Audits - 1901-1906

TT

fl F T IT

ler)nKs AND A.:OTINTS NORTH PC-DRTI IRRIGATION

•

TO THE HONORATME PRESIDENT AND BOARD OF DIREC,TORS

OF THE NORTH POU= IRRIGATION COMPANY.

Gentlerlen:—

Your committee heretofore appointed to audit

the BOoks and Accounts of your Company, would state that

we employed R.S. Fedder and :!.H. Mullins to assist in

making such audit, and herewith submit to you our Telort

RS follows:

FIRST.

That we have checked the :.ertificate Books, with the

Stock Lodger, colmoncing with Certificate No. 1 and ending

with Certificate No. 1043, which are all the :ertificAtes

that have boon issued ill, to and including Kay 26" 1906,

and Cind the total ninber of sharos issued and outstanding

at this date to be Soven thousand nine hundrod and three

(7903) leaving ninety sovon (97) shar,:s of Tr sisury Stock on land.

MO ND.

That we have checked all journal entriet with the Lodger and cind that the same have been posted to tIleir proper

accounts.

THIRD.

That we have ch:(3ked cash receipts as shown by the

stubs of the roc-)ii.t bock, wit'- the cash book, and find

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the Ledger and all of said cash ig accounted for.

FOURTH.

That w; have checked the cash . ,ock with Ledger and

find that all cash received has been deposited with the

First National Pank and the Fort Collins National Plank

except 41287.50 cash on hand.

FIFTH.

That we have checked he chocks with the Cheek Register

showing the Jisburs,:ments and find that all checks issued

have been entered and distributed to their proper accounts.

SIXTH.

7o have checked stubs of Scrip issued with Scrip Register,

also postings from Scrip Register to general Ledger, and

find such scrip regularly issued and posted to Its proper

account.

SEVENTH.

That we have made search of the County records from

the date of the Organization of this Company up to and

in-cluding the Past day of July 1906 and have made Township

plats showing the land owned by this Company in the

different Townships, as well as of all land sold by the

Co71L.Rny, we have also made plats of .4ellington place

nnd

Wellington Town showing the Tracts and Lots sold by the

Company, these plats we hire turned over to your Seorotary

eti

3.

EIGHTH.

Wd have made an abstract of the Real Estate account from

the records of tha County and the hocks of your Gompany

and have taken out of said Real Estate account all entries

that do not properly belong to said account, and added

to said riccount items that should have been entered but

wore overlooked.

NINTH.

We further find that the Secretary holds cheeks to

the amount of Fourteen thousand two hundred ninety-seiren

frld 55/1 00 (114,297.55/100) dollars, which was received

In payment of Company lands sold, but said checks have

never been paid.

This amount has not been entered on the cash book

of the Company, neither has Real Estate account been

credited with the sale of the land, yet we are informed

by the present Secretary that deeds have been issued for

os#

4

We herewith su-? -mit statelent of Ledger Account showing

r-)d,Apts

from various sources and for what purposes same were disbursed or paid out, commancing Febrilal'y 6th 1905.

REAL ESTATE.

Feby.5-05. To.Bal as per Ledger 4139,821.82

" Cash Patd for land 1.2(-37.18

It PS it it Abstracts 527.50 It tt fl It Tecording :1.40 Pt N _{Surveying 71.00} 51 It _tt Labor F14.96 Pt Pt Taxs 71.75 tt St _{Conveyancing 50.00} *141,915.61 Sa1,;!1 of Land Wellington Place

Refund fron Abstract Go. * Focamination or Overrayment on Plowinr,

By

Balance 116,328.46 11,055.00 40.00 Abstracts 20.00 136.00 114,336.15 :141,915.61

5

ASSESSNT ACciOUNT 105.

By A9Regs-nents Paid in oaqh

if _{Py flter PAnt} if if _{" Labor} it

_C1

_{,Rrgo to}

individuals on Lt.)dger Lnnd Cronl F.. GrFtble tf _{Bills Rec.} F.C.G.paying Co.nott3g at 19t N.B. it if n it it it it _{" it N. P.} it it it it n It _J.B.BfIrnett ft It it 0 It it _Wm.Dunllam tt If it ff _{Alton E1119} SPECIAL ASSS'Y.NTS. 195. Paid in Cash it _{ti Water Rent} 11 _{By ''ildorsin$,-;}

_on

_S(3cqp !A27,620,79 62.75 267.50 2,760.00 169.86 1,854.94 220.00 31.25 4,558.61 S'77.49 144.26 .138,9P-,7.4S A13,222.95 7.50 1,170.00 S14,400.45

6.

