Spencer Penrose, who had already mined for gold in
Mexico, received a letter from Tutt in 1892 extolling the virtues of Colorado Springs. Although the two men had not seen each other for at least 10 years, Penrose took the chance on gold mining and arrived in Colorado Springs by train December 10, 1892. Two days later, Tutt offered Penrose half interest in his real estate business for $500, as well as 1/16 interest in the "C.O.D." mine in return for raising $10,000 to pay miners and buy equipment. A gold vein was discovered in the mine. In 1894, Charles sold the C.O.D. mine for $250,000. He and Penrose decided to go into another business together. They learned that milling ore was a better way to make money than mining it. Along with engineer
Charles M. MacNeill, they started the Colorado-Philadelphia Reduction Company and did very well with this business. The company operated a barrel-chlorinating ore mill at
Colorado City. Charles M. MacNeill had already experience in running a barrel-chlorinating ore mill, since MacNeill,
Captain De Lamar,
George W. Peirce (of the
Golden Fleece Mine (Colorado)), and some other mining men, owned interest in a barrel-chlorinating plant mill at Lawrence, the first in Colorado. It burned down in 1895. Tutt and Penrose explored mining for copper, learning of a major deposit in the Bingham Valley, Utah. They,
Daniel C. Jackling, and some other men, organized the
Utah Copper Company in 1903 to mine there. Their open pit copper mine was the richest in the country. Revenues from this mine made both men millionaires. Tutt did much to help plan and develop the city of Colorado Springs. Furthering their partnership, he and Penrose arranged to construct a road to the top of Pikes Peak, to stimulate the tourist trade. They also organized an annual motor car race to the top. Tutt died young at age 45, on 21 January 1909, at the
Waldorf-Astoria Hotel, New York City. His son
Charles L. Tutt Jr. (and grandsons) carried on his legacy. They contributed much to the city of Colorado Springs and to
Colorado College. In 1918 Penrose had his grand opening for
The Broadmoor hotel and resort outside Colorado Springs. After his death in 1939, Tutt's son,
Charles L. Tutt Jr., served as the hotel's president and helped guide its expansion. ==References==