Morning journal and courier., 1892-03-29
EImamI1aI.
REPORT OF
Examining Committee,
LOMBARD INVESTMENT co.

KANSAS CITY, No., Feb. Goth, 1892
To the Stockholders and Investors of the LON
bard Investment Co.:
The undersigned, at the request of MANY O
the larger stockholders, and the managing off
GERS OF your Company, have recently visite,
Kansas City and given an extended and careful
examination to the affairs Of that corporation il
their important DETAIL and now submit:
FIRST: That every facility that could be de
| sired to accomplish this result was most cordial
granted by the officers and employees of tn
company.
SECOND: That the various departments int
which the Company's business is divided wer
found to be under the care of experienced an
| faithful managers whose system Of account
was found to be admirable.
| THIRD: The value of the farms in which tn
| Company is interested could not, of course, b
| estimated by personal visits thereto but we hav
made special efforts to arrive at a just estimat
or the real value OF this property realizing tina
| 1t IS one OF the most important questions for u
TO consider For greater clearness, brief men
tlon IS MADE or the methods pursued and actua
| facts obtained by which conclusions were reach
ed.
1t was found that those having charge of tn
Real Estate Department have kept very careful
record of all the items of cost Of each piece o
properly. From reports of examiners sent t,
| look at the farms. from actual offers made, ant
IN other ways, price was fl ed at which we es
timated its present value. Taking these value
and comparing them with the results of actua
sales Lett it was clearly shown that the amounts
Having arrived At this general and wha
were taken, covering all the transactions over !
given period, and after charging these proper
quent interest and interest on sums thus ad
vanced, the amount realized showed substan
tiRl profit.
While engaged in this WORK "a nrnher ~
offers we're received and SAILS made, and these
invariably showed that the prices at which the
Company carried its land, and which never ex.
ceeded the cost, were conservative.
FOURTH: As confirming what has been said re-
specting the value at which the Company carries
its real estate in its assets the following will be
in Kansas City. belonging to the Company, with a
was placed on same with the aid Of q careful
and disinterested expert supplemented by indie
By ep and H
the aggregate value thus fixed was in excess of
that put upon it by the Company in its state,
offers have been made for some of this property
at higher prices than those at which they were
appraised.
with these facts thus clearly established, and
with the abundant evidence produced to show
that the values of real estate, especially farm
son a5s f ta thd the concn
eventually prove a source of profit
FIFTH.
We have also given careful attention to the
that while in the depressed condi ion of the past
the company has been compelled to take consid-
cradle real estate, the tide Is now turned, and it
Is reason Die to expect that it will sell the prop
qulre additional real estate. This is plainly evil
denced from the fact that during the last month
By all
ests and costs being paid in full thus reinsta,ng
setssd during the @on aas
of last year
SIXTH: All the personal property included in
the Company s statement of Feb list last was care
fully considered item by item and an estimated
value placed on the same. A careful analysis of
the earning power of the several securities and
an earnest effort to determine their intrinsic
value from the latest advices and statements
concerning the condition of the several corpora
tons were made in each case.
SEVENTH: All important books and accounts of
petent auditor (Mr E. q. Lucas, Auditor of the
years., their statements verified and the posses
sha Of every certificate Of property belonging to
EIGHTH In summing up the Cenpany's prop
erty, in order that we might place a cops-rya-
some Of the items appearing in the CompsnV's
of Feb. LIST, 1884, at lower figures. the
:otal difference being SsO5 7sO2o (say about 213
per cent: OF the total sunni, which amount We
earnings: But inasmuch as there would be a sur
plus OF $l13 91749 even If these reductions were
idence in the value of the Company's stock and |
IS guarantee.
In conclusion, as the result of our obserya-
ions, we are satisfied that there is a decided |
Improvement in the value Of Western Real
estate. the outlook for crops and business is !
'ery favorable, as attested by the general con-
ensus OF opinion, which should inspire conf |
lence IN the future Of the company and It's |
ecurities.
ISAAC P. T. EDMANDS, Boston, Mass.
EDWARD F. MORRIS, Monson, Mass
tn MI
VIM. McGEORGE, JR.. PhiladeJpbia Pa
FRANK B. EVANS, Philadelphia, Pa.