PERSONAL PROPERTY.

To Balance per last Report 1289.20

Cr. Py Sale of Beet Tools 296. 60

" * use " Plow slnd TI0c39 6.50

" * use of Wat.a, Tank 2.00

It N _Palance 984.10

$1,289.20

WELLINGTON TOWN.

Py Palanco last Report :1748.15

" Sale Wellington Tracts lryiPn.00

" liellington Lots 5623.60

" House Rent 106.85

" Sbootincr Prvilieges 50.00

" Grable f*or Abstract 16

1.780'7.76 Dr. To Cat.Str,ck Trf'Icts 1 0-38 1520.00 If _{Abstracts 15.75} If _Recording 4.25 If _{Taxes 1276.83} It _{Cistern,Lot 8,Plk 2 8.00} Carpenter work it _{Abstract and} 12.50

Audtt

rir

Land Sales 270.00

To Insurance 13.25

Sundry Items 10.20

ff _{Balance 15676.98}

410 7

FOSSIL JISPLVOIR. Dr.

Balance last Report 1182,409.52

Ant. Paid for Labor 1,826.60

Commission on Sales 100.00 Abstracts 113.20 Taxes 51 .17 Repairs 20.60 Tile 20.15 Thrshing .14.96

Option on Fossil Land 550.00

Water ElPvator 8.00 Lumber 1P0.27 Merchandise 476.85 Telertone 52.55 Recording 7.9n Damzges 107.00 Rouse built 503.00 Interest 19.66 Land 9,73.77 Assessments 168.75 HeaduAes 100.00 Sufveying 117.05 Outlet Ditch 19.00 Insurance 8.00 Plowing 24.12 Commission Loans 72.00 Blacksmithing 161.16 Cistern 3.00 1196,670.52 Cr. Ey sale of Land 45,819.67 Sale cC ' 1 t)Pit 121.75 Rent of Pasture 58.00

Rent of" Shooting Privileges 200.00

Sale of Potatoes 16.02 Rent of Land 40.00 Sale cf Fish 88.00 fent of .;ater 10.00 Palance 190,295.08 4196,670.52

ilv

This shows the net amount of lisburs-rlent on Fossil

Reservoir for the year rindtng F,:by. 5, 1906 to be 113,725.23

Deducting amr.unt paid for Land d als and , irmanent imrovm-mts,

amounting to 110,831.24 leaves the net cost cf operating and maintain—

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CANALS AND H1SERv0IR3.

Dr.

To Balance last Report 147,3f-15.1G

• Lumber 3,408.75 ▪ Blackqmithillg _104.85 ▪ Livery _48.00 Attorneys Fes _975.00 Surveying _1,012.20 • Labor _20,690.40

• Board Metings and

Committe Work 897.15

• Teleptione _P54.75

• Merchandise _523.85

• Hardware _1,175.51

▪ Clarks Lakes Contract _19,910.72

O Headgates _111.00

• Tents _32.20

• Da7ages _750.00

Contract Reservoirs ;47-9 4,122.05

• Stal "Tall and Steel Bridge

foi flume 2,500.00

No. 5 Teservoir 2,017.32

If _Abstracts

47.45

• Mill 7atil 398.24

• Flood 'ator Tnlargement

and. Surveying A32.00

O Land rurohssed 200.00 O Sundries _'276.05 $100,69.05 By Telephone Rental " Refund (Overpaid)

" Telephone Supplies sold " Cancelled Jarrants " Sundries " Balance Cr. $283.31 18.14 55.00 11.36 1.50 100,304.34 100,699.65

This shows the net amount or disbursent on canals and

Pos-:rvoirs f'cr t)-0 ;riding F;by 5, 1906 to be A52,921.18, deriucting

amount paid for land and. per.lanent imporven,Ints as follows:

Clark Lakes ,;ontract 112,910.72. Contract on ReservoirsNos. 5-7 and

906,139.37. T3m1argement of ditch from Pox finer to Stuobt)ls Lake and

No.2 Reservoir

lc,noo.00.

