co.

D'..iri

let t

o

i

t

h

t,

d

t

o

s

tru

c

t

io

o

ap

aci

ty

c

ncr t

e

B

o

nd

d

ireotor

a

o

u

t

1,

e

o

u

ad

co

t

of a

s

t

o

o

khol

d

and

bmi

A

u h

e

Seel

130,

1.

1919

l:

i

rc

h

u

t

Co

mp

1, 1

200,

d

o

200,

all

y t

o

Ap

teres

t

A

&

Oo

e

rc

i

a

l

. 100

and

1 1

s

eco

nd ,

o

r

1

1

FedE

208

,

(

rch

1,

H

oriz

e

and

Early

Poudre Priorities Listed

-

r Information of Water Users

)

News Receives Several Requests for Complete List to

Be Printed

Within the past few weeks The W e l d < > -County News has received several

re-1

1 _{40. Wm. Calloway ________ 21.05}

quests from water users and irrigators 41. Mill Power Ditch _____ 160.00 who have long been connected with 42. Fletcher ______________ 63.113 -the development of irrigation in

1

. 43. Whitney ______________ ____ 12.95 northern Colorado for information 44. Greeley No. 2 ___________ 170.00 concerning the earlier water rights on 45. Larimer & Weld _________ 75.00 the Poudre river. Most of those who 46. No. 3 _______________ 41.00 have been active in the financing and 47. Mercer ___ _ _ __ 8.33 construction of irrigation systems in 48. Chaffee ___ __ ____ ___ 22.38 this sect.ion have preserved records of 49. Mercer _____________ 15.00 the priorities under the various de- 50. No. 3 ____ - - - · _ _ 63.13 crees entered by the courts since the 51. Pleasant Valley _______ 16.50

'beginning of irrigation law devel?P- 52. Ft. Collins Canal _ _ _ _ _ 33.30 ment, but the earlier decrees are rruss- 53. B. H. Eaton ____________ 9.26 tng in many instances. 54. Lake Canal _____________ 158.35 ,

To comply with the request of these 55. W.

s.

Taylor ___________ 28.60 ! men who have played so important a 56. Canon Canal ________________ 48.88 part in the up-building of northe:rn 57. Larimer Co. No. 2 _______ 175.00 Colorado, The News has secured froJn 58. Cache la Poudre ___________ 20.42

s.

s. Brown of Eaton

, on\ of the mo~t 59. No. 3 __________________ 16.65 widely known irrigatiot; men of t?is 60. A. Morgan ---·-- ~ 7 fi5 district, a list of the first apl?ropri3:- 61. Brown No. 1 - · · - - - 9.38 tions on the river, and publ1Shes it 62. Boyd & Freeman _________ 24.23 herewith. The list, with the number 63. Brown No. 2 _ _ _ _ _ _ _ 3.32 and name of each appropriation and 64. Sturdevant ____________ 10.66 the number of second-feet of river 65. Sturdevant No. 2 __ _______ 10.66 flow awarded it, follows: 66. Ft. Collins Canal _____ 63.28 1. Yeager --- --- - 24 80 67. Jackson ·--- 12.13 2. Watrous & Secord --- 1.44 68. Vandewark ______________ 10.17 3. Jackson - - --- ll.67 69. Brown No. 3 ______________ 3.32

4. Pleasant Valley --- 10.97 70. Mitchell & Weymouth No. 1 _ 17.35 "5. Pioneer --- - - - 12.92 71. Andrew Boyd ___ ____ 15.03 6. Boyd & Freeman - - - -66.00 72. Greeley No. 2 _ _ _ _ 184.00 '1. Whitney --- - - - 48.20 73. Larimer & Weld _____________ 54.33 8. Yeager - - - -- - - - 8.70 74. Wm. Calloway No. 2 ____ 14.16 9. B. H. Eaton --- 29.10 75. Wetzler __________________ 10.36 10. Larimer & Weld --- 3.00 76. Warren Lake ______________ 24.00 1.1. Pleasant Valley --- - - 29.60 77. Brown No. 4 _________________ 6.72 12. Pioneer ---:--- 16.67 78. Kitchel & Ladd ____________ 2.95 13. Coy --- 31.63 79. Brown No. 5 _______________ 6.72 14. J. R. Brown --- 8.00 80. Brown No. 6 __________________ 6.72 15. Box Elder --- 32 .. 50 81. Wetzler _ _____________ 3.00 16. Chamberlain - - - 14.83 82. Brown No. 7 - - ~ - - - 2.85 17. Taylor & Gill - - - 18-48 83. Greeley No. 2 __________ 121.00 18. B. H. Eaton - - - - --- - - 3.33 84. Henry Smith _________ 7.23 19. Watrous & Secord - - - 4.33 85. Washburn No. 1 ____________ 9.57 20. Boyd & Freeman--- 9 -0~ 86. Roberts No. 1 ____________ 5.76 21. Larimer & Weld - - - 16·61 87. Box Elder Res. Co. _______ 17.50 22. Mason & Hottel --- 93 .. o7 88. Larimer & Weld ____________ 571.00 23. Box Elder ---·---·-- 8·33 89.

c. c.

Mill Race ___________ 127.00 24. W. R. Jones --- --- 15·52 90. Washburn No. 2 _______ _________ 15.43 25. Josh Ames --- 35 ·92 91. Jackson __ _ ____________ 12.70 26. Martin Calloway --- 15·22 92. Pleasant Valley ________________ 80.83 27. N. & P. Bristol --- 14·83 93. John McNey ____________ _ 3.40 28. Canon Canal --- - 8-60 94. Fisk No. 2 ___________________ 10.28 29. Watrous & Secord - - - 4.33 95.

c. c.

Mill Race _______________ 37.17

ao

.

Box Elder --- 11 -93 96. Mitchell & Weymouth. ____ 16.27 !31. Cache la Poudre --- 62.08 97. water Supply & Storage ____ 463.00 a2. Fort Collins Canal ---·--- ~-67 98. Mercer __________________ 136.00 33. Mercer --- --- ·17 99. Chase _______________________ 21.-1:0 34. N. & P. Bristol --- 14·83 100. North Poudre ______________ 307.0 35. No. 3 - --- 52 -00 101. Eagle Nest _________________ 5.0 36. Jackson ---· --- 14·42 102. Pleasant Valley ---~ 3 3 8 7· FtNo. C2 11:----C-a--n-a--l ---1

_~~

_-

_~~

_{103. Emerson Bros. ______________ 29.89} . . o ms --- · 4

Official Table of Capacities

FOR

---HALLIGAN RESERVOIR

~ be ·;

:c

41 I be al c., 7 8 !) lU I 11 12 1:1 14 l;j lli 17 1H UJ 20 21 Capacity in Cubic Feet 14,400

:34,no

I

69,20() I 114,9 0 rn8 9w

I

234,010 I ;313,100 408,:>70 f>28,800 686,980 882,210 1,109,590 1)175,440 1,704,780 2,089.430 2,;)/,\:190 I :J,176,i:}i'>() ;J,869,5t(J 4,682,060 i:>,594 700 2:3 6,620.890 24 7 782,2:30 20 9,071,910 26 I lU,193,490 27 12,006,450 2 13,760,840 29 li),606,910

I

30 17,763.200

:n

20.074,2 'O :32 22,612,240 ;i;3 21:i,367.070

I

:H

I

28,329,390 3.") :n,509,200 :J6 34,928,030 ...:

..

