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To further enlarge and improve the reservoirs, and their <br />feeders, and to replace temporary or worn out struc- <br />tures with permanent ones the Directors have planned <br />certain improvements on the advice of the Company's <br />Engineer which will complete the entire system, and put <br />it in first class condition, fit for much more satisfactory <br />service than ever before. To accomplish this purpose <br />the Directors have planned to issue a new series of <br />bonds, sufficient to liquidate the floating debt, take up <br />the outstanding bonds and complete the projected <br />betterment's. <br />Prior to placing the new securities upon the market the <br />Directors have requested me to make an examination <br />of the property and prepare a report which will convey <br />to any prospective investor a true conception of its physi- <br />cal condition and its value as a security for the money <br />to be borrowed and expended upon its betterment. This <br />examination was made between the 4th , and the 13tH <br />of March 1910, and the following report is the result of <br />my observations and inquiries. <br />HISTORY OF THE CANAL. <br />Before describing the canal it seems to me apropos to <br />give the salient facts of its checkered history, which I <br />have compiled from data kindly furnished me by Mr. H. <br />L. Lubers and Mr. Frank Kreybill. <br />The Fort Lyon Canal in its present state of develop- <br />ment is probably the longest and largest irrigation con- <br />duit in Colorado, although like many large enterprises, <br />it had its inception in very small beginnings. During the <br />year 1860, half a century ago, when all this region was <br />