Lumber used -S3,408.75- Hardware ci,175.51

11,3adgates 133.00. Stonewall and Stool Bridge for flume 12,500.00

showing a net cost of operating and amintaining said CanRle and

Reservoirs to he /-53.83

Bills Payable Bills Receivable Interost

Expense

Ranch (Net proce'-ds 7rc-First National Bank

Real Ystate Old Rights Bonds

Fossil Fee. Contracts Capital Stock

Box Ylde Ditch Stock

P.V.Res. Co. Stock Assessment 1904 Personal Property Wellington Town Cc. Land) TRIAL BALANE. 15,85.20 25,315.8:5 1,243.98 1,558.60 129,564.51 22.210.05 2,067.29 183.960.00 984.10 Fossil Res(3rvOir Canals P Reservoirs

Stockholders Water 11,:rit rind Profit and Loss

190,295.08 100,304.14

Fort Collins Nat. Pank 23.31

w First Nat.Bank it .99 Assessment 1905 Special Assescrlent 1905. Scrip J.L. Howard 880.00 Thomas Miller 103.25 State of Colorado Wm. Ooatman _800.00 Carrie O. Race F.T.Mochling

_200.00

N.P. Snydicate Minnie Fitus _300.00 P.C. Yeys 16.00 Andersen 2-)F..00 F.W. Snow 125.00

Cash or, hand 287.50

”76,327.01 P.,•,spectrully Submitted, 15n,716.79 3,977.99 100,000.00 732.00 354.409.05 13,380.95 15,676.98 62.87 74,738.30 418.76 18,987.45 14,400.45 6,813.55 1,870.00 100.00 4376,327.05 „a • 'TTTVG

AUDIT

OF THE

loolm and Accunts

Tror 4 1.1 POUrtre T igntion

rron Pliby 5", 1905

6 Profit and Loss Account— Credit.

Forfeit Bradley purchase $ 550 oo Forfeit Lyons & Johnson

op-tion I,o0o oo

Forfeit Metz option 300 oo Forfeit Dealey option Soo oo Preferred water rights sold 45,600 00 Profit on Res. No. 8, sold 11,556 43 Debit.

Interest $20,183 95 Expense 6,696 87 Ranch 10,204 96 Balance invested earnings on

book values 22,420 65

$59,506 43 $59,506 43 When this account is adjusted by the entries mentioned under headings "Lands," the balance will represent the excess of assets over liabilities.

TRIAL BALANCE

The correcting entries being made, will give at the close of business January 31, 1904, the follow-ing:

TRIAL BALANCE. BillsReceivable. $ 3,222 25 Real Estate. 178,731 19 Old Water Rights... 16,912 85 No. xci Reservoir 21,806 85 Fossil Creek Reservoir 176,868 91 Canals and Reservoirs. 21,113 06 Poudre Valley Reservoir

Company's stock.. 34,630 oo Box Elder Ditch 1,500 oo Personal Property _{1,746 51} Accounts Receivable 10,701 75 Cash in Banks _{39 35} Bills Payable $115,383 69 Town of Wellington 461 50 Capital Stock _{313,889 94} Accounts Payable.... 15,116 94 Profit and Loss (Resources

over Liabilities) 22,420 65

..

$467,272 72 $467,272 72 The credit to the town of Wellington is properly a credit to Profit and Loss, but is left iii deference to the wishes of the management.

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LANDS.

The original purchase consisted of 16,560 acres. The company has purchased since 3800 acres with independent water rights attached; making a total of 20,360 acres; of which there has been sold 4,960 acres, leaving a balance of 15,400 acres.

We recommend that your engineer furnish your board a statement showing the number of acres covered by ditches and reservoirs now completed and in contemplation; the number of acres of land which can be irrigated, and the number of acres which cannot be irrigated; that a committee be ap-pointed to appraise the value of all lands held for sale; which appraisement should be entered in the ledger through the proper journal entry.