""'

_.;

..

_g

41:C I/) •'<I' ~N 0 .. - o i:. ... ~ be ·;

:c

41 be a:I c., 1 37 38 39 40 41 I 42 43 0 44 45 46 47 48 lo 49

~o

I

~l 52 53 4,) 54 ]()i) 206 :J65 55 56 57 58 f>9 60 61 62 63 64 65 66 67 68 69 I 69.8 ...:

..

""'

..

Capacity

_d

in

_~:c

Cubic •'<I' Feet ~N 0 .. 6:~ 38,606,700 42 210 160 ~rn'.639'.110 589 50,940,030 55,462,5'20 60,209,120 65,076,900 70,244,110 87i> 75,601,830 81,142,780 86,873,330 92,801,120 98,9B3,590 105,295,710 1210 11VH8920 118,702,f>70 126,892,260 133,220,530 1:10,785,390 162n 148,572,890 156,611,690 164,872,340 l 73,364,760 182,095,430 210ti 192,056,Stu 200,255,320 209,636,080 219,219,690 228,988,740 21100 236,980,140 249,211,1()0 259,645,880 270,312,730 279,124,890 :~2:n

1Su9

1909-16

19u9-l

-11-1

2-17

lSQc-

-19

1914

1~16-17-19

1917

1919

1919

1919

rt~ticles of Incor

y

La

rn

Old

ater i~hts

Jecrees

ourton D. Sanborn

&

a

es

Cu rt

in--memorial

ieir Table

·

•

P.

,a tex·

...

riori

ti

es

.. i l l

\aces

ppraisement of

1 .P

.

property

Original

Decreeb

of

U ~

1909

The North Poudre

Irrigation Company

DIRECTORS:

John S. Cusack

H.

A. Atherton

S. A. Osborne

J. M. Purdie

L. C. Moore

OFFICERS:

L.

C.

Moore, President

J. M. Purdie, Vice-President

John S. Cusack, Treasurer

*

L. C. Buttorff, Secretary

DEPOSITORIES:

Commercial Bank and Trust Co., Fort Collins

First National Bank, Wellington

] ] ] ] ]

I

C. ] I ] ] ]

1

1

.

] ]

2

Fort Collins, Colorado, January 1, 1910

To The Stockholders

of

The North Poudre Irrigation

Company:

In presenting the annual report herewith for the year

ending December

3

1, 1909, we have endeavored to make

it as complete as possible.

We believe that every

stock-holder, without regard to the amount of stock he may own,

should know all that is going on and have access to every

record or statistic of the company and be fully informed on

every detail of its management.

Under the separate

head-ings, this report contains many statistics that might be

omitted from future reports and we suggest that this report,

as well as all others, be preserved in order that you may

have a consecutive record or history of the company for

your own future use and benefit.

We invite the stockholders to examine this report

care-fully and to inspect the books and

r

ecords of the company

for themselves any time they de si

r

e

.

Respectfully,

Attest:

L

.

C. M

O

ORE,

L.

C. BUTTORFF,

Secretary

3

Historical

Thirty-two years have come and gone since tbis great dd.tch system was launched of which we are all now so justly proud. Through constant strug-gles it has gone steadily forward, each decade improving ov,eir the last,

un-til with its stock selling at 120 per cent. above par, it has taken its place among the best, most progressive and prosperous ditches of the state. It had its paper beginning when on June 19, 1878, "\V. C. Stover, John C.

Mat-thews, Alfred F. Howes and Henry C. Peterson as The North Fork Ir-rigation Canal Company, filed its articles of incorpOiration, with a capital stock of $40,000, the ditch to follow the line as later on it was built. It was proposed, however, to build a dam in the Poudre at the gorge where the present tunnel is located, and the right was claimed in its franchise to construct reservoirs, that being the inception of reservoir building in Colorado. For reasons unknown, 11othing came of this preliminary effort, and on June 7, 1879, Warren

n.

Mason, John C. Abbott, and J. C. Mat-thews fileu articles of incorporation to construct the same ditch, the com-pany to be known a,s The North Poudre, Box Elder and Lone Tree Canal Company with a capital of $50,000. The new company went forward with its surveys which were canied on by Jack Dow and R. Q. Tenny, the lat-ter still a resident of Fort Collins and one who has had much to do with the development of the many ditch systems of Northern Colorado.

A year went by and a third claimant appeared in the field, and by starting operations, wrested from the others the rights. they seemed to have allowed to lapse. The new company called itself The North Poud,re Land, Canal & Res,ervoir Company with Francis L. Carter-Cotton, ~Henry P. ]Jandy and Ledru R. Rhodes as incorporators, its capital stock being $~00.000. Mr. Rhodes no doubt lent his name because he was about the only lawyer in Fort Collins at that time. Mr. Handy was a civil engineer and in that capacity became an incorporator. The 1,e1al man at the helm was )fr. Cotton, in many ways a most extraord.inary man. He had great force, education and talents, and he quickly impressed himself upon those with whom he came in contact. He could see far into the future, and ~eemed to have an intuitive knowledge ot: the future value of lancl and

water. Reticent concerning himself and his affairs, he was a constant ~leaner of information trom all he met. It was said that he sprung from the English nobility, having family connections of great wealth anq wide influence. He was never idle. His energy was boundless, and his per-severance phenominal. Working with never-ceasing activity, frugal in all Pl'rsonal expenditures, resourceful, ambitious, his like is s·eldom seen; and he is yet talked about with unabated enthu iasm by those who knew him in those early days. He began his career in irrigation work as superin-tendent of the Larimer and Weld Canal under Governor Eaton, who him-self was a most unusual man and had a way of associating with him in business, strong and capable men.

A curious reservation was made by 1Ir. Cotton in his articles of

in-c·orporation. He had traveled widely and observed largely; had seen boats llHS'-ing to and fro on Nl.llah,, carrying their cargoes, loading and unloading at towns along their route. "'by might not the same thing happen here't

4

Why might it not be a ship canal with its banks lined with towns with their unceasing flow of commerce, as he had seen in sections of the old country that he had visited? So he reserved unto himself all rights of navigation through that canal.

