Due to allegations of fraud (by both parties) in the gubernatorial election, the General Assembly declared James Peabody the winner, but forced him to resign. Thus, Jesse McDonald immediately succeeded to the position of governor and served the remainder of that term. For the office of Lieutenant Governor, McDonald was initially succeeded by Senate President pro tempore Arthur Cornforth. Several weeks later, the state Supreme Court declared that Fred W. Parks was the proper Senate President pro tempore and therefore he became Lieutenant Governor and served the remainder of the term.
Candidates' party affiliations obtained from 11/23/1904 Weekly Courier (of Fort Collins). https://www.coloradohistoricnewspapers.org/?a=d&d=TWC19041123.1.1&e=-------en-20--1--img-txIN%7ctxCO%7ctxTA--------0------
Source for Popular Vote data: Colorado Secretary of State. Abstract of Votes Cast for Lieutenant Governor at the General Election in 1904, Colorado Secretary of State (https://www.sos.state.co.us/pubs/elections/Results/Abstract/pdf/1900-1999/1904AbstractBook.pdf) (accessed 09 Dec 2023)