The value of the town site of Wellington should be appraised in a similar manner, charged to the account styled "Town of Wellington," and cred-ited to real estate; further sales being credcred-ited to "Town of Wellington."

BILLS PAYABLE.

The original mortgage of $65,000.00 has been reduced to $23,948.50

The balance of Bills Payable are secured by treasury stock as collateral.

CERTIFICATE.

We _{have made an audit of the books and accounts} of The North Poudre Irrigation Co., from Aug-ust I, 1901, to January 31, 1904; and in accordance therewith, accepting as correct the book value of all assets, we certify that the attached statements and the trial balance sheet are true exhibits of the results of the operations of The North Poudre Irri-gation Company for said period, and of its condi-tion as of January 31, 1904.

THE CONTINENTAL TRUST CO., FERMOR J. SPENCER, Auditor. Dated February 27, 1904.

I hereby certify the foregoing to be a verbatim copy of the audit of the books of The North Poudre Irrigation Company as made by The Continental

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Trust Company, of Denver, Colorado, as shown by their report dated February 27th, 1904.

Witness my hand and the seal of the corpora-tion, at Greeley, Colorado, the 29th day of Febru-ary, 1904. GEO. M. HOUSTON,

[SEAL] Secretary. STATE OF COLORADO, ss.

COUNTY OP WELD, f

Subscribed and sworn to before me the 20th day of April, 1904. GEORGE P. DEVENPORT,

Notary Public. My commission expires April 19, 1906.

* Taking into account 34 shares issued but not delivered and not paid for, and 200 shares released but not delivered, there really were on hand 14234 shares.

t The report errs slightly at this point. The feed furnished was to small laborers on ranch and not to reservoir contractors, hence to make entry •of feed bill would be to both charge and credit "Ranch." All such items were small, although the aggregate was a considerable amount. No feed was furnished contractors for Fossil reservoir, ex-cept such as was sold outright and paid for by the contractor.

The auditors made an unintentional error as to the general mortgage when they say the original mortgage has been reduced to $23,948.50. In fact they forgot to deduct interest, hence amount paid on principal was less, so that there remains un-paid, allowing for interest, the sum of $27,350.00.

G. M. HOUSTON.

AUDIT

The

North Poudre Irrigation

Company

August

1, 1901 to

January

31, 1904

2 MR. B. D. SANBORN, President.

Dear Sir: In accordance with your instructions we have made an examination of the books and records of The North Poudre Irrigation Company, not attempting to place a valuation upon the real and personal property of the company, but accept-ing as correct the valuations as shown in said books, and herewith respectfully submit our find-ings and suggestions.

CAPITAL STOCK.

There has been issued, sold and delivered 623734 shares for $311,875.00. There has been issued, sold and is now held in escrow 34 shares, amounting to $1,700.00; this stock is held pending payment for lands. There has been issued, and at present pledged as collateral for bills payable (with the consent of the directors) 1620 shares amounting to $81,000.00; ic.834 shares, amounting to $5,425.00, not issued and now in treasury; on part of this stock partial payments have been made, amounting to $314.94, for which a Suspense Stock account should be opened. All stock has been sold at par. In one instance there had been an over-issue of stock to the extent of 9134 shares. This occurred on account of pledging certain shares of treasury stock, to be held as collateral for loans from banks. Prior to the audit a certificate for 200 shares had been released by the payment of a loan of $5,o0o.co. This certificate was recei‘ed and cancelled during the audit. *

STOCK ACCOUNT.

623734 shares issued and de-livered 34 shares issued and held in escrow.. ... • .

1620 shares issued and pledged to secure loans.. 10834 shares not issued.

Capital stock Poo,000 oo

$311,875 00 1,700 00 81,000 oo 5,425 oo $4043,000 00 $400,000 00 3 ANALYSIS.

Suspension Stock account Treasury Stock unsold ... Receipts for stock sold ...

Stock account _{• $400,000 00} $ 314 94 86,110 o6 313,575 00 $400 , 000 BOOKS. 00 $400 , 000 oo

The books are well kept and the journal con-tains full explanations of its entries, which facili-tated our audit.

CASH.

The receipts are turned over to the Treasurers as received daily and no cash remains in the office. The banks handling the monies of the company are designated as the treasurers of the company.