And now comes Henry P. Handy's handiwork. As engineer, he pre-pared and submitted to Mir. Cotton plans and specifications for the new ditch, worked out with all the elaborate detail that the construction of such an undertaking seemed to require. Now listen. The total cost of all that work, the proposed dam in the rjver, the mile of flumes, the tunnel, the flumes below the tunnel, the five miles of rock excavation, the flume across Stonewall, all the ditch work to Box Elder Creek, the headgates, weirs and biiidges, superintendence and surveying, was to be $30,000-no more and no less. And so these misleading figuries started Mr. Cotton on the financing and the attempted execution of a task that had defeat stamp-ed upon it before it was begun. No doubt Mr. Cotton would never have tried to bring into existence a project that was to prove his undoing, had he been properly advised. The very first mile of that work cost $75,000, and the outlay along the whole ditch line was in the same proportion. It started Mr. Cotton on a system of borrowing that never ceased until the disasterous end. He had surveyed t,vo lines of ditches. One as built. the other through and beyond Carr, a distance of ten miles. E. S. Nettle-ton was the chief engineer, assisted by W. H. Graves and J. C. Ulrich, the latter well known to our people. After the preliminary work Zachriah Duval o! Denver became the resident engineer. John R. Brown, brother of James A. Brown of Fort Collins, took a contract in 1883 for building part of the ditch.

In the meantime Mr. Cotton, who as an Englishman had seen what values the great estates of England had attained, started on an era of land buying in the vicinity of his ditch. From first to last he purchased fully one hundred thousand acres, paying for some in full, some on the one-tenth payment plan, and contracting for large blocks without any pay-ment down. He secured n1early all the land in the Wellington and Waverly country, extending as far north as the Wyoming line, and east beyond Carr. While thus engaged, he surveyed and filed upon every de-p:rtession in that whole country tor reservoir purposes, many of which have since been built by his successors.

The Travellers Insuranoo Company of Hartford, Conn., one of the largest institutions of its kind in the United States, loaned Mr. Cotton large sums of money on his land and ditches. This connection was brought about through i\Ir. T. C. Henry of Denver, then and now largely interested in irrigation. But there came a time when the Hartford people would make no more advances. They brought no pressure to bear upon Mr. Cot-ton for the payment of his loans, but determined to go no further. He 'struggled on manfully until 1887 when, every resource exhausted and

sue-5

cess far remote, with creditors pushing and threatening, worn out with the ceasele,ss efforts he had put forth, the end came; the seriousness

ot

it being relieved by an element of mirth that was the talk of the town for days. This happened. Two cTeditors weve in his office demanding with vehement emphasis payment of. thek' accounts. There was nothing to pay with. Pr-0mises would no longer answer. Troubled and harassed beyond endurance, he finally excused himself to mail a letter on the train, and left, quietly locking the door on the outside and putting the key in his pocket. His creditors waited patiently at first, then with increasing exas-peration until they were tired out. Agreeing that money, and nothing but money would satisfy them, they determined to go in quest of it, and Mr.

Cotton. Judge of their astonishment when they found they were locked in. Calling loudly for help brought no response. Then they thought of the transom. The smaller man scrambled through, but the larger man stuck. He could not go forward, and he could not get back. Help arrived in large numbers. They pulled him forwrurd and they pushed him back, finally succeeding in relie·ving a much dish€velled man from a most em-bnrras ing situation. Mad? It was simply indescribable. But the train that was to ca1Ty Mr. Cotton's letter had carried him instead, and he has never since revisited the scenes of his troubles and disappointments. Per-haps as he rode away not knowing whither he was going, like Napoleon from ,vaterloo, he smiled in the midst of his troubles as he thought of his two creditors locked up in his office.

This story is told. An Englishman, a young man by the name of Frank Wayne, had come to Fort Collins with 3,000 pounds. Mr. Cotton engaged him on a salary, not that he needed his services, but he needed ihe $15,000 Mr. Wayne had, which promptly changed hands. After the

c-alamity abov,e related, Mr. Wayne secured four thousand acres of land which :\fr. Cotton had made a down payment on of one-tenth, and which was then probably worth $1.00 an acre. He returned to England, and the Loudon papers spoke glowingly of the wonderful opportunities for invest-ment in America. How Mr. Wayne had gone there a young man without

experience, and in so short a time had returned possessed of a great landed estate of four thousand acres. This, notwithstanding the fact that Mr.

\Va3,ne let the land go back to the railroad company for what they still held against it.

'l'hat Mr. Cotton was posS'essed of brains and grit is shown by his Inter imccesses. He has for many years been one of the leading statesmen

of Canada, living at Vancouver, in the Province of British Columbia, where he is a member of Parliment, chairman of the Cabinet, owns and conducts one of the leading daily newspapers of the Province, owns large blocks of valuable real estate in the city, and is one of the wealthiest and most influ-ential citizens of that country.

The Hrurtford Company foreclosed its liens on the ditches and sixte'en thousand acres of land which had bPen paid out on to the Union Pacific Railroad Company, and which consisted of the land in the vicinity of

6

Wellington and Waverly. '.rhey placed in charge of the property, J.

c.

Ulrich of Denver, and E. J. Gregory of Fort Collins, the latter of whom later served efficiently as secretary of the present company. They under-took a heavy task. Scarcity of money had caused Mr. Cotton to build cheaply, and the poor construction work found the property in a deplorable condition. It meant rebuilding all along the line at an expense almost equal to its original cost. During the ten years they conducted the prop-erty, they rebuilt a section of the dam in the river, built ,a new bridge or flume aci~oss the river below the dam, reconstructed entire one thousand feet of flumes, enlarged the tunnel and rebuilt the Stonewall flume, widen-ing the creek at that point fifteen feet so that larger floods could go under the new flume without damaging it. They built Reservoir No. 1 in 1887, raL·ed the embankment of No. 3 in 1890 from its original height of five feet, to a thirty-one foot contour, built Reservoir No. 2 in 1893 and No. 4 in 1891. In all those years the money flowed from Hartford this way and not towards Hartford. Ever·y month there was a requisition for pay rolls which was met promptly by the company. There was one exception to the steady flow of money from thei East to the West. l\fr. Ulrich and l\.Lr. Gregory had things moving smoothly. and from water rents, crops and land sales, had gotten together '5,000 above expenses. Talking it over they concluded that it would be unwise to send that money without proper notification for fear of the shock to the officers of the company. So they wrote one mail in advance to prepare· them for the remittance that was to follow.