VOUCHERS.

We examined and checked every voucher from the company's organization, distributing to the proper accounts the expense. Proper vouchers are on file for all disbursements.

RANCH.

From the following statement it appears that the ranch had been conducted at a loss. We found in many instances, that during the time of the building of the Fossil Creek reservoir, contractors had purchased from the ranch, hay, grain and

other materials, which amounts should have been charged to the particular contract upon Fossil Creek reservoir account, and credited to the ranch. Instead of that, these amounts were deducted from the contractor's pay; the net balance paid in cash to the contractor and charged to Fossil Creek res-ervoir, no credit being given the ranch for the ar-ticles furnished contractors. If proper credit had been given the apparent loss on the ranch would have been less, aud the book cost of the Fossil Creek reservoir more. We did not extend the audit to these items, as it would have necessitated the looking up of all pay rolls and minor items, in or-der to get at the exact amount of dollars and cents which should have been chaiged to the construc-tion work and credited to the ranch. t

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RANCH RECEIPTS AND EXPEN-DITURES. Operating expense $52,325 Rent 1,500 Tools ₁₇₉ Live Stock 76 Miscellaneous 182 Live Stock sales Pasturage Grain sales

Hay and Feed sales Sugar Beet sales . Miscellaneous items Loss. .... 34 34 oo 20 00 31 $ 47123 3,201 72 7,404 93 15,340 84 14,919 70 2,931 49 9,992 94 $54,262 85 $54,262 85 EXPENSES.

No salaries have been paid to officers. Office has been furnished by the president. Expenses have been as follows:

EXPENSES FROM AUG. 1, 1901, TO JAN. 31, 1904

Recording and surveying ...$ 497 75 General expenses 1,181 33 Advertising ... 1,622 78 Legal expenses 2,085 52 Stationery and office

expen-ses

Salaries 1,070 12

Commissions and traveling

expenses, sale of real estate 2,068 07 Taxes 2,925 70 239 37

$11,690 64 These items have been charged to various ac-counts. Taxes have been charged to real estate. a practice which is questionable, and which we do not approve, though we have not changed the fig-ures.

CORRECTIONS.

The following Journal entries are recommended that books may correspond with our trial balance. We understand that these have been made by the secretary.

$3,675 80

Dr.

Ranch account $212 02

Geo. F. Terbig, act. beets Rosenoff, act. beets Dr.

Fossil Creek Res. contracts,

water, balance of account..$45,600 oo Reservoir No. 8, balance of

account 11,556 43 Profit and Loss

Dr.

Profit and LOSS account $37,085 78 Interest, bal. of acct

Expense, bal. of acct Ranch, bal. of acct

5 Dr.

Box Elder Ditch Stock $1,500 oo Real Estate

To put this stock in proper account. Dr.

Canals and Reservoirs

Ranch account .... 9,644 72 Real Estate 2,068 07

$1,500 00

General Expense Acct.. $15,388 59 Sundry expenses erroneously debted to General

Ex-pense account. Dr.

Personal Property account.. ... $5oo oo Ranch account.

To place this property in proper account.

$500 oo Dr.

Real

Estate-Forfeit Bradley purchase ...$ 550 oo Forfeit Lyons & Johnson

op-tion 1,000 oo Forfeit Metz option .... . 3oo oo Forfeit Dealey option 500 oo

Profit and Loss $2,350 oo

$154 15 57 87 $57,156 43 $20,183 95 6,696 87 10,204 96

PROFIT AND LOSS.

We deem it necessary to open this account and have done so with the following result:

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AUDI T

THE NORTH POUDRE IRRIGATION COMPANY

August 1, 1901,

to

January 31, 1904.

01/441

/

2*/#/#/#*#

Ir. B. D. Sanborn, President.

Dear

Sir:-In a-cordance with your

instruc-tions, we have made an examination of th,e books and, records of The

North Poudre Irrigation Company, not attempting to p1Pce a valuation

upon the real and personal property of the Company, but accepting as

correct the valuations as s]lown in said books; and herewith

resnect-fully submit our findins and suggestions.

-1-I

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CAPITAL STOCK.

There has been issued, sold and delivered 6237 1/2 shares

for 011875.00. There has been issued, sold, and is now held in

escrow 34 shares, amountin:; to $1700.00; this stock is held nending

payment for lands. There has been issued, and at present pleded as

collateral for bills payable (with the consent of the Directors) 1620

shares, amountin: to 01000.00. 108 1/2 shares, amountin.: to

$425.00, not issued and now in treasury; on part of this stock,

Par-tial payments have been made, amountin': to ''::114.94, for which a

Sus-tense Stock Account should be o-nened. All stock has been sold at nar.

In one instance, there had been an over-issue of stock to

the extent of 91 1/2 shares. 'This occured on account of pledging

certain shares of Treasury stock, to be held as colaateral for loans

from banks.

Prior to the audit, a certificate for 200 shares had been

released by the raynent of a loan of $5000.00. This certificate

was received and cancelled during the audit.

STOCK ACCOUNT.

6237 1/2 shares issued and delivered,

If ft ft

34 held in escrow,

I,

1620 pleded to secure loans,

108 1/2 not issued, 311875.00 1700.00 81000.00 5425.00 Capital Stock, 400000.00 400000.00 400000.00 Analysis.

Suspense Stock Account, 314.94

Treasury Stock unsold, 86110.06

Receipts for stock sold, 313575.00

Stock Account, 400000.00

400000.00 400000.00

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BOOKS.

The books are well kept and the Journal contains full

ex-planations of its entries, which facilitated our audit.

CASH.

The receipts are turned over to the Treasurers as received

daily and no cash remains in the office. The Banks handling the

monies of the Company are designated as the Treasurers of the Company.

VOUCHTES.

We examined and checked every voucher fror the Company's

organization, distributin to the rroper accounts, the expense. Proper

vouchers are on file for all disbursements.

RANCH.

From the following stptement, it arrears that the ranch had

been conducted at a loss. We found, in many instances, that during

the time of the building of the Fossil Creek Reservoir, contractors

had purchased from the ranch, hay, -rain, and other materials, which

amo;nts should have been charged to the -articular contract uron Fossil

Creek reservoir account, and credited to the ranch. Instead of that,

these amounts were deducted from the contractor'-; Day; the net balance

in cash to the contractor and charged to Fossil Creek reservoir,

no credit being -iven the ranch for the articles furnished contractors.

If rroner credit had been p4ven, the arrarent loss on the ranch would

have been less, and the book cost of the Fossil Creek reservoir more.

We did not extend the audit to these items, as it would have

necessitated the lookin: up of all ray rolls and minor items, in order

to get at the exact amount of dollars and cents which should have been

' charged to the construction work and credited to the ranch.

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RANCH RECEIPTS AND EXPENDITURES.

Operatini; Expense, _52325.34

Rent, _1500.00

Tools, _179.20

Live Stock, _76.00

Miscellaneous, _182.31

Live Stock sales,

Pastura_;e,

Grain sales,

Hay and Feed l sales,

Su -7r beets Miscellaneous itoms, Loss, EXPENS-ES. 471.23 3201.72' 7404.93 15340.84 14919.70 2931.49 9992.94 54262.85 5426285

No dalaries have ben raid to officers. 0f4'ice has been

furnished by the President. Expenses have bPor PC

4'ollows:-Expenses from Aug. 1 1901, to January 31, 1904.

Recording and Surveying, _497.75

General Exrenses, _1181.33

Advertf.sdng, _1622.78

Legal Exrenses, _2085.52

Stationery and Office Expenses, _239.37

Salaries,

1070.12 Commissions & Traveling exrenscs, sale of

real estate, _2068.07

Taxes, _925.70

11690.64

EXTENSS (continued)

These items have been charged in various accounts. Taxes

have been charged to Real Estate, a practice which is questionable,

and which we do not ap -orove, tou:Th we have not changed the fires.

CORRECTIONS.

The followin Journal entries are reco=ended, that books

nay correspond with our Trial Balance. We understand that these have

been made by the Secretary.

Dr.

Box Elder Ditch Stock,

Real Estate,

Ts put this stock in nroper

Dr.

1500.00

Canals & Reservoirs, :7675.80

Ranch Account, 9644.72

Real Estate, 2068.07

7C00.00

General Expense Account, 15388.59

Sundry exrenses erroneously debited to General Ex7ense Account.