In J89G the Hartford Company sold and transferred all the ditches and reservoirs of the entire system, and all the lands that was owned by them, to F. C. Grable, who made many improvements on the property, the work being carried on under the management of Sherman C. Girable. In lDOl in conjunction with l\Ir. B. D. Sanborn of Greeley, the present North Poudre Irrigation Company was organized. Its career since that time is too well known to need reciting here. Perhaps in future years the story of that work will be written for the generation that is to come after us. The interesting details of the last few years would fill a volume. It is the earnest wish of the present administration, to have their names go into that volume if it is ever written, in praise and not in criticism. For it has been the earnest endeavor of each of us to carry on systematically, in-telligently and economically; the work of the upbuilding

or

this great en-terprise.

Amended Feb. 5, 1906

The

principal office and place of business

of

this

corporation shall be at Fort Collins

Certificate of Incorporation

. . . of . . .

The North Poudre Irrigation Co.

The Articles of Incorporation of this Company

were executed July 31, 1901, by Burton D.

San-born, George M. Houston and Henry C. Luther.

The Articles were filed in Larimer County,

Colorado, August 2, 1901.

The

Capital Stock

was

$150,000 divided into 3,000 shares of

$50 each.

The Articles of

Incorporation

were amended

December

26, 1901,

and

filed

in

Larimer County,

Colorado, on December 27,

1901.

The

amend-ment

increased

the

capital

to $400,000,

consisting

of 8,

000

shares of

$5

0

each.

These

Certificates

of Incorporation are in the

usual

form

and so

iengthy that

w

e did

not

deem

it necessary to print

them in full

i

n

this report

'

.

The Articles of Incorporation were

a.mm.ended

February 5, 1912 ani f led in

Larimer Coun

, Colorado, on March 6,

1913.

The

amendment

increased

the

capi-tal

to 500,000,

consisting

of 10,000

shares at $50.00 each.

8

By-Laws

or

Rules

of

The North Poudre Irrigation

Company

Adopted by

the

Board of Directors of

said

Company

at a

meeting held

May 18th, 1903

( As amended to

Dec.

31,

1909)

RULE 1.

Capital Stock

The capital stock of the said Com Pany is, and shall be, F-0ur Hundred

Thousand Dollars, divided into eight thousand shares of Fifty Dollars each.

RULE 2.

Stockholders

M

eeting.

The annual meeting of the stockholders shall be held at the place desig-nated, in Fort Collins or l.n Greeley, at the discretion of the board of di-rectors, on the first Monday of February of each year; and shall be called to order between nine o'clock and eleven o'clock of the forenoon of said day, at the discretion of said Board of Directors.

Public notice of the time and place of holding such meetings, also of

all general or special meetings, shall lle published not less than twenty days previous thereto, in a newspaper p-~ -in Greeley and in a news-paper published in Fort Collins, and by delivering personally or depositing in the postoffice, addressed to each of the several stockholders of the said company, at least thirty days before such meeting, a notice signed by the president or secretary, stating the time, place and objects of such meeting.

No business shall be transacted at a special meeting except such as shall be mentioned in said notice, and business not so specified shall be out of order.

If any stockholder shall fail to furnish the secretary with his correct address or postoffice he shall not be entitled to a special notice.

9

Election

of

Directors

'l'he polls shall be opfll at least three hours. The election shall be by

such of tlte stockholders as attend for that purpose, in person or by proxy;

proviucd, the majority of the stock issued be represented. If a majority of

such stock be not represented, the meeting may be acljournefl b,v the stock-hoiueni present for a period not exoe,,ding sixty days at any one

adjomn-ment.

The president of the board 9f dir<.'ctor. shnll call the meeting to onler

n.nd appoint a committee on Cl'edenti a.ls. and wht>n it is found by the

re-po1 t of said committee, or otherwise, the majority of the Rtock is

repre-~0entrd in person or by 1woxy, at such mpetirg or acljourned mC'rting, the

f.tockholclf'rs Rbnll procred to nominate: dirf'dors. eaC'b Rtockholdcr haying

the right to nominate.

The election shall he by ballot on the nominations.

Each stockholder :-;hall ha,e the rig·I1t tn vote in per.-on or by proxy,

thr numlwr of shares owned by him or hrr. and ma~· ,ote Raid number of

Eihflrrs for as mnny directo1·:a; as are to he 0lPcted. or may accumula.te such

slrnres and give to our candida.te as many votrs as the number of bis or her shares multiplird hy the number of directorf.; to be e1ectrd. or di trih-utr thrm among as mnny candidntes aR he may desire.

The 11crsons having th0 hig·best n umher of votes, in consrcuti,c order,

f'hall be cleclared elected the board of dirPcwrs for the ersuing yenr. and t h0 l1oa]'(l of directors sh·lll not be el 0cted in any other wa.y.

Exce,pt, that wlwn a yncanc,v occurs in the board of directors th:·ough

c1Patl1. rPsignation. removal or other disqualification, according to the law.· of th<' State of ('olorndo. or according to these rnleR as row made or here.

after ,lm0udecl, it shall be the duty of the boaul of directors. at th0ir next

regular meeting, to elect from among the Rtockholders of saicl company, n

suc<.:t.s,·or in said office, who shall th1>renpon assume and diRcharge the

clu-ries of such officC'r until the next ensuil1g annunl stockhohl rs' m<.'eting; p1oyidecl, however. if the hoard of dirfctors slrnll for any reason be un·lble

to agree upon or elect a succesRor to such perRon, and to fill such vacancy,

they may, in their cli8cretion, can a ~1wcial meeting of the stock.holden of

~;aifl company, as proYicled in Rule 2, for the purpose of making a c:1oice

to fi:l such vacancy; fl.lHl if. for any reason, . aid board of directors sha11

in such event fnil to ca.11 such meeting. on tbe written request of

stock-l1olders owr.ing ten p0r cent of the stock of said company, the Fecretary

or presiclent of said company sha11 ca use notice to be given of a special

meeting to be held for :-iuch election to fill such vacancy, all HR provided in

said Rule 2.

RrLE 4.

Ar!1endment to

Articles

of Incorporation.

Any proposed amendmeut or ampndments may be voted upon by the· stc ck holders at their regular annual meeting; provided, that the published

nmend-10

ment, giving the purvort of the same, woulu be presented and acted upon at Buch a meeting; or any proposed amendment or amendments may be voted upon at a meeting of the stockholdL'l"S, called by the board of directors, for the purpose of making such amendmeut, the purport of such amend-ment hnYing been stated in such notice.

Proyicled, whenever the holder or llohlers of one-third of the outstnnn-ing cat)ital i-;tock. as sho,vn by the ste,ck b:)Ok of the company, shall, in w1 iting-, re(Jn<'Ht thP prC'siclent to call a Hpedal meeti12,g of the stockholders for thP p,11·1io1-;p of <··m;.;idNing any proposed amendment or amendment-; to the articles of incorporation, settin.2: forth in such written . req1wst thl' ::,uhstancc of Hncll pro1)o~ed amenc1mPnt or amendments. the president shall, without <lelny. cnll a mel'ting of the Loard of directors and present the same to it. :rnd thereupon the bon rd shall call a s1wcial meeting

or

t11''· ~tockhol<1<'l'S for th<> 1nu·pose of cons id erin.g tbc proposed amendment or amen<lment;.; to the artieles of incorporation.

A two-third votP of all the capital stork suhscrihed and 011tsta1:di11~. shall he reqnin'c1 in fayor of an am<·nrlment to ~aid nrtirlC'H of incorporn-tion lwforc the samP shall be clechn'"d :1dopted.

HTLE :i.

Ge,neral Provision GoT1erning

Stockholders'

Meeting

The pre!';h1<'nt of the 110ard of dir0ctors. anc1 in bis ahsenrc the vic<"-pr<'sit1 nt. ;.;hall p"cside at aJl stockholders· meetings, but when n0ither ar" 1ncsPnt th<' stockholdf'l's may elect n chairman from among their numb11r. Th<' sf'erctary of thP bonn1 of direetors shall act as secretary of all stof·kholclers' meC'tings. nnd kC'el) all tlwir minnt0s. provicle<l. whPn lw is absent the stockholder;.; mny choose a s<>cretnry of such meeting-.

~it all stockholders' meetings 3 major(\- of nll th<' stock repr0scnte<l must be present in person or by proxy to constitute n quorum to transact any hn:in<'~" otlwr than nrnking nn ndjournment.

RULE 6.

Membership

of

the

Boar.cl

of Dire.ctors

The board or directors sh·1ll cm1 :-;i:t of ffre persons, who shall lt' stockholden; arnl ,vho shall be eleded annually, and shall hold office untill their succ('ssors are elected and qualified.

HULE 7.

Ann.ual

Election

The annunl election of t1irectors, being at tbe time and p1nc<' of tlw

stoekho1dcrs' annual meeting. ;.;llall be lleld as provitled in Rule 2, a:cd the t<'l'm of officP of tho;.;(' electetl shall commence on the tirHt stated meeting thereafter. at which time a ne"· board shall meet and organizP for the 1rnr-po:-.e of <'lectin~ a 1n·esidcnt and vice-1n·<';.;1dent from thPir numlicr.

~ucll election shall be by ballot. nncl the affirmative vote of the ma-jority of the "·hole board of directors shall be required for a choice.

o

tarch 2, 1910,

amended as follo.vs:

• IT.,

1 5

of

the

Y-La

1s

1a

s

~ule

5.

Gen.er

1

Provis ion QovernL g Stoclmol ers'

Tulee

tin •

T 1e President

of

the

boa.rd of nirectors, and in his

absence

the

vice-p_·esident,

sh 11

r

!'eside

at all

stock-hol ers' meetings but when neither

a

e present, the

stoclmolders

ma

elect

a

cha L

1

_ma.n

from among

thei

number.

The Secret ry of the board of

irectors

shall

act

as secretary

of

u.11

stoc1d1olaers'

meetings ana keep

all

their minu Ls, provided, " hen he

is

absent the stock

-h0lder

s ma..r c

oose

a

secretary

of

such

I

eetin

•

At all stockh

lders•

meeti gs a rajo

ity

of all

the

stock

•epresente

iust be 1rese t i n person or by

roxy

to

constit~te

a q oru

to

tr.msact a· business other

than

making an c,1,.dfi u.L~

eut.

,~o

proxy shall

oe

given by

any

stockholder

to

any

person who is not also an

owner

of stock

in

tr

is Compa

ana. no perso.. otner

than

a

stock11~lder

shall

bo

permi

tt

in

any

meeting

o~ the stockholders

of this corporation

to

vote the stock for i,,nich ho

!I'

eten

s to

ho

lu

a proxy,

nor shall

any

sue

proxy, so held, be

counted in

eter

-mi

i

g the question as to whether a quorum

is

present

at

any

rneeting

of

the stockholders.

RULE 12.

Powers of the Board of Directors

.· . All c:;orvorate po"·ers shall be and are lierelJy vestE<l in and shall be

exer-ci: ~~ by the IJoar? of directors, who slrnll h,we full control and authority o, n the corporation, and shall have power:

. (a) . To HPll~int and remove at pleasure all ewployes nn<l agents of tlie

<.:umpany, prescnlJ' their duties and bx tbeir compensation. (h) To call special meetings of the stockholders.

(c) To make all rules and regula tlons for the gui<lance of the officers nrnl for the management of the affairs 01 the corporation. '

(d) To borrow mouey on the cred ,t or responsibility of the corporation, for tbe ~ses, needs and demands of the objects and aims for which the ('Ol'l)Ol'atl , • ' . ·

1

°

0 IS. orgam,r,e.d, as outlined iu its articl0s of incorporation, ht: 1 C' by eonf errmg on ~aid boa rd of d ll'ectors the I)Ower· to mortgag·e or

J>it'clO'e _,-, all the ri_• 0_,.., ·hts pro _{, . pe1 1es anu fran<:111seR of Rai.cl corporation.} ·t· r1 • •

11

it sha:I be fiJlC'd in like mnnnC'r at a Sl)C'c·a1 meetir.g· of thr 110:ucl of direct-ors cal1et1 for that pm·pose. or at a stntecl mPeting-: in either case chw

not·c<> slrnll be gin~n to each member of '_hC' bonrcl, of the proposed election.

RULE 8.

Election to Fill Vacancies in the Board of Directors

An <>lection to fill vacancies o::-curiug· iu the lioard of directors, when

::;ucll Plectioe shall l>C' mad(' by choice of thl' lloal'(l of tlirectors, ns provided in Ru1C' 3. shall bC' by ballot, and thC' affirmatin vote of a mn.,iority of the wholp board, for the time being, sha~l he nC'ce:-;sary to a choice. When su('h <-'lC'ction or choice shall be made l1y thP board of clirecto:·s, it sba!l be

only nt a statecl meeting, or at a special meeting called for that purvose.

HULE 9.

Regular Meeting of the Board of Directors

~-\ statC'd meeting of the board of directors hall be held at the office of the corporation, if! the eity of-G1~ or in the city of Fort Collins. on tht>

-

. 4:

~

.

!

" .. ' :-~.

mm.

of

each month, beginning at such hour as in its discre-1ion 11Je board of direc:tors may, from time to time. appoint.