Ir.

Personal Property Acct.,

Ranch Acct.,

To place this property in proper account.

500.00

O

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CORRECTIONS. (continued) Dr. Dr. Dr. Dr. Real Estate,

Forfeit Bradley purchase,

Lyons-& TohnFon ortion,

Zetz Dealey 11 550.00 1000.00 300.00 500.00

Pro-Pit & Loss, _2350.00

Ranch Account, _212.02

Geo. F. Terbig, a/c Beets, 154.15

Rosenoff, _57.87

Fossil Creek Res. contracts, Water,

balance of account, _45600.00

Reservoir #8, bp.1. of account, _11556.43

Profit and Loss, _57156.43

Profit j_ Loss Account,

Interest,

Exnense,

Ranch,

PROFIT AND LOSS.

of acct., to ft _tt ft et fl 37085.78 20183.95 6696.87 10204.96

We deem it necessary to open this account, and have done so with the followin;.

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PROFIT AND LOSS ACCOUNT.

Credit.

550.00 Forfeit Bradley rurchase,

Lyons Ez Johnson option, 1000.00

Metz _300.00

11 _Dealey

500.00

Preferred water riTT-Its sold, 45600.00

Profit on Reservoir No. 8, sold, 11556.43

Debit.

Interest, 20183.95

Exrense, C696.87

Ranch, 10204.96

Balance inve7,ted earnings on Look values, 22420.65

59506.43 59506.43

When this account is adjusted by the entries mentioned under

heading "Lands", the balance will represent the excess of assets over

liabilities.

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TRIAL BALANCE.

The correctin7, entries being made, will ;i_ire at the close

of business, January 21, 1904, the followin

Trial Balance.

Bills receivable, 2222.25

Rertl Estate, 178721.19

Old inter Rights, 16912.65

#10 Reservoir, 21806.85

Fossil Creek reservoir, 176868.91

Canals and Reservoirs, 21113.06

Poudre Valley Reservoir Co. s stock, 34630.00

Box Elder Ditch, 1500.00

Personal Property, 1746.51 Accounts Receivable, 10701.75 C2]]. in Banks, 29.25 Bills Payable, 115383.69 Town of Wellington, 461.50 Canital Stoc, 313889.94 Accounts Payable, 15116.94

Profit & Loss, (Resourcs over Liabilities) 22420.65

467272.72 467P72.72

The credit to the Town of leilinton is properly v. credit

to Profit and Loss, but is left in deference to the wishes of the

manp.7ement.

*

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LANDS.

The original purchase consisted of 16560 acres. The

Compa-ny has purchased since 3800 acres with independent water ri:Its

at-tached; makin . a total of 20360 acres; of Which there has been sold,

4960 acres, leavinj a balance of 15400 acres.

We recomLiend that :yor en ineer furnish your Board a

state-ment showing the n-Ifber of acres covered by ditches and reservoirs now

completed and in contemplation; the number of acres of 1Prids which can

be irrigated, and the number of acres which cannot be irrigated; that

a com-littee be appointed to appraise the value of all lands held for

sale; which enraisenent should be entered in the Ledger, through the

proper Journal entry.

The value of the town site of Welli:.,ton should be appraised

in a similar manner, chared to the account styled "Town of

Welling-ton", and credited to Real Estpte; further sales being credited to

"Town of Wellington".

3ILLS PAYABLE.

The original morte of $65000.00 has been reduced to

23948.50.t

The balance of Bi]le Payable are secured by Treasury stock

as collateral.

-Jr

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•

_•

CEETIFICAT.E

We have made an audit of the books and accounts of The liorth

Poudre irrigation Company, from August 1, 1901, to J:.'r,:cr7 P1, 1904;

ai in pccordnrce therewith, acce.ntir 7E correct the book value of all

as-cts, we certdfy tE,t the rttacLed ts ai the Tri- 1

sheet arc true exhibits of the resu7ts of the or -:rations o' The _lorth

Foudre Irriation Col:II-any for raid -eriod, and of its condition as of

7',7, 7904.

(10 re E; es)

Dated

February 27, 1904.