HULE 10,

Special Meeting of Board of Directors

~pedal meetings of the board

et

directors may be callecl at any tim<>

l>y 1ht' presidP.nt, and sllall be called at tlle request, in ,,-riting, of any two directors.

RCLI~ 11.

Quorum, Board of Directors

~U all meetings of the board of clirectors three members i-1hall

con~ti-tute a quornm for the transaction of busmess. RULF. 12.

Powers of the Board of Directors

All corvorate powers shall be and are llereby vestEd in and shall be exer-cb;ell by the board of directors, who :shall have full control and authority OYer the corporation, and shall have power:

(a) To apvoint and remove at pleasun, all employe:s and agents or the

<..:ompnny, prescribe their duties and 11x tlleir compensation. (h) To call special meetings of the :stockholders.

(c) To make all rules and regulations for the guidance of the oilicers, aucl for the managemput of the affairs ot tlw corvoratiou.

(d) To borrow money on the cred ,t or responsibility of the corporatiJn, for the uses, needs and demands of the objects and aims for which tlle (·orvorati,on is orgaui7.C'd, as outlined iu it· ,lrticles of incorporation,

hPrC'lly conferring on i-1aid board of directors the power to mortgage' or ))lPdge all the rights, pro11crties and franC'hises of said corporation.

12

franchisu:,. rights and vroperties o' lht> corporation. rendering the entir<:'. full and nl>'-'olnte consideration therc>for to tile ben0ficial uses and needs of the corporn tion.

(f) Auel to do all other things necessary to the proper mauagement and control of the corporation, including tlle right to mak'.c purchases for antl on behalf of the corporation, and, in the name of the corporation, to enter av1l carry on suits at la"'- and to <lo aPy nnd all other things not incon-sistent ,Yith thc,sp rules; sul),iect to th0 hm, of the StntP of Colorado, which may Pe2m to them wise anll for the best ill~Prests of tllis corporation.

(g) 'l'o make such prudential by-hnn; as they slrnll, from time to time. deem prover for the management of the corporation.

RULE 13.

Officers and Employes

The elective officers shall be president, vice-president, secretary, and one or more treasm~ers, and the appointive officers shall be such superin-tendent or superinsuperin-tendents, manager or managers, agents, ditch riders, kc<'IH.·r~. custodians, ,or other officers as in the discretion of the board of tlireetori-:; may, from time to tirne b'' necrnsary to ap1>oint and employ, for the furtherance of the best interests of the corporation, subject to the llm-Hation' of these rules and of the artieles of incorporation.

The boarcl of directorn shall elect the vresident and ·dee-president from their numl1er, who . hall bold office for one year, or until their succes~ors nrc elected ancl qualifi"d.

The secretary. and all oth<'r appointive offic.:er~. clerks and employes. shall hol<l office during the pleasure of the board.

The treasurE>r or treasurers, not <"xceeding tbrpe, shall be such person or persons. institution or institutions, as in the judgment of the board of directors, shall he persons of integrity, worth and responsibility, and unless such treasurer shall be an institution of knon·n responsibility, subject to the examination of a bank examiner, or like officer. at least once in six months, said treasurer or treasurers slla:l be obliged to furnish to the hoard of tlirectors, for the benefit of this corporation. a good and suf-ficient ])Ond ie the sum of at lea .... t FiYe Thousand Dollars in each in-stance, ,Yhicb bond shall be executed by a surety company of known re-Rponsibility, the Board ,of Directors J)llyi11g the premium on such bond, D.~ an expense incurred for this corporation; Provided, if at any time, th<' Board or Directors, on account of the large amount .o,f money held by such treasurer or treasurers for this corporation, may deem a bond of said miu

-imum amount insufficient, tbey may requite an increased bond of such amount af-; may seem bQst,

'l'he secretary shall furnish a like bond. concerning which the for2going regulations shall also apply.

And. if it seem best to the board of uircctorH. tbc~, may require bonds from any or all other officers or emvlc,~·e-;. for such amounts as they may think best, the pr0111iums on which bo11ds i:;hall be paill as above provided.

13

IWLE 1--1.

P

resident

'l'he duties and powers of the president shall be those usual to the ex-cutive officer of a corporation.

RrLE n.

Vice-President

The duties and powers of the yice-vresident shall be the same as thost>

>f tile president, but they shall be exercised only in the absence,

resigna-ion, death or removal or other inabiU ty of the president.

BT'LID IG.

Secretary

The duties of the secretary shall be the usual duties of such an officer ·n a corporation of this kind and nature, a: modified by these rules.

In case of the absence or inability of the secretary to discharge the usual duties of a sE!'eretary at any time or place, the board of directors may appoint a secretary pro tern, or may supply the yacancy by appoint

-un.,E 1,.

Treasurer

The treasurer shall be the custodian of such money as from time to time shall be deposited with him by the secretary or other officers or agents of the corporation, or by indiYiduals or corporations for the account of this corporation, and shall pay oat such money only on properly drawn orders or checks, countersigned by the president and secretary of the co:-poration, and shall, as often a:-; may be required by the secretary or presi -dent, or board of directors, make a written statement of the sums received by him since his last report, the amount paid out by him on orders as above provided, and the sum remainiDg in his bands to the credit of the corpora-tion.

Hl'LE 18.

Duties of Ot

he

r

O

ffice

r

s

'l'he duties of the oth r officer:-: and employes of the company shall be as from time to time prescribed by the board of directors.

Ht'LE 19.

C

o

mp

e

n

s

ation

The officers and employes of this company shall receive such salary and compem,ation or remuneration for their service as the board of directors, in 1 heir discretion shall from time to time determine.

14

HlTLJ,: 20.

Issue and Tran sf er of Stock

<'Prtiticates of the capital stock of the corporation shall be numbered :rnd reg-istrrecl as they are issued. 'l'hey shall exhibit

postottice address or residence when k1,own. and the

mul shall he signed by the president and countrrsig-ned -st•cretnry, and shall bear the corporate seal.

the holder's name, number of share,,

or attested by the

The total number of certificate:-; outstanding shall never exceed th

autborizetl cavital stock of the corvoration. Transfers of stock shall b

made on the books of the corporation only in the presence of the secretar3

or pre:-;idrnt, by the holder, either in per:--on or by an attorney in fact, o

by a h.'gal repre:::ientntive who shall surrender the certificate for cancellation,

·,Thi<:h certi.ticate shall be cancelled and a transfer fee of fifty cents paid

to tlw :::iecretary, ·before a new certificate shall be issued in lieu thereof. ·,i'bt> surrendered certificate shall be kept on file in the secl"etary's office.

The mere possession of a certiticate of stock as between the corpora

-tion ancl the holder, shall not be regarded as yesting any ownership of th ~anw in any verson other than the rcgisterel o,Yner until transfer thereo

fa made on the books of the corporn.tion.

X o transfer of stock shall be ma cle or sllall be vn lid, until all asse. s-ments against the same shall have been fully paid.

RULE 21

Stock Ledger

The srcretary shall keep a book cnlJed a stock ledger, containing the name:-- of all persons, alphabetically airanged, who are or shall have been

·within one year, stockholders in the corporation. showing their place of

residence, as last known, the number of share:::; of stock held by them

re-spectively, the time when they respecti\'ely became the owners thereof, the

amount of stock actually paid in, and what proportion bas been paicl in -cash; which book shall, during the usual business hours of the day, be open

for the inspection of the stockholders and creditors of the corporation, and

their personal representatives, at its pr:ncipal office; and any and every

stockholder, creditor or representative shall have the right to make extracts from said book; and in case of the pledge of any of said stock, the

secre-tary shall make a memoranrlum upon snid book sbo,Ying to whom and for

,vhat amount the stock has been pledged.

'l'he secretary shall al~o keev a cl·rtificate book and stubs. RULE 22.

Voting Stock

The stock shall be considered and treatecl by the corporation as personal property, and any person pledging or mortgaging the same as security for

any tlebt, shall be c·orsidered a holdiug the same and liable accordingly

as a stockholder.

En'r:r (~xecutor, administrator, conservator and guardian shall represent tlle stock in his hands at nll s~ockboltlc>rs' meetil~gs. ancl shall Yote tbr

15

H' ns a stockholder, and shall be liable in the snm<' manner and to the

1e extent as the testator, intestate or ward would or ;:;llou1c1 if livi:µ.g or 1vetent to act; and every person who /';hall pledge or mortp;age his

·t,,ck tts collateral security or as seen rity at all for any debt shall

never-tl1 less be entitled to vote the same at all stockholders' meetings while he

r 1 rnins the equitable owner and until the legal and equitable titlP shall

lr;t ·e been forfeited against him by foreclosure.

Paid Up Stock

corporation shall all lF iss;nc<.l as full pnill stock, :mtl future calls.

Assessments

\Yhen the corporation shall hn,e ro incc,mp or funds sufficient to mr.:et nt <·l'ssary expern,es of mninknanc·e arnl I epairs of its pro1,erty, to pay

J ts otliens, ag-ents and e,mployes, to prctPct nnll llef0ncl its rights, nnd p:t;r its legal in<l,'bt('dness of wh:lten•r nature. an assessment sl1.1ll be l1•vil1_(l

on its paid up stock, pro rata, on nll sll,u·l's, and paynhle in money, p1·ovith1_{<l. uo asses:amwnt}

shall lie made unlefs 1 lw <1uestion oi makiug the :awl' s1

1nll have first been submitted to ~lw stol'.1diulders at an annual

lll<'Pting. or a sv1c~ci-1l mNXnp: eallP{l for that 1mqiosc, anll a majority oi

tl1P stockltoltkrs, either in ver:on or I1;r proxJ. ,otLtlg thereon. shall vot,

in ra vor of making- such asst'S3mPnt.

\\'llt•n :·mch an asspssBH,nt shall lrnv<.' been duly maue. any stockh.)!der

wh·1 :hall fail, neglect or rPfl!se to pay the same when due al'd after uoti(·P lhEreof, shall not be entitled to drnw or receive' nny wnter from tlw t·,rnnls or ref-ervoirs o" thP corporation, or to receive other benefifa of any ki111l or rature by ren::-011 or bis ownErship in the c;q,ital stock of tlw l'.or-Jl I ntiou. until such af-sp,;smPnt is fully paid .

. \.II ass(':smPnts sh·tll lw due and payable as soon as Je,·ie<l, an.1 shall lw ,11 lilHJlH'rt a.- :,;11<:h t·uw as the boDrll of dirpctors shall prescrillP. and sli·tll 1lrnw intNcst from tlle <1::1.te thPy arP clPJinqnent till they a e paid, at stH·h rate of interps~ as may lJ<' p rpsc·rilJ·,<1 ll;\· 1 he hon rel of llirPctors.

\Yl1e11 any stoekhol ler shall be in clPfnult in the paymf'12t of an~· in-sta II nwu t or assessment upon thP st 1ck pur:,.;nn nt to the <lekrmillation HJlll l£vy of the boanl o" cliredors for thP 1,erh(l or thirty clays after

per-1 r nal Hot:<:e thereof, a1:cl demantl the 1·pof J1y thl' secretary or after a

w1 itt1 n or printed nt,tic:P nnd tl2mand tlJp:'Pfor has lie<'ll deposited in the LH> tofficP. tiroverly ad(lresse11 to the Inst knowr postottice adrlre s ot' Sll('h 11E.:li11qu1•11t stockholtler, thP board of dhectors at any mPe~ing nrny or1ln tl1at the share or shares of stock he:d liy sneh tlelin11uent stockhol(ler

t lw1·pin be sold by thP vi es id Put at pu hlil· llll<'tion at s >me C-'rtnil' time and fll,l!·(• to lie <lesignntPd in :-;uc:h orcler, to the highest bidder for cash. l'i· \'i«lP<l, J1owever, that notice of ~mcl1 s tlP :,.;lrnJJ lll' vntlishe<l two

16

Collins. an<l provicled further that the proceeds of any such sale over above tbe amount due on said share or shares and all expenses to such sale, shall b<' paid to the df' linquent shareholder.

RULE 25,

Notice

of Assessments

Tbe serretary shall, ::is early as pos:;;i11le after the same is levied, ti(v each ~tockhol<ln of his assessment and demand payment tber

~ 'otiee shall b0 made by deliyery to each stockh'"older, either personall.

Ii~· de110siting in the postoffi.ce such w l'itt<:n notke and demand, pro1 Ntamprd. all(l nddressecl to the place last known to lle the residenc

fi:;ch stockholder. RULE 2G.

By-Law

Pertaining to Distribution of Water for the Year

190

This relnt(,s OPly to water diRtrihut0d for the year of 1°"')

RULE 27.

Amendments

Tllf'S<' rulrs my be amended at any meeting

11~· a majority yote of the full board.

~ J v v 1 1 1

~ h

'J,

~t-£

110 b ,a.v ~ vv-u :

J

L

,~~

~

~

T ; ~

i

-~~

1

cL

lAr-

1~vt)

/

~

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17

Old Water Rights

The old water rights issued by The ~orth roudre Land, Canal &

{e~ervoir Company about ejghteen years ago yet outstanding are as

fol-,ows:

No. Name Rights Wm. ::\Iartin . . . ½ C. E. White ... 1 11 Geo . . J. Coddington ... 1½ 12 Grant Neece ... 1 1.) C.

.:u.

Liggett ... -... 1 16 Gus Wich ... , ... 1 ~3 .T. E. Gant ... ½ 25 Geo. Campton . . . ½ 7

The most that an:r of these parties pay. is at the rate of $25.00 per

fight. and the lowest. is at the rate of $10.00 per rjght. A right was

1·ii.?;innlly planned to give water for 80 acres.

It is manifestly unfair and unju-;t tlrnt a stockholder owning 25 shares

f stoC'k, and paying an assessment of ~;>.00 l)f'r share or $125, Rhould not rf'ceive more water than the bolder of one of these old rights who only

pa~T:-- not less than $10 nor more than $25.

< >ur legal advicC' has been that we arc• under no obligation to deliver

rnkr on these old rights to any greater 0xte11t than the amount of wate-r hat was available. or in existan.ce, nnd might bnve lleen supplie,1 on the rii!;ht at the time of Hs purchase; or ratlwr, the amount of water that

1_{tlw rig·ht woulrt have gi,en them. or did givf' them, at that time pro ratn.}

Df all the wat r to which t11e sri.id North Poudre Land, Canal & Reservoir C'ompnny was entitled. It seems an injustice to our owners of stock. And

in Ol'<ler that everybody shoul<l have a square deal, there should be somf' e·~nitahle permanent arrai1_{gement made at once concerning the amount or·}

water

to

be delivered on these old water rights, so that the owner;::; thereof ma~T get what they pay for in water, but nothi11,g further.

\Vhnt-t·ver benefits the owners of those oltl rights recei,(' that are not paid for,

ar(l <lerived at the expense or the stoc-kholders of our Com11any. The 0"·11ers of these old rights originally paid no morP for their rights than

dirl tho:--e who converted their rights into shares of stock. Our system,

Whi<:h has become very valuable, bas been macle so because the

sharehold-(·J·: h, n_, contributed annually large sums of money in cash to perfect the );ame. If all had persisted in kerping those old rights. orn· system toLlay

"ou1<l not supply annually two week:-; nm of water to the land under our

n which is now in cultivation. A :-;qua,re deal harms no man.

Our attorney advh,es u-; that we have a right to deliver stock and

la ,f' up these rights at any time we may elect.

(~ince .January 1. 1910, Mr. Wich has exchanged bis old right for

:-.f.)ck. ~o that at the vresent time, there are oul~T six of these rights

18

The Walter D. Sharp Construction Comp

an

y

'The trouliles between tlrn.t Company nncl The Xorth Pouclre Irrigation

Company 'IY<'re ar1juRted by The Xorth Poucll·0 Inig·ation f'ompany buying

their equipmpnt nt the Hnlligan Da Ill for $2.7=>0 cash.

Ou ~ept. 2, rnoR, The Sharp C'onstrnction Company was offered by

this Company !j;4.000 for this same equipment. "'Ye purchm:ed it for $1.2~0

less than had been heretofore offerc>d, as well as saying ahout 15 month '

lntert>Rt on the sum of $4,000.

1'Te afterwards sold this same equipment to the (1. G. Sheely tracting ("ompany for $4,500. retaining the residence occupied by Mr. liu allfl the frame building known as the cemeut hom-;e. Our profit bein~

19

Poudre Valley Reservoir Company Stock

one ., e:ir ago our Company owned 20-1-1 shares of the stock of The

I'oudrP Valley Reser-voir Company. 'Ihis stock has uever be0n an income

1,p,lriui.:· :-:tock to us in any w:iy. 'J'lJe :irnual charge of carrying

thi,-,tocl.: Jrns heen from eight to twelve thousand doll:irs per annum in

ad-ilit ion to the firi;:;t cost of same. 'Ibese 20-14 sbnres being so near a

con-trolling- interei;:;t in the Poudre Valley ResetToir C'ompan~· and owing to the

Board of Din'ctorf-l' ureasiness for fear the controlling interest of that

< 'ompnny ,Yould get into ho8tile hand<;, the~· df'terminf'd to purchase enough·

acltlitionnl stock to give us abi;:;olute control of the '( 'ompany. In pm·i;:;uit of this ohject. Wf' purchased a total of 2Hl sharf'8 at a coi;:;t of :f,14,705.-45

which was paid for by cash :fi3,405.45 and by notes, $11,300. (All of thesp uote,.; have since been paid.)

After buying this amouu,t of stock. neg-otatious were begun with the Laramie-Poudre Resf'tToirs and Irrigation Company to sell this Pornlre Yalley Reservoir f'ompany stock. togEther with our reservoir sitPs ;-;, H.

, anu fl (less storagp mentioned below) and on .July :27, 1909. a contrad

\\·as eutf'rt>d into with that < 'omvany hy ,vhich we ngreed to sell them

thrs0 2:100 shares. tog-ether with our Reservoir sites Xos. 3,

n,

7 ancl 9 for tlw snm of $175,000. 'l'he contra ct of sale was deposited in es('row,

th<' sto<.'k and deedi;:; to ~ delivered wlwn th0 full amount of the cash was 1,ai(l. "'e haYe receh·ed ~30.000 on this contrnct in eash and there is ~till 1lt1P tlle sum of $14f.i,OOO with interest on that amount from _\.ugusi

21ith. 1009. In the snle we r<'serve to ourselve · foreyer. the first cavacity in thf'se reservoir. to the extent of 000,000,000 cubic feet, which amom1t

of "ater is to be furnished ,ench and every yeai.· b)· The Laramie-Pondre

Hespr,oirs nnd Irrigation Company from the first ,vaters available. 'l'hr <lecrees for storage to fill thei;:;e reser,oirs remain in this Company to the l'XtPut of 400.000.000 cu. ft., the res(·rvntion being of the oldest and there. fore the best of the decrees, which we are to transfer to Reservoiri;:; N"o.

1.i and

rn

(Halligan) as soon as those reservoir are completed.

The decreei;:; that we reserve for this 400,000,000 cu. ft. are decrees that are earlier or prior to any storage owned by the Poudre Valley

Res-(·rvoir Company which means that the 400,000,000 cubic feet which we 1

·xpec c to transfer to Reservoirs 15 and 16 will be prior to the Douglass He. 0rvoir storage rights.

'I'his contract ls a Yery lengthy one and the terms of the same were npprov('cl by the best legal talent tlla t w·e could procure, together with

·om0 of our largei;:;t stockholders.

By this sale we are relieved of an annual charge against thi stock

Of about $10,000, and owing to a break in the canal of the Poudre

Yal-ley Reservoir Company, an extra annual as. essment for the next three or four yeari;:; would have to be made, and our share of that extra a. sessment Woulu UY('rage ~10,000 more per year; by selling the ~tock. we are